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Chow Sang Sang Holdings (0116) Fair Value & Analysis

Consumer Cyclical · HK · Market cap HK$6.5B

CS Chow Sang Sang Holdings 0116 · HK
PriceHK$12.89
Fair ValueHK$19.07
Upside+48.0%
Quality63/100
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Expensive Growth
Thin margins · 7.7% net margin
Low debt · generates free cash flow
10.10% dividend yield
Ranks above peers (13/14)
Moderate moat 47/100
Evidence: High Range HK$11.22 – HK$28.69 Share as image

Fair value as of: Aug 2, 2026

From 25 valuation models · updated 9 days ago

Fair value updated Aug 2, 2026, revised from HK$36.77 to HK$19.07 (−48.1%) since Jul 1, 2026. Share price +24.4% over the past month.

A solid business, screening 48% undervalued on our models.

What matters now

  • Solid quality (63/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (HK$11.22 to HK$28.69) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

HK$14.69 HK$5.00 Fair Value HK$19.07 Mar 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$5.00 – HK$14.69 · fair‑value band HK$11.22 – HK$28.69 · the HK$12.89 price screens below the HK$19.07 fair value. Dashed = 300-day average. As of Aug 2, 2026.

Full chart & analysis →

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Analysis

Chow Sang Sang Holdings (0116) currently trades at HK$12.89, while our model-based Fair Value estimate is HK$19.07, implying the stock looks roughly 48.0% undervalued today. The Quality Score stands at 63/100 (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, Chow Sang Sang Holdings generated revenue of HK$22.4B at a net margin of 7.7%. Revenue grew 15.7% year over year. It earns a return on equity of 12.3%. Net debt stands at HK$7.3B. Fundamentals as of Aug 2, 2026

Our scenario range runs from HK$11.22 (bear case) to HK$28.69 (bull case); at HK$12.89, 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 13% below its 52-week high and 70% 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 48%, 0116 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
Growth DCF HK$8.25 HK$11.22 HK$15.17 80
Residual Income HK$19.55 HK$22.75 HK$43.67 76
Rev-Margin DCF HK$20.23 HK$33.81 HK$48.61 74
All 25 models by family
DCF Models
FCF DCF HK$8.10 HK$11.38 HK$15.97 38
Owner Earnings HK$38.20 HK$55.19 HK$79.03 31
5Y Revenue Exit HK$20.23 HK$34.03 HK$51.54 39
5Y EBITDA Exit HK$41.78 HK$73.09 HK$109.12 41
5Y P/E Exit HK$26.93 HK$46.18 HK$65.91 38
10Y Revenue Exit HK$14.71 HK$25.98 HK$40.83 36
10Y EBITDA Exit HK$28.77 HK$52.06 HK$82.57 37
10Y P/E Exit HK$19.63 HK$34.10 HK$51.25 35
Earnings-Based
Graham-Dodd HK$17.39 HK$45.90 HK$59.96 54
PEG = 1.0 HK$8.82 HK$12.61 HK$16.39 46
EPV HK$52.38 HK$60.51 HK$67.52 59
Dividend Discount
Gordon GGM HK$5.01 HK$9.85 HK$15.11 70
DDM Multi-Stage HK$5.01 HK$7.60 HK$10.27 61
Multiples
P/E Multiple HK$42.19 HK$56.25 HK$70.31 63
P/S Multiple HK$30.07 HK$40.10 HK$50.12 58
P/B Multiple HK$32.60 HK$43.47 HK$54.33 55
EV/EBIT HK$87.92 HK$116.92 HK$145.92 53
EV/EBITDA HK$69.92 HK$92.92 HK$115.92 54
EV/Revenue HK$28.99 HK$41.02 HK$53.05 43
Asset-Based
NCAV (Graham) HK$10.77 HK$14.43 HK$21.53 50
Growth DCF
Growth DCF HK$8.25 HK$11.22 HK$15.17 80
Rev-Margin DCF HK$20.23 HK$33.81 HK$48.61 74
Economic Profit
Residual Income HK$19.55 HK$22.75 HK$43.67 76
ROIC Compounder HK$54.89 HK$66.68 HK$79.22 72
Growth Earnings
Growth-Adj P/E HK$32.93 HK$47.04 HK$61.15 68

Widest divergence: Growth Earnings (HK$47.04) versus Dividend Discount (HK$7.60). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$22.4B
Revenue growth (YoY) +15.7%
Net margin 7.7%
Return on equity 12.3%
Free cash flow HK$465M FY2025
P/E ratio 3.9
More key figures
Operating margin 11.3%
EPS (TTM) HK$1.35
Dividend yield 10.1%
EPS growth (YoY) +194%
Net debt HK$7.3B FY2025

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

Quality Score breakdown

Overall quality 63/100

Of which business quality 60 · Market factors (momentum, volatility) 63

Profitability 52
Margins and returns on capital today
Quality Growth 62
Are margins and returns improving?
Cashflow 30
Earnings quality: real cash, not paper profit
Fin. Strength 75
Balance sheet, leverage, solvency risk
Investment 73
Disciplined investing over empire-building
Low Volatility 54
Calm price path (market factor)
Momentum 56
Price trend over the last 3–12 months (market factor)
52W Momentum 87
Distance to the 52-week high (market factor)
Net Issuance 87
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

Chow Sang Sang Holdings International Limited, an investment holding company, manufactures and retails jewellery in the Mainland China, Hong Kong, Macau, and Taiwan. The company operates through four segments: Retail of Jewellery and Watches, Wholesale of Precious Metals, Trading of Laboratory-Grown Diamond and Gemstones, and Other Businesses.

Full company description

Chow Sang Sang Holdings International Limited, an investment holding company, manufactures and retails jewellery in the Mainland China, Hong Kong, Macau, and Taiwan. The company operates through four segments: Retail of Jewellery and Watches, Wholesale of Precious Metals, Trading of Laboratory-Grown Diamond and Gemstones, and Other Businesses. It also produces and sells jewellery products; and distributes watches, as well as operates retail stores. In addition, the company trades in precious metals for wholesale customers. Further, the company involved in the sale of corporate gift products; securities broking; gemological research and authentication; provision of marketing and property nominee services; group financing; and property investment activities, as well as diamond polishing and trading activities. Chow Sang Sang Holdings International Limited was founded in 1934 and is based in Kowloon, Hong Kong.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Chow Sang Sang Holdings reported revenue of HK$22.4B in FY2025 versus HK$22.0B in FY2021, a compound +0.5%/yr. Reported net income was HK$1.7B in FY2025, compounding +27.8%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
HK$22.4B
Latest YoY
+6.0%
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.
+3.0%
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.
+8.4%
Avg. growth/yr (25Y) 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.
+6.5%
Revenue +0.5%/yr
FY21 HK$22.0B
FY22 HK$20.6B
FY23 HK$25.0B
FY24 HK$21.2B
FY25 HK$22.4B
Net income +27.8%/yr
FY21 HK$643M
FY22 HK$452M
FY23 HK$1.0B
FY24 HK$806M
FY25 HK$1.7B
Character of growth · EPS growth decomposed (2014-2025) +2.0 % p.a.
Revenue per share +2.6 pp

of which total revenue +2.6 pp · buybacks/dilution +0.0 pp

EBIT margin +5.7 pp
Tax rate −0.4 pp
Residual (interest, one-offs) −6.0 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Chow Sang Sang Holdings Fair Value". https://www.fairvalue-calculator.com/stock/0116

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 63 · Above median
Fair Value upside +48% · Top 25%
Return on equity (TTM) 12% · Above median
Return on assets 7% · Above median
Net margin (TTM) 8% · Above median
Operating margin (TTM) 11% · Above median
Revenue growth 16% · Above median
Dividend yield (TTM) 10.1% · Top 25%
Debt / equity 0.03× · Higher than median

Valuation Multiples vs Luxury Goods median · lower = cheaper

P/E (TTM) 3.9× · Cheaper than 75% of peers
P/B 0.45× · Cheaper than 75% of peers
P/S (TTM) 0.29× · Cheaper than median
P/FCF 1.8× · Cheaper than median
EV/EBITDA 2.0× · Cheaper than 75% of peers

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 97 · sector 15
FUTURE 79 · sector 50
PAST 49 · sector 38
HEALTH 99 · 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 Chow Sang Sang Holdings (0116) overvalued or undervalued?
As of Aug 2, 2026, our model estimates a fair value of HK$19.07 versus a price of HK$12.89, about +48% (undervalued).
What is the fair value of 0116?
Our model-based fair value for Chow Sang Sang Holdings is HK$19.07 (as of Aug 2, 2026), built from audited fundamentals. The current price is HK$12.89.
What is the quality score of 0116?
Chow Sang Sang Holdings has a Quality Score of 63/100. 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 Chow Sang Sang Holdings (0116)?
Chow Sang Sang Holdings reported trailing-twelve-month revenue of about HK$22.4B (latest available figure, as of Aug 2, 2026).
What is the net profit margin of 0116?
The net profit margin of Chow Sang Sang Holdings is about 7.7%, meaning it keeps roughly 7.7% of revenue as net income. Based on the latest reported figures.
Does Chow Sang Sang Holdings pay a dividend?
Chow Sang Sang Holdings currently shows a dividend yield of about 10.10% 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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