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Top Standard (8510) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of Top Standard stock HK$0.06, price HK$0.23, that is 74.2% below the price, quality 46 out of 100. Rating: strongly overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Consumer Cyclical HK · ISIN KYG894351041

TS Top Standard logo Thin data Nov 10, 2026

Top Standard

8510 · HK

Far too expensive (fair value 74% below the price), but company just good enough and rising price: meets 2 of 3 rules.

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Rising price (uptrend) 
Generates free cash flow 
Quality 46/100 
Mixed Growth (revenue YoY +37.6 %/yr in HKD) 
Negative equity (buybacks among others) 
Revenue last quarter 12% below a year ago. 
Changed on Oct 25: HK$0.0510 → HK$0.0595 
Fair value HK$0.0595 · Strongly overvalued 
Loss-making · -6.5% net margin (TTM) 
Trails peers (0/9) 
Narrow moat 6/100 · thin data
Thin data 
⚠ Dilution⚠ Thinly traded
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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$0.9800 HK$0.0710 Fair Value HK$0.0595 Jun 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.

How to read this chart

60‑month range HK$0.0710 – HK$0.9800 · fair‑value band HK$0.0425 – HK$0.0850 · the HK$0.2310 price screens above the HK$0.0595 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 10, 2026.

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Company profile

Top Standard Corporation, an investment holding company, operates restaurants and bars in Hong Kong and Malaysia. The company operates through two segments, Catering Service and Online Sale of Wines.

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It is involved in the operation of restaurants under the Miss J, Sushi Mew, Sushi Qubey, and Aori Ramen brands; sells wines online under the MOW brand; and club operation business. Top Standard Corporation was founded in 2008 and is headquartered in Kowloon City, Hong Kong.

Stock analysis

Top Standard (8510) currently trades at HK$0.2310, while our model-based Fair Value estimate is HK$0.0595, 74% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Growth DCF group reads highest at a median of HK$0.0900 per share, and 0 of the 6 models we run sit above the HK$0.2310 price.

Bear case: the Multiples group reads lowest at HK$0.0100, and 6 of the 6 models stay below the price. Data coverage for this calculation is low.

Scenario range: HK$0.0425 (bear) to HK$0.0850 (bull), the price of HK$0.2310 sits above 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 46/100 (below-average quality), in the Consumer Cyclical sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Top Standard reported revenue of HK$19.7M in FY2026 versus HK$6.6M in FY2022, a compound +31.2%/yr. Reported net income was −HK$1.0M in FY2026.

Key figures

Market cap HK$55.2M (≈ $7.0M) Micro · P/S ratio 2.92 · Net margin −5.1% · Return on assets (EBIT) −51.4% (5-year average) · Operating margin −3.5% · Revenue (TTM) HK$18.4M · Revenue growth (YoY) −12.3% · Free cash flow HK$425K.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 6 out of 100 (low confidence).

What moves the price

The share trades about 23% below its 52-week high and 96% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Consumer Cyclical peers we cover trades at −16% fair-value upside, at −74%, 8510 screens richer than that median.

Fair Value models

Bear HK$0.0425 Fair Value HK$0.0595 Bull HK$0.0850
Price HK$0.2310 · Downside -74.2%
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
FCF DCF HK$0.0700 HK$0.1300 HK$0.2300 75
Growth DCF HK$0.0700 HK$0.1200 HK$0.2000 74
5Y Revenue Exit HK$0.0400 HK$0.0600 HK$0.0800 71
All 6 models by family
DCF Models
FCF DCF HK$0.0700 HK$0.1300 HK$0.2300 75
5Y Revenue Exit HK$0.0400 HK$0.0600 HK$0.0800 71
10Y Revenue Exit HK$0.0500 HK$0.0700 HK$0.1000 65
Multiples
EV/Revenue n/a HK$0.0100 HK$0.0200 46
Growth DCF
Growth DCF HK$0.0700 HK$0.1200 HK$0.2000 74
Rev-Margin DCF HK$0.0400 HK$0.0600 HK$0.0800 71

The fair value above starts from this blend and is adjusted for dilution from new shares.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 46/100

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

Profitability 45
How much profit the company makes from its sales and capital
Quality Growth 80
Are margins and returns getting better?
Cashflow 47
Do the profits arrive as real cash?
Financial strength 38
Debt, balance sheet and risk of trouble
Investment 97
Does it invest with discipline instead of growing at any price?
Low Volatility 46
How calm the share price moves, does not count
Price momentum 81
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 81
Distance to the 52-week high, does not count
New shares 0
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. 62/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Profit margin (trend) ⓘ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.
−22.9% (2021) → −3.9% (2026)
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).
+40.5%
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 +37.6% a year for the price.

8510 screens overvalued: fair value 74% below the price. Compare with McDonald's Corporation →

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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.Restaurants · 202 stocks

Beats the industry median on 0/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 46 · Below median
Fair Value upside −74.2% · Bottom 25%
Profitability
Return on equity (12 months) Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets −9.6% · Bottom 25%
Net margin (12 months) −6.5% · Bottom 25%
Operating margin (12 months) −3.5% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −12.3% · Bottom 25%
Balance sheet
Debt / equity Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.

Valuation Multiplesvs Restaurants median · lower = cheaper

P/B Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
P/S (12 months) 3.00× · Priciest 25%
Price / free cash flow (fiscal year) 129.8× · Priciest 25%
EV/EBITDA 94.4× · Priciest 25%

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 Restaurants stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Yum China Holdings YUMC $49.21 $55.61 +13% vs 8510
Chipotle Mexican Grill, Inc CMG $35.17 $39.31 +12% vs 8510
Restaurant Brands International Inc QSR $75.48 $72.40 −4% vs 8510
Darden Restaurants, Inc DRI $227.90 $197.01 −14% vs 8510
Domino's Pizza, Inc DPZ $333.23 $280.34 −16% vs 8510
Texas Roadhouse, Inc TXRH $185.99 $128.55 −31% vs 8510
Starbucks Corporation SBUX $107.26 $65.63 −39% vs 8510
McDonald's Corporation MCD $273.63 $162.81 −41% vs 8510
Yum! Brands, Inc YUM $159.34 $73.05 −54% vs 8510
CAVA Group CAVA $57.35 $12.01 −79% vs 8510

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Top Standard: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Top Standard Fair Value". https://www.fairvalue-calculator.com/stock/8510

Frequently asked questions

Is Top Standard (8510) overvalued or undervalued?
As of Nov 10, 2026, our model estimates a fair value of HK$0.0595 versus a price of HK$0.2310, about 74% lower (overvalued).
What is the fair value of 8510?
Our model-based fair value for Top Standard is HK$0.0595 (as of Nov 10, 2026), built from audited fundamentals. The current price: HK$0.2310.
What is the quality score of 8510?
Top Standard has a Quality Score of 46/100. 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 Top Standard (8510)?
Our model-based price target is the fair value of HK$0.0595 (as of Nov 10, 2026) from 6 valuation models. Cautious scenario HK$0.0425, optimistic scenario HK$0.0850. It is a calculation from audited fundamentals, not an analyst target.
What is the Top Standard stock forecast for 2026?
Our models put fair value at HK$0.0595, about 74% lower versus a price of HK$0.2310 (overvalued). Cautious scenario HK$0.0425, optimistic scenario HK$0.0850. The calculation is refreshed regularly with new filings.
What is the revenue of Top Standard (8510)?
Top Standard reported trailing-twelve-month revenue of about HK$18.4M (latest available figure, as of Nov 10, 2026).
What growth is priced into Top Standard (8510)?
For today's price to be fair in a discounted-cash-flow model, Top Standard would have to grow free cash flow by +40.5 % per year for five years (discount rate 9.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -7.6 % per year. As of Nov 10, 2026.
What discount rate (WACC) does the fair value of 8510 use?
Our models discount Top Standard at 9.3 %: a base by market capitalisation (nano), damped by beta 0.61, 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 Top Standard that is +40.5 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.3 %) and the same formula as our fair value.
How much growth has Top Standard (8510) delivered so far?
Over the past 5 years revenue at Top Standard grew -7.6 % a year. The price currently implies free-cash-flow growth of +40.5 % 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 Top Standard (8510) growing?
The median revenue growth in the sector is +4.4 % a year. That is the yardstick for the growth priced into Top Standard (+40.5 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Top Standard (8510)?
The free-cash-flow yield on the price is 0.92 %: that much free cash flow Top Standard produces per unit of market value. When it exceeds the discount rate of our models (9.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Top Standard (8510)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Top Standard it is HK$0.0595 per share (as of Nov 10, 2026), against a price of HK$0.2310. It is the blended result of 6 valuation models in 3 families (DCF Models, Multiples, Growth DCF).
Is Top Standard stock overvalued or undervalued in 2026?
As of Nov 10, 2026, 8510 trades above its calculated fair value: price HK$0.2310, fair value HK$0.0595, a gap of about −74% (overvalued). 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 8510?
No. The price is what the market pays today (HK$0.2310); the fair value is what the company's own numbers justify (HK$0.0595). For Top Standard the two are HK$0.1715 per share apart. That gap is exactly why we show both numbers side by side.
How much is Top Standard worth?
The market values Top Standard at about HK$55.2M (market capitalisation, as of Nov 10, 2026). Per share that is HK$0.2310; our models calculate a fair value of HK$0.0595 per share.
What do the bullish and bearish scenarios say about 8510?
Our models span a range for Top Standard: cautious scenario HK$0.0425, base HK$0.0595, optimistic HK$0.0850 per share (as of Nov 10, 2026, price HK$0.2310). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Top Standard (8510)?
Balance-sheet figures for Top Standard (as of Nov 10, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is 8510 from its 52-week high?
Top Standard trades at HK$0.2310, about 23% below its 52-week high of HK$0.3000 and 96% above the low of HK$0.1180 (as of Nov 12, 2026). Distance from the high says nothing about value: that is what the fair value of HK$0.0595 is for.
Which stocks are comparable to Top Standard?
From the same area (Consumer Cyclical) we also value McDonald's Corporation, Starbucks Corporation, Yum! Brands, Inc, Chipotle Mexican Grill, 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 Top Standard stock attractive at the current price?
The data as of Nov 10, 2026: price HK$0.2310, calculated fair value HK$0.0595 (−74%), Quality Score 46/100, from 6 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 8510 calculated?
We run Top Standard through 6 models from 3 families: DCF Models, Multiples, Growth DCF. Every model gets the same audited fundamentals; the fair value of HK$0.0595 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 14.3% above its aggregate fair value. Top Standard itself currently trades above fair value. 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 Top Standard (8510)?
The closing price on Nov 10, 2026 was HK$0.2310. Our model-based fair value is HK$0.0595, about 74% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Top Standard right now?
The price sits above even our optimistic bull case (HK$0.0850). The favourable scenario is already priced in. Weak quality (46/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (HK$0.0425 to HK$0.0850) leaves room in how you read the outcome.

Key figures of Top Standard

How large is the market capitalisation of Top Standard (8510)?
The market capitalisation of Top Standard is HK$55.2M (≈ $7.0M). 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 Top Standard (8510)?
The price-to-sales ratio of Top Standard is 2.92 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of Top Standard (8510)?
The net margin of Top Standard is −5.1% (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 EBIT return on assets of Top Standard (8510)?
On an EBIT basis the return on assets of Top Standard is −51.4% (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 Top Standard (8510)?
The operating margin of Top Standard is −3.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Top Standard (8510)?
Revenue at Top Standard is growing −12.3% versus a year earlier. 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 debt does Top Standard (8510) carry?
The net debt of Top Standard is HK$3.5M (fiscal year 2026, ≈ 8.2 yrs of FCF). 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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