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Termbray Industries International Holdings Ltd (0093) fair value: what the stock is really worth

As of Nov 9, 2026: fair value (intrinsic value) of Termbray Industries International Holdings Ltd stock HK$0.23, price HK$0.43, that is 46.5% below the price, quality 53 out of 100. Rating: strongly overvalued. Calculated from audited financials with 7 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services HK · ISIN BMG8760C1414

TI Termbray Industries International Holdings Ltd logo Thin data Nov 7, 2026

Termbray Industries International Holdings Ltd

0093 · HK
Very expensive, in a downtrend

Our calculation puts a fair price 47% below what the stock costs today.

Highly profitable · 23.2% net margin (TTM)
Low debt
Revenue last quarter +83% vs. a year ago.
Quality 53/100
Expensive Growth (revenue 5y +60.6 %/yr in HKD)
Moderate moat 48/100
Fair value HK$0.2300 · Strongly overvalued
Negative free cash flow
Trails peers (4/13)
Thin data
⚠ Thinly traded⚠ Small free float
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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$0.8500 HK$0.2060 Fair Value HK$0.2300 May 2017 Nov 2026

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$0.2060 – HK$0.8500 · fair‑value band HK$0.2200 – HK$0.2600 · the HK$0.4300 price screens above the HK$0.2300 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 7, 2026.

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Company profile

Zero Fintech Group Limited, together with its subsidiaries, engages in property investment and development in the People's Republic of China and Hong Kong. It operates through two segments, Property Development and Investment and Money Lending.

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The company's portfolio of properties includes residential units, commercial arcades, and car parks. It also engages in the money lending business, which provides mortgage and personal loan financing to customers.

In addition, the company is involved in the property holding, treasury activities, payment solutions, and IT service business. The company was formerly known as Termbray Industries International (Holdings) Limited and changed its name to Zero Fintech Group Limited in July 2024.

Zero Fintech Group Limited was incorporated in 1990 and is headquartered in Sheung Wan, Hong Kong.

Stock analysis

Termbray Industries International Holdings Ltd (0093) currently trades at HK$0.4300, while our model-based Fair Value estimate is HK$0.2300, 47% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of HK$0.3000 per share, and 1 of the 7 models we run sit above the HK$0.4300 price.

Bear case: the Economic Profit group reads lowest at HK$0.2300, and 6 of the 7 models stay below the price. Data coverage for this calculation is low.

Scenario range: HK$0.2200 (bear) to HK$0.2600 (bull), the price of HK$0.4300 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 53/100 (solid quality), in the Financial Services sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Termbray Industries International Holdings Ltd reported revenue of HK$362M in FY2026 versus HK$112M in FY2022, a compound +33.9%/yr. Reported net income was HK$20.9M in FY2026, compounding −0.4%/yr from FY2022.

Key figures

Market cap HK$1.1B (≈ $146M) Micro · P/E ratio 18.5 · P/S ratio 1.07 · Net margin 5.8% · Return on equity 5.2% · Return on assets (EBIT) 2.8% (5-year average) · Operating margin 46.5% · Revenue (TTM) HK$257M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (medium confidence).

What moves the price

The share trades about 20% below its 52-week high and 43% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −1% fair-value upside, at −47%, 0093 screens richer than that median.

Fair Value models

Bear HK$0.2200 Fair Value HK$0.2300 Bull HK$0.2600
Price HK$0.4300 · Downside -46.5%
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
Residual Income HK$0.2200 HK$0.2300 HK$0.2600 68
EV/EBITDA HK$0.1800 HK$0.3000 HK$0.4100 66
EV/EBIT HK$0.2300 HK$0.3600 HK$0.4800 65
All 7 models by family
Multiples
P/S Multiple HK$0.1000 HK$0.1300 HK$0.1700 58
P/B Multiple HK$0.3400 HK$0.4600 HK$0.5700 55
EV/EBIT HK$0.2300 HK$0.3600 HK$0.4800 65
EV/EBITDA HK$0.1800 HK$0.3000 HK$0.4100 66
EV/Revenue HK$0.0600 HK$0.1500 HK$0.2400 50
Asset-Based
NCAV (Graham) HK$0.1700 HK$0.2600 HK$0.3300 54
Economic Profit
Residual Income HK$0.2200 HK$0.2300 HK$0.2600 68

Open the full fair value analysis →

Quality Score breakdown

Overall quality 53/100

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

Profitability 24
How much profit the company makes from its sales and capital
Quality Growth 66
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 67
Debt, balance sheet and risk of trouble
Investment 80
Does it invest with discipline instead of growing at any price?
Low Volatility 50
How calm the share price moves, does not count
Price momentum 43
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 33
Distance to the 52-week high, does not count
New shares 82
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
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+38.2%
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.
+30.5%
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.
+60.6%
Start year 2021 (pandemic). Over 10 years: +40.1% a year
Revenue growth 12 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.
+40.1%
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.
−15.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−15.7%
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.13% → 17%

0093 screens overvalued: fair value 47% below the price. Compare with Visa Inc →

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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.Credit Services · 283 stocks

Beats the industry median on 4/13 measures
Overall it trails its industry peers.
Valuation
Quality Score 53 · Below median
Fair Value upside −46.5% · Bottom 25%
Profitability
Return on equity (12 months) 5.2% · Below median
Return on assets 1.2% · Bottom 25%
Net margin (12 months) 23.2% · Below median
Operating margin (12 months) 46.5% · Above median
Growth and dividend
Revenue growth (quarter YoY) 82.9% · Top 25%
Balance sheet
Debt / equity 0.09× · Lowest 25%

Valuation Multiplesvs Credit Services median · lower = cheaper

P/E (12 months) 18.5× · Pricier than median
P/B 1.02× · Cheaper than median
P/S (12 months) 4.47× · Pricier than median
EV/EBITDA 16.6× · Pricier than median
PEG 2.03× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 59
FUTURE (revenue growth)100 · sector 57
PAST (return on equity)21 · sector 39
HEALTH (low debt)96 · sector 54
DIVIDEND (yield)0 · sector 64

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

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 Credit Services stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Synchrony Financial, SYF $73.74 $141.92 +92% vs 0093
PayPal Holdings PYPL $59.24 $107.45 +81% vs 0093
Shriram Finance Limited SHRIRAMFIN ₹965.00 ₹1,309 +36% vs 0093
Affirm Holdings AFRM $68.11 $74.92 +10% vs 0093
Bajaj Finance Limited BAJFINANCE ₹1,065 ₹1,055 −1% vs 0093
American Express Company AXP $320.99 $210.02 −35% vs 0093
Visa Inc V $422.65 $242.87 −43% vs 0093
Mastercard Incorporated MA $652.70 $360.13 −45% vs 0093
Capital One Financial Corporation COF $201.87 $106.81 −47% vs 0093
SoFi Technologies, Inc SOFI $16.21 $5.51 −66% vs 0093

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Termbray Industries International Holdings Ltd: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Termbray Industries International Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/0093

Frequently asked questions

Is Termbray Industries International Holdings Ltd (0093) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of HK$0.2300 versus a price of HK$0.4300, about 47% lower (overvalued).
What is the fair value of 0093?
Our model-based fair value for Termbray Industries International Holdings Ltd is HK$0.2300 (as of Nov 7, 2026), built from audited fundamentals. The current price: HK$0.4300.
What is the quality score of 0093?
Termbray Industries International Holdings Ltd has a Quality Score of 53/100. 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 Termbray Industries International Holdings Ltd (0093)?
Our model-based price target is the fair value of HK$0.2300 (as of Nov 7, 2026) from 7 valuation models. Cautious scenario HK$0.2200, optimistic scenario HK$0.2600. It is a calculation from audited fundamentals, not an analyst target.
What is the Termbray Industries International Holdings Ltd stock forecast for 2026?
Our models put fair value at HK$0.2300, about 47% lower versus a price of HK$0.4300 (overvalued). Cautious scenario HK$0.2200, optimistic scenario HK$0.2600. The calculation is refreshed regularly with new filings.
What is the revenue of Termbray Industries International Holdings Ltd (0093)?
Termbray Industries International Holdings Ltd reported trailing-twelve-month revenue of about HK$257M (latest available figure, as of Nov 7, 2026).
What is the intrinsic value of Termbray Industries International Holdings Ltd (0093)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Termbray Industries International Holdings Ltd it is HK$0.2300 per share (as of Nov 7, 2026), against a price of HK$0.4300. It is the blended result of 7 valuation models in 3 families (Multiples, Asset-Based, Economic Profit).
Is Termbray Industries International Holdings Ltd stock overvalued or undervalued in 2026?
As of Nov 7, 2026, 0093 trades above its calculated fair value: price HK$0.4300, fair value HK$0.2300, a gap of about −47% (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 0093?
No. The price is what the market pays today (HK$0.4300); the fair value is what the company's own numbers justify (HK$0.2300). For Termbray Industries International Holdings Ltd the two are HK$0.2000 per share apart. That gap is exactly why we show both numbers side by side.
How much is Termbray Industries International Holdings Ltd worth?
The market values Termbray Industries International Holdings Ltd at about HK$1.1B (market capitalisation, as of Nov 7, 2026). Per share that is HK$0.4300; our models calculate a fair value of HK$0.2300 per share.
What do the bullish and bearish scenarios say about 0093?
Our models span a range for Termbray Industries International Holdings Ltd: cautious scenario HK$0.2200, base HK$0.2300, optimistic HK$0.2600 per share (as of Nov 7, 2026, price HK$0.4300). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 0093?
Termbray Industries International Holdings Ltd trades at a price-to-earnings ratio of 18.5 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of HK$0.2300 is built from several models across several years. Median P/E at fiscal year-end, 7 fiscal years (2018 to 2026), reported earnings: 57.4. Other multiples: PEG 2.0, P/B 1.0, P/S 4.5, EV/EBITDA 16.6.
What is the PEG ratio of 0093?
The PEG ratio of Termbray Industries International Holdings Ltd is 2.03 (P/E divided by earnings growth, as of Nov 7, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Termbray Industries International Holdings Ltd (0093)?
Balance-sheet figures for Termbray Industries International Holdings Ltd (as of Nov 7, 2026): return on equity 5.2%, debt of 0.09 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is 0093 from its 52-week high?
Termbray Industries International Holdings Ltd trades at HK$0.4300, about 20% below its 52-week high of HK$0.5400 and 43% above the low of HK$0.3000 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of HK$0.2300 is for.
Which stocks are comparable to Termbray Industries International Holdings Ltd?
From the same area (Financial Services) we also value Visa Inc, Mastercard Incorporated, American Express Company, Capital One Financial Corporation, 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 Termbray Industries International Holdings Ltd stock attractive at the current price?
The data as of Nov 7, 2026: price HK$0.4300, calculated fair value HK$0.2300 (−47%), Quality Score 53/100, 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 0093 calculated?
We run Termbray Industries International Holdings Ltd through 7 models from 3 families: Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of HK$0.2300 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. Termbray Industries International Holdings Ltd 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 Termbray Industries International Holdings Ltd (0093)?
The closing price on Nov 9, 2026 was HK$0.4300. Our model-based fair value is HK$0.2300, about 47% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Termbray Industries International Holdings Ltd right now?
The price sits above even our optimistic bull case (HK$0.2600). The favourable scenario is already priced in. 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 but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of Termbray Industries International Holdings Ltd

How large is the market capitalisation of Termbray Industries International Holdings Ltd (0093)?
The market capitalisation of Termbray Industries International Holdings Ltd is HK$1.1B (≈ $146M). 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 Termbray Industries International Holdings Ltd (0093)?
The price-to-sales ratio of Termbray Industries International Holdings Ltd is 1.07 (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 Termbray Industries International Holdings Ltd (0093)?
The net margin of Termbray Industries International Holdings Ltd is 5.8% (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 Termbray Industries International Holdings Ltd (0093)?
The return on equity (ROE) of Termbray Industries International Holdings Ltd is 5.2% (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 Termbray Industries International Holdings Ltd (0093)?
On an EBIT basis the return on assets of Termbray Industries International Holdings Ltd is 2.8% (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 Termbray Industries International Holdings Ltd (0093)?
The operating margin of Termbray Industries International Holdings Ltd is 46.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Termbray Industries International Holdings Ltd (0093)?
Revenue at Termbray Industries International Holdings Ltd is growing +82.9% versus a year earlier (3y avg +30.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Termbray Industries International Holdings Ltd (0093)?
Earnings per share at Termbray Industries International Holdings Ltd are growing +205% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Termbray Industries International Holdings Ltd (0093) generate?
The free cash flow of Termbray Industries International Holdings Ltd is −HK$219M (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 Termbray Industries International Holdings Ltd (0093) carry?
The net debt of Termbray Industries International Holdings Ltd is HK$403M (fiscal year 2026). 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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