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E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Book per Share and the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted Book Value per Share of a company over the past 10 years.
SMIT Holdings's adjusted book value per share data for the fiscal year that ended in Dec. 2025 was HK$2.999. Add all the adjusted book value per share for the past 10 years together and divide the count will get our Cyclically Adjusted Book per Share, which is HK$3.46 for the trailing ten years ended in Dec. 2025.
During the past 12 months, SMIT Holdings's average Cyclically Adjusted Book Growth Rate was 4.80% per year.
During the past 3 years, the average Cyclically Adjusted Book Growth Rate was 6.60% per year.
Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Cyclically Adjusted Book Growth Rate using Cyclically Adjusted Book per Share data.
During the past 13 years, the highest 3-Year average Cyclically Adjusted Book Growth Rate of SMIT Holdings was 6.60% per year. The lowest was 6.60% per year. And the median was 6.60% per year.
SMIT Holdings (HKSE:02239) Cyclically Adjusted Book per Share Explanation
If a company grows much fast than inflation, Cyclically Adjusted Book per Share may underestimate the company's equity. Cyclically Adjusted PB Ratio can seem to be too high even the actual PB Ratio is low.
For the Cyclically Adjusted PB Ratio, the book value of the past 10 years are inflation-adjusted and averaged. The result is used for P/B calculation. Since it looks at the average over the last 10 years, the Cyclically Adjusted PB Ratio is also called CAPB Ratio.
The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted book value per share of a company over the past 10 years.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
During the past 13 years, the highestCyclically Adjusted PB Ratio of SMIT Holdings was 0.83. The lowest was 0.16. And the median was 0.34.
Be Aware
Cyclically Adjusted PB Ratio works better for cyclical companies. It gives you a better idea on the company's real book value.
SMIT Holdings Cyclically Adjusted Book per Share Related Terms
SMIT Holdings Cyclically Adjusted Book per Share Historical Data
* Premium members only.
The historical data trend for SMIT Holdings's Cyclically Adjusted Book per Share can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
SMIT Holdings Cyclically Adjusted Book per Share Chart
HKSE:02239 vs NVDA, AVGO, MU: Cyclically Adjusted Book per Share Comparison
For the Semiconductors subindustry, SMIT Holdings's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
SMIT Holdings Cyclically Adjusted PB Ratio vs Semiconductors Industry
For the Semiconductors industry and Technology sector, SMIT Holdings's Cyclically Adjusted PB Ratio distribution charts can be found below:
* The bar in red indicates where SMIT Holdings's Cyclically Adjusted PB Ratio falls into.
SMIT Holdings Cyclically Adjusted Book per Share Calculation
E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Book per Share and the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted Book Value per Share of a company over the past 10 years.
What is Cyclically Adjusted Book per Share? How do we calculate Cyclically Adjusted Book per Share?
Cyclically Adjusted Book per Share is the average of the inflation adjusted Book Value per Share of a company over the past 10 years. Let's use an example to explain.
If we want to calculate the Cyclically Adjusted Book per Share of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the book value per share from 2001 through 2010.
We adjusted the 2001 book value per share data with the total inflation from 2001 through 2010 to the equivalent book value in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart's book value is $1 a share in 2001, then the 2001's equivalent book value in 2010 is $1.4 a share. If Wal-Mart's book value is $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 book value in 2010 is $1.35. So on and so forth, you get the equivalent book value per share of past 10 years. Then you add them together and divided the sum by the count to get Cyclically Adjusted Book per Share.
Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.
What does a Cyclically Adjusted Book per Share of HK$3.46 mean?
SMIT Holdings (HKSE:02239) has a Cyclically Adjusted Book per Share of HK$3.46 as of Dec. 2025. Cyclically adjusted book value per share represents the company's inflation-adjusted book value per share over a 10-year period. View historical data on SMIT Holdings and its competitors.
Is SMIT Holdings' Cyclically Adjusted Book per Share too high?
SMIT Holdings' current Cyclically Adjusted Book per Share is HK$3.46. Overall, SMIT Holdings has a GF Score™ of 40/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does SMIT Holdings' Cyclically Adjusted Book per Share compare to NVDA and AVGO?
SMIT Holdings' Cyclically Adjusted Book per Share of HK$3.46 can be compared against companies in the Semiconductors industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted Book per Share for a Semiconductors company?
A good Cyclically Adjusted Book per Share depends on the Semiconductors industry context. However, Cyclically Adjusted Book per Share should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted Book per Share mean?
A high Cyclically Adjusted Book per Share can signal that a stock is expensive relative to its fundamentals. Cyclically adjusted book value per share represents the company's inflation-adjusted book value per share over a 10-year period. View historical data on SMIT Holdings and its competitors. SMIT Holdings's current Cyclically Adjusted Book per Share is HK$3.46. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is SMIT Holdings stock overvalued right now?
Based on GuruFocus' analysis, SMIT Holdings (HKSE:02239) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$0.83, compared to a current price of HK$1.36 — trading 63.9% above its estimated fair value. The current Cyclically Adjusted Book per Share is HK$3.46. SMIT Holdings' overall GF Score™ is 40/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted Book per Share calculated?
Cyclically Adjusted Book per Share is calculated from a company's financial statements. For SMIT Holdings (HKSE:02239), the current Cyclically Adjusted Book per Share is HK$3.46 as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is SMIT Holdings (HKSE:02239) Overvalued in 2026?
Based on GuruFocus' analysis, SMIT Holdings stock appears to be overvalued.
The current stock price of HK$1.36 is trading 63.9% above its estimated GF Value™ of HK$0.83.
GuruFocus considers SMIT Holdings to be Significantly Overvalued.
Key valuation signals for HKSE:02239:
Cyclically Adjusted Book per Share: HK$3.46
GF Value™: HK$0.83 vs. price of HK$1.36 (63.9% above fair value)
No single metric tells the full story. See the HKSE:02239 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
SMIT Holdings Ltd is an investment holding company. The company is principally engaged in the development and sales of conditional access modules; research, development and sales of smart sensing-oriented products and solution; and provision of integrated circuit solutions. The company has four reportable segments: CAM, Intelligent Sense, Investments, and Other businesses. The company generates the majority of its revenue from the CAM segment is engaged in the development and sales of security products that enable secure distribution and delivery of digital content to television. Geographically, the company generates the majority of its revenue from Europe, followed by China (including Hong Kong) and Others.
40GF Score
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Cyclically Adjusted Book per Share is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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