Associated International Hotels Limited (0105) Fair Value & Analysis
Real Estate · HK · Market cap HK$1.9B
Fair value as of: Aug 2, 2026
From 13 valuation models · updated 9 days ago
Fair value updated Aug 2, 2026, revised from HK$7.24 to HK$7.07 (−2.3%) since Jul 1, 2026. Share price −1.9% over the past month.
A solid business, screening 35% undervalued on our models.
What matters now
- Solid quality (69/100) at a price below fair value, the discount is the argument here, not the business quality.
- A fairly wide model range (HK$4.83 to HK$9.89) leaves room in how you read the outcome.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
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$4.34 – HK$10.92 · fair‑value band HK$4.83 – HK$9.89 · the HK$5.25 price screens below the HK$7.07 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 2, 2026.
Analysis
Associated International Hotels Limited (0105) currently trades at HK$5.25, while our model-based Fair Value estimate is HK$7.07, implying the stock looks roughly 34.7% undervalued today. The Quality Score stands at 69/100 (solid quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.
Trailing-twelve-month revenue stands at HK$290M. Revenue declined 3.6% year over year. It earns a return on equity of -6.9%. The balance sheet holds a net cash position of HK$332M. Fundamentals as of Aug 2, 2026
Our scenario range runs from HK$4.83 (bear case) to HK$9.89 (bull case); at HK$5.25, the current price sits within 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 7% below its 52-week high and 11% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -2% fair-value upside, at 35%, 0105 screens cheaper 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.
All 13 models by family
Widest divergence: Asset-Based (HK$12.20) versus Dividend Discount (HK$4.86). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 2, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 67 · Market factors (momentum, volatility) 62
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
Associated International Hotels Limited, an investment holding company, engages in the property investment activities in Hong Kong. Its investment properties include shopping center, workshops, and car parking spaces, as well as offices. The company was incorporated in 1983 and is based in Tsim Sha Tsui, Hong Kong.
Full company description
Associated International Hotels Limited, an investment holding company, engages in the property investment activities in Hong Kong. Its investment properties include shopping center, workshops, and car parking spaces, as well as offices. The company was incorporated in 1983 and is based in Tsim Sha Tsui, Hong Kong. Associated International Hotels Limited is a subsidiary of Tian Teck Land Limited.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
Associated International Hotels Limited reported revenue of HK$306M in FY2026 versus HK$301M in FY2022, a compound +0.4%/yr. Reported net income was −HK$474M in FY2026.
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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.
Valuation Multiples vs Real Estate Services median · lower = cheaper
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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
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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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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