SPIC Industry-Finance Holdings Co., Ltd. (000958.SZ)

SPIC Industry-Finance Holdings Co., Ltd. (000958.SZ) — VMCI valuation read

Headline read on 000958.SZ: VMCI of 44/100 versus a Utilities sector median of 50. The 6-point below-median position is what makes SPIC Industry-Finance Holdings Co., Ltd. a relative-value laggard in the mid-cap cohort, before any pillar-level review.

Form 4 filings on 000958.SZ: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.

**Investor frame.** Three reads on 000958.SZ: value (000958.SZ trades at 27.0x earnings, 50% above the Utilities median of 18.0x), quality (ROIC of 11.0% sits 1.0pp above the Utilities median (10.0%)), and risk (net debt to EBITDA of 2.9x is the rate-sensitivity line to watch). The value read also implies an EV/EBITDA gap of +4.0x against the Utilities 12.0x baseline.

000958.SZ rose 0.2% over the trailing 7 days, with a -19.1% read on a 30-day basis.