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Skillschina-comps-analysis

china-comps-analysis

Data & analytics

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Updated 10-16 06:21

About this skill

china-comps-analysis

Purpose

Build A-share Comparable Company Analysis — peer group multiples comparison adapted for the Chinese equity market.

Data Sources

Tier 0 — Wind (most comprehensive paid data)

  • Coverage: A-shares/HK & US stocks/funds/indices/bonds/macro/research reports/analysis (44 tools)
  • MCP service:wind-mcp(requires WIND_API_KEY key, starting with ak_ )
  • Advantages: broadest full-market coverage, most comprehensive data, includes research reports and quantitative analysis
  • Key application:https://aifinmarket.wind.com.cn/#/home

Tier 1 — iFind (paid precise data) / AkShare MCP (Tier-2 free alternative)

get_quote(ticker)                        → Current multiples (PE, PB, PS)
get_financials(ticker, "income")         → Revenue, net income for calculations
get_financials(ticker, "balance")        → Book value, debt
get_industry_stocks(industry="白酒")       → Industry peers

Secondary Sources

  • East Money — industry classifications
  • CNINFO — financial statements
  • Wind / Choice — comprehensive multiples
  • Broker research reports — peer analysis

Workflow

Step 1: Select Peer Group

Peer selection criteria:

Criterion China Context
Industry Same East Money industry category
Market cap ±3x of subject company
Revenue ±2x of subject company
Growth Similar revenue growth profile
Profitability Comparable margins
Business model Same/related business model
Geography China-focused (A-share only)
Listing status All A-share (include Beijing Stock Exchange if relevant)

Typical peer count: 8-15 companies

Step 2: Collect Financial Data

Data to collect for each peer:

Data Item Source Notes
Current price AkShare
Market cap Calculated Shares outstanding × price
Revenue (LTM) AkShare financials
Net income (LTM) AkShare financials
EPS ( diluted ) AkShare
Book value Balance sheet
EBITDA Calculate Net income + tax + interest + D&A
EV Calculate Market cap + net debt

Step 3: Calculate Trading Multiples

Standard multiples:

Multiple Formula Typical Range (A-share)
P/E (dynamic) Price / forecast EPS 10-50x
P/E (TTM) Price / TTM EPS 10-50x
P/E (static) Price / prior-year EPS 10-50x
PB Price / net assets per share 1-10x
PS EV / Revenue 1-10x
EV/EBITDA EV / EBITDA 5-20x
PEG P/E / Growth 0.5-2.0
Dividend yield Dividend / Price 0-5%
ROE Net income / Equity 5-30%

Multiples calculation notes:

  • P/E: use net profit attributable to parent (net income attributable to parent)
  • PB: use equity attributable to parent shareholders
  • EBITDA: approximate as operating profit + depreciation and amortization (if D&A not separately stated)

Step 4: Peer Comparison Table

Standard comps table:

Company Ticker Market Cap (100 million) P/E (TTM) P/B P/S EV/EBITDA Revenue Growth Net Margin ROE
Subject X.Xx X.X X.X X.X X% X% X%
Peer 1 X.Xx X.X X.X X.X X% X% X%
Peer 2 X.Xx X.X X.X X.X X% X% X%
Peer 3 X.Xx X.X X.X X.X X% X% X%
...
Median X.Xx X.X X.X X.X X% X% X%
Mean X.Xx X.X X.X X.X X% X% X%

Step 5: Identify Outliers

Outlier analysis:

Company P/E vs Median Reason for Premium/Discount
±X% Growth, margin, quality, sentiment

Common reasons for A-share premium/discount:

  • Growth rate
  • Profitability / ROE
  • Market position
  • Technology moat
  • Management quality
  • Liquidity — Northbound capital holdings
  • Theme / concept premium
  • Corporate governance

Step 6: Valuation Range

Derive valuation range:

Method Low Mid High Rationale
P/E Xx Xx Xx Based on peer range
P/B Xx Xx Xx Based on peer range
P/S Xx Xx Xx Based on peer range
EV/EBITDA Xx Xx Xx Based on peer range

Implied price range:

  • Low: ¥XX (using low multiples + conservative assumptions)
  • Mid: ¥XX (using median multiples)
  • High: ¥XX (using high multiples + optimistic assumptions)

Step 7: Relative Valuation Conclusion

Valuation summary:

可比公司估值结论

当前股价: ¥XX
目标价区间: ¥XX - ¥XX
当前估值水平: [Premium/Discount] vs  peers

关键结论:
1. 相对估值: 较同业 [低/中/高]
2. 主要驱动: [Growth / Margin / Quality]
3. 估值折价/溢价原因: [Explanation]

投资建议: [Buy / Hold / Sell]

China-Specific Considerations

A-share Multiples Quirks

Issue Impact Mitigation
High earnings volatility TTM earnings volatile Use 3Y average
One-off gains/losses Distorts P/E Use non-recurring net profit for P/E
Loss-making companies Negative P/E meaningless Use P/S or EV/EBITDA
New stocks and recent IPOs Limited history Use static P/E cautiously
ST stocks Distressed Exclude from peer set

Chinese Market Premiums

Factor Typical Premium
Consumer leader +20-50%
Tech/innovation +30-100%
Pharma +15-40%
SOE -10 to -30%
High dividend -5 to +10%
Heavily held by Northbound capital +5-20%

East Money Industry Categories

Common categories for peer selection:

  • Baijiu, beer — Beverages
  • Semiconductors, chips — Semiconductors
  • Banks, securities, insurance — Financial services
  • Innovative drugs, medical devices — Healthcare
  • Photovoltaic equipment, lithium batteries — New energy
  • Complete vehicles, auto parts — Auto
  • Software development, IT services — Software/IT
  • Real estate, building materials — Real estate / Materials

Quality Checks

Before delivering:

  • Peer group appropriate (similar size, growth, business model)
  • All data sourced from AkShare or CNINFO
  • Multiples calculated correctly
  • Outliers explained
  • Valuation conclusion supported
  • Current price verified

Data Source Mode Switch: Set env var IFIND_DATA_SOURCE_MODE to control data source preference.

  • ifind-only (strict): Use iFind only, error if unavailable
  • ifind-fallback (default): iFind preferred, fallback to AkShare
  • akshare-only: Skip iFind, use AkShare only
  • wind-only: Wind only, error if unavailable
  • wind-fallback: Wind first, fallback to iFind → AkShare