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Cross-Harbour Holdings Ltd (0032) Fair Value & Analysis

Consumer Defensive · HK · Market cap HK$2.8B (≈ $357M) · ISIN HK0032009356

What is Cross-Harbour Holdings Ltd really worth?

CH Cross-Harbour Holdings Ltd 0032 · HK
PriceHK$7.47
Fair ValueHK$33.24
Upside+345.0%
Quality71/100

A solid business, trading 78% below our fair value of HK$33.24.

As of Aug 13, 2026, the fair value of Cross-Harbour Holdings Ltd is HK$33.24 per share against a price of HK$7.47, so the fair value sits 345% above the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

✓Highly profitable · 51.8% net margin
✓Low debt · generates free cash flow
✓Ranks above peers (9/13)
✓Wide moat 73/100

Risks

!Mixed Growth (revenue 5y +12.9 %/yr)
!Evidence only low, so the estimate is less certain

For context

·5.62% dividend yield
Evidence: Low Range HK$23.22 – HK$45.70

Fair value as of: Aug 13, 2026

From 26 valuation models · updated 23 days ago

Share price +0.3% over the past month.

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 →

What matters now

  • The rarer combination: high quality (71/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (HK$23.22). 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.
  • A fairly wide model range (HK$23.22 to HK$45.70) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

HK$10.29 HK$6.00 Fair Value HK$33.24 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range HK$6.00 – HK$10.29 · fair‑value band HK$23.22 – HK$45.70 · the HK$7.47 price screens below the HK$33.24 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Cross-Harbour Holdings Ltd (0032) currently trades at HK$7.47, while our model-based Fair Value estimate is HK$33.24, implying the stock looks roughly 77.5% undervalued today. The Quality Score stands at 71/100 (solid quality), in the Consumer Defensive sector. Bull case: the Growth Earnings group reads highest at a median of HK$48.80 per share, and 23 of the 26 models we run sit above the HK$7.47 price. Bear case: the Dividend Discount group reads lowest at HK$6.39, and 3 of the 26 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, Cross-Harbour Holdings Ltd generated revenue of HK$1.4B at a net margin of 51.8%. Revenue declined 10.5% year over year. It earns a return on equity of 9.8%. The balance sheet holds a net cash position of HK$2.8B. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$23.22 (bear case) to HK$45.70 (bull case); at HK$7.47, the current price sits below 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 12% below its 52-week high and 3% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at 8% fair-value upside, at 345%, 0032 screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly HK$0.6276 per share, which is 2.8 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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
FCF DCF best evidence HK$9.79 HK$11.13 HK$14.49 82
Growth DCF HK$9.73 HK$11.42 HK$14.03 80
Residual Income HK$18.19 HK$19.73 HK$25.25 76
All 26 models by family
DCF Models
FCF DCF best evidence HK$9.79 HK$11.13 HK$14.49 82
Owner Earnings HK$38.65 HK$70.62 HK$131.13 73
5Y Revenue Exit HK$10.81 HK$13.75 HK$18.06 74
5Y EBITDA Exit HK$23.71 HK$42.86 HK$69.20 73
5Y P/E Exit HK$29.74 HK$56.46 HK$90.11 69
10Y Revenue Exit HK$10.35 HK$13.06 HK$17.66 68
10Y EBITDA Exit HK$19.16 HK$35.05 HK$63.66 65
10Y P/E Exit HK$23.21 HK$45.32 HK$82.38 61
Earnings-Based
Graham-Dodd HK$13.20 HK$81.02 HK$113.04 63
Lynch FV HK$23.22 HK$33.18 HK$43.13 61
PEG = 1.0 HK$23.22 HK$33.18 HK$43.13 57
EPV HK$26.32 HK$29.21 HK$31.70 74
Dividend Discount
Gordon GGM HK$3.71 HK$7.40 HK$11.20 67
DDM Multi-Stage HK$3.71 HK$6.39 HK$7.81 67
Multiples
P/E Multiple HK$32.03 HK$42.71 HK$53.39 63
P/S Multiple HK$3.37 HK$4.50 HK$5.62 58
P/B Multiple HK$24.75 HK$33.00 HK$41.25 55
EV/EBIT HK$38.20 HK$48.25 HK$58.30 66
EV/EBITDA HK$30.96 HK$38.59 HK$46.23 67
EV/Revenue HK$11.20 HK$12.55 HK$13.90 54
Asset-Based
NCAV (Graham) HK$10.82 HK$14.50 HK$21.65 54
Growth DCF
Growth DCF HK$9.73 HK$11.42 HK$14.03 80
Rev-Margin DCF HK$10.81 HK$13.58 HK$17.53 74
Economic Profit
Residual Income HK$18.19 HK$19.73 HK$25.25 76
ROIC Compounder HK$29.10 HK$38.21 HK$47.08 72
Growth Earnings
Growth-Adj P/E HK$34.16 HK$48.80 HK$63.44 67

Widest divergence: Growth Earnings (HK$48.80) versus Dividend Discount (HK$6.39). Highest evidence: FCF DCF (82).

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Key figures & financial health

P/E ratio 4.0 as of Jul 1, 2026
P/S ratio 2.06 P/E × margin
EPS (TTM) HK$1.34 price ÷ EPS = P/E 4.0
Dividend yield 5.6% payout 31.3%
Net margin 51.8% FY2025
Return on equity 9.8% TTM
More key figures
Profitability
Return on assets (EBIT) 5.1% avg 5y
Operating margin 37.3% TTM
Growth
Revenue (TTM) HK$1.4B TTM
Revenue growth (YoY) −10.5% 3y avg +25.8%
EPS growth (YoY) +2.6%
Balance sheet & cash flow
Free cash flow HK$46.9M FY2025
Net cash HK$2.8B FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 71/100

Of which business quality 66 · Market factors (momentum, volatility) 49

Profitability 44
Margins and returns on capital today
Quality Growth 71
Are margins and returns improving?
Cashflow 30
Earnings quality: real cash, not paper profit
Fin. Strength 100
Balance sheet, leverage, solvency risk
Investment 83
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 32
Price trend over the last 3–12 months (market factor)
52W Momentum 21
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

The Cross-Harbour (Holdings) Limited, an investment holding company, engages in motoring school operation, treasury management, securities investment, and electronic toll collection operation businesses in Hong Kong. It operates through Motoring School Operations, Electronic Toll Operations, and Treasury Management segments.

Full company description

The Cross-Harbour (Holdings) Limited, an investment holding company, engages in motoring school operation, treasury management, securities investment, and electronic toll collection operation businesses in Hong Kong. It operates through Motoring School Operations, Electronic Toll Operations, and Treasury Management segments. The Motoring School Operations segment operates designated driving training centers. Its Electronic Toll Operations segment provides toll collection services for HKeToll, telematics services, intelligent transportation and surveillance system solutions, and smart city services solutions. The Treasury Management segment manages an investment portfolio, including unlisted funds, equity securities, debt securities, and cash and bank deposits. The company also offers consultancy and money lending services. In addition, it holds properties and yachts. The Cross-Harbour (Holdings) Limited was incorporated in 1965 and is based in Wan Chai, Hong Kong.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Cross-Harbour Holdings Ltd reported revenue of HK$1.4B in FY2025 versus HK$700M in FY2021, a compound +18.9%/yr. Reported net income was HK$724M in FY2025.

Growth Quality 65/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
HK$1.4B
Latest YoY
+14.0%
Avg. revenue 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.
+25.8%
Avg. revenue 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.
+12.9%
Avg. revenue 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.
+6.7%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
≈ +5.5% (approximate, leans on 2025) · in HKD
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share−0.1%
Dividend yield5.6%
Trend ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y −0.1% vs 10Y 4.4%, flattening
Operating margin (EBIT) ⓘ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.33.3% (2019) → 46.9% (2024) · rising
Worst earnings drop161% (2022) (loss year, drop beyond 100%) · in HKD
⚠ Rate leans on 2025: that final year sits 52% above its own trend (e.g. a one-off disposal gain) and could not be adjusted
Revenue +18.9%/yr
FY21 HK$700M
FY22 HK$702M
FY23 HK$875M
FY24 HK$1.2B
FY25 HK$1.4B
Net income
FY21 −HK$49.2M
FY22 −HK$445M
FY23 HK$520M
FY24 HK$435M
FY25 HK$724M
Character of growth · EPS growth decomposed (2014-2025) +0.3 % p.a.
Revenue per share +12.6 %

of which total revenue +12.6 % · buybacks/dilution +0.0 %

EBIT margin +6.4 %
Tax rate −0.4 %
Residual (interest, one-offs) −16.0 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cross-Harbour Holdings Ltd · Fair Value
HK$33.24 +78%Fair Value
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Cite: Fair Value Calculator (2026). "Cross-Harbour Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/0032.HK

Peer Group

Education & Training Services · 142 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 71 · Top 25%
Return on equity (TTM) 10% · Above median
Return on assets 6% · Above median
Net margin (TTM) 52% · Top 25%
Operating margin (TTM) 37% · Top 25%
Revenue growth −11% · Bottom 25%
Dividend yield (TTM) 5.6% · Top 25%

Valuation Multiples vs Education & Training Services median · lower = cheaper

P/E (TTM) 4.0× · Cheaper than 75% of peers
P/B 0.35× · Cheaper than median
P/S (TTM) 2.01× · Pricier than 75% of peers
P/FCF 7.6× · Pricier than 75% of peers
PEG 3.03× · Pricier than 75% of peers

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 35
FUTURE0 · sector 24
PAST39 · sector 19
HEALTH100 · sector 94
DIVIDEND100 · sector 65

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 Education & Training Services stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
New Oriental Education & Technology Group EDU $58.22 $48.37 −17%
TAL Education Group TAL $12.40 $15.60 +26%
Laureate Education, Inc LAUR $38.36 $41.45 +8%
Physicswallah Limited PWL ₹119.46 ₹13.69 −89%
Grand Canyon Education, Inc LOPE $151.19 $152.01 +1%
Covista Inc CVSA $128.22 $135.45 +6%
Stride, Inc LRN $84.68 $139.45 +65%
Universal Technical Institute, Inc UTI $25.64 $20.98 −18%
Perdoceo Education Corporation PRDO $33.81 $40.65 +20%
Strategic Education, Inc STRA $81.90 $105.48 +29%

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Frequently asked questions

Is Cross-Harbour Holdings Ltd (0032) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$33.24 versus a price of HK$7.47, about +345% upside (undervalued).
What is the fair value of 0032?
Our model-based fair value for Cross-Harbour Holdings Ltd is HK$33.24 (as of Aug 13, 2026), built from audited fundamentals. The current price: HK$7.47.
What is the quality score of 0032?
Cross-Harbour Holdings Ltd has a Quality Score of 71/100. 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 Cross-Harbour Holdings Ltd (0032)?
Our model-based price target is the fair value of HK$33.24 (as of Aug 13, 2026) from 26 valuation models. Cautious scenario HK$23.22, optimistic scenario HK$45.70. It is a calculation from audited fundamentals, not an analyst target.
What is the Cross-Harbour Holdings Ltd stock forecast for 2026?
Our models put fair value at HK$33.24, about +345% upside versus a price of HK$7.47 (undervalued). Cautious scenario HK$23.22, optimistic scenario HK$45.70. The calculation is refreshed regularly with new filings.
What is the revenue of Cross-Harbour Holdings Ltd (0032)?
Cross-Harbour Holdings Ltd reported trailing-twelve-month revenue of about HK$1.4B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 0032?
The net profit margin of Cross-Harbour Holdings Ltd is about 51.8%, meaning it keeps roughly 51.8% of revenue as net income. Based on the latest reported figures.
Does Cross-Harbour Holdings Ltd pay a dividend?
Cross-Harbour Holdings Ltd currently shows a dividend yield of about 5.62% relative to its recent price (as of Aug 13, 2026).
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