Guming Holding IPO Valuation Analysis

• Our base case valuation of Guming Holding is implied target price of HKD 13.70, which is 38% higher than the high end of the IPO valuation range.

• Given the solid upside, we have a Positive view of this IPO. Our valuation sensitivity analysis suggests a range of HKD 11.09 to HKD 16.57 per share.

• Our base case valuation is based on 2025E P/S multiple of 3x, which is a 30% premium to the two closest comps (Sichuan Baicha Baidao Industrial and Helens International Holdings).