Prinx Chengshan Holdings Limited (1809.HK)
ValueMarkers Composite Index
90% below intrinsic value ($10)
Prinx Chengshan Holdings Limited (1809.HK) — VMCI valuation read
Headline read on 1809.HK: VMCI of 69/100 versus a Consumer Cyclical sector median of 50. The 19-point above-median position is what makes Prinx Chengshan Holdings Limited a relative-value candidate in the mid-cap cohort, before any pillar-level review.
Form 4 filings on 1809.HK: 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 1809.HK: value (1809.HK trades at 15.0x earnings, 17% below the Consumer Cyclical median of 18.0x), quality (ROIC of 15.0% sits 5.0pp above the Consumer Cyclical median (10.0%)), and risk (net debt to EBITDA of -0.3x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Consumer Cyclical 12.0x baseline.
1809.HK rose 3.7% over the trailing 7 days, with a +2.7% read on a 30-day basis.
Prinx Chengshan Holdings Limited, an investment holding company, together with its subsidiaries, designs, manufactures, trades in, and distributes tires in the People's Republic of China, Thailand, rest of Asia, the Americas, Africa, the Middle East, and internationally. The company offers steel radial, semi-steel radial, and bias tires used in light and pick-up trucks, buses, mixed road or off-road vehicles, passenger vehicles, sport utility vehicles, and agricultural and industrial off-road vehicles under the Prinx, ChengShan, Austone, and Fortune brand names. It also engages in the research and development of tire technology and equipment, as well as provision of related technical services; trading of inflatable and related products; and provides tire rentals. The company was formerly known as Prinx Chengshan (Cayman) Holding Limited and changed its name to Prinx Chengshan Holdings Limited in June 2021. The company was founded in 1976 and headquartered in Rongcheng, the People's Republic of China. Prinx Chengshan Holdings Limited is a subsidiary of Chengshan Group Co., Ltd.
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