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Lai Sun Garment (International) Limited (0191) Fair Value & Analysis

Industrials · HK · Market cap HK$574M

LS Lai Sun Garment (International) Limited 0191 · HK
PriceHK$0.5100
Fair ValueHK$0.5216
Upside+2.3%
Quality31/100
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Weak Growth
Loss-making · -59.4% net margin
Moderate debt · generates free cash flow
Trails peers (3/10)
Narrow moat 1/100
Evidence: Low Range HK$0.3892 – HK$0.5216 Share as image

Fair value as of: Aug 13, 2026

From 2 valuation models · updated 2 days ago

Fair value updated Aug 13, 2026, revised from HK$0.5434 to HK$0.5216 (−4.0%) since Aug 2, 2026. Share price −16.4% over the past month.

Below-average quality, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
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Price vs Fair Value (5 years)

HK$9.68 HK$0.4850 Fair Value HK$0.5216 Feb 2018 Aug 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$0.4850 – HK$9.68 · fair‑value band HK$0.3892 – HK$0.5216 · the HK$0.5100 price screens below the HK$0.5216 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Lai Sun Garment (International) Limited (0191) currently trades at HK$0.5100, while our model-based Fair Value estimate is HK$0.5216, implying the stock looks roughly 2.3% fairly valued today. The Quality Score stands at 31/100 (below-average quality), in the Industrials 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: low), always confirm before acting.

Over the trailing twelve months, Lai Sun Garment (International) Limited generated revenue of HK$3.8B at a net margin of -59.4%. Revenue declined 4.2% year over year. It earns a return on equity of -13.5%. Net debt stands at HK$24.1B. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$0.3892 (bear case) to HK$0.5216 (bull case); at HK$0.5100, 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 49% below its 52-week high and 7% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at 11% fair-value upside, at 2%, 0191 screens richer 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
Rev-Margin DCF HK$0.2200 74
NCAV (Graham) HK$8.14 HK$10.91 HK$16.29 50
All 2 models by family
Asset-Based
NCAV (Graham) HK$8.14 HK$10.91 HK$16.29 50
Growth DCF
Rev-Margin DCF HK$0.2200 74

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Key figures & financial health

Revenue (TTM) HK$3.8B
Revenue growth (YoY) -4.2%
Net margin -59.4%
Return on equity -13.5%
Free cash flow HK$196M FY2025
Operating margin -6.7%
More key figures
EPS (TTM) HK$-3.52
Net debt HK$24.1B FY2025

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

Quality Score breakdown

Overall quality 31/100

Of which business quality 32 · Market factors (momentum, volatility) 27

Profitability 3
Margins and returns on capital today
Quality Growth 27
Are margins and returns improving?
Cashflow 38
Earnings quality: real cash, not paper profit
Fin. Strength 15
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 19
Price trend over the last 3–12 months (market factor)
52W Momentum 14
Distance to the 52-week high (market factor)
Net Issuance 40
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

Lai Sun Garment (International) Limited, an investment holding company, invests in and develops properties in Hong Kong, Mainland China, Macau, the United Kingdom, Vietnam, and internationally.

Full company description

Lai Sun Garment (International) Limited, an investment holding company, invests in and develops properties in Hong Kong, Mainland China, Macau, the United Kingdom, Vietnam, and internationally. It operates through Property Development and Sales, Property Investment, Hotel Operation, Restaurant and F&B Product Sales Operations, Media and Entertainment, Film and TV Program, Cinema Operation, Theme Park Operation, and Other segments. The Property Development and Sales segment develops and sells of properties. The Property Investment segment invests in commercial and office buildings. This segment also provides building management services. The Hotel Operation segment provides consultancy services to hotels and serviced apartments. The Restaurant and F&B Product Sales Operations segment operates restaurants, and sells food and beverage products. The Media and Entertainment segment engages in the management and production of concerts, and provision of related advertising services, artiste management services, album sales, the distribution and licensing of music, and the trading of gaming products. The Film and TV Program segment invests in, produces, sells, distributes, and licenses of films and TV programs. This segment also offers advertising services, and distributes video format products. The Cinema Operation segment operates cinemas. The Theme Park Operation segment develops and operates theme parks. The Others segment is involved in the yachting business, provides property management services, leasing agency, and building services. It also provides luxury yachts brokerage, charter, marketing, management, and crew placement services; and finance and treasury services, as well as engages in the golf apparel retailing, film library management, and engages in the provision of video duplication services, and translating and subtitling of television programs. The company was founded in 1947 and is headquartered in Central, Hong Kong.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Lai Sun Garment (International) Limited reported revenue of HK$5.0B in FY2025 versus HK$6.3B in FY2021, a compound −5.7%/yr. Reported net income was −HK$1.7B in FY2025.

Growth Quality 18/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
HK$5.0B
Latest YoY
−18.1%
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.
−2.8%
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.
−2.0%
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.
+2.1%
Revenue −5.7%/yr
FY21 HK$6.3B
FY22 HK$5.4B
FY23 HK$5.3B
FY24 HK$6.1B
FY25 HK$5.0B
Net income
FY21 −HK$1.3B
FY22 −HK$1.2B
FY23 −HK$1.7B
FY24 −HK$2.2B
FY25 −HK$1.7B

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Cite: Fair Value Calculator (2026). "Lai Sun Garment (International) Limited Fair Value". https://www.fairvalue-calculator.com/stock/0191

Peer Group

Conglomerates · 385 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 31 · Bottom 25%
Fair Value upside +2% · Above median
Return on assets -2% · Bottom 25%
Net margin (TTM) -59% · Bottom 25%
Operating margin (TTM) -7% · Bottom 25%
Revenue growth -4% · Below median
Debt / equity 0.75× · Higher than 75% of peers

Valuation Multiples vs Conglomerates median · lower = cheaper

P/S (TTM) 0.02× · Cheaper than 75% of peers
P/FCF 0.4× · 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 36 · sector 27
FUTURE 0 · sector 17
PAST 0 · sector 18
HEALTH 62 · sector 89
DIVIDEND 0 · sector 46

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.

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Frequently asked questions

Is Lai Sun Garment (International) Limited (0191) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$0.5216 versus a price of HK$0.5100, about +2% (fairly valued).
What is the fair value of 0191?
Our model-based fair value for Lai Sun Garment (International) Limited is HK$0.5216 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$0.5100.
What is the quality score of 0191?
Lai Sun Garment (International) Limited has a Quality Score of 31/100. 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 Lai Sun Garment (International) Limited (0191)?
Lai Sun Garment (International) Limited reported trailing-twelve-month revenue of about HK$3.8B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 0191?
The net profit margin of Lai Sun Garment (International) Limited is about -59.4%, 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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