Ho Bee Land Valuation

Q: What is the Fair Price of H13 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

H13 (SGD1.95) is trading below our estimate of [[fair value]] (SGD7.66)

Is H13 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

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 H13 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: H13 (SGD1.95) is trading below our estimate of fair value (SGD7.66)

Significantly Below Fair Value: H13 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for H13?

Key metric: As H13 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for H13. This is calculated by dividing H13's market cap by their current revenue.
What is H13's PS Ratio?
PS Ratio	2.5x
Sales	S$512.54m
Market Cap	S$1.29b

H13 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	8.3x
Enterprise Value/EBITDA	16.1x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does H13's PS Ratio compare to its peers?

The above table shows the PS ratio for H13 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	0.9x
A26 Sinarmas Land	0.9x	n/a	S$1.4b
Z25 Yanlord Land Group	0.2x	-16.9%	S$1.4b
B61 Bukit Sembawang Estates	1.5x	n/a	S$919.1m
F17 GuocoLand	0.9x	-5.6%	S$1.6b
H13 Ho Bee Land	2.5x	n/a	S$1.3b

Price-To-Sales vs Peers: H13 is expensive based on its Price-To-Sales Ratio (2.5x) compared to the peer average (0.9x).

Price to Sales Ratio vs Industry

How does H13's PS Ratio compare vs other companies in the SG Real Estate Industry?

3 Companies	Price / Sales	Estimated Growth	Market Cap
Z25 Yanlord Land Group	0.2x	-16.9%	US$1.01b
CLN APAC Realty	0.3x	9.0%	US$105.59m
BCD China Yuanbang Property Holdings	0.3x	n/a	US$7.85m

No more companies available in this PS range

3 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: H13 is expensive based on its Price-To-Sales Ratio (2.5x) compared to the SG Real Estate industry average (2.5x).

Price to Sales Ratio vs Fair Ratio

What is H13'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.

H13 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	2.5x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate H13'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.

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