China Consumer Comps

(as of 18/10/19)
Ticker Company Share price (local) Market cap (US$MM) Firm value (US$MM) 2019E FV/Sales 2020E FV/Sales 2019E FV/EBITDA 2020E FV/EBITDA 2019E P/E 2020E P/E
China Home Appliances
000333.SZ Midea Group 美的集团 53.48 51,541MM 52,681MM 1.3x 1.2x 12.1x 10.8x 15.9x 14.0x
000651.SZ Gree 珠海格力电器 58.44 48,828MM 34,962MM 1.2x 1.1x 7.2x 6.5x 12.3x 11.1x
600690.SH Haier Smart Home 海尔智家 15.52 13,429MM 14,251MM 0.5x 0.5x 6.6x 5.9x 12.0x 10.8x
002032.SZ Supor 浙江苏泊尔 77.57 8,846MM 8,545MM 3.0x 2.6x 25.9x 22.2x 32.7x 27.9x
002508.SZ Robam Appliances 杭州老板电器 29.21 3,850MM 3,492MM 3.2x 2.9x 14.0x 12.6x 17.3x 15.6x
002242.SZ 九阳 21.29 2,269MM 2,098MM 1.6x 1.4x 15.3x 13.3x 19.5x 17.0x
002035.SZ Vatti 华帝 10.03 1,228MM 1,029MM 1.2x 1.0x 7.8x 6.8x 11.2x 9.6x
Mean 1.7x 1.5x 12.7x 11.2x 17.3x 15.1x
Median 1.3x 1.2x 12.1x 10.8x 15.9x 14.0x
Food & Beverage
603288.SH Foshan Haitian Flavouring And Food 佛山市海天调味食品 107.00 40,130MM 38,989MM 14.2x 12.2x 44.4x 37.5x 54.9x 46.0x
600887.SH Inner Mongolia Yili Industrial Group 内蒙古伊利实业集团 27.89 23,618MM 23,174MM 1.8x 1.6x 17.7x 15.7x 24.3x 22.0x
000895.SZ Shuanghui 河南双汇投资发展 26.29 12,120MM 12,447MM 1.7x 1.5x 12.3x 11.7x 17.4x 16.4x
601933.SH Yonghui Superstores 永辉超市 8.94 11,883MM 11,881MM 1.0x 0.8x 25.3x 19.6x 36.3x 27.8x
600298.SH Angel Yeast 安琪酵母 27.52 3,150MM 3,535MM 3.3x 2.9x 15.6x 13.7x 24.1x 20.5x
Mean 4.4x 3.8x 23.1x 19.6x 31.4x 26.5x
Median 1.8x 1.6x 17.7x 15.7x 24.3x 22.0x
Breweries
600519.SH Kweichow Moutai 贵州茅台酒 1,168.50 203,870MM 189,699MM 15.3x 13.0x 22.0x 18.3x 33.9x 28.4x
000858.SZ Wuliangye 宜宾五粮液 128.12 69,071MM 62,142MM 8.9x 7.5x 19.0x 15.5x 28.5x 23.2x
002304.SZ Yanghe Brewery 江苏洋河酒厂 102.45 21,443MM 21,071MM 5.6x 5.0x 12.5x 11.0x 16.9x 14.8x
000568.SZ Luzhou Lao Jiao 泸州老窖 83.57 17,001MM 15,654MM 7.0x 5.9x 18.5x 14.9x 26.2x 21.1x
600600.SH Tsingtao Brewery 青岛啤酒 47.14 8,353MM 6,119MM 1.6x 1.5x 13.8x 12.0x 35.7x 30.0x
600132.SH Chong Qing Brewery 重庆啤酒 40.78 2,741MM 2,688MM 5.2x 4.9x 27.2x 23.8x 39.8x 33.6x
000729.SZ Yanjing Beer 北京燕京啤酒 5.80 2,270MM 1,901MM 1.2x 1.1x 14.3x 13.9x 73.4x 64.9x
Mean 6.4x 5.6x 18.2x 15.6x 36.3x 30.9x
Median 5.6x 5.0x 18.5x 14.9x 33.9x 28.4x
Cosmetics
603605.SH Proya Cosmetics 珀莱雅化妆品 84.30 2,357MM 2,245MM 5.2x 4.0x 29.7x 22.7x 44.1x 33.4x
300740.SZ Yujiahui 御家汇 10.22 584MM 556MM 1.4x 1.2x 21.9x 18.0x 28.6x 24.4x
Mean 3.3x 2.6x 25.8x 20.3x 36.4x 28.9x
Median 3.3x 2.6x 25.8x 20.3x 36.4x 28.9x