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ENM Holdings Ltd (0128) Fair Value & Analysis

Consumer Cyclical · HK · Market cap HK$875M (≈ $112M) · ISIN HK0128011282

What is ENM Holdings Ltd really worth?

EH ENM Holdings Ltd 0128 · HK
PriceHK$0.5200
Fair ValueHK$0.2500
Upside−51.9%
Quality55/100

A solid business, but trading 108% above our fair value of HK$0.2500.

As of Sep 1, 2026, the fair value of ENM Holdings Ltd is HK$0.2500 per share against a price of HK$0.5200, so the fair value sits 52% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

Highly profitable · 121.9% net margin

Risks

!Mixed Growth (revenue 5y −10.7 %/yr)
!Low debt · negative free cash flow
!Trails peers (3/10)
!Evidence only low, so the estimate is less certain
!Weak on past: 9 out of 100
Evidence: Low Range HK$0.1900 – HK$0.3100

Fair value as of: Sep 1, 2026

From 8 valuation models · updated 5 days ago

Share price −1.9% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (HK$0.3100). The favourable scenario is already priced in.
  • 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 (55/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (5 years)

HK$0.8000 HK$0.2460 Fair Value HK$0.2500 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 1, 2026.

How to read this chart

60‑month range HK$0.2460 – HK$0.8000 · fair‑value band HK$0.1900 – HK$0.3100 · the HK$0.5200 price screens above the HK$0.2500 fair value. Dashed = 300-day average. As of Sep 1, 2026.

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Analysis

ENM Holdings Ltd (0128) currently trades at HK$0.5200, while our model-based Fair Value estimate is HK$0.2500, implying the stock looks roughly 108.0% overvalued today. The Quality Score stands at 55/100 (solid quality), in the Consumer Cyclical sector. Bull case: the Asset-Based group reads highest at a median of HK$0.4200 per share, and 0 of the 8 models we run sit above the HK$0.5200 price. Bear case: the Earnings-Based group reads lowest at HK$0.1200, and 8 of the 8 models stay below the price. Evidence for this calculation is low.

Trailing-twelve-month revenue stands at HK$19.9M. Revenue declined 59.5% year over year. It earns a return on equity of 2.1%. The balance sheet holds a net cash position of HK$8.6M. Fundamentals as of Sep 1, 2026

Our scenario range runs from HK$0.1900 (bear case) to HK$0.3100 (bull case); at HK$0.5200, the current price sits above 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 104% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at −37% fair-value upside, at −52%, 0128 screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly HK$0.4025 per share, which is 161.0 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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
Owner Earnings best evidence HK$0.1300 HK$0.1700 HK$0.2300 77
Residual Income HK$0.4200 HK$0.3900 HK$0.2900 71
Graham-Dodd HK$0.1000 HK$0.1200 HK$0.1400 67
All 8 models by family
DCF Models
Owner Earnings best evidence HK$0.1300 HK$0.1700 HK$0.2300 77
Earnings-Based
Graham-Dodd HK$0.1000 HK$0.1200 HK$0.1400 67
Multiples
P/E Multiple HK$0.2400 HK$0.3200 HK$0.4000 63
P/S Multiple HK$0.0100 HK$0.0100 HK$0.0200 55
P/B Multiple HK$0.1900 HK$0.2500 HK$0.3100 55
Asset-Based
NCAV (Graham) HK$0.3100 HK$0.4200 HK$0.6200 54
Economic Profit
Residual Income HK$0.4200 HK$0.3900 HK$0.2900 71
Growth Earnings
Growth-Adj P/E HK$0.1700 HK$0.2400 HK$0.3200 67

Widest divergence: Asset-Based (HK$0.4200) versus Earnings-Based (HK$0.1200). Highest evidence: Owner Earnings (77).

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Key figures & financial health

P/S ratio 43.9 TTM
EPS (TTM) HK$0.5900
Net margin 122% FY2025
Return on equity 2.1% TTM
Return on assets (EBIT) −1.1% avg 5y
Operating margin −25.2% TTM
More key figures
Growth
Revenue (TTM) HK$19.9M TTM
Revenue growth (YoY) −59.5% 3y avg −40.5%
EPS growth (YoY) +154%
Balance sheet & cash flow
Free cash flow −HK$50.7M FY2025
Net cash HK$8.6M FY2025

Figures from reported company fundamentals · as of Sep 1, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 55/100

Of which business quality 49 · Market factors (momentum, volatility) 80

Profitability 31
Margins and returns on capital today
Quality Growth 41
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 81
Balance sheet, leverage, solvency risk
Investment 88
Disciplined investing over empire-building
Low Volatility 68
Calm price path (market factor)
Momentum 84
Price trend over the last 3–12 months (market factor)
52W Momentum 88
Distance to the 52-week high (market factor)
Net Issuance 82
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

ENM Holdings Limited, an investment holding company, engages securities trading and the strategic management of Hilltop Property. It also holds and trades in investments for short term and long-term investment returns; and involved in securities trading business.

Full company description

ENM Holdings Limited, an investment holding company, engages securities trading and the strategic management of Hilltop Property. It also holds and trades in investments for short term and long-term investment returns; and involved in securities trading business. The company was formerly known as e-New Media Company Limited and changed its name to ENM Holdings Limited in June 2005. ENM Holdings Limited was incorporated in 1966 and is headquartered in Tsuen Wan, Hong Kong.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

ENM Holdings Ltd reported revenue of HK$19.9M in FY2025 versus HK$110M in FY2021, a compound −34.7%/yr. Reported net income was HK$24.3M in FY2025.

Growth Quality 55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
HK$19.9M
Avg. revenue 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.
−11.9%
Avg. revenue 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.
−10.7%
Avg. revenue growth/yr (24Y) 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.
−9.8%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
−3.5% · in HKD
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share−3.5%
Dividend yield0.0%
Trend Two data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y −3.5% vs 10Y −1.8%, steady
Operating margin (EBIT) 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.−17.9% (2018) → −15.4% (2023) · rising
Worst earnings drop1,381% (2022) (loss year, drop beyond 100%) · in HKD
⚠ Revenue per share shrinking 12.2%/yr over ~10Y (margin trend unclear) Structural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Revenue −34.7%/yr
FY21 HK$110M
FY22 HK$94.4M
FY23 HK$121M
FY24 HK$74.8M
FY25 HK$19.9M
Net income
FY21 −HK$21.3M
FY22 −HK$151M
FY23 −HK$19.7M
FY24 −HK$7.9M
FY25 HK$24.3M

0128 screens 108% overvalued. Compare with Industria de Diseño Textil, S.A →

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Cite: Fair Value Calculator (2026). "ENM Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/0128.HK

Peer Group

Apparel Retail · 103 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 55 · Below median
Fair Value upside −52% · Bottom 25%
Return on equity (TTM) 2% · Below median
Return on assets 0% · Bottom 25%
Net margin (TTM) 122% · Top 25%
Operating margin (TTM) −25% · Bottom 25%
Revenue growth −60% · Bottom 25%

Valuation Multiples vs Apparel Retail median · lower = cheaper

P/B 0.11× · Cheaper than 75% of peers
P/S (TTM) 5.60× · Pricier than 75% of peers

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 28
FUTURE0 · sector 19
PAST9 · sector 29
HEALTH100 · sector 100
DIVIDEND0 · sector 58

VALUE 0: the price sits above our fair-value range.

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 Apparel Retail stocks, each showing price versus our Fair Value estimate (as of Sep 1, 2026).

Stock Price Fair Value vs Fair Value
Industria de Diseño Textil, S.A ITX 240.90 PLN 189.78 PLN −21%
The TJX Companies, Inc TJX $135.12 $84.95 −37%
Fast Retailing Co 6288 HK$37.20 HK$15.24 −59%
Ross Stores, Inc ROST $228.55 $118.41 −48%
Burlington Stores, Inc BURL $258.56 $143.65 −44%
Trent Limited TRENT ₹2,990 ₹709.49 −76%
lululemon athletica inc., LULU $120.81 $299.63 +148%
Aritzia Inc ATZ C$140.07 C$70.30 −50%
The Gap, Inc GAP $20.60 $36.44 +77%
Urban Outfitters, Inc URBN $80.97 $92.88 +15%

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Frequently asked questions

Is ENM Holdings Ltd (0128) overvalued or undervalued?
As of Sep 1, 2026, our model estimates a fair value of HK$0.2500 versus a price of HK$0.5200, about −52% upside (overvalued).
What is the fair value of 0128?
Our model-based fair value for ENM Holdings Ltd is HK$0.2500 (as of Sep 1, 2026), built from audited fundamentals. The current price: HK$0.5200.
What is the quality score of 0128?
ENM Holdings Ltd has a Quality Score of 55/100. 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 ENM Holdings Ltd (0128)?
Our model-based price target is the fair value of HK$0.2500 (as of Sep 1, 2026) from 8 valuation models. Cautious scenario HK$0.1900, optimistic scenario HK$0.3100. It is a calculation from audited fundamentals, not an analyst target.
What is the ENM Holdings Ltd stock forecast for 2026?
Our models put fair value at HK$0.2500, about −52% upside versus a price of HK$0.5200 (overvalued). Cautious scenario HK$0.1900, optimistic scenario HK$0.3100. The calculation is refreshed regularly with new filings.
What is the revenue of ENM Holdings Ltd (0128)?
ENM Holdings Ltd reported trailing-twelve-month revenue of about HK$19.9M (latest available figure, as of Sep 1, 2026).
What is the net profit margin of 0128?
The net profit margin of ENM Holdings Ltd is about 121.9%, meaning it keeps roughly 121.9% of revenue as net income. Based on the latest reported figures.
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