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GR Properties Ltd (0108) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of GR Properties Ltd HK$0.87, price HK$2.03, upside -57.0%, quality 49 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
  3. Add to watchlist

Real Estate · HK · ISIN HK0108000628

GP Thin data Sep 24, 2026

GR Properties Ltd

0108 · HK

Weakest SetupStrongly overvalued and low quality.

!Fair value HK$0.8700 · Strongly overvalued (−57%)
!Quality 49/100
!Mixed Growth (revenue 5y +3.3 %/yr)
!Loss-making · -33.4% net margin (TTM)
!High debt · generates free cash flow
!Trails peers (1/12)
!Narrow moat 5/100
!Evidence only low, so the estimate is less certain
!The models disagree: range HK$0.3600 to HK$1.66
!Weak on balance sheet: 13 out of 100
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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$3.98 HK$0.2330 Fair Value HK$0.8700 Mar 2021 Sep 2026

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$0.2330 – HK$3.98 · fair‑value band HK$0.3600 – HK$1.66 · the HK$2.03 price screens above the HK$0.8700 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

GR Life Style Company Limited, together with its subsidiaries, engages in the property development and investment business in the United Kingdom, the United States, and the People's Republic of China. It operates in two segments, Property Development and Investment, and Property Management. The company is involved in the property development and investment.

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GR Life Style Company Limited, together with its subsidiaries, engages in the property development and investment business in the United Kingdom, the United States, and the People's Republic of China. It operates in two segments, Property Development and Investment, and Property Management. The company is involved in the property development and investment. It also offers heating supply and maintenance services of heat exchange stations and pipeline network; management services to car parks, such as maintenance of various facilities and equipment in the car parks; and property management services to vacant properties and general management services, including repair and maintenance of buildings and fire safety equipment, and facilities for residential and commercial property projects. The company was formerly known as GR Properties Limited and changed its name to GR Life Style Company Limited in July 2023. GR Life Style Company Limited is based in Central, Hong Kong.

Stock analysis

GR Properties Ltd (0108) currently trades at HK$2.03, while our model-based Fair Value estimate is HK$0.8700, implying the stock looks roughly 132.8% overvalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of HK$0.5700 per share, and 0 of the 9 models we run sit above the HK$2.03 price.

Bear case: the Asset-Based group reads lowest at HK$0.1900, and 9 of the 9 models stay below the price. Evidence for this calculation is low.

Scenario range: HK$0.3600 (bear) to HK$1.66 (bull), the price of HK$2.03 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 49/100 (below-average quality), in the Real Estate sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

GR Properties Ltd reported revenue of HK$349M in FY2025 versus HK$331M in FY2021, a compound +1.3%/yr. Reported net income was −HK$110M in FY2025.

Key figures

Market cap HK$7.0B (≈ $898M) · P/S ratio 21.5 · Net margin −31.4% · Return on equity −5.2% · Return on assets (EBIT) 1.3% · Operating margin −2.9% · Revenue (TTM) HK$328M · Revenue growth (YoY) +19.3%.

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 49% below its 52-week high and 42% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Real Estate peers we cover trades at −37% fair-value upside, at −57%, 0108 screens richer than that median.

Fair Value models

The price assumes far more growth than our models allow for, so the models scatter widely (HK$0.0400 to HK$1.02). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear HK$0.3600 Fair Value HK$0.8700 Bull HK$1.66
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. 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
FCF DCF HK$0.4800 HK$0.8800 HK$2.08 71
Growth DCF HK$0.4200 HK$1.02 HK$1.95 71
5Y EBITDA Exit HK$0.0600 HK$0.2900 HK$0.7400 63
All 10 models by family
DCF Models
FCF DCF HK$0.4800 HK$0.8800 HK$2.08 71
5Y Revenue Exit HK$0.0200 HK$0.2000 HK$0.5800 60
5Y EBITDA Exit HK$0.0600 HK$0.2900 HK$0.7400 63
10Y Revenue Exit HK$0.1700 HK$0.5700 HK$0.7500 63
10Y EBITDA Exit HK$0.2000 HK$0.6600 HK$1.36 60
Multiples
EV/EBIT n/a HK$0.0400 HK$0.1500 61
EV/EBITDA n/a n/a HK$0.0300 62
Asset-Based
NCAV (Graham) HK$0.1400 HK$0.1900 HK$0.2800 54
Growth DCF
Growth DCF HK$0.4200 HK$1.02 HK$1.95 71
Rev-Margin DCF HK$0.0500 HK$0.2600 HK$0.7100 60

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Quality Score breakdown

Overall quality 49/100

Of which business quality 49 · Market factors (momentum, volatility) 41

Profitability 5
Margins and returns on capital today
Quality Growth 82
Are margins and returns improving?
Cashflow 78
Earnings quality: real cash, not paper profit
Fin. Strength 8
Balance sheet, leverage, solvency risk
Investment 79
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 33
Price trend over the last 3–12 months (market factor)
52W Momentum 44
Distance to the 52-week high (market factor)
Net Issuance 78
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. 42/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+12.5%
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.
−0.3%
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.
+3.3%
Start year 2020 (pandemic). Over 10 years: +16.3% a year
Revenue growth 22 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.
+36.5%
Profit margin (trend) ⓘ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.
21.8% (2020) → 18.9% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

Growth Forecast

A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+51.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Hong Kong: IMF forecast 2.1% a year to 2030, 1.8% from 2016 to 2025) that is about +48.7% a year for the price.

0108 screens 133% overvalued. Compare with Vingroup Joint Stock Company →

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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.Real Estate Services · 546 stocks

Beats the industry median on 1/11 measures
Overall it trails its industry peers.
Valuation
Quality Score 50 · Below median
Fair Value upside −59% · Bottom 25%
Profitability
Return on assets 1% · Below median
Net margin (TTM) −33% · Bottom 25%
Operating margin (TTM) −3% · Bottom 25%
Growth and dividend
Revenue growth 19% · Top 25%
Balance sheet
Debt / equity 1.75× · Highest 25%

Valuation Multiplesvs Real Estate Services median · lower = cheaper

P/B 0.93× · Pricier than median
P/S (TTM) 2.65× · Pricier than median
P/FCF 11.5× · Pricier than median
EV/EBITDA 33.5× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 38
FUTURE (revenue growth)97 · sector 12
PAST (return on equity)0 · sector 16
HEALTH (low debt)13 · sector 83
DIVIDEND (yield)0 · sector 65

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

Stock Price Fair Value vs Fair Value
Vingroup Joint Stock Company VIC 236,000 VND 25,731 VND −89%
CBRE Group CBRE $141.05 $89.43 −37%
Vonovia SE VNA €17.37 €36.67 +111%
Cellnex Telecom, S.A CLNX €25.33 €23.78 −6%
KE Holdings 2423 HK$42.78 HK$17.18 −60%
Jones Lang LaSalle Incorporated JLL $335.36 $530.17 +58%
Swire Properties Limited 1972 HK$24.40 HK$13.50 −45%
CoStar Group CSGP $28.77 $6.17 −79%
China Resources Mixc Lifestyle Services Limited 1209 HK$37.44 HK$56.43 +51%
CapitaLand Investment Limited 9CI 2.62 SGD 0.5000 SGD −81%

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GR Properties Ltd · Fair Value
HK$0.8700 −133%Fair Value
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Cite: Fair Value Calculator (2026). "GR Properties Ltd Fair Value". https://www.fairvalue-calculator.com/stock/0108

Frequently asked questions

Is GR Properties Ltd (0108) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of HK$0.8700 versus a price of HK$2.03, about −57% upside (overvalued).
What is the fair value of 0108?
Our model-based fair value for GR Properties Ltd is HK$0.8700 (as of Sep 24, 2026), built from audited fundamentals. The current price: HK$2.03.
What is the quality score of 0108?
GR Properties Ltd has a Quality Score of 49/100. 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 GR Properties Ltd (0108)?
Our model-based price target is the fair value of HK$0.8700 (as of Sep 24, 2026) from 10 valuation models. Cautious scenario HK$0.3600, optimistic scenario HK$1.66. It is a calculation from audited fundamentals, not an analyst target.
What is the GR Properties Ltd stock forecast for 2026?
Our models put fair value at HK$0.8700, about −57% upside versus a price of HK$2.03 (overvalued). Cautious scenario HK$0.3600, optimistic scenario HK$1.66. The calculation is refreshed regularly with new filings.
What is the revenue of GR Properties Ltd (0108)?
GR Properties Ltd reported trailing-twelve-month revenue of about HK$328M (latest available figure, as of Sep 24, 2026).
What growth is priced into GR Properties Ltd (0108)?
For today's price to be fair in a discounted-cash-flow model, GR Properties Ltd would have to grow free cash flow by +51.8 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +3.3 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 0108 use?
Our models discount GR Properties Ltd at 11.8 %: a base by market capitalisation (small), country premium for Hong Kong. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For GR Properties Ltd that is +51.8 % per year a year over ten years, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has GR Properties Ltd (0108) delivered so far?
Over the past 5 years revenue at GR Properties Ltd grew +3.3 % a year. The price currently implies +51.8 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of GR Properties Ltd (0108) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into GR Properties Ltd (+51.8 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of GR Properties Ltd (0108)?
The free-cash-flow yield on the price is 1.16 %: that much free cash flow GR Properties Ltd produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of GR Properties Ltd (0108)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For GR Properties Ltd it is HK$0.8700 per share (as of Sep 24, 2026), against a price of HK$2.03. It is the blended result of 10 valuation models (cash flow, earnings, asset, dividend).
Is GR Properties Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0108 trades above its calculated fair value: price HK$2.03, fair value HK$0.8700, a gap of about −57% (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 0108?
No. The price is what the market pays today (HK$2.03); the fair value is what the company's own numbers justify (HK$0.8700). For GR Properties Ltd the two are HK$1.16 per share apart. That gap is exactly why we show both numbers side by side.
How much is GR Properties Ltd worth?
The market values GR Properties Ltd at about HK$7.0B (market capitalisation, as of Sep 24, 2026). Per share that is HK$2.03; our models calculate a fair value of HK$0.8700 per share.
What do the bullish and bearish scenarios say about 0108?
Our models span a range for GR Properties Ltd: cautious scenario HK$0.3600, base HK$0.8700, optimistic HK$1.66 per share (as of Sep 24, 2026, price HK$2.03). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of GR Properties Ltd (0108)?
Balance-sheet figures for GR Properties Ltd (as of Sep 24, 2026): return on equity −5.2%, debt of 1.75 per unit of equity. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is 0108 from its 52-week high?
GR Properties Ltd trades at HK$2.03, about 49% below its 52-week high of HK$3.98 and 42% above the low of HK$1.43 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of HK$0.8700 is for.
Which stocks are comparable to GR Properties Ltd?
From the same area (Real Estate) we also value Vingroup Joint Stock Company, CBRE Group, Vonovia SE, Cellnex Telecom, S.A, 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 GR Properties Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price HK$2.03, calculated fair value HK$0.8700 (−57%), Quality Score 49/100, from 10 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 0108 calculated?
We run GR Properties Ltd through 10 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$0.8700, 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 13.2 % above its aggregate fair value. GR Properties 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 GR Properties Ltd (0108)?
The closing price on Sep 24, 2026 was HK$2.03. Our model-based fair value is HK$0.8700, about −57% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with GR Properties Ltd right now?
The price sits above even our optimistic bull case (HK$1.66). The favourable scenario is already priced in. The model range is unusually wide (HK$0.3600 to HK$1.66). The outcome hinges heavily on assumptions, so read the point estimate with caution. 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 (49/100) and above fair value, neither a clear bargain nor a standout compounder.

Key figures of GR Properties Ltd

How large is the market capitalisation of GR Properties Ltd (0108)?
The market capitalisation of GR Properties Ltd is HK$7.0B (≈ $898M). 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 GR Properties Ltd (0108)?
The price-to-sales ratio of GR Properties Ltd is 21.5 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of GR Properties Ltd (0108)?
The net margin of GR Properties Ltd is −31.4% (fiscal year 2025). 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 GR Properties Ltd (0108)?
The return on equity (ROE) of GR Properties 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 GR Properties Ltd (0108)?
On an EBIT basis the return on assets of GR Properties Ltd is 1.3% (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 GR Properties Ltd (0108)?
The operating margin of GR Properties Ltd is −2.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at GR Properties Ltd (0108)?
Revenue at GR Properties Ltd is growing +19.3% versus a year earlier (3y avg −0.3%). 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 GR Properties Ltd (0108)?
Earnings per share at GR Properties Ltd are growing +639% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does GR Properties Ltd (0108) carry?
The net debt of GR Properties Ltd is HK$2.6B (fiscal year 2025, ≈ 34.2 yrs of FCF). 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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