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

As of Sep 24, 2026: fair value of Termbray Industries International Holdings Ltd HK$0.25, price HK$0.36, upside -29.6%, quality 50 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

Fair value above price? No
Good quality? Yes
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Financial Services · HK · ISIN BMG8760C1414

TI Thin data Sep 24, 2026

Termbray Industries International Holdings Ltd

0093 · HK

Weak valuationQuality is weak on top of the rich price.

!Fair value HK$0.2500 · Overvalued (−30%)

!Quality 50/100

!Expensive Growth (revenue 5y +60.6 %/yr)

✓Solidly profitable · 11.1% net margin (TTM)

!Low debt · negative free cash flow

!Trails peers (2/13)

!Narrow moat 27/100

!Evidence only low, so the estimate is less certain

!Weak on past: 8 out of 100

26 models, one by onewith weight and evidence Growth analysisrevenue history, year by year Quality 50/100 in detail37 factors, each one shown Compared with its peersrank on every measure, side by side

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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

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range HK$0.2060 – HK$0.8500 · the HK$0.3550 price screens above the HK$0.2500 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. Dashed = 300-day average. As of Sep 24, 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. 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$0.3550, while our model-based Fair Value estimate is HK$0.2500, implying the stock looks roughly 42.0% overvalued today.

Valuation

Bull case: the Multiples group reads highest at a median of HK$0.3300 per share, and 2 of the 7 models we run sit above the HK$0.3550 price.

Bear case: the Economic Profit group reads lowest at HK$0.2400, and 5 of the 7 models stay below the price. Evidence for this calculation is low.

Quality & growth

The Quality Score stands at 50/100 (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$1.2B (≈ $150M) · P/E ratio 35.5 · P/S ratio 2.05 · EPS (TTM) HK$0.0100 · Net margin 5.8% · Return on equity 1.9% · Return on assets (EBIT) 2.8% · Operating margin 2.8%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).

What moves the price

The share trades about 35% below its 52-week high and 18% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −32% fair-value upside, at −30%, 0093 screens cheaper than that median.

Fair Value models

Bear HK$0.2500 Fair Value HK$0.2500 Bull HK$0.2500

Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (HK$0.0049 per share) are deliberately not added. 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 ⓘEvidence = 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.

Highest evidence

Residual Income HK$0.2600 HK$0.2400 HK$0.1600 68

EV/EBITDA HK$0.3700 HK$0.4800 HK$0.5900 67

EV/EBIT HK$0.4100 HK$0.5400 HK$0.6700 66

All 7 models by family

Multiples

P/S Multiple HK$0.1000 HK$0.1300 HK$0.1700 58

P/B Multiple HK$0.1000 HK$0.1300 HK$0.1700 55

EV/EBIT HK$0.4100 HK$0.5400 HK$0.6700 66

EV/EBITDA HK$0.3700 HK$0.4800 HK$0.5900 67

EV/Revenue HK$0.2400 HK$0.3300 HK$0.4200 54

Asset-Based

NCAV (Graham) HK$0.2100 HK$0.2800 HK$0.4200 54

Economic Profit

Residual Income HK$0.2600 HK$0.2400 HK$0.1600 68

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Quality Score breakdown

Overall quality 50/100

Of which business quality 48 · Market factors (momentum, volatility) 29

Profitability 24

Margins and returns on capital today

Quality Growth 66

Are margins and returns improving?

Cashflow 0

Earnings quality: real cash, not paper profit

Fin. Strength 67

Balance sheet, leverage, solvency risk

Investment 80

Disciplined investing over empire-building

Low Volatility 50

Calm price path (market factor)

Momentum 23

Price trend over the last 3–12 months (market factor)

52W Momentum 17

Distance to the 52-week high (market factor)

Net Issuance 82

Share count: buybacks or dilution?

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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 26 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.

−1.3%

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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 42% overvalued. 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 · 331 stocks

Beats the industry median on 2/13 measures

Overall it trails its industry peers.

Valuation

Quality Score 50 · Below median

Fair Value upside −30% · Below median

Profitability

Return on equity (TTM) 2% · Below median

Return on assets 1% · Below median

Net margin (TTM) 11% · Below median

Operating margin (TTM) 3% · Bottom 25%

Growth and dividend

Revenue growth 20% · Above median

Balance sheet

Debt / equity 0.09× · Lowest 25%

Valuation Multiplesvs Credit Services median · lower = cheaper

P/E (TTM) 35.5× · Priciest 25%

P/B 1.05× · Pricier than median

P/S (TTM) 6.25× · Priciest 25%

EV/EBITDA 17.0× · Pricier than median

PEG 2.03× · Priciest 25%

Strength profile in five axes (Snowflake)

This stock

Sector peers

VALUE (fair-value potential)0 · sector 49

FUTURE (revenue growth)99 · sector 36

PAST (return on equity)8 · sector 33

HEALTH (low debt)96 · sector 59

DIVIDEND (yield)0 · sector 68

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
Visa Inc V	$367.98	$221.29	−40%
Mastercard Incorporated MA	$566.08	$359.54	−36%
American Express Company AXP	$305.66	$208.54	−32%
Capital One Financial Corporation COF	$196.61	$125.94	−36%
Bajaj Finance Limited BAJFINANCE	₹1,043	₹1,101	+6%
PayPal Holdings PYPL	$52.89	$99.46	+88%
Affirm Holdings AFRM	$68.09	$16.24	−76%
Shriram Finance Limited SHRIRAMFIN	₹1,011	₹1,374	+36%
Synchrony Financial, SYF	$70.67	$137.28	+94%
SoFi Technologies, Inc SOFI	$16.55	$5.57	−66%

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Termbray Industries International Holdings Ltd · Fair Value
HK$0.2500 −42%Fair Value
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<a href="https://www.fairvalue-calculator.com/stock/0093" target="_blank" rel="nofollow noopener" style="display:inline-flex;align-items:center;gap:12px;box-sizing:border-box;font-family:system-ui,-apple-system,Segoe UI,Roboto,sans-serif;text-decoration:none;background:#0f1814;color:#eaf2ed;border:1px solid #2a3a30;border-radius:12px;padding:12px 16px;max-width:360px"><span style="line-height:1.35"><span style="font-size:12px;color:#9fb0a8">Termbray Industries International Holdings Ltd · Fair Value</span><br><b style="font-size:20px">HK$0.2500</b> <span style="color:#e0816f;font-weight:700;font-size:14px">−42%</span></span><span style="font-size:11px;color:var(--fvc-g-mitte);font-weight:700;margin-left:auto;text-align:right;line-height:1.3">Fair&nbsp;Value<br>Calculator&nbsp;→</span></a>

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 Sep 24, 2026, our model estimates a fair value of HK$0.2500 versus a price of HK$0.3550, about −30% upside (overvalued).

What is the fair value of 0093?

Our model-based fair value for Termbray Industries International Holdings Ltd is HK$0.2500 (as of Sep 24, 2026), built from audited fundamentals. The current price: HK$0.3550.

What is the quality score of 0093?

Termbray Industries International Holdings Ltd has a Quality Score of 50/100. 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$0.2500 (as of Sep 24, 2026) from 7 valuation models. 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$0.2500, about −30% upside versus a price of HK$0.3550 (overvalued). 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$188M (latest available figure, as of Sep 24, 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$0.2500 per share (as of Sep 24, 2026), against a price of HK$0.3550. It is the blended result of 7 valuation models (cash flow, earnings, asset, dividend).

Is Termbray Industries International Holdings Ltd stock overvalued or undervalued in 2026?

As of Sep 24, 2026, 0093 trades above its calculated fair value: price HK$0.3550, fair value HK$0.2500, a gap of about −30% (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$0.3550); the fair value is what the company's own numbers justify (HK$0.2500). For Termbray Industries International Holdings Ltd the two are HK$0.1050 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$1.2B (market capitalisation, as of Sep 24, 2026). Per share that is HK$0.3550; our models calculate a fair value of HK$0.2500 per share.

What is the P/E ratio of 0093?

Termbray Industries International Holdings Ltd trades at a price-to-earnings ratio of 35.5 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of HK$0.2500 is built from several models across several years. Other multiples: PEG 2.0, P/B 1.1, P/S 6.2, EV/EBITDA 17.0.

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 Sep 24, 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 Sep 24, 2026): return on equity 1.9%, debt of 0.09 per unit of equity. They feed the Quality Score of 50/100, 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$0.3550, about 35% below its 52-week high of HK$0.5500 and 18% above the low of HK$0.3000 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of HK$0.2500 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 Sep 24, 2026: price HK$0.3550, calculated fair value HK$0.2500 (−30%), Quality Score 50/100, 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 four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of HK$0.2500, 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 14.0 % 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 Sep 24, 2026 was HK$0.3550. Our model-based fair value is HK$0.2500, about −30% upside (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$0.2500). The favourable scenario is already priced in. Solid but not exceptional quality (50/100) and above fair value, neither a clear bargain nor a standout compounder. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. 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$1.2B (≈ $150M). 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 2.05 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.

What are the earnings per share of Termbray Industries International Holdings Ltd (0093)?

Earnings per share at Termbray Industries International Holdings Ltd are HK$0.0100 (price ÷ EPS = P/E 35.5). Earnings per share over the last twelve months: total profit spread across every single share.

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 1.9% (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 2.8% (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 +19.8% 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 −84.8% 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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