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Sustainable Forest Holdings Limited (0723) fair value: what the stock is really worth

As of Nov 13, 2026: fair value (intrinsic value) of Sustainable Forest Holdings Limited stock HK$0.44, price HK$0.22, upside +100.0%, quality 59 out of 100. Rating: strongly undervalued. Calculated from audited financials with 7 of our 26 valuation models and 37 quality factors, updated daily.

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Basic Materials HK · ISIN BMG8598B1413

SF Sustainable Forest Holdings Limited logo Thin data Nov 12, 2026

Sustainable Forest Holdings Limited

0723 · HK

Cheap (50% below fair value) and solid company, but falling price: meets 2 of 3 rules.

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Fair value HK$0.4360 · Strongly undervalued 
Highly profitable · 39.8% net margin (TTM) 
Low debt 
Ranks above peers (8/12) 
Costs just 5.7 times its yearly profit. 
Quality 59/100 
Mixed Growth (revenue 5y −22.4 %/yr in HKD) 
Falling price (downtrend) 
Negative free cash flow 
Narrow moat 44/100
Thin data 
⟳ Cyclical
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

HK$0.5200 HK$0.1000 Fair Value HK$0.4360 Jul 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 12, 2026.

How to read this chart

60‑month range HK$0.1000 – HK$0.5200 · fair‑value band HK$0.3210 – HK$0.5430 · the HK$0.2180 price screens below the HK$0.4360 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 12, 2026.

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Company profile

Reliance Global Holdings Limited, an investment holding company, engages in the forest-related business in China, Hong Kong, rest of Asia, Europe, and the Middle East. It operates through Money Lending, Sustainable Forest Management, and Timber Supply Chain segments.

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The company offers mortgage loans, corporate loans, personal loans, and finance leases, as well as management services.

It is also involved in the sustainable forest management; natural forest investment; harvesting rights licensing; and timber and wood processing activities, as well as trading and sale of forestry, timber, and wood products. In addition, the company leases properties.

The company was formerly known as Sustainable Forest Holdings Limited and changed its name to Reliance Global Holdings Limited in November 2019. Reliance Global Holdings Limited was incorporated in 1991 and is headquartered in Wan Chai, Hong Kong.

Stock analysis

Sustainable Forest Holdings Limited (0723) currently trades at HK$0.2180, while our model-based Fair Value estimate is HK$0.4360, implying the stock looks roughly 50% undervalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of HK$0.9100 per share, and 7 of the 7 models we run sit above the HK$0.2180 price.

Bear case: the Asset-Based group reads lowest at HK$0.2400, and 0 of the 7 models stay below the price. Data coverage for this calculation is low.

Scenario range: HK$0.3210 (bear) to HK$0.5430 (bull), the price of HK$0.2180 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 59/100 (solid quality), in the Basic Materials sector.

Mixed Growth: Spin-off in 2026: revenue and profit before it include the divested business. Growth is measured afresh from 2026.

Sustainable Forest Holdings Limited reported revenue of HK$111M in FY2026 versus HK$762M in FY2022, a compound −38.2%/yr. Reported net income was HK$44.3M in FY2026, compounding +36.5%/yr from FY2022.

Key figures

Market cap HK$238M (≈ $30.4M) Micro · P/E ratio 5.7 · P/S ratio 2.27 · Net margin 39.8% · Return on equity 14.1% · Return on assets (EBIT) −1.9% (5-year average) · Operating margin −15.0% · Revenue (TTM) HK$111M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 44 out of 100 (medium confidence).

What moves the price

The share trades about 36% below its 52-week high and 11% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at −15% fair-value upside, at 100%, 0723 screens cheaper than that median.

Fair Value models

Bear HK$0.3210 Fair Value HK$0.4360 Bull HK$0.5430
Price HK$0.2180 · Upside +100.0%
Capped: our models arrive at a very high value here. We deliberately show a more cautious Fair Value.
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.
Best data coverage
Owner Earnings HK$0.5600 HK$0.9100 HK$1.48 75
Residual Income HK$0.2700 HK$0.3500 HK$0.5200 69
Graham-Dodd HK$0.2800 HK$1.13 HK$1.54 64
All 7 models by family
DCF Models
Owner Earnings HK$0.5600 HK$0.9100 HK$1.48 75
Earnings-Based
Graham-Dodd HK$0.2800 HK$1.13 HK$1.54 64
Lynch FV HK$0.2800 HK$0.4100 HK$0.5300 61
Multiples
P/E Multiple HK$0.3900 HK$0.5300 HK$0.6600 63
P/B Multiple HK$0.2900 HK$0.3900 HK$0.4900 55
Asset-Based
NCAV (Graham) HK$0.1600 HK$0.2400 HK$0.3000 55
Economic Profit
Residual Income HK$0.2700 HK$0.3500 HK$0.5200 69

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Quality Score breakdown

Overall quality 59/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 50
How much profit the company makes from its sales and capital
Quality Growth 49
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 80
Debt, balance sheet and risk of trouble
Investment 88
Does it invest with discipline instead of growing at any price?
Low Volatility 44
How calm the share price moves, does not count
Price momentum 26
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 20
Distance to the 52-week high, does not count
New shares 90
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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. 55/100
Spin-off in 2026: revenue and profit before it include the divested business. Growth is measured afresh from 2026.
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.
−38.8%
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.
−22.4%
Start year 2020 (pandemic). Over 10 years: +35.8% a year
Revenue growth 25 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.
−1.6%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+62.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+62.0%
Dividend (yield on the price)0.0%
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.6% → −12%

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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.Lumber & Wood Production · 78 stocks

Beats the industry median on 7/11 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 59 · Top 25%
Fair Value upside +100.0% · Top 25%
Profitability
Return on equity (12 months) 14.1% · Top 25%
Return on assets 12.8% · Top 25%
Net margin (12 months) 39.8% · Top 25%
Operating margin (12 months) −15.0% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −9.4% · Below median

Valuation Multiplesvs Lumber & Wood Production median · lower = cheaper

P/E (12 months) 5.7× · Cheapest 25%
P/B 0.78× · Cheaper than median
P/S (12 months) 2.15× · Priciest 25%
PEG 2.92× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 23
FUTURE (revenue growth)0 · sector 21
PAST (return on equity)57 · sector 0
HEALTH (low debt)100 · sector 92
DIVIDEND (yield)0 · sector 39

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Lumber & Wood Production stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
UFP Industries, Inc UFPI $79.49 $103.76 +31% vs 0723
DeHua TB New Decoration Material Co 002043 ¥12.24 ¥15.06 +23% vs 0723
Stella-Jones Inc SJ C$67.00 C$81.51 +22% vs 0723
Simpson Manufacturing Co SSD $198.01 $218.65 +10% vs 0723
Interfor Corporation IFP C$12.93 C$10.93 −15% vs 0723
Boise Cascade Company BCC $67.39 $52.60 −22% vs 0723
Canfor Corporation CFP C$14.15 C$9.08 −36% vs 0723
Century Plyboards (India) Limited CENTURYPLY ₹686.45 ₹211.47 −69% vs 0723
Zhongfu Straits (Pingtan) Development Company 000592 ¥6.73 ¥1.52 −77% vs 0723
Greenlam Industries Limited GREENLAM ₹210.40 ₹42.91 −80% vs 0723

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Sustainable Forest Holdings Limited: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Sustainable Forest Holdings Limited Fair Value". https://www.fairvalue-calculator.com/stock/0723

Frequently asked questions

Is Sustainable Forest Holdings Limited (0723) overvalued or undervalued?
As of Nov 12, 2026, our model estimates a fair value of HK$0.4360 versus a price of HK$0.2180, about +100% upside (undervalued).
What is the fair value of 0723?
Our model-based fair value for Sustainable Forest Holdings Limited is HK$0.4360 (as of Nov 12, 2026), built from audited fundamentals. The current price: HK$0.2180.
What is the quality score of 0723?
Sustainable Forest Holdings Limited has a Quality Score of 59/100. 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 Sustainable Forest Holdings Limited (0723)?
Our model-based price target is the fair value of HK$0.4360 (as of Nov 12, 2026) from 7 valuation models. Cautious scenario HK$0.3210, optimistic scenario HK$0.5430. It is a calculation from audited fundamentals, not an analyst target.
What is the Sustainable Forest Holdings Limited stock forecast for 2026?
Our models put fair value at HK$0.4360, about +100% upside versus a price of HK$0.2180 (undervalued). Cautious scenario HK$0.3210, optimistic scenario HK$0.5430. The calculation is refreshed regularly with new filings.
What is the revenue of Sustainable Forest Holdings Limited (0723)?
Sustainable Forest Holdings Limited reported trailing-twelve-month revenue of about HK$111M (latest available figure, as of Nov 12, 2026).
What is the intrinsic value of Sustainable Forest Holdings Limited (0723)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Sustainable Forest Holdings Limited it is HK$0.4360 per share (as of Nov 12, 2026), against a price of HK$0.2180. It is the blended result of 7 valuation models in 5 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Economic Profit).
Is Sustainable Forest Holdings Limited stock overvalued or undervalued in 2026?
As of Nov 12, 2026, 0723 trades below its calculated fair value: price HK$0.2180, fair value HK$0.4360, a gap of about +100% (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 0723?
No. The price is what the market pays today (HK$0.2180); the fair value is what the company's own numbers justify (HK$0.4360). For Sustainable Forest Holdings Limited the two are HK$0.2180 per share apart. That gap is exactly why we show both numbers side by side.
How much is Sustainable Forest Holdings Limited worth?
The market values Sustainable Forest Holdings Limited at about HK$238M (market capitalisation, as of Nov 12, 2026). Per share that is HK$0.2180; our models calculate a fair value of HK$0.4360 per share.
What do the bullish and bearish scenarios say about 0723?
Our models span a range for Sustainable Forest Holdings Limited: cautious scenario HK$0.3210, base HK$0.4360, optimistic HK$0.5430 per share (as of Nov 12, 2026, price HK$0.2180). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 0723?
Sustainable Forest Holdings Limited trades at a price-to-earnings ratio of 5.7 (as of Nov 12, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of HK$0.4360 is built from several models across several years. Other multiples: PEG 2.9, P/B 0.8, P/S 2.1.
What is the PEG ratio of 0723?
The PEG ratio of Sustainable Forest Holdings Limited is 2.92 (P/E divided by earnings growth, as of Nov 12, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Sustainable Forest Holdings Limited (0723)?
Balance-sheet figures for Sustainable Forest Holdings Limited (as of Nov 12, 2026): return on equity 14.1%. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is 0723 from its 52-week high?
Sustainable Forest Holdings Limited trades at HK$0.2180, about 36% below its 52-week high of HK$0.3400 and 11% above the low of HK$0.1960 (as of Nov 13, 2026). Distance from the high says nothing about value: that is what the fair value of HK$0.4360 is for.
Which stocks are comparable to Sustainable Forest Holdings Limited?
From the same area (Basic Materials) we also value Simpson Manufacturing Co, UFP Industries, Inc, Boise Cascade Company, Stella-Jones Inc, 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 Sustainable Forest Holdings Limited stock attractive at the current price?
The data as of Nov 12, 2026: price HK$0.2180, calculated fair value HK$0.4360 (+100%), Quality Score 59/100, from 7 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 0723 calculated?
We run Sustainable Forest Holdings Limited through 7 models from 5 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of HK$0.4360 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 13.8% above its aggregate fair value. Sustainable Forest Holdings Limited currently trades 50% 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 Sustainable Forest Holdings Limited (0723)?
The closing price on Nov 13, 2026 was HK$0.2180. Our model-based fair value is HK$0.4360, about +100% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Sustainable Forest Holdings Limited right now?
The price is below even our cautious bear case (HK$0.3210). 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 (59/100) at a price below fair value, the discount is the argument here, not the business quality.

Key figures of Sustainable Forest Holdings Limited

How large is the market capitalisation of Sustainable Forest Holdings Limited (0723)?
The market capitalisation of Sustainable Forest Holdings Limited is HK$238M (≈ $30.4M). 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 Sustainable Forest Holdings Limited (0723)?
The price-to-sales ratio of Sustainable Forest Holdings Limited is 2.27 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of Sustainable Forest Holdings Limited (0723)?
The net margin of Sustainable Forest Holdings Limited is 39.8% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Sustainable Forest Holdings Limited (0723)?
The return on equity (ROE) of Sustainable Forest Holdings Limited is 14.1% (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 Sustainable Forest Holdings Limited (0723)?
On an EBIT basis the return on assets of Sustainable Forest Holdings Limited is −1.9% (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 Sustainable Forest Holdings Limited (0723)?
The operating margin of Sustainable Forest Holdings Limited is −15.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Sustainable Forest Holdings Limited (0723)?
Revenue at Sustainable Forest Holdings Limited is down 9.4% versus a year earlier (3y avg −38.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Sustainable Forest Holdings Limited (0723) generate?
The free cash flow of Sustainable Forest Holdings Limited is −HK$10.9M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Sustainable Forest Holdings Limited (0723) carry?
The net debt of Sustainable Forest Holdings Limited is HK$41.7M (fiscal year 2023). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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