(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 |