China Gaming 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 Gaming
0700.HK Tencent Holdings 腾讯控股 324.80 397,810MM 406,700MM 7.5x 6.0x 21.3x 17.9x 29.6x 24.4x
NTES NetEase, Inc. 286.03 36,601MM 31,540MM 3.0x 2.8x 15.1x 13.4x 21.9x 20.4x
SE Sea 26.98 12,005MM 10,343MM 4.0x 3.0x - - - -
3888.HK Kingsoft 金山软件 18.76 3,302MM 2,491MM 2.2x 1.7x - 21.0x - 39.6x
1337.HK Razer 雷蛇 1.53 1,722MM 1,209MM 1.3x 1.1x - - - -
0777.HK NetDragon Websoft Holdings 网龙网络控股 18.72 1,273MM 1,077MM 1.3x 1.1x 7.3x 5.9x 11.1x 9.3x
0799.HK IGG IGG 5.18 833MM 569MM 0.8x 0.8x 3.4x 3.2x 5.7x 5.4x
Mean 2.9x 2.4x 11.7x 12.3x 17.1x 19.8x
Median 2.2x 1.7x 11.2x 13.4x 16.5x 20.4x