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Zensun Enterprises Ltd (0185) Fair Value & Analysis

Real Estate · HK · Market cap HK$140M (≈ $17.8M) · ISIN HK0000769783

What is Zensun Enterprises Ltd really worth?

ZE Zensun Enterprises Ltd 0185 · HK
PriceHK$0.0790
Fair ValueHK$0.0811
Upside+2.7%
Quality47/100

Below-average quality, currently priced close to our fair value of HK$0.0811.

As of Aug 13, 2026, the fair value of Zensun Enterprises Ltd is HK$0.0811 per share against a price of HK$0.0790, so the fair value sits 3% above the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Risks

!Weak Growth (revenue 5y −3.0 %/yr)
!Loss-making · -12.4% net margin
!High debt · generates free cash flow
!Trails peers (2/10)
!Narrow moat 7/100
!Evidence only low, so the estimate is less certain
Evidence: Low Range HK$0.0452 – HK$0.1173

Fair value as of: Aug 13, 2026

From 7 valuation models · updated 23 days ago

Fair value updated Aug 13, 2026, revised from HK$0.0695 to HK$0.0811 (+16.7%) since Aug 2, 2026. Share price +46.3% 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 close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (HK$0.0452 to HK$0.1173) leaves room in how you read the outcome.
  • Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Price vs Fair Value (5 years)

HK$6.50 HK$0.0540 Fair Value HK$0.0811 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range HK$0.0540 – HK$6.50 · fair‑value band HK$0.0452 – HK$0.1173 · the HK$0.0790 price screens below the HK$0.0811 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Zensun Enterprises Ltd (0185) currently trades at HK$0.0790, while our model-based Fair Value estimate is HK$0.0811, implying the stock looks roughly 2.6% fairly valued today. The Quality Score stands at 47/100 (below-average quality), in the Real Estate sector. How firm this estimate is: it rests on 7 models at a data quality of 94/100, which puts the evidence level at low.

Over the trailing twelve months, Zensun Enterprises Ltd generated revenue of HK$6.9B at a net margin of −12.4%. Revenue declined 54.1% year over year. Net debt stands at HK$4.6B. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$0.0452 (bear case) to HK$0.1173 (bull case); at HK$0.0790, 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 55% below its 52-week high and 22% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −19% fair-value upside, at 3%, 0185 screens cheaper than that median.

Fair Value models

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
FCF DCF HK$4.02 HK$5.69 HK$10.57 75
Growth DCF HK$3.75 HK$6.15 HK$9.89 74
5Y Revenue Exit HK$3.54 HK$6.05 HK$11.29 67
All 7 models by family
DCF Models
FCF DCF HK$4.02 HK$5.69 HK$10.57 75
5Y Revenue Exit HK$3.54 HK$6.05 HK$11.29 67
10Y Revenue Exit HK$3.60 HK$7.50 HK$9.84 64
Multiples
EV/Revenue HK$3.05 HK$4.42 HK$5.79 53
Asset-Based
NCAV (Graham) HK$0.0100 HK$0.0200 HK$0.0200 55
Growth DCF
Growth DCF HK$3.75 HK$6.15 HK$9.89 74
Rev-Margin DCF HK$3.91 HK$6.94 HK$13.28 67

Widest divergence: Growth DCF (HK$6.15) versus Asset-Based (HK$0.0200). Highest evidence: FCF DCF (75).

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Key figures & financial health

P/S ratio 0.02 TTM
EPS (TTM) HK$−0.2600
Net margin −12.4% FY2025
Return on equity −161% TTM
Return on assets (EBIT) −0.7% avg 5y
Operating margin 1.6% TTM
More key figures
Growth
Revenue (TTM) HK$6.9B TTM
Revenue growth (YoY) −54.1% 3y avg −10.5%
EPS growth (YoY) −43.1%
Balance sheet & cash flow
Free cash flow HK$672M FY2025
Net debt HK$4.6B FY2025 · ≈ 6.9 yrs of FCF

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 47/100

Of which business quality 45 · Market factors (momentum, volatility) 21

Profitability 3
Margins and returns on capital today
Quality Growth 63
Are margins and returns improving?
Cashflow 64
Earnings quality: real cash, not paper profit
Fin. Strength 2
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 29
Calm price path (market factor)
Momentum 25
Price trend over the last 3–12 months (market factor)
52W Momentum 6
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

Zensun Enterprises Limited, an investment holding company, engages in the property development, property investment, project management and sales services, hotel operations, and securities trading and investment businesses in People's Republic of China, the United States, Singapore, and Hong Kong. It also offers loan financing services.

Full company description

Zensun Enterprises Limited, an investment holding company, engages in the property development, property investment, project management and sales services, hotel operations, and securities trading and investment businesses in People's Republic of China, the United States, Singapore, and Hong Kong. It also offers loan financing services. The company was formerly known as ZH International Holdings Limited and changed its name to Zensun Enterprises Limited in July 2019. Zensun Enterprises Limited was incorporated in 1965 and is headquartered in Central, Hong Kong. The company is a subsidiary of Joy Town Inc.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Zensun Enterprises Ltd reported revenue of 6.9B CNY in FY2025 versus 13.4B CNY in FY2021, a compound −15.3%/yr. Reported net income was −856M CNY in FY2025.

Growth Quality 23/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
HK$6.9B
Latest YoY
−27.5%
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.
−10.5%
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.
−3.0%
Avg. revenue 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.
+22.6%
EBIT margin (trend) 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.
15.0% (2020) → −3.4% (2025)
Value creation/yr We only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Revenue −15.3%/yr
FY21 13.4B CNY
FY22 9.7B CNY
FY23 20.0B CNY
FY24 9.5B CNY
FY25 6.9B CNY
Net income
FY21 399M CNY
FY22 −2.9B CNY
FY23 −2.3B CNY
FY24 −2.2B CNY
FY25 −856M CNY

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Cite: Fair Value Calculator (2026). "Zensun Enterprises Ltd Fair Value". https://www.fairvalue-calculator.com/stock/0185.HK

Peer Group

Real Estate - Development · 566 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 47 · Below median
Fair Value upside +1% · Below median
Return on assets 0% · Below median
Net margin (TTM) −12% · Bottom 25%
Operating margin (TTM) 2% · Below median
Revenue growth −54% · Bottom 25%
Debt / equity 21.60× · Higher than 75% of peers

Valuation Multiples vs Real Estate - Development median · lower = cheaper

P/B 0.40× · Cheaper than median
P/FCF 0.0× · Cheaper 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
VALUE35 · sector 45
FUTURE0 · sector 0
PAST0 · sector 11
HEALTH0 · sector 85
DIVIDEND0 · sector 54

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 Real Estate - Development stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Sun Hung Kai Properties Limited 80016 HK$109.70 HK$88.93 −19%
China Resources Land Limited 1109 HK$35.24 HK$72.16 +105%
Vinhomes Joint Stock Company VHM 71,700 VND 109,431 VND +53%
CK Asset Holdings 1113 HK$47.34 HK$68.85 +45%
Hongkong Land Holdings H78 $8.20 $1.52 −81%
DLF Limited DLF ₹667.10 ₹170.24 −74%
China Overseas Land & Investment Limited 0688 HK$13.76 HK$22.92 +67%
Macrotech Developers Limited LODHA ₹1,244 ₹583.42 −53%
Sino Land Company 0083 HK$10.33 HK$6.99 −32%
PT Pantai Indah Kapuk Dua Tbk, PANI 5,925 IDR 1,325 IDR −78%

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Frequently asked questions

Is Zensun Enterprises Ltd (0185) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$0.0811 versus a price of HK$0.0790, about +3% upside (fairly valued).
What is the fair value of 0185?
Our model-based fair value for Zensun Enterprises Ltd is HK$0.0811 (as of Aug 13, 2026), built from audited fundamentals. The current price: HK$0.0790.
What is the quality score of 0185?
Zensun Enterprises Ltd has a Quality Score of 47/100. 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 Zensun Enterprises Ltd (0185)?
Our model-based price target is the fair value of HK$0.0811 (as of Aug 13, 2026) from 7 valuation models. Cautious scenario HK$0.0452, optimistic scenario HK$0.1173. It is a calculation from audited fundamentals, not an analyst target.
What is the Zensun Enterprises Ltd stock forecast for 2026?
Our models put fair value at HK$0.0811, about +3% upside versus a price of HK$0.0790 (fairly valued). Cautious scenario HK$0.0452, optimistic scenario HK$0.1173. The calculation is refreshed regularly with new filings.
What is the revenue of Zensun Enterprises Ltd (0185)?
Zensun Enterprises Ltd reported trailing-twelve-month revenue of about HK$6.9B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 0185?
The net profit margin of Zensun Enterprises Ltd is about −12.4%, meaning it is currently running at a net loss. Based on the latest reported figures.
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