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1、Industry Multiples of ChinaNovember 2022Contents3-7 Foreword Industry Multiples 8-9Energy10-11Materials12-13Industrials14-15Consumer Discretionary16-17Consumer Staples18-19Health Care20-21Financials22-23Information Technology24-25Communication Services26-27Utilities28-29Real Estate30-34Industry Defi
2、nitions and Methodology2ForewordDear Readers,This report provides trading multiples for key industrial sectors in China as of September 30,2022.In the first nine months of the year,Chinas GDP rose by 3%year on year.The Asian Development Bank projects growth of 3.3%for the full year,which places Chin
3、a aboveother major economic areasforecasted increases are 2.7%for the European Union,1.92%for Japan and 1.6%for the United States.The moderation of Chinas growth can be attributed to a mix of global and domestic factors.Economies are facing stiff headwinds due togeopolitical tensions,higher prices f
4、or commodities and the lingering impact of the COVID-19 pandemic.Additionally,soaring inflation,increasing interest rates and rising energy costs have weakened consumer demand in many developed markets.As China is the worldsbiggest exporter of goods,these pressures feed through to the bottom line of
5、 Chinese companies.In the domestic market,aggregate revenue has increased in all industries,and yet,most sectors suffered a drop in aggregate net profit,withthe exception of energy,materials and financials.This suggests that businesses are sacrificing profitability in order to maintain activity leve
6、ls.Chinas zero-COVID policy has,at times,inhibited growth.As of September 30,2022,the China Shanghai Composite Stock Market Index had increased 17%so far this year,to 3,024.In the sameperiod,Hong Kongs benchmark Hang Seng Index fell 26%to 17,223 while the MSCI China Index plummeted 32%to 56.4.In rea
7、l estate,the Chinese government has introduced a series of policies to bolster the industry,such as tax refunds,lower interest rates andthe easing of restrictions on mortgages.These measures seem to have had the desired effect,with 2022s trading P/E multiple surprisinglyhigher than the pre-pandemic
8、level,considering the issues that have buffeted the sector and aggregate profit in the sector falling by around27%.Companies are still trading at a discount of 30%,on average,to their book(or a 0.7 P/B ratio).We can perhaps see light at the end ofthe tunnel as the government recognizes the sectors c
9、ritical importance to the wider economy and as a source of local government fiscalincome.While we see a less-than-optimal picture across many capital markets,there are brighter areas of the economy that offer a degree of shelterfor investors.Industrials,for instance,remained stablereflecting the app
10、eal of a sector that enjoyed a resurgence in production after the pandemic andthat is less exposed to consumer confidence.With price increases in the utilities sector slowing,this is another sector that has remained relatively stable and stands on a neutral topositive footing.The trading P/E multipl
11、e for energy fell this year to 5.9,from 10 prior to the pandemic.Share prices in the sector have not followed the jumpin aggregate profit of 56%;this indicates that the sector could be undervalued,based on the historical average and comparison with globalpeers.Ricky LeeManaging DirectorValuation Adv
12、isory Services3Therefore,industrials,utilities and energy present useful defensive options in the current bear market.Elsewhere,the picture is gloomier.Health care,in particular,saw a big drop in its P/E multiplefrom 58.3 in the first year of the pandemic down to 24.5.Itsunderstandable that the sect
13、or would have been overpriced and over-invested in the midst of a global health crisis.In the materials sector,a cooling construction market,supply chain disruptions and challenges in the steel industry combined to reduce multiples.P/E multiples in both consumer discretionary and consumer staples ha
14、ve been impacted by constrained consumer spending power and a significant drop in aggregateprofit in the sectors,although both figures held their own against pre-pandemic levels.The expected ease of Chinas zero-COVID policy may reverse the downtrend onvaluation.In the financials sector,exposure to b
15、ad loans and distressed assets in the real estate sector continued to have an adverse impact on multiplesa situation exacerbatedby corporate clients weakening demand for loans as the wider economy slows.A tighter domestic regulatory landscape and international trade restrictions on certain key compo
16、nents and technologies were the main factors weighing on lowermultiples in the information technology and communication services sectors.We hope this report gives our readers a broad sense of the range of trading multiples for major industries in China and helps you stay ahead with Kroll on valuatio
17、n.Readers should seek professional assistance and perform detailed valuation analysis before applying multiples on specific valuation subjects.Kroll has both globalresources and local expertise to assist clients in meeting their valuation needs,including but not limited to the following areas:Pre-IP
18、O ESOP pricing or restructuring of China-based IPO candidates planning to go public in Hong Kong or the U.S.Fair-value measurement of equity investment in private companies in compliance with IFRS 9 and SFCs New Fund Manager Code of ConductIndicators of potential impairment in the current fiscal yea
19、r-end,and whether further robust independent valuation analysis may be neededCorporate transactions of Hong Kong-listed companies in accordance with corporate governance best practicesDisclaimer:Considering higher volatility in the financial markets and increased uncertainty because of COVID-19,cert
20、ain industries may experience temporary distortions in trading multiples.Readers need to use significant judgment when it comes to relying on and applying these multiples.4Foreword5(Including Outliers)P/E Multiples Over Time10.0 x16.7x11.9x17.0 x27.6x19.1x8.2x25.5x21.0 x30.3x43.4x58.3x13.3x23.4x22.9
21、x23.5x33.4x33.8x5.9x12.3x20.9x18.4x27.2x24.5x0.0 x10.0 x20.0 x30.0 x40.0 x50.0 x60.0 x70.0 xEnergyMaterialsIndustrialsConsumer DiscretionaryConsumer StaplesHealth CarePE Median(Sep 30,2019)PE Median(Sep 30,2020)PE Median(Sep 30,2021)PE Median(Sep 30,2022)10.4x24.5x20.6x13.3x6.3x13.1x51.8x36.6x12.5x7
22、.3x11.6x40.0 x19.6x16.4x6.2x9.3x25.6x15.3x14.3x6.8x0.0 x10.0 x20.0 x30.0 x40.0 x50.0 x60.0 x70.0 xFinancialsInformation TechnologyCommunication ServicesUtilitiesReal EstatePE Median(Sep 30,2019)PE Median(Sep 30,2020)PE Median(Sep 30,2021)PE Median(Sep 30,2022)Revenue Percentage Change Over Time 12.6
23、%33.9%22.0%26.0%15.5%19.0%24.8%13.1%4.7%3.5%7.3%8.3%0.0%10.0%20.0%30.0%40.0%EnergyMaterialsIndustrialsConsumer DiscretionaryConsumer StaplesHealth Care2021 vs 20202022 vs 202111.5%22.9%11.9%20.8%21.8%1.7%10.8%6.0%14.8%3.0%0.0%10.0%20.0%30.0%40.0%FinancialsInformation TechnologyCommunication Services
24、UtilitiesReal Estate2021 vs 20202022 vs 20216Net Income Percentage Change Over Time 84.2%90.9%46.5%9.3%-19.5%35.9%56.0%9.8%-3.2%-50.3%-13.8%-4.4%-100.0%-50.0%0.0%50.0%100.0%EnergyMaterialsIndustrialsConsumer DiscretionaryConsumerStaplesHealth Care2021 vs 20202022 vs 202114.6%47.5%17.4%9.3%0.8%5.8%-1
25、7.6%-7.0%-32.8%-27.1%-100.0%-50.0%0.0%50.0%100.0%FinancialsInformationTechnologyCommunicationServicesUtilitiesReal Estate2021 vs 20202022 vs 20217As of September 30,2022EnergyEV/Sales EV/EBITDA P/E P/B Number of Observations 19191919Number of Outliers 1121Negative Multiples or Multiple Errors High 3
26、.6x 13.9x 43.6x 2.5x Mean 1.4x 5.0 x 9.8x 1.5x Median 1.2x 3.8x 7.2x 1.4x Low 0.3x 1.3x 2.6x 0.6x Low Quartile 0.8x 3.2x 5.9x 0.9x Upper Quartile 1.5x 5.5x 8.8x 2.0 x 80510150.3-0.90.9-1.61.6-2.32.3-3.03.0-3.6Number of CompaniesEV/SALES051015 1.3-3.93.9-6.46.4-8.98.9-11.411.4-13.9Number of Companies
27、EV/EBITDA051015 2.6-10.810.8-1919-27.227.2-35.435.4-43.6Number of CompaniesP/E051015 0.6-1.0 1.0-1.4 1.4-1.7 1.7-2.1 2.1-2.5Number of CompaniesP/B0510150.00.51.01.52.0-Q8-Q7-Q6-Q5-Q4-Q3-Q2-Q19/30/2022EV/EBITDA&P/EP/B&EV/SALESMedian multiples(Note)EV/Sales P/B EV/EBITDA P/EAs of September 30,2022Ener
28、gy(contd)90200,000400,000600,00002,000,0004,000,0006,000,0008,000,000-Q8-Q7-Q6-Q5-Q4-Q3-Q2-Q19/30/2022Net Income(CNY Million)Revenue(CNY Million)Total LTM Revenue and Total LTM Net Income(Note)RevenueNet IncomeAs of September 30,2022Materials10EV/Sales EV/EBITDA P/E P/B Number of Observations 949494
29、94Number of Outliers 8876Negative Multiples or Multiple Errors High 7.2x 27.7x 56.9x 7.7x Mean 2.2x 10.0 x 16.0 x 2.7x Median 1.6x 8.6x 11.2x 2.3x Low 0.2x 2.4x 3.3x 0.3x Low Quartile 0.9x 5.1x 7.4x 1.1x Upper Quartile 2.9x 13.8x 19.6x 4.1x 01020304050 0.2-1.6 1.6-3.0 3.0-4.4 4.4-5.8 5.8-7.2Number o
30、f CompaniesEV/SALES01020304050 2.4-7.47.4-12.512.5-17.617.6-22.622.6-27.7Number of CompaniesEV/EBITDA01020304050 3.3-14.114.1-24.824.8-35.535.5-46.246.2-56.9Number of CompaniesP/E01020304050 0.3-1.8 1.8-3.3 3.3-4.8 4.8-6.3 6.3-7.7Number of CompaniesP/BAs of September 30,2022Materials(contd)110102030
31、400.01.02.03.04.0-Q8-Q7-Q6-Q5-Q4-Q3-Q2-Q19/30/2022EV/EBITDA&P/EP/B&EV/SALESMedian multiples(Note)EV/Sales P/B EV/EBITDA P/E0100,000200,000300,000400,000500,00002,000,0004,000,0006,000,000-Q8-Q7-Q6-Q5-Q4-Q3-Q2-Q19/30/2022Net Income(CNY Million)Revenue(CNY Million)Total LTM Revenue and Total LTM Net I
32、ncome(Note)RevenueNet IncomeAs of September 30,2022Industrials12EV/Sales EV/EBITDA P/E P/B Number of Observations 0Number of Outliers 823295Negative Multiples or Multiple Errors High 14.4x 54.1x 76.0 x 10.3x Mean 3.1x 18.1x 23.1x 2.5x Median 2.0 x 14.8x 16.7x 1.7x Low 0.0 x 0.3x 1.2x 0.1x
33、 Low Quartile 0.9x 9.3x 7.3x 0.8x Upper Quartile 4.5x 23.0 x 30.3x 3.1x 0070 0.0-2.9 2.9-5.7 5.7-8.6 8.6-11.5 11.5-14.4Number of CompaniesEV/SALES0070 0.3-1111-21.821.8-32.632.6-43.343.3-54.1Number of CompaniesEV/EBITDA0070 1.2-16.216.2-31.131.1-46.146.1-6161.0-76.0N
34、umber of CompaniesP/E0070 0.1-2.1 2.1-4.2 4.2-6.2 6.2-8.2 8.2-10.3Number of CompaniesP/BAs of September 30,2022Industrials(contd)1301020300.01.02.03.04.0-Q8-Q7-Q6-Q5-Q4-Q3-Q2-Q19/30/2022EV/EBITDA&P/EP/B&EV/SALESMedian multiples(Note)EV/Sales P/B EV/EBITDA P/E0100,000200,000300,000400,0005
35、00,00005,000,00010,000,00015,000,000-Q8-Q7-Q6-Q5-Q4-Q3-Q2-Q19/30/2022Net Income(CNY Million)Revenue(CNY Million)Total LTM Revenue and Total LTM Net Income(Note)RevenueNet IncomeAs of September 30,2022Consumer Discretionary14EV/Sales EV/EBITDA P/E P/B Number of Observations 67676767Number of Outliers
36、 216214Negative Multiples or Multiple Errors High 14.8x 41.6x 52.0 x 7.9x Mean 2.6x 15.6x 19.9x 3.0 x Median 1.7x 14.0 x 18.0 x 2.6x Low 0.1x 0.7x 3.8x 0.2x Low Quartile 0.8x 8.9x 12.6x 1.2x Upper Quartile 3.8x 20.3x 24.2x 4.1x 01020304050 0.1-3.0 3.0-6.0 6.0-8.9 8.9-11.8 11.8-14.8Number of Companie
37、sEV/SALES01020304050 0.7-8.88.8-1717-25.225.2-33.433.4-41.6Number of CompaniesEV/EBITDA01020304050 3.8-13.513.5-23.123.1-32.732.7-42.442.4-52Number of CompaniesP/E01020304050 0.2-1.8 1.8-3.3 3.3-4.8 4.8-6.4 6.4-7.9Number of CompaniesP/BAs of September 30,2022Consumer Discretionary(contd)0
38、.02.04.06.0-Q8-Q7-Q6-Q5-Q4-Q3-Q2-Q19/30/2022EV/EBITDA&P/EP/B&EV/SALESMedian multiples(Note)EV/Sales P/B EV/EBITDA P/E0100,000200,000300,000400,000500,00002,000,0004,000,0006,000,0008,000,000-Q8-Q7-Q6-Q5-Q4-Q3-Q2-Q19/30/2022Net Income(CNY Million)Revenue(CNY Million)Total LTM Revenue and Total LTM Ne
39、t Income(Note)RevenueNet IncomeAs of September 30,2022Consumer Staples16EV/Sales EV/EBITDA P/E P/B Number of Observations 56565656Number of Outliers 69134Negative Multiples or Multiple Errors High 11.3x 39.8x 59.9x 16.3x Mean 3.6x 19.9x 29.7x 5.3x Median 2.6x 17.9x 26.0 x 4.3x Low 0.6x 4.7x 8.4x 1.9
40、x Low Quartile 1.5x 12.1x 19.7x 2.9x Upper Quartile 4.5x 25.9x 37.2x 6.2x 055 0.6-2.7 2.7-4.9 4.9-7.0 7.0-9.2 9.2-11.3Number of CompaniesEV/SALES055 4.7-11.711.7-18.718.7-25.825.8-32.832.8-39.8Number of CompaniesEV/EBITDA055 8.4-18.718.7-2929-39.339.3-49.649.6-59.9Nu
41、mber of CompaniesP/E055 1.9-4.8 4.8-7.6 7.6-10.5 10.5-13.4 13.4-16.3Number of CompaniesP/BAs of September 30,2022Consumer Staples(contd)500.02.04.06.08.010.0-Q8-Q7-Q6-Q5-Q4-Q3-Q2-Q19/30/2022EV/EBITDA&P/EP/B&EV/SALESMedian multiples(Note)EV/Sales P/B EV/EBITDA P/E0100,000200,000
42、300,0000500,0001,000,0001,500,0002,000,0002,500,000-Q8-Q7-Q6-Q5-Q4-Q3-Q2-Q19/30/2022Net Income(CNY Million)Revenue(CNY Million)Total LTM Revenue and Total LTM Net Income(Note)RevenueNet IncomeAs of September 30,2022Health Care18EV/Sales EV/EBITDA P/E P/B Number of Observations 80808080Number of Outl
43、iers 414157Negative Multiples or Multiple Errors High 28.9x 48.3x 68.6x 11.4x Mean 6.1x 18.6x 26.2x 3.4x Median 4.8x 16.3x 23.3x 3.0 x Low 0.2x 1.2x 3.0 x 0.6x Low Quartile 2.0 x 10.1x 13.7x 2.0 x Upper Quartile 8.3x 23.7x 35.7x 4.0 x 010203040 0.2-5.9 5.9-11.7 11.7-17.4 17.4-23.1 23.1-28.9Number of
44、 CompaniesEV/SALES010203040 1.2-10.610.6-2020-29.429.4-38.938.9-48.3Number of CompaniesEV/EBITDA010203040 3.0-16.116.1-29.229.2-42.442.4-55.555.5-68.6Number of CompaniesP/E05540 0.6-2.8 2.8-4.9 4.9-7.1 7.1-9.2 9.2-11.4Number of CompaniesP/BAs of September 30,2022Health Care(contd)19020406
45、00.05.010.015.020.0-Q8-Q7-Q6-Q5-Q4-Q3-Q2-Q19/30/2022EV/EBITDA&P/EP/B&EV/SALESMedian multiples(Note)EV/Sales P/B EV/EBITDA P/E050,000100,000150,000200,0000500,0001,000,0001,500,0002,000,0002,500,000-Q8-Q7-Q6-Q5-Q4-Q3-Q2-Q19/30/2022Net Income(CNY Million)Revenue(CNY Million)Total LTM Revenue and Total
46、 LTM Net Income(Note)RevenueNet IncomeAs of September 30,2022Financials20P/E P/BP/TBV Mkt Cap/Revenue Number of Observations 80808080Number of Outliers 11346Negative Multiples or Multiple Errors High 27.8x 1.8x 1.8x 10.1x Mean 10.7x 0.8x 0.9x 3.0 x Median 8.7x 0.9x 0.9x 2.6x Low 2.4x 0.2x 0.2x 0.1x
47、Low Quartile 4.9x 0.5x 0.5x 1.5x Upper Quartile 15.4x 1.1x 1.1x 4.0 x 051015202530 2.4-7.5 7.5-12.5 12.5-17.6 17.6-22.7 22.7-27.8Number of CompaniesP/E 051015202530 0.2-0.50.5-0.80.8-1.21.2-1.51.5-1.8Number of CompaniesP/B 051015202530 0.2-0.50.5-0.80.8-1.21.2-1.51.5-1.8Number of CompaniesP/TBV 0510
48、15202530 0.1-2.1 2.1-4.1 4.1-6.1 6.1-8.1 8.1-10.1Number of CompaniesMkt Cap/Revenue As of September 30,2022Financials(contd)21051015200.01.02.03.0-Q8-Q7-Q6-Q5-Q4-Q3-Q2-Q19/30/2022P/B&P/TBVP/E&Market Cap/RevMedian multiples(Note)P/E Mkt Cap/Revenue P/B P/TBV01,000,0002,000,0003,000,0004,000,0007,000,
49、0007,500,0008,000,0008,500,0009,000,0009,500,000-Q8-Q7-Q6-Q5-Q4-Q3-Q2-Q19/30/2022Net Income(CNY Million)Revenue(CNY Million)Total LTM Revenue and Total LTM Net Income(Note)RevenueNet IncomeAs of September 30,2022Information Technology22EV/Sales EV/EBITDA P/E P/B Number of Observations 0Nu
50、mber of Outliers 919227Negative Multiples or Multiple Errors High 12.6x 76.4x 71.9x 8.9x Mean 3.9x 21.6x 28.3x 3.3x Median 2.7x 17.8x 24.7x 2.6x Low 0.1x 2.2x 3.2x 0.2x Low Quartile 1.2x 11.0 x 18.8x 1.5x Upper Quartile 6.0 x 27.1x 37.5x 4.7x 055 0.1-2.6 2.6-5.1 5.1-7.6 7.6-10.1 10.1-12.6
51、Number of CompaniesEV/SALES055 2.2-17.017.0-31.931.9-46.746.7-61.561.5-76.4Number of CompaniesEV/EBITDA055 3.2-17.017.0-30.730.7-44.444.4-58.258.2-71.9Number of CompaniesP/E055 0.2-2.0 2.0-3.7 3.7-5.4 5.4-7.2 7.2-8.9Number of CompaniesP/BAs of September 30,2022Inform
52、ation Technology(contd)2302040600.05.010.015.020.0-Q8-Q7-Q6-Q5-Q4-Q3-Q2-Q19/30/2022EV/EBITDA&P/EP/B&EV/SALESMedian multiples(Note)EV/Sales P/B EV/EBITDA P/E050,000100,000150,000200,000250,00002,000,0004,000,0006,000,0008,000,00010,000,000-Q8-Q7-Q6-Q5-Q4-Q3-Q2-Q19/30/2022Net Income(CNY Million)Revenu
53、e(CNY Million)Total LTM Revenue and Total LTM Net Income(Note)RevenueNet IncomeAs of September 30,2022Communication Services24EV/Sales EV/EBITDA P/E P/B Number of Observations 27272727Number of Outliers 3582Negative Multiples or Multiple Errors High 5.8x 25.8x 25.3x 3.4x Mean 2.1x 9.3x 13.8x 1.6x Me
54、dian 1.8x 8.8x 14.0 x 1.3x Low 0.1x 0.5x 3.8x 0.3x Low Quartile 1.0 x 3.3x 11.1x 0.8x Upper Quartile 2.9x 13.5x 17.8x 2.4x 0246810 0.1-1.2 1.2-2.4 2.4-3.5 3.5-4.7 4.7-5.8Number of CompaniesEV/SALES0246810 0.5-5.65.6-10.610.6-15.715.7-20.720.7-25.8Number of CompaniesEV/EBITDA0246810 3.8-8.18.1-12.412
55、.4-16.716.7-2121-25.3Number of CompaniesP/E0246810 0.3-0.9 0.9-1.5 1.5-2.2 2.2-2.8 2.8-3.4Number of CompaniesP/BAs of September 30,2022Communication Services(contd)250102030400.05.010.015.020.0-Q8-Q7-Q6-Q5-Q4-Q3-Q2-Q19/30/2022EV/EBITDA&P/EP/B&EV/SALESMedian multiples(Note)EV/Sales P/B EV/EBITDA P/E0
56、200,000400,000600,000800,0002,200,0002,400,0002,600,0002,800,0003,000,0003,200,000-Q8-Q7-Q6-Q5-Q4-Q3-Q2-Q19/30/2022Net Income(CNY Million)Revenue(CNY Million)Total LTM Revenue and Total LTM Net Income(Note)RevenueNet IncomeAs of September 30,2022Utilities26EV/Sales EV/EBITDA P/E P/B Number of Observ
57、ations 24242424Number of Outliers 1353High 14.4x 16.7x 32.8x 2.2x Mean 4.0 x 10.6x 14.7x 1.1x Median 3.2x 10.4x 14.3x 1.0 x Low 0.3x 3.5x 3.4x 0.3x Low Quartile 1.5x 9.1x 9.4x 0.9x Upper Quartile 4.9x 12.5x 17.1x 1.5x 051015 0.3-3.1 3.1-6.0 6.0-8.8 8.8-11.6 11.6-14.4Number of CompaniesEV/SALES051015
58、 3.5-6.16.1-8.88.8-11.411.4-14.114.1-16.7Number of CompaniesEV/EBITDA051015 3.4-9.39.3-15.215.2-2121-26.926.9-32.8Number of CompaniesP/E051015 0.3-0.7 0.7-1.0 1.0-1.4 1.4-1.8 1.8-2.2Number of CompaniesP/BAs of September 30,2022Utilities(contd)27051015200.05.010.015.0-Q8-Q7-Q6-Q5-Q4-Q3-Q2-Q19/30/2022
59、EV/EBITDA&P/EP/B&EV/SALESMedian multiples(Note)EV/Sales P/B EV/EBITDA P/E050,000100,000150,000200,00001,000,0002,000,0003,000,0004,000,000-Q8-Q7-Q6-Q5-Q4-Q3-Q2-Q19/30/2022Net Income(CNY Million)Revenue(CNY Million)Total LTM Revenue and Total LTM Net Income(Note)RevenueNet IncomeAs of September 30,20
60、22Real Estate28EV/Sales EV/EBITDA P/E P/B Number of Observations 28282828Number of Outliers 2353Negative Multiples or Multiple Errors High 5.3x 22.5x 24.0 x 2.2x Mean 1.9x 11.6x 8.1x 0.7x Median 1.6x 11.2x 6.7x 0.6x Low 0.3x 1.3x 1.1x 0.1x Low Quartile 1.1x 8.7x 3.4x 0.2x Upper Quartile 2.0 x 14.0 x
61、 9.5x 0.9x 051015 0.3-1.3 1.3-2.3 2.3-3.3 3.3-4.3 4.3-5.3Number of CompaniesEV/SALES051015 1.3-5.55.5-9.89.8-1414-18.318.3-22.5Number of CompaniesEV/EBITDA051015 1.1-5.75.7-10.310.3-14.914.9-19.519.5-24Number of CompaniesP/E051015 0.1-0.5 0.5-0.9 0.9-1.4 1.4-1.8 1.8-2.2Number of CompaniesP/BAs of Se
62、ptember 30,2022Real Estate(contd)29-149140.01.02.03.0-Q8-Q7-Q6-Q5-Q4-Q3-Q2-Q19/30/2022EV/EBITDA&P/EP/B&EV/SALESMedian multiples(Note)EV/Sales P/B EV/EBITDA P/E200,000250,000300,000350,0001,000,0001,500,0002,000,0002,500,0003,000,0003,500,000-Q8-Q7-Q6-Q5-Q4-Q3-Q2-Q19/30/2022Net Income(CNY Million)Rev
63、enue(CNY Million)Total LTM Revenue and Total LTM Net Income(Note)RevenueNet IncomeThe industry classification for the companies represented in this report is based on the 2017 Global Industry Classification Standard(GICS).Below are brief descriptions of sub-industries that form part of a particular
64、industry,based on the 2017 GICSguidelines.Industry DefinitionsConsumer DiscretionaryAuto Parts and EquipmentCompanies that manufacture parts and accessories for automobiles and motorcycles,including tires and rubberAutomobile ManufacturersCompanies that produce mainly passenger automobiles and light
65、 trucks.Also includes companies that produce motorcycles,scooters or three-wheelersMediaOwners and operators of television or radio broadcasting systems,including programming.Includes radio and television,broadcasting,radio networks and radio stations.Providers of cable or satellite television and s
66、atellite radio services.Includes cable networks and program distribution.Also,publishers of newspapers,magazines and books in print or electronic formats.Companies providing advertising,marketing or public relations servicesHousehold AppliancesManufacturers of electric household appliances and relat
67、ed products.Includes manufacturers of durable household products,power and hand tools,including garden improvement tools,but excludes TVs and other audio and video productsApparelManufacturers of apparel,accessories and luxury goods.Includes companies primarily producing designer handbags,wallets,lu
68、ggage,jewelry and watches and manufacturers of textile and related productsFinancialsBanksLarge,geographically diverse banks with a national footprint whose revenues are derived primarily from conventional banking operations,have significant business activity in retail banking and small and medium c
69、orporate lending,and provide a diverse range of financial services.This also includes regional banks that tend to operate in limited geographic regions but excludes investment banksConsumer FinanceProviders of consumer finance services,including personal credit,credit cards,lease financing,travel-re
70、lated money services and pawn shopsCapital MarketsFinancial institutions primarily engaged in diversified capital markets activities,including a significant presence in at least two of the following areas:large/major corporate lending,investment banking,brokerage and asset management.Includes financ
71、ial exchangesfor securities,commodities,derivatives and other financial instruments Diversified Financial ServicesFinancial exchanges for securities,commodities,derivatives and other financial instruments,and providers of financial decision support tools and products,including ratings agencies.Provi
72、ders of a diverse range of financial services and/or with some interest in a wide range of financial services including banking,insurance and capital markets,but with no dominant business lineGlobal Industry Classification Standard(GICS)was developed by S&P Dow Jones Indices,an independent internati
73、onal financial data and investment services company and a leading provider of global equity indices,and MSCI,a premier independent provider of global indices and benchmark-related productsand services.30Industry Definitions(contd)Health CareHealthcare Facilities and ServicesOwners and operators of h
74、ealth care facilities,including hospitals,nursing homes,rehabilitation and retirement centers,and animal hospitals.Providers of patient health care services not classified elsewhere.Includes dialysis centers,lab testing services and pharmacy management services.Also includes companies providing busi
75、ness support services to health care providers,such as clerical support services,collection agency services,staffing services and outsourced sales and marketing servicesPharmaceuticals and BiotechnologyCompanies engaged in the research,development or production of pharmaceuticals.Includes veterinary
76、 drugs.Companies primarily engaged in the research,development,manufacturing and/or marketing of products based on genetic analysis and genetic engineering.Includes companies specializing in protein-based therapeutics to treat human diseasesMaterialsChemicalsCompanies that primarily produce industri
77、al chemicals and basic chemicals,including but not limited to plastics,synthetic fibers,films,commodity-based paints and pigments,explosives and petrochemicals.Producers of fertilizers,pesticides,potash or otheragriculture-related chemicals including industrial gases and other diversified range of c
78、hemical productsConstruction MaterialManufacturers of construction materials including sand,clay,gypsum,lime,aggregates,cement,concrete and bricksMetals and MiningProducers of aluminum and related products,including companies that mine or process bauxite and companies that recycle aluminum to produc
79、e finished or semi-finished products.Companies engaged in copper ore mining,production of iron and steel andrelated products,including metallurgical(coking)coal mining used for steel production,and having other diversified miningoperations but excluding gold,silver and other precious metalsUtilities
80、Electric and Gas UtilitiesCompanies that produce or distribute electricity including both nuclear and non-nuclear facilities.Includes companies whose main charter is to distribute and transmit natural and manufactured gasIndependent Power and Renewable Electricity ProducersCompanies that operate as
81、independent power producers(IPPs),gas and power marketing and trading specialists and/or integrated energy merchants.Companies that engage in generation and distribution of electricity using renewable sources including,but notlimited to,companies that produce electricity using biomass,geothermal ene
82、rgy,solar energy,hydropower and wind power31Industry Definitions(contd)All Other IndustriesEnergyCompanies primarily involved in the production and mining of coal,related products and other consumable fuels related to thegeneration of energy.Companies engaged in the exploration and production of oil
83、 and gas.Companies engaged in the refining and marketing of oil,gas and/or refined products Household and Personal ProductsProducers of packaged foods including dairy products,fruit juices,meats,poultry,fish and pet foods.Producers of non-durablehousehold products,including detergents,soaps,diapers
84、and other tissue and household paper products.Manufacturers of personal and beauty care products,including cosmetics and perfumesIndustrial MachineryManufacturers of industrial machinery and industrial components.Includes companies that manufacture presses,machine tools,compressors,pollution control
85、 equipment,elevators,escalators,insulators,pumps,roller bearings and other metal fabricationsConstruction and EngineeringCompanies engaged in primarily non-residential construction.Includes civil engineering companies and large-scale contractorsCommunication Services and Information TechnologyCompan
86、ies providing services and infrastructure for the internet industry including data centers and cloud networking and storage infrastructure.Also includes companies providing web hosting services.Excludes companies classified in the software industryApplication SoftwareCompanies engaged in developing
87、and producing software designed for specialized applications for the business or consumer market.Includes enterprise and technical software,as well as cloud-based software.Excludes companies classified in the interactive home entertainment sub-industry.Also excludes companies producing systems or da
88、tabase management software classified in the systems software sub-industryReal EstateCompanies that develop real estate and sell the properties after development.Also companies engaged in a diverse spectrum of real estate activities including real estate development and sales,real estate management
89、or real estate services,but with no dominant business line32The multiples in this report are based on the MSCI China Index,which aims to cover 85%of the free float market cap across H-shares,A-shares,B-shares,Red-chips,P-chips and foreign listed shares.Our report provides a detailed overview of the
90、P/B,P/E,EV/EBITDA and EV/sales multiples of companies in the MSCI China Index covering non-financial industries and P/B,P/E,P/TBV and market cap/revenue multiples covering financial industries for which such data is available.In previous years,comparisons covered a period of two years.This years rep
91、ort provides a four-year comparison of P/E multiples for most of the industries covered,so that the evaluation can weigh performance against pre-pandemic data.33MethodologyNote:1)GICSwas used as the basis for industry definitions.An industry must have a minimum of five company participants to be con
92、sidered for analysis.For all reported multiples in China,we have considered all companies in the MSCI China Index as of Sept.30,2022.The MSCI China Index is constructed based on the integrated China equity universe included in the MSCI Emerging Markets Index,providing a standardized definition of th
93、e China equity opportunity set.The index aims to represent the performance of large-and mid-cap segments with H-shares,B-shares,red chips,P chips and foreign listings(e.g.,ADRs)of Chinese stocks.To avoid duplication,industry multiples for dual-listed companies are based on the shares listed in the P
94、rimary Exchange.Source:Index constituents were captured from MSCIs website:https:/ data was derived from Standard&Poors Capital IQ database.2)Any outliers in the industry have been excluded from the above analysis.Outliers selection criteria:1)Negative multiples;2)multiples at 200 or above;3)the fir
95、st highest multiple of an individual industry is above 100 and different from the second highest by more than 60%;4)multiples that exceed two standard deviations over the median3)EV=Enterprise value=Market value of equity plus book value of debt plus book value of preferred stock and minority intere
96、st less book value of cash and short-term investments,Sales=Revenue for latest 12 months,EBITDA=Lease-adjusted earnings before interest,taxes,depreciation and amortization for latest 12 months,P/E=Market capitalization/net income to common excluding extraordinary items,P/B=Market capitalization/book
97、 value of common equity,Market cap/revenue=Market capitalization/total revenue,P/TBV=Market capitalization/tangible book value.Financial information of companies reflects the latest available information based on company filings as of Sept.30,2022.4)Outliers are excluded in the histograms presented
98、above:EV/Sales,EV/EBITDA,P/E,P/B,Mkt Cap/Revenue“and P/TBV.Outliers are not excluded for time series analysis Median multiples,in order to accurately assess the change in multiples across time.Kroll is not rendering legal,accounting or any other professional advice through the presentation of this m
99、aterial.Kroll expressly disclaims any liability,of any type,including direct,indirect,incidental,special or consequential damages,arising from or relating to the use of this information or any errors or omissions that may be contained herein.All definitions,formulas and calculations presented have b
100、een created by Kroll for publication in its quarterly newsletter Valuation Insights and are based on data derived from S&P Capital IQ.For more information,please contact:About KrollAs the leading independent provider of risk and financial advisory solutions,Kroll leverages our unique insights,data a
101、nd technology to help clients stay ahead of complex demands.Krolls team of more than 6,500 professionals worldwide continues the firms nearly 100-year history of trusted expertise spanning risk,governance,transactions and valuation.Our advanced solutions and intelligence provide clients the foresigh
102、t they need to create an enduring competitive advantage.At Kroll,our values define who we are and how we partner with clients and communities.Learn more at .M&A advisory,capital raising and secondary market advisory services in the United States are provided by Kroll Securities,LLC(member FINRA/SIPC
103、).M&A advisory,capital raising and secondary market advisory services in the United Kingdom are provided by Kroll Securities Ltd.,which is authorized and regulated by the Financial Conduct Authority(FCA).Valuation Advisory Services in India are provided by Kroll Advisory Private Limited(formerly,Kro
104、ll India Private Limited),under a category 1 merchant banker license issued by the Securities and Exchange Board of India.2022 Kroll,LLC.All rights reserved.Hong KongPatrick WuVice Chairman and Head of Valuation Advisory,Greater China+852 2281 Ricky LeeManaging Director,Valuation Advisory+852 2281 W
105、illiam LeungManaging Director,Valuation Advisory+852 2281 Priscilla ChengManaging Director,Valuation Advisory+852 2281 BeijingKevin LeungManaging Director,Valuation Advisory+86 10 5835 ShanghaiDavid LuManaging Director+86 21 6032 Simon TsangManaging Director+86 21 6032 Shenzhen&GuangzhouJoe ZhouManaging DirectorSZ:+86 755 82173210GZ:+86 20 TaipeiVincent Tsang Managing Director+866 2 6632