Ma Kuang Healthcare Holding Valuation

Q: What is the Fair Price of 4139 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

4139 (NT$30.35) is trading below our estimate of [[fair value]] (NT$186.5)

Is 4139 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 4139 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 4139 (NT$30.35) is trading below our estimate of fair value (NT$186.5)

Significantly Below Fair Value: 4139 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 4139?

Key metric: As 4139 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 4139. This is calculated by dividing 4139's market cap by their current revenue.
What is 4139's PS Ratio?
PS Ratio	1.1x
Sales	NT$1.16b
Market Cap	NT$1.29b

4139 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	1.8x
Enterprise Value/EBITDA	30.9x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does 4139's PS Ratio compare to its peers?

The above table shows the PS ratio for 4139 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	2.1x
6879 TCI GENE	3.8x	n/a	NT$1.3b
6518 Concord Medical	1x	n/a	NT$883.3m
6665 Healthconn	0.8x	n/a	NT$952.4m
6637 Medical Imaging	2.8x	n/a	NT$2.4b
4139 Ma Kuang Healthcare Holding	1.1x	n/a	NT$1.3b

Price-To-Sales vs Peers: 4139 is good value based on its Price-To-Sales Ratio (1.1x) compared to the peer average (2.1x).

Price to Sales Ratio vs Industry

How does 4139's PS Ratio compare vs other companies in the TW Healthcare Industry?

1 Company	Price / Sales	Estimated Growth	Market Cap
4745 Cowealth Medical Holding	0.4x	n/a	US$48.82m

No more companies available in this PS range

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: 4139 is good value based on its Price-To-Sales Ratio (1.1x) compared to the TW Healthcare industry average (1.7x).

Price to Sales Ratio vs Fair Ratio

What is 4139'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.

4139 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	1.1x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate 4139'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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