Tian Shan Development (Holding) Valuation

Q: What is the Fair Price of 2118 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

2118 (HK$1.97) is trading below our estimate of [[fair value]] (HK$2.96)

Is 2118 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-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 2118 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 2118 (HK$1.97) is trading below our estimate of fair value (HK$2.96)

Significantly Below Fair Value: 2118 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2118?

Key metric: As 2118 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 2118. This is calculated by dividing 2118's market cap by their current revenue.
What is 2118's PS Ratio?
PS Ratio	0.4x
Sales	CN¥4.54b
Market Cap	CN¥1.69b

2118 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	1.3x
Enterprise Value/EBITDA	35.1x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does 2118's PS Ratio compare to its peers?

The above table shows the PS ratio for 2118 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	4x
808 Prosperity Real Estate Investment Trust	4.3x	-1.4%	HK$1.9b
1881 Regal Real Estate Investment Trust	2.5x	4.4%	HK$1.7b
2191 SF Real Estate Investment Trust	5.6x	2.6%	HK$2.5b
435 Sunlight Real Estate Investment Trust	3.8x	-6.3%	HK$3.2b
2118 Tian Shan Development (Holding)	0.4x	n/a	HK$2.0b

Price-To-Sales vs Peers: 2118 is good value based on its Price-To-Sales Ratio (0.4x) compared to the peer average (2.6x).

Price to Sales Ratio vs Industry

How does 2118's PS Ratio compare vs other companies in the HK Real Estate Industry?

90 Companies	Price / Sales	Estimated Growth	Market Cap
1908 C&D International Investment Group	0.2x	3.1%	US$3.29b
3900 Greentown China Holdings	0.1x	-0.4%	US$2.97b
1918 Sunac China Holdings	0.1x	-14.2%	US$2.76b
817 China Jinmao Holdings Group	0.2x	-1.0%	US$1.77b

90 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: 2118 is good value based on its Price-To-Sales Ratio (0.4x) compared to the Hong Kong Real Estate industry average (0.6x).

Price to Sales Ratio vs Fair Ratio

What is 2118's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

2118 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.4x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate 2118's Price-To-Sales 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.

Discover undervalued companies

China Merchants Commercial Real Estate Investment Trust

HK$1.4b

China Merchants Commercial REIT is a Hong Kong collective investment scheme authorised under section 104 of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and its units are listed on the Main Board of the Stock Exchange of Hong Kong Limited (the “HKSE”).

1503

HK$1.19

-2.5%

-11.2%

Sunlight Real Estate Investment Trust

HK$3.2b

Listed on The Stock Exchange of Hong Kong Limited since 21 December 2006, Sunlight REIT (stock code: 435) is a real estate investment trust authorized by the Securities and Futures Commission and constituted by the trust deed dated 26 May 2006 (as amended and restated) (the "Trust Deed").

435

HK$1.81

-2.7%

-11.3%

Hui Xian Real Estate Investment Trust

CN¥3.6b

Hui Xian Real Estate Investment Trust (“Hui Xian REIT”) is a real estate investment trust constituted by a deed of trust entered on 1 April 2011 between, amongst the others, Hui Xian Asset Management Limited (as manager of Hui Xian REIT), and DB Trustees (Hong Kong) Limited (“Trustee”) (as amended, modified or supplemented from time to time) (“Trust Deed”).

87001

CN¥0.54

-1.8%

-39.3%