http://hk.myblog.yahoo.com/tin-knows/article?mid=1474
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|
(HK$'000)
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|
|
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Pre-tax profit
|
327,197
|
|
|
|
Add:
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|
|
|
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Interest expenses
|
1,230
|
|
|
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Depreciation
|
59,848
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|
|
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Subtract:
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|
|
|
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Interest income
|
4,389
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|
|
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EBITDA
|
383,886
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|
|
|
EBITDA per share (HK$)
|
0.16
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|
|
|
|
|
|
|
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Price per share (HK$)
|
1.04
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|
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No. of shares outstanding
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2,397,918
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|
|
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Market capitalisation
|
2,493,835
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|
|
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Add:
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|
|
|
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Short-term borrowings
|
9,803
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|
|
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Long-term borrowings
|
1,331
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|
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Minority interests
|
1,816
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Subtract:
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|
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Cash
|
1,963,031
|
|
|
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Enterprise value (EV)
|
543,754
|
|
|
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EV per share (HK$)
|
0.23
|
|
|
|
|
|
|
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EV/EBITDA
|
1.4X
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|
|
|
|
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EV/EBITDA ratios
|
Implied prices
|
Upside
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Remarks
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|
3.5X
|
1.37
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+32%
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~ EV/EBITDA of Yr03 & Yr08
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|
5.0X
|
1.61
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+55%
|
|
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10.0X
|
2.41
|
+132%
|
|
|
15.0X
|
3.21
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+209%
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~ EV/EBITDA of Yr06 & Yr07
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