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Dynamic Holdings (0029) Fair Value & Analysis

Real Estate · HK · Market cap HK$2.4B

DH Dynamic Holdings 0029 · HK
PriceHK$9.56
Fair ValueHK$2.28
Upside-76.2%
Quality47/100
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Weak Growth
Loss-making · -128.7% net margin
Low debt · generates free cash flow
0.10% dividend yield
Trails peers (2/12)
Narrow moat 18/100
Evidence: High Range HK$1.96 – HK$2.59 Share as image

Fair value as of: Aug 2, 2026

From 13 valuation models · updated 9 days ago

Share price −2.7% over the past month.

Below-average quality, and screening another 76% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (HK$2.59). The favourable scenario is already priced in.
  • Solid but not exceptional quality (47/100) and above fair value, neither a clear bargain nor a standout compounder.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

HK$14.71 HK$6.27 Fair Value HK$2.28 Dec 2020 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 2, 2026.

How to read this chart

60‑month range HK$6.27 – HK$14.71 · fair‑value band HK$1.96 – HK$2.59 · the HK$9.56 price screens above the HK$2.28 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 2, 2026.

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Analysis

Dynamic Holdings (0029) currently trades at HK$9.56, while our model-based Fair Value estimate is HK$2.28, implying the stock looks roughly 76.2% overvalued today. The Quality Score stands at 47/100 (below-average quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Trailing-twelve-month revenue stands at HK$60.6M. Revenue declined 12.8% year over year. It earns a return on equity of -1.1%. The balance sheet holds a net cash position of HK$239M. Fundamentals as of Aug 2, 2026

Our scenario range runs from HK$1.96 (bear case) to HK$2.59 (bull case); at HK$9.56, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 31% below its 52-week high and 3% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -2% fair-value upside, at -76%, 0029 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (HK$0.1000 to HK$20.56). Read the values as a conservative anchor, not as a price target.
Model 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. Evidence
Highest evidence
Growth DCF HK$1.74 HK$1.99 HK$2.39 80
Rev-Margin DCF HK$1.62 HK$1.89 HK$2.22 74
Gordon GGM HK$0.0900 HK$0.1000 HK$0.1100 70
All 13 models by family
DCF Models
FCF DCF HK$1.71 HK$1.97 HK$2.42 38
5Y Revenue Exit HK$1.62 HK$1.87 HK$2.24 39
5Y EBITDA Exit HK$1.79 HK$2.16 HK$2.66 41
10Y Revenue Exit HK$1.64 HK$1.83 HK$2.02 36
10Y EBITDA Exit HK$1.75 HK$2.00 HK$2.27 37
Dividend Discount
Gordon GGM HK$0.0900 HK$0.1000 HK$0.1100 70
DDM Multi-Stage HK$0.0900 HK$0.1100 HK$0.1400 61
Multiples
EV/EBIT HK$2.07 HK$2.42 HK$2.77 53
EV/EBITDA HK$1.97 HK$2.29 HK$2.61 54
EV/Revenue HK$1.60 HK$1.85 HK$2.10 43
Asset-Based
NCAV (Graham) HK$15.35 HK$20.56 HK$30.69 50
Growth DCF
Growth DCF HK$1.74 HK$1.99 HK$2.39 80
Rev-Margin DCF HK$1.62 HK$1.89 HK$2.22 74

Widest divergence: Asset-Based (HK$20.56) versus Dividend Discount (HK$0.1000). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$60.6M
Revenue growth (YoY) -12.8%
Net margin -129%
Return on equity -1.1%
Free cash flow HK$17.8M FY2025
Operating margin 11.4%
More key figures
EPS (TTM) HK$-0.0900
Dividend yield 0.1%
EPS growth (YoY) +363,512%
Net cash HK$239M FY2025

Figures from reported company fundamentals · as of Aug 2, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 47/100

Of which business quality 55 · Market factors (momentum, volatility) 34

Profitability 6
Margins and returns on capital today
Quality Growth 33
Are margins and returns improving?
Cashflow 97
Earnings quality: real cash, not paper profit
Fin. Strength 69
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 86
Calm price path (market factor)
Momentum 16
Price trend over the last 3–12 months (market factor)
52W Momentum 4
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Dynamic Holdings Limited, an investment holding company, engages in the investment and property development in the People's Republic of China and Hong Kong. The company's investment properties portfolio comprises offices, shopping malls, car parks, and other amenities, as well as residential, commercial, and retail properties.

Full company description

Dynamic Holdings Limited, an investment holding company, engages in the investment and property development in the People's Republic of China and Hong Kong. The company's investment properties portfolio comprises offices, shopping malls, car parks, and other amenities, as well as residential, commercial, and retail properties. Dynamic Holdings Limited was incorporated in 1992 and is based in Causeway Bay, Hong Kong.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Dynamic Holdings reported revenue of HK$66.5M in FY2025 versus HK$91.4M in FY2021, a compound −7.6%/yr. Reported net income was −HK$62.6M in FY2025.

Growth Quality 15/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
HK$66.5M
Latest YoY
−0.1%
Avg. growth/yr (3Y) ⓘ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.
−9.7%
Avg. growth/yr (5Y) ⓘ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.
−6.9%
Avg. growth/yr (25Y) ⓘ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.
−7.1%
Revenue −7.6%/yr
FY21 HK$91.4M
FY22 HK$90.2M
FY23 HK$87.4M
FY24 HK$66.6M
FY25 HK$66.5M
Net income
FY21 −HK$14.1M
FY22 HK$31.2M
FY23 HK$6.6M
FY24 HK$5.4B
FY25 −HK$62.6M

0029 screens 76% overvalued. Compare with Vingroup Joint Stock Company →

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Dynamic Holdings · Fair Value
HK$2.28 −76%Fair Value
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Cite: Fair Value Calculator (2026). "Dynamic Holdings Fair Value". https://www.fairvalue-calculator.com/stock/0029

Peer Group

Real Estate Services · 520 stocks

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.

Quality Score 50 · Below median
Fair Value upside −76% · Bottom 25%
Return on assets 0% · Bottom 25%
Net margin (TTM) -129% · Bottom 25%
Operating margin (TTM) 11% · Below median
Revenue growth -13% · Bottom 25%
Dividend yield (TTM) 0.1% · Below median

Valuation Multiples vs Real Estate Services median · lower = cheaper

P/S (TTM) 5.14× · Pricier than 75% of peers
P/FCF 17.6× · Pricier than 75% of peers
EV/EBITDA 5.9× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 37
FUTURE 0 · sector 10
PAST 0 · sector 16
HEALTH 100 · sector 85
DIVIDEND 2 · sector 49

VALUE 0: the price sits above our fair-value range.

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Real Estate Services stocks, each showing price versus our Fair Value estimate (as of Aug 2, 2026).

Stock Price Fair Value vs Fair Value
Vingroup Joint Stock Company VIC 223,000 VND 25,731 VND -88%
KE Holdings 2423 HK$44.76 HK$18.03 -60%
Swire Properties Limited 1972 HK$23.90 HK$18.75 -22%
Plaza S.A MALLPLAZA 3,725 CLP 5,571 CLP +50%
SAGAA SAGAA kr 170.00 kr 75.55 -56%
Cencosud Shopping S.A CENCOMALLS 2,324 CLP 2,976 CLP +28%
PT Sarana Menara Nusantara Tbk. owns and TOWR 372.00 IDR 1,208 IDR +225%
PT Metropolitan Kentjana Tbk MKPI 20,975 IDR 19,160 IDR -9%
PT Bangun Kosambi Sukses Tbk, CBDK 3,530 IDR 3,464 IDR -2%
IRSA Inversiones y Representaciones Sociedad Anónima, IRSA 2,495 ARS 3,998 ARS +60%

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Frequently asked questions

Is Dynamic Holdings (0029) overvalued or undervalued?
As of Aug 2, 2026, our model estimates a fair value of HK$2.28 versus a price of HK$9.56, about −76% (overvalued).
What is the fair value of 0029?
Our model-based fair value for Dynamic Holdings is HK$2.28 (as of Aug 2, 2026), built from audited fundamentals. The current price is HK$9.56.
What is the quality score of 0029?
Dynamic Holdings has a Quality Score of 47/100. 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 revenue of Dynamic Holdings (0029)?
Dynamic Holdings reported trailing-twelve-month revenue of about HK$60.6M (latest available figure, as of Aug 2, 2026).
What is the net profit margin of 0029?
The net profit margin of Dynamic Holdings is about -128.7%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does Dynamic Holdings pay a dividend?
Dynamic Holdings currently shows a dividend yield of about 0.10% relative to its recent price (as of Aug 2, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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