Kintor Pharmaceutical Valuation

Is 9939 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

Below Fair Value
Significantly Below Fair Value
Price-To-Book vs Peers
Price-To-Book vs Industry
Price-To-Book vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 9939 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 9939 (HK$1.07) is trading below our estimate of fair value (HK$104.82)

Significantly Below Fair Value: 9939 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 9939?

Key metric: As 9939 is unprofitable and pre-revenue we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for 9939. This is calculated by dividing 9939's market cap by their current book value.
What is 9939's PB Ratio?
PB Ratio	1.1x
Book	CN¥391.58m
Market Cap	CN¥431.21m

9939 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	n/a
Enterprise Value/EBITDA	-0.4x
PEG Ratio	n/a

Price to Book Ratio vs Peers

How does 9939's PB Ratio compare to its peers?

The above table shows the PB ratio for 9939 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PB	Estimated Growth	Market Cap
Peer Average	2.4x
1167 Jacobio Pharmaceuticals Group	1.2x	n/a	HK$1.2b
3681 SinoMab BioScience	4.1x	n/a	HK$1.2b
1244 3D Medicines	0.5x	n/a	HK$482.7m
8158 China Regenerative Medicine International	3.8x	n/a	HK$95.8m
9939 Kintor Pharmaceutical	1.1x	25.8%	HK$463.3m

Price-To-Book vs Peers: 9939 is good value based on its Price-To-Book Ratio (1.1x) compared to the peer average (2.4x).

Price to Book Ratio vs Industry

How does 9939's PB Ratio compare vs other companies in the HK Biotechs Industry?

3 Companies	Price / Book	Estimated Growth	Market Cap
2137 Brii Biosciences	0.2x	-7.4%	US$93.93m
2126 JW (Cayman) Therapeutics	0.3x	-1.8%	US$68.60m
6628 Transcenta Holding	0.3x	12.7%	US$40.05m

No more companies available in this PB range

3 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Book vs Industry: 9939 is good value based on its Price-To-Book Ratio (1.1x) compared to the Hong Kong Biotechs industry average (2.3x).

Price to Book Ratio vs Fair Ratio

What is 9939's PB Ratio compared to its Fair PB Ratio? This is the expected PB Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

9939 PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio	1.1x
Fair PB Ratio	n/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate 9939's Price-To-Book Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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