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Dickson Concepts (International) Limited (0113) Fair Value & Analysis

Consumer Cyclical · HK · Market cap HK$2.4B

DC Dickson Concepts (International) Limited 0113 · HK
PriceHK$6.55
Fair ValueHK$14.19
Upside+116.6%
Quality59/100
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Weak Growth
Solidly profitable · 12.5% net margin
negative free cash flow
5.80% dividend yield
Ranks above peers (7/11)
Narrow moat 39/100
Evidence: High Range HK$10.64 – HK$17.60 Share as image

Fair value as of: Aug 2, 2026

From 15 valuation models · updated 8 days ago

Share price +4.0% over the past month.

A solid business, screening 117% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (HK$10.64). The market is more pessimistic than our downside scenario.
  • Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

HK$6.95 HK$2.52 Fair Value HK$14.19 Jan 2021 Aug 2026

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$2.52 – HK$6.95 · fair‑value band HK$10.64 – HK$17.60 · the HK$6.55 price screens below the HK$14.19 fair value. Dashed = 300-day average. As of Aug 2, 2026.

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Analysis

Dickson Concepts (International) Limited (0113) currently trades at HK$6.55, while our model-based Fair Value estimate is HK$14.19, implying the stock looks roughly 116.6% undervalued today. The Quality Score stands at 59/100 (solid quality), in the Consumer Cyclical 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.

Over the trailing twelve months, Dickson Concepts (International) Limited generated revenue of HK$2.0B at a net margin of 12.5%. Revenue grew 5.8% year over year. It earns a return on equity of 6.9%. The balance sheet holds a net cash position of HK$2.7B. Fundamentals as of Aug 2, 2026

Our scenario range runs from HK$10.64 (bear case) to HK$17.60 (bull case); at HK$6.55, 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 6% below its 52-week high and 36% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -41% fair-value upside, at 117%, 0113 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.

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
Residual Income HK$7.65 HK$8.02 HK$8.34 76
Gordon GGM HK$4.03 HK$4.40 HK$4.95 70
Growth-Adj P/E HK$7.50 HK$10.71 HK$13.93 68
All 15 models by family
DCF Models
Owner Earnings HK$17.37 HK$20.26 HK$25.45 31
Earnings-Based
Graham-Dodd HK$4.38 HK$5.36 HK$6.03 54
EPV HK$13.81 HK$14.49 HK$15.08 59
Dividend Discount
Gordon GGM HK$4.03 HK$4.40 HK$4.95 70
DDM Multi-Stage HK$4.03 HK$4.99 HK$6.28 61
Multiples
P/E Multiple HK$10.64 HK$14.19 HK$17.73 63
P/S Multiple HK$4.64 HK$6.18 HK$7.73 58
P/B Multiple HK$8.22 HK$10.96 HK$13.70 55
EV/EBIT HK$18.00 HK$20.84 HK$23.68 53
EV/EBITDA HK$17.61 HK$20.33 HK$23.05 54
EV/Revenue HK$13.79 HK$15.65 HK$17.50 43
Asset-Based
NCAV (Graham) HK$4.78 HK$6.41 HK$9.56 50
Economic Profit
Residual Income HK$7.65 HK$8.02 HK$8.34 76
ROIC Compounder HK$13.81 HK$14.50 HK$15.11 67
Growth Earnings
Growth-Adj P/E HK$7.50 HK$10.71 HK$13.93 68

Widest divergence: DCF Models (HK$20.26) versus Dividend Discount (HK$4.40). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) HK$2.0B
Revenue growth (YoY) +5.8%
Net margin 12.5%
Return on equity 6.9%
Free cash flow −HK$214M FY2025
P/E ratio 11.0
More key figures
Operating margin 8.9%
EPS (TTM) HK$0.3900
Dividend yield 5.8%
EPS growth (YoY) +51.0%
Net cash HK$2.7B FY2026

Figures from reported company fundamentals · as of Aug 2, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 59/100

Of which business quality 55 · Market factors (momentum, volatility) 70

Profitability 37
Margins and returns on capital today
Quality Growth 48
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 87
Balance sheet, leverage, solvency risk
Investment 95
Disciplined investing over empire-building
Low Volatility 94
Calm price path (market factor)
Momentum 55
Price trend over the last 3–12 months (market factor)
52W Momentum 68
Distance to the 52-week high (market factor)
Net Issuance 94
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.

About the company

Dickson Concepts (International) Limited, an investment holding company, sells luxury goods in Hong Kong, Taiwan, and internationally. It operates in two segments, Sale of Luxury Goods and Securities Investment.

Full company description

Dickson Concepts (International) Limited, an investment holding company, sells luxury goods in Hong Kong, Taiwan, and internationally. It operates in two segments, Sale of Luxury Goods and Securities Investment. The company also sells and licenses fashion and accessories, watches and jewelry, cosmetics and beauty products, lighters, writing instruments, and leather goods. In addition, it provides interior design, management consultancy and professional services, and import services; and operates warehouses. Further, the company engages in the securities and property investment activities; trademarks agency business; arrangement of property tenancy agreements; and operation of Harvey Nichols and Beauty Avenue stores. It offers its products under the Harvey Nichols, Beauty Avenue, S.T. Dupont, Dickson Watch & Jewellery, Rolex, Tudor, Chopard, Bvlgari, Hublot, Tod's, Roger Vivier, and Hogan brand names. The company was founded in 1980 and is headquartered in Tsim Sha Tsui, Hong Kong. Dickson Concepts (International) Limited operates as a subsidiary of Dickson Investment Holding (PTC) Corporation.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Dickson Concepts (International) Limited reported revenue of HK$2.0B in FY2026 versus HK$2.0B in FY2022, a compound −0.4%/yr. Reported net income was HK$249M in FY2026, compounding +5.5%/yr from FY2022.

Growth Quality 25/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2026)
HK$2.0B
Latest YoY
+3.5%
Avg. 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.
−2.3%
Avg. 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.
−2.7%
Avg. growth/yr (26Y) 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.
−1.6%
Revenue −0.4%/yr
FY22 HK$2.0B
FY23 HK$2.1B
FY24 HK$2.4B
FY25 HK$1.9B
FY26 HK$2.0B
Net income +5.5%/yr
FY22 HK$201M
FY23 HK$253M
FY24 HK$351M
FY25 HK$198M
FY26 HK$249M

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Cite: Fair Value Calculator (2026). "Dickson Concepts (International) Limited Fair Value". https://www.fairvalue-calculator.com/stock/0113

Peer Group

Luxury Goods · 130 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 59 · Above median
Fair Value upside +117% · Top 25%
Return on equity (TTM) 7% · Below median
Return on assets 3% · Below median
Net margin (TTM) 13% · Top 25%
Operating margin (TTM) 9% · Above median
Revenue growth 6% · Below median
Dividend yield (TTM) 5.8% · Top 25%

Valuation Multiples vs Luxury Goods median · lower = cheaper

P/E (TTM) 11.0× · Cheaper than median
P/B 0.65× · Cheaper than 75% of peers
P/S (TTM) 1.20× · Pricier than median

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.

VALUE 100 · sector 15
FUTURE 29 · sector 50
PAST 28 · sector 38
HEALTH 0 · sector 99
DIVIDEND 100 · sector 39

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Luxury Goods stocks, each showing price versus our Fair Value estimate (as of Aug 2, 2026).

Stock Price Fair Value vs Fair Value
Compagnie Financière Richemont SA CFR CHF 197.40 CHF 117.30 -41%
Christian Dior SE DIO €455.40 €502.30 +10%
Kering SA KER €248.50 €60.61 -76%
Tapestry, Inc TPR $140.73 $19.95 -86%
Chow Tai Fook Jewellery Group 1929 HK$11.82 HK$12.28 +4%
The Swatch Group UHRN CHF 40.95 CHF 21.48 -48%
Prada S.p.A 1913 HK$43.26 HK$64.05 +48%
Pandora A/S PNDORA kr 779.40 kr 1,424 +83%
Brunello Cucinelli S.p.A BC €80.32 €42.69 -47%
Kalyan Jewellers India Limited KALYANKJIL ₹546.60 ₹238.57 -56%

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Frequently asked questions

Is Dickson Concepts (International) Limited (0113) overvalued or undervalued?
As of Aug 2, 2026, our model estimates a fair value of HK$14.19 versus a price of HK$6.55, about +117% (undervalued).
What is the fair value of 0113?
Our model-based fair value for Dickson Concepts (International) Limited is HK$14.19 (as of Aug 2, 2026), built from audited fundamentals. The current price is HK$6.55.
What is the quality score of 0113?
Dickson Concepts (International) Limited has a Quality Score of 59/100. 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 revenue of Dickson Concepts (International) Limited (0113)?
Dickson Concepts (International) Limited reported trailing-twelve-month revenue of about HK$2.0B (latest available figure, as of Aug 2, 2026).
What is the net profit margin of 0113?
The net profit margin of Dickson Concepts (International) Limited is about 12.5%, meaning it keeps roughly 12.5% of revenue as net income. Based on the latest reported figures.
Does Dickson Concepts (International) Limited pay a dividend?
Dickson Concepts (International) Limited currently shows a dividend yield of about 5.80% relative to its recent price (as of Aug 2, 2026).

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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