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Winfull Group (0183) Fair Value & Analysis

Real Estate · HK · Market cap HK$85.0M

WG Winfull Group 0183 · HK
PriceHK$0.1400
Fair ValueHK$0.1600
Upside+14.3%
Quality60/100
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Mixed Growth
Loss-making · -65.4% net margin
Low debt · generates free cash flow
Ranks above peers (6/10)
Narrow moat 8/100
Evidence: High Range HK$0.0400 – HK$0.2700 Share as image

Fair value as of: Aug 2, 2026

From 13 valuation models · updated 9 days ago

Share price −9.7% over the past month.

A solid business, screening 14% undervalued on our models.

What matters now

  • The model range is unusually wide (HK$0.0400 to HK$0.2700). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

HK$0.6000 HK$0.1230 Fair Value HK$0.1600 Oct 2020 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$0.1230 – HK$0.6000 · fair‑value band HK$0.0400 – HK$0.2700 · the HK$0.1400 price screens below the HK$0.1600 fair value. Dashed = 300-day average. As of Aug 2, 2026.

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Analysis

Winfull Group (0183) currently trades at HK$0.1400, while our model-based Fair Value estimate is HK$0.1600, implying the stock looks roughly 14.3% undervalued today. The Quality Score stands at 60/100 (solid quality), in the Real Estate 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, Winfull Group generated revenue of HK$74.9M at a net margin of -65.4%. Revenue grew 126.8% year over year. It earns a return on equity of -3.7%. Net debt stands at HK$186M. Fundamentals as of Aug 2, 2026

Our scenario range runs from HK$0.0400 (bear case) to HK$0.2700 (bull case); at HK$0.1400, 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 57% below its 52-week high and 7% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -2% fair-value upside, at 14%, 0183 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$0.4300 HK$0.5500 HK$0.7200 80
Rev-Margin DCF HK$0.4800 HK$0.6600 HK$1.04 74
Gordon GGM HK$0.1200 HK$0.2100 HK$0.2700 70
All 13 models by family
DCF Models
FCF DCF HK$0.4500 HK$0.5200 HK$0.7500 38
5Y Revenue Exit HK$0.4600 HK$0.6100 HK$0.9200 39
5Y EBITDA Exit HK$0.5600 HK$0.8100 HK$1.30 41
10Y Revenue Exit HK$0.4500 HK$0.6700 HK$0.8100 36
10Y EBITDA Exit HK$0.5200 HK$0.8500 HK$1.45 37
Dividend Discount
Gordon GGM HK$0.1200 HK$0.2100 HK$0.2700 70
DDM Multi-Stage HK$0.1200 HK$0.2000 HK$0.2200 61
Multiples
EV/EBIT HK$0.6100 HK$0.7300 HK$0.8500 53
EV/EBITDA HK$0.6200 HK$0.7400 HK$0.8600 54
EV/Revenue HK$0.4500 HK$0.5400 HK$0.6200 43
Asset-Based
NCAV (Graham) HK$1.17 HK$1.57 HK$2.34 50
Growth DCF
Growth DCF HK$0.4300 HK$0.5500 HK$0.7200 80
Rev-Margin DCF HK$0.4800 HK$0.6600 HK$1.04 74

Widest divergence: Asset-Based (HK$1.57) versus Dividend Discount (HK$0.2000). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$74.9M
Revenue growth (YoY) +127%
Net margin -65.4%
Return on equity -3.7%
Free cash flow HK$9.2M FY2024
Operating margin 1.7%
More key figures
EPS (TTM) HK$-0.0200
Net debt HK$186M FY2024

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

Quality Score breakdown

Overall quality 60/100

Of which business quality 62 · Market factors (momentum, volatility) 25

Profitability 2
Margins and returns on capital today
Quality Growth 79
Are margins and returns improving?
Cashflow 86
Earnings quality: real cash, not paper profit
Fin. Strength 57
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 62
Calm price path (market factor)
Momentum 13
Price trend over the last 3–12 months (market factor)
52W Momentum 2
Distance to the 52-week high (market factor)
Net Issuance 80
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

Winfull Group Holdings Limited, an investment holding company, engages in the property investment, development, and trading businesses in Hong Kong, the United Kingdom, and Japan. It also provides art installation, interior design, and architecture works services; security investment and trading; and money lending services.

Full company description

Winfull Group Holdings Limited, an investment holding company, engages in the property investment, development, and trading businesses in Hong Kong, the United Kingdom, and Japan. It also provides art installation, interior design, and architecture works services; security investment and trading; and money lending services. The company was formerly known as Richfield Group Holdings Limited and changed its name to Winfull Group Holdings Limited in March 2015. Winfull Group Holdings Limited was incorporated in 2002 and is headquartered in Central, Hong Kong. Winfull Group Holdings Limited is a subsidiary of Virtue Partner Group Limited.

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

Revenue & earnings trend

FY2020 – FY2024 · reported fiscal years

Winfull Group reported revenue of HK$44.4M in FY2024 versus HK$26.8M in FY2020, a compound +13.5%/yr. Reported net income was −HK$66.6M in FY2024.

Growth Quality 39/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2024)
HK$44.4M
Latest YoY
+8.0%
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.
+10.0%
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.
+5.7%
Avg. 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.
+0.6%
Revenue +13.5%/yr
FY20 HK$26.8M
FY21 HK$33.4M
FY22 HK$38.0M
FY23 HK$41.1M
FY24 HK$44.4M
Net income
FY20 HK$36.1M
FY21 −HK$144M
FY22 −HK$67.6M
FY23 −HK$242M
FY24 −HK$66.6M

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Cite: Fair Value Calculator (2026). "Winfull Group Fair Value". https://www.fairvalue-calculator.com/stock/0183

Peer Group

Real Estate Services · 520 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 62 · Above median
Fair Value upside +14% · Above median
Return on assets -0% · Bottom 25%
Net margin (TTM) -65% · Bottom 25%
Operating margin (TTM) 2% · Bottom 25%
Revenue growth 127% · Top 25%

Valuation Multiples vs Real Estate Services median · lower = cheaper

P/S (TTM) 0.15× · Cheaper than 75% of peers
P/FCF 1.2× · Cheaper 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 52 · sector 37
FUTURE 100 · sector 10
PAST 0 · sector 16
HEALTH 100 · sector 85
DIVIDEND 0 · sector 49

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 Real Estate Services stocks, each showing price versus our Fair Value estimate (as of Aug 2, 2026).

Stock Price Fair Value vs Fair Value
Vingroup Joint Stock Company VIC 223,000 VND 25,731 VND -88%
KE Holdings 2423 HK$44.76 HK$18.03 -60%
Swire Properties Limited 1972 HK$23.90 HK$18.75 -22%
Plaza S.A MALLPLAZA 3,725 CLP 5,571 CLP +50%
SAGAA SAGAA kr 170.00 kr 75.55 -56%
Cencosud Shopping S.A CENCOMALLS 2,324 CLP 2,976 CLP +28%
PT Sarana Menara Nusantara Tbk. owns and TOWR 372.00 IDR 1,208 IDR +225%
PT Metropolitan Kentjana Tbk MKPI 20,975 IDR 19,160 IDR -9%
PT Bangun Kosambi Sukses Tbk, CBDK 3,530 IDR 3,464 IDR -2%
IRSA Inversiones y Representaciones Sociedad Anónima, IRSA 2,495 ARS 3,998 ARS +60%

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Frequently asked questions

Is Winfull Group (0183) overvalued or undervalued?
As of Aug 2, 2026, our model estimates a fair value of HK$0.1600 versus a price of HK$0.1400, about +14% (undervalued).
What is the fair value of 0183?
Our model-based fair value for Winfull Group is HK$0.1600 (as of Aug 2, 2026), built from audited fundamentals. The current price is HK$0.1400.
What is the quality score of 0183?
Winfull Group has a Quality Score of 60/100. 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 Winfull Group (0183)?
Winfull Group reported trailing-twelve-month revenue of about HK$74.9M (latest available figure, as of Aug 2, 2026).
What is the net profit margin of 0183?
The net profit margin of Winfull Group is about -65.4%, meaning it is currently running at a net loss. Based on the latest reported figures.

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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