Associated International Hotels Ltd (0105) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Associated International Hotels Ltd stock HK$7.53, price HK$5.05, upside +49.1%, quality 68 out of 100. Rating: undervalued. Calculated from audited financials with 11 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range HK$4.19 – HK$10.53 · fair‑value band HK$5.22 – HK$10.51 · the HK$5.05 price screens below the HK$7.53 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Associated International Hotels Limited, an investment holding company, engages in the property investment activities in Hong Kong. Its investment properties include shopping center, workshops, and car parking spaces, as well as offices.
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The company was incorporated in 1983 and is based in Tsim Sha Tsui, Hong Kong. Associated International Hotels Limited is a subsidiary of Tian Teck Land Limited.
Stock analysis
Associated International Hotels Ltd (0105) currently trades at HK$5.05, while our model-based Fair Value estimate is HK$7.53, implying the stock looks roughly 33% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of HK$20.65 per share, and 10 of the 11 models we run sit above the HK$5.05 price.
Bear case: the Growth DCF group reads lowest at HK$6.89, and 1 of the 11 models stay below the price. Data coverage for this calculation is low.
Scenario range: HK$5.22 (bear) to HK$10.51 (bull), the price of HK$5.05 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 68/100 (solid quality), in the Real Estate sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Associated International Hotels Ltd reported revenue of HK$306M in FY2026 versus HK$301M in FY2022, a compound +0.4%/yr. Reported net income was −HK$474M in FY2026.
Key figures
Market cap HK$1.8B (≈ $232M) Micro · P/S ratio 6.20 · Dividend yield 6.5% · Return on equity −6.9% · Return on assets (EBIT) −1.6% (5-year average) · Operating margin 53.1% · Revenue (TTM) HK$290M · Revenue growth (YoY) −3.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 35 out of 100 (low confidence).
What moves the price
The share trades about 6% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −16% fair-value upside, at 49%, 0105 screens cheaper than that median.
Fair Value models
BearHK$5.22Fair Value HK$7.53BullHK$10.51
Price HK$5.05 · Upside +49.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.21/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+2.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−6.8%
Start year 2021 (pandemic). Over 10 years: −7.5% a year
Revenue growth 26 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−1.1%
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What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+3.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Hong Kong: IMF forecast 2.1% a year to 2030, 1.8% from 2016 to 2025) that is about +1.6% a year for the price.
Compare Associated International Hotels Ltd with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Real Estate Services · 472 stocks
Beats the industry median on 6/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score68 · Top 25%
Fair Value upside+49.1% · Above median
Profitability
Return on assets−6.8% · Bottom 25%
Net margin (12 months)−163.5% · Bottom 25%
Operating margin (12 months)53.1% · Above median
Growth and dividend
Revenue growth (quarter YoY)−3.6% · Below median
Dividend yield (12 months)6.5% · Top 25%
Valuation Multiplesvs Real Estate Services median · lower = cheaper
P/B0.28× · Cheapest 25%
P/S (12 months)6.26× · Priciest 25%
Price / free cash flow (fiscal year)14.0× · Pricier than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Associated International Hotels Ltd Fair Value". https://www.fairvalue-calculator.com/stock/0105
Frequently asked questions
Is Associated International Hotels Ltd (0105) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of HK$7.53 versus a price of HK$5.05, about +49% upside (undervalued).
What is the fair value of 0105?
Our model-based fair value for Associated International Hotels Ltd is HK$7.53 (as of Nov 7, 2026), built from audited fundamentals. The current price: HK$5.05.
What is the quality score of 0105?
Associated International Hotels Ltd has a Quality Score of 68/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Associated International Hotels Ltd (0105)?
Our model-based price target is the fair value of HK$7.53 (as of Nov 7, 2026) from 11 valuation models. Cautious scenario HK$5.22, optimistic scenario HK$10.51. It is a calculation from audited fundamentals, not an analyst target.
What is the Associated International Hotels Ltd stock forecast for 2026?
Our models put fair value at HK$7.53, about +49% upside versus a price of HK$5.05 (undervalued). Cautious scenario HK$5.22, optimistic scenario HK$10.51. The calculation is refreshed regularly with new filings.
What is the revenue of Associated International Hotels Ltd (0105)?
Associated International Hotels Ltd reported trailing-twelve-month revenue of about HK$290M (latest available figure, as of Nov 7, 2026).
Does Associated International Hotels Ltd pay a dividend?
Associated International Hotels Ltd currently shows a dividend yield of 6.53% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Associated International Hotels Ltd (0105) and when is the ex-dividend date?
Associated International Hotels Ltd pays a dividend of HK$0.33 per share a year, a dividend yield of 6.5%. The last ex-dividend date was Sep 15, 2026. A dividend has been paid every year since 2011. Free cash flow covers the dividend 1.09 times. Our assessment: Cash covered. The dividend is fully funded by free cash flow. The payout ratio on earnings is not available for this company.
What growth is priced into Associated International Hotels Ltd (0105)?
For today's price to be fair in a discounted-cash-flow model, Associated International Hotels Ltd would have to grow free cash flow by +3.8 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -6.8 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of 0105 use?
Our models discount Associated International Hotels Ltd at 11.8 %: a base by market capitalisation (micro), damped by beta 0.31, country premium for Hong Kong. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Associated International Hotels Ltd that is +3.8 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has Associated International Hotels Ltd (0105) delivered so far?
Over the past 5 years revenue at Associated International Hotels Ltd grew -6.8 % a year. The price currently implies free-cash-flow growth of +3.8 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Associated International Hotels Ltd (0105) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Associated International Hotels Ltd (+3.8 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Associated International Hotels Ltd (0105)?
The free-cash-flow yield on the price is 7.14 %: that much free cash flow Associated International Hotels Ltd produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Associated International Hotels Ltd (0105)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Associated International Hotels Ltd it is HK$7.53 per share (as of Nov 7, 2026), against a price of HK$5.05. It is the blended result of 11 valuation models in 4 families (DCF Models, Multiples, Asset-Based, Growth DCF).
Is Associated International Hotels Ltd stock overvalued or undervalued in 2026?
As of Nov 7, 2026, 0105 trades below its calculated fair value: price HK$5.05, fair value HK$7.53, a gap of about +49% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0105?
No. The price is what the market pays today (HK$5.05); the fair value is what the company's own numbers justify (HK$7.53). For Associated International Hotels Ltd the two are HK$2.48 per share apart. That gap is exactly why we show both numbers side by side.
How much is Associated International Hotels Ltd worth?
The market values Associated International Hotels Ltd at about HK$1.8B (market capitalisation, as of Nov 7, 2026). Per share that is HK$5.05; our models calculate a fair value of HK$7.53 per share.
What do the bullish and bearish scenarios say about 0105?
Our models span a range for Associated International Hotels Ltd: cautious scenario HK$5.22, base HK$7.53, optimistic HK$10.51 per share (as of Nov 7, 2026, price HK$5.05). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Associated International Hotels Ltd (0105)?
Balance-sheet figures for Associated International Hotels Ltd (as of Nov 7, 2026): return on equity −6.9%. They feed the Quality Score of 68/100, which measures business quality independently of the share price.
How far is 0105 from its 52-week high?
Associated International Hotels Ltd trades at HK$5.05, about 6% below its 52-week high of HK$5.40 and 4% above the low of HK$4.88 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of HK$7.53 is for.
Which stocks are comparable to Associated International Hotels Ltd?
From the same area (Real Estate) we also value CBRE Group, Cellnex Telecom, S.A, KE Holdings, Swire Properties Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Associated International Hotels Ltd stock attractive at the current price?
The data as of Nov 7, 2026: price HK$5.05, calculated fair value HK$7.53 (+49%), Quality Score 68/100, from 11 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0105 calculated?
We run Associated International Hotels Ltd through 11 models from 4 families: DCF Models, Multiples, Asset-Based, Growth DCF. Every model gets the same audited fundamentals; the fair value of HK$7.53 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Associated International Hotels Ltd currently trades 33% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Associated International Hotels Ltd (0105)?
The closing price on Nov 6, 2026 was HK$5.05. Our model-based fair value is HK$7.53, about +49% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Associated International Hotels Ltd right now?
The price is below even our cautious bear case (HK$5.22). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (68/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (HK$5.22 to HK$10.51) leaves room in how you read the outcome.
Key figures of Associated International Hotels Ltd
How large is the market capitalisation of Associated International Hotels Ltd (0105)?
The market capitalisation of Associated International Hotels Ltd is HK$1.8B (≈ $232M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Associated International Hotels Ltd (0105)?
The price-to-sales ratio of Associated International Hotels Ltd is 6.20 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of Associated International Hotels Ltd (0105)?
The dividend yield of Associated International Hotels Ltd is 6.5%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the return on equity of Associated International Hotels Ltd (0105)?
The return on equity (ROE) of Associated International Hotels Ltd is −6.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Associated International Hotels Ltd (0105)?
On an EBIT basis the return on assets of Associated International Hotels Ltd is −1.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Associated International Hotels Ltd (0105)?
The operating margin of Associated International Hotels Ltd is 53.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Associated International Hotels Ltd (0105)?
Revenue at Associated International Hotels Ltd is growing −3.6% versus a year earlier (3y avg +0.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net cash does Associated International Hotels Ltd (0105) hold?
Associated International Hotels Ltd holds more cash than debt, HK$332M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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Thin data
Nov 7, 2026