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Sa Sa International Holdings (0178) Fair Value & Analysis

Consumer Cyclical · HK · Market cap HK$2.9B

SS Sa Sa International Holdings 0178 · HK
PriceHK$0.9550
Fair ValueHK$1.24
Upside+29.8%
Quality72/100
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Healthy Growth
Thin margins · 2.3% net margin
Low debt · generates free cash flow
3.26% dividend yield
Ranks above peers (11/14)
Narrow moat 27/100
Evidence: High Range HK$0.9200 – HK$1.56 Share as image

Fair value as of: Aug 2, 2026

From 25 valuation models · updated 8 days ago

Share price +4.9% over the past month.

A solid business, screening 30% undervalued on our models.

What matters now

  • The rarer combination: high quality (72/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • Our model range runs from HK$0.9200 (bear) to HK$1.56 (bull), base HK$1.24. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 72/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

HK$1.96 HK$0.5158 Fair Value HK$1.24 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$0.5158 – HK$1.96 · fair‑value band HK$0.9200 – HK$1.56 · the HK$0.9550 price screens below the HK$1.24 fair value. Dashed = 300-day average. As of Aug 2, 2026.

Full chart & analysis →

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Analysis

Sa Sa International Holdings (0178) currently trades at HK$0.9550, while our model-based Fair Value estimate is HK$1.24, implying the stock looks roughly 29.8% undervalued today. The Quality Score stands at 72/100 (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, Sa Sa International Holdings generated revenue of HK$4.1B at a net margin of 2.3%. Revenue grew 6.6% year over year. It earns a return on equity of 7.1%. Net debt stands at HK$93.0M. Fundamentals as of Aug 2, 2026

Our scenario range runs from HK$0.9200 (bear case) to HK$1.56 (bull case); at HK$0.9550, 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 5% below its 52-week high and 85% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -24% fair-value upside, at 30%, 0178 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$1.63 HK$2.17 HK$2.87 80
Residual Income HK$0.4100 HK$0.5100 HK$0.9400 76
Rev-Margin DCF HK$1.06 HK$1.42 HK$1.81 74
All 25 models by family
DCF Models
FCF DCF HK$1.59 HK$2.17 HK$2.96 38
Owner Earnings HK$1.89 HK$2.59 HK$3.54 31
5Y Revenue Exit HK$1.06 HK$1.39 HK$1.79 39
5Y EBITDA Exit HK$1.66 HK$2.45 HK$3.32 41
5Y P/E Exit HK$1.27 HK$1.76 HK$2.23 38
10Y Revenue Exit HK$1.24 HK$1.57 HK$1.95 36
10Y EBITDA Exit HK$1.62 HK$2.26 HK$3.03 37
10Y P/E Exit HK$1.38 HK$1.80 HK$2.26 35
Earnings-Based
Graham-Dodd HK$0.4400 HK$0.9900 HK$1.26 54
PEG = 1.0 HK$0.1600 HK$0.2300 HK$0.3000 46
EPV HK$0.6800 HK$0.7700 HK$0.8400 59
Dividend Discount
Gordon GGM HK$0.5000 HK$0.8000 HK$1.12 70
DDM Multi-Stage HK$0.5000 HK$0.7200 HK$0.9600 61
Multiples
P/E Multiple HK$1.07 HK$1.42 HK$1.78 63
P/S Multiple HK$0.8200 HK$1.10 HK$1.37 58
P/B Multiple HK$0.8200 HK$1.10 HK$1.37 55
EV/EBIT HK$1.09 HK$1.41 HK$1.73 53
EV/EBITDA HK$1.93 HK$2.53 HK$3.13 54
EV/Revenue HK$0.7800 HK$1.06 HK$1.33 43
Asset-Based
NCAV (Graham) HK$0.2100 HK$0.2800 HK$0.4100 50
Growth DCF
Growth DCF HK$1.63 HK$2.17 HK$2.87 80
Rev-Margin DCF HK$1.06 HK$1.42 HK$1.81 74
Economic Profit
Residual Income HK$0.4100 HK$0.5100 HK$0.9400 76
ROIC Compounder HK$0.7000 HK$0.8200 HK$0.9400 72
Growth Earnings
Growth-Adj P/E HK$0.7900 HK$1.13 HK$1.47 68

Widest divergence: DCF Models (HK$1.80) versus Asset-Based (HK$0.2800). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$4.1B
Revenue growth (YoY) +6.6%
Net margin 2.3%
Return on equity 7.1%
Free cash flow HK$447M FY2025
P/E ratio 13.1
More key figures
Operating margin 3.4%
EPS (TTM) HK$0.0200
Dividend yield 3.3%
EPS growth (YoY) +59.0%
Net debt HK$93.0M FY2026

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

Quality Score breakdown

Overall quality 72/100

Of which business quality 74 · Market factors (momentum, volatility) 83

Profitability 68
Margins and returns on capital today
Quality Growth 63
Are margins and returns improving?
Cashflow 72
Earnings quality: real cash, not paper profit
Fin. Strength 79
Balance sheet, leverage, solvency risk
Investment 83
Disciplined investing over empire-building
Low Volatility 76
Calm price path (market factor)
Momentum 81
Price trend over the last 3–12 months (market factor)
52W Momentum 95
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.

About the company

Sa Sa International Holdings Limited, an investment holding company, engages in the retail and wholesale of cosmetic products in Hong Kong, Macau, Mainland China, Southeast Asia, and internationally.

Full company description

Sa Sa International Holdings Limited, an investment holding company, engages in the retail and wholesale of cosmetic products in Hong Kong, Macau, Mainland China, Southeast Asia, and internationally. The company offers skincare, fragrance, make-up, body care, hair care, inner beauty, personal care, and health and fitness products, as well as beauty equipment under various brands. It is also involved in intellectual property rights and property holding, and charitable activities; provision of logistic services; and operation of online business. The company sells its products through retail stores and e-commerce platforms. Sa Sa International Holdings Limited was founded in 1978 and is headquartered in Chai Wan, Hong Kong.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Sa Sa International Holdings reported revenue of HK$4.4B in FY2026 versus HK$3.4B in FY2022, a compound +6.5%/yr. Reported net income was HK$200M in FY2026.

Growth Quality 75/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2026)
HK$4.4B
Latest YoY
+11.2%
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.
+7.8%
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.
+7.6%
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.
+4.7%
Revenue +6.5%/yr
FY22 HK$3.4B
FY23 HK$3.5B
FY24 HK$4.4B
FY25 HK$3.9B
FY26 HK$4.4B
Net income
FY22 −HK$344M
FY23 HK$58.2M
FY24 HK$219M
FY25 HK$77.0M
FY26 HK$200M
Character of growth · EPS growth decomposed (2015-2026) −12.6 % p.a.
Revenue per share −7.8 pp

of which total revenue −7.0 pp · buybacks/dilution −0.8 pp

EBIT margin −5.4 pp
Tax rate +0.2 pp
Residual (interest, one-offs) +0.3 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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Sa Sa International Holdings · Fair Value
HK$1.24 +30%Fair Value
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Cite: Fair Value Calculator (2026). "Sa Sa International Holdings Fair Value". https://www.fairvalue-calculator.com/stock/0178

Peer Group

Specialty Retail · 221 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 72 · Top 25%
Fair Value upside +30% · Above median
Return on equity (TTM) 7% · Above median
Return on assets 3% · Below median
Net margin (TTM) 2% · Above median
Operating margin (TTM) 3% · Below median
Revenue growth 7% · Above median
Dividend yield (TTM) 3.3% · Above median
Debt / equity 0.00× · Lower than median

Valuation Multiples vs Specialty Retail median · lower = cheaper

P/E (TTM) 13.1× · Cheaper than median
P/B 0.28× · Cheaper than 75% of peers
P/S (TTM) 0.09× · Cheaper than 75% of peers
P/FCF 0.8× · Cheaper than median
PEG 1.37× · 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 73 · sector 29
FUTURE 33 · sector 23
PAST 29 · sector 27
HEALTH 100 · sector 94
DIVIDEND 65 · sector 51

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 Specialty Retail stocks, each showing price versus our Fair Value estimate (as of Aug 2, 2026).

Stock Price Fair Value vs Fair Value
Casey's General Stores, Inc CASY $827.04 $405.44 -51%
Williams-Sonoma, Inc WSM $222.84 $164.16 -26%
Ulta Beauty, Inc ULTA $479.57 $488.39 +2%
DICK'S Sporting Goods, Inc DKS $208.89 $181.10 -13%
Best Buy Co BBY $83.98 $109.12 +30%
China Tourism Group 601888 ¥52.90 ¥40.40 -24%
Tractor Supply Company TSCO $31.01 $35.52 +15%
Murphy USA Inc MUSA $618.57 $423.35 -32%
Five Below, Inc FIVE $197.71 $117.29 -41%
Taiwan Mobile Co 3045 110.50 TWD 80.98 TWD -27%

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Frequently asked questions

Is Sa Sa International Holdings (0178) overvalued or undervalued?
As of Aug 2, 2026, our model estimates a fair value of HK$1.24 versus a price of HK$0.9550, about +30% (undervalued).
What is the fair value of 0178?
Our model-based fair value for Sa Sa International Holdings is HK$1.24 (as of Aug 2, 2026), built from audited fundamentals. The current price is HK$0.9550.
What is the quality score of 0178?
Sa Sa International Holdings has a Quality Score of 72/100. 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 Sa Sa International Holdings (0178)?
Sa Sa International Holdings reported trailing-twelve-month revenue of about HK$4.1B (latest available figure, as of Aug 2, 2026).
What is the net profit margin of 0178?
The net profit margin of Sa Sa International Holdings is about 2.3%, meaning it keeps roughly 2.3% of revenue as net income. Based on the latest reported figures.
Does Sa Sa International Holdings pay a dividend?
Sa Sa International Holdings currently shows a dividend yield of about 3.26% 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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