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National Electronics Holdings Ltd (0213) Fair Value & Analysis

Consumer Cyclical · HK · Market cap HK$315M (≈ $40.1M) · ISIN BMG6374F1041

What is National Electronics Holdings Ltd really worth?

NE National Electronics Holdings Ltd 0213 · HK
PriceHK$0.3500
Fair ValueHK$1.75
Upside+400.0%
Quality43/100

Below-average quality, trading 80% below our fair value of HK$1.75.

As of Aug 15, 2026, the fair value of National Electronics Holdings Ltd is HK$1.75 per share against a price of HK$0.3500, so the fair value sits 400% above the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

✓Solidly profitable · 17.9% net margin

Risks

!Mixed Growth (revenue 5y −8.1 %/yr)
!Moderate debt · negative free cash flow
!Mixed vs. peers (5/12)
!Narrow moat 28/100
!Evidence only low, so the estimate is less certain
!Weak on past: 15 out of 100
!Weak on dividend: 29 out of 100

For context

·1.43% dividend yield
Evidence: Low Range HK$1.31 – HK$2.19

Fair value as of: Aug 15, 2026

From 9 valuation models · updated 22 days ago

Share price +2.9% over the past month.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

What matters now

  • The large discount to fair value meets weak quality (43/100). That raises the risk this is a value trap rather than a bargain.
  • The price is below even our cautious bear case (HK$1.31). The market is more pessimistic than our downside scenario.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Price vs Fair Value (5 years)

HK$1.03 HK$0.3350 Fair Value HK$1.75 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 15, 2026.

How to read this chart

60‑month range HK$0.3350 – HK$1.03 · fair‑value band HK$1.31 – HK$2.19 · the HK$0.3500 price screens below the HK$1.75 fair value. Dashed = 300-day average. As of Aug 15, 2026.

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Analysis

National Electronics Holdings Ltd (0213) currently trades at HK$0.3500, while our model-based Fair Value estimate is HK$1.75, implying the stock looks roughly 80.0% undervalued today. The Quality Score stands at 43/100 (below-average quality), in the Consumer Cyclical sector. Bull case: the Asset-Based group reads highest at a median of HK$1.90 per share, and 7 of the 9 models we run sit above the HK$0.3500 price. Bear case: the Earnings-Based group reads lowest at HK$0.8600, and 2 of the 9 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, National Electronics Holdings Ltd generated revenue of HK$536M at a net margin of 17.9%. Revenue grew 13.4% year over year. It earns a return on equity of 3.7%. Net debt stands at HK$5.4B. Fundamentals as of Aug 15, 2026

Our scenario range runs from HK$1.31 (bear case) to HK$2.19 (bull case); at HK$0.3500, the current price sits below 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 26% below its 52-week high and 6% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 32% fair-value upside, at 400%, 0213 screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 12 months have passed since. In that time the company retained roughly HK$0.0750 per share, which is 7.1 % 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
Residual Income best evidence HK$1.95 HK$1.85 HK$1.49 76
Gordon GGM HK$0.0900 HK$0.1000 HK$0.1100 69
Graham-Dodd HK$0.7000 HK$0.8600 HK$0.9600 67
All 9 models by family
Earnings-Based
Graham-Dodd HK$0.7000 HK$0.8600 HK$0.9600 67
Dividend Discount
Gordon GGM HK$0.0900 HK$0.1000 HK$0.1100 69
DDM Multi-Stage HK$0.0900 HK$0.1100 HK$0.1300 67
Multiples
P/E Multiple HK$1.70 HK$2.26 HK$2.83 63
P/S Multiple HK$0.5000 HK$0.6600 HK$0.8300 58
P/B Multiple HK$1.31 HK$1.75 HK$2.19 55
Asset-Based
NCAV (Graham) HK$1.41 HK$1.90 HK$2.83 54
Economic Profit
Residual Income best evidence HK$1.95 HK$1.85 HK$1.49 76
Growth Earnings
Growth-Adj P/E HK$1.20 HK$1.71 HK$2.22 67

Widest divergence: Asset-Based (HK$1.90) versus Dividend Discount (HK$0.1000). Highest evidence: Residual Income (76).

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Key figures & financial health

P/E ratio 3.1 as of Jul 1, 2026
P/S ratio 0.59 P/E × margin
EPS (TTM) HK$0.0800 price ÷ EPS = P/E 3.1
Dividend yield 1.4% payout 6.3%
Net margin 18.7% FY2025
Return on equity 3.7% TTM
More key figures
Profitability
Return on assets (EBIT) 0.0% avg 5y
Operating margin −3.1% TTM
Growth
Revenue (TTM) HK$536M TTM
Revenue growth (YoY) +13.4% 3y avg −10.2%
EPS growth (YoY) +10.3%
Balance sheet & cash flow
Free cash flow −HK$416M FY2025
Net debt HK$5.4B FY2025

Figures from reported company fundamentals · as of Aug 15, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 43/100

Of which business quality 38 · Market factors (momentum, volatility) 41

Profitability 26
Margins and returns on capital today
Quality Growth 58
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 8
Balance sheet, leverage, solvency risk
Investment 93
Disciplined investing over empire-building
Low Volatility 82
Calm price path (market factor)
Momentum 28
Price trend over the last 3–12 months (market factor)
52W Momentum 18
Distance to the 52-week high (market factor)
Net Issuance 91
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

National Electronics Holdings Limited, an investment holding company, manufactures, assembles, and sells electronic watches and watch parts in the People's Republic of China, Hong Kong, North America, Europe, and internationally.

Full company description

National Electronics Holdings Limited, an investment holding company, manufactures, assembles, and sells electronic watches and watch parts in the People's Republic of China, Hong Kong, North America, Europe, and internationally. It operates through the Manufacture of Watches and Trading of Watch Movements; Residential and Other Property Development and Investment; and Commercial Property Investment segments. The company is also involved in the trading of watch movements, watch parts, and electronic products; and the investment, development, management, leasing, and sale of residential, commercial, and other properties. In addition, it manufactures and sells metal and plastic products, and liquid crystal display and quartz analogue watches, as well as electronic products; develops and sells hybrid, smart watches, and wearables; and provides inspection and liaison services. The company was incorporated in 1989 and is based in Central, Hong Kong.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

National Electronics Holdings Ltd reported revenue of HK$502M in FY2025 versus HK$1.4B in FY2021, a compound −23.2%/yr. Reported net income was HK$93.9M in FY2025, compounding −5.2%/yr from FY2021.

Growth Quality 55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
HK$502M
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.
−26.3%
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.
−8.1%
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.
−3.1%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years, EBIT basis) plus dividend yield: value created per share and year.
≈ −8.4% (approximate, leans on 2025) · in HKD
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share−9.8%
Dividend yield1.4%
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 −3.3% vs 10Y −7.1%, picking up
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.−1.7% (2020) → 4.0% (2025) · rising
Worst earnings drop71% (2021) · in HKD
⚠ Revenue per share shrinking 6.7%/yr over ~10Y (margins intact) ⓘ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.
⚠ Final year 2025 sits 96% above its own trend (e.g. a one-off disposal gain), so this rate uses the operating basis instead of reported profit
Revenue −23.2%/yr
FY21 HK$1.4B
FY22 HK$695M
FY23 HK$501M
FY24 HK$578M
FY25 HK$502M
Net income −5.2%/yr
FY21 HK$116M
FY22 HK$91.4M
FY23 HK$48.9M
FY24 HK$41.1M
FY25 HK$93.9M

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National Electronics Holdings Ltd · Fair Value
HK$1.75 +80%Fair Value
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Cite: Fair Value Calculator (2026). "National Electronics Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/0213.HK

Peer Group

Footwear & Accessories · 93 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 43 · Bottom 25%
Return on equity (TTM) 4% · Below median
Return on assets 0% · Below median
Net margin (TTM) 18% · Top 25%
Operating margin (TTM) −3% · Bottom 25%
Revenue growth 13% · Top 25%
Dividend yield (TTM) 1.4% · Below median
Debt / equity 0.69× · Higher than 75% of peers

Valuation Multiples vs Footwear & Accessories median · lower = cheaper

P/E (TTM) 3.1× · Cheaper than 75% of peers
P/B 0.12× · Cheaper than 75% of peers
P/S (TTM) 0.59× · Cheaper than median
EV/EBITDA 72.7× · 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 6
FUTURE67 · sector 0
PAST15 · sector 22
HEALTH65 · sector 97
DIVIDEND29 · sector 48

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 Footwear & Accessories stocks, each showing price versus our Fair Value estimate (as of Aug 15, 2026).

Stock Price Fair Value vs Fair Value
NIKE, Inc NKE $38.44 $35.63 −7%
Deckers Outdoor Corporation DECK $87.76 $125.16 +43%
On Holding ONON $31.03 $17.79 −43%
Zhejiang China Commodities City Group 600415 ¥12.61 ¥13.03 +3%
Birkenstock Holding BIRK $33.95 $44.93 +32%
Crocs, Inc CROX $122.23 $203.65 +67%
Huali Industrial Group 300979 ¥34.24 ¥51.36 +50%
PUMA SE PUM €25.63 €10.57 −59%
Steven Madden, Ltd SHOO $47.70 $11.69 −75%
Yue Yuen Industrial (Holdings) Limited 0551 HK$13.65 HK$31.67 +132%

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Frequently asked questions

Is National Electronics Holdings Ltd (0213) overvalued or undervalued?
As of Aug 15, 2026, our model estimates a fair value of HK$1.75 versus a price of HK$0.3500, about +400% upside (undervalued).
What is the fair value of 0213?
Our model-based fair value for National Electronics Holdings Ltd is HK$1.75 (as of Aug 15, 2026), built from audited fundamentals. The current price: HK$0.3500.
What is the quality score of 0213?
National Electronics Holdings Ltd has a Quality Score of 43/100. 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 National Electronics Holdings Ltd (0213)?
Our model-based price target is the fair value of HK$1.75 (as of Aug 15, 2026) from 9 valuation models. Cautious scenario HK$1.31, optimistic scenario HK$2.19. It is a calculation from audited fundamentals, not an analyst target.
What is the National Electronics Holdings Ltd stock forecast for 2026?
Our models put fair value at HK$1.75, about +400% upside versus a price of HK$0.3500 (undervalued). Cautious scenario HK$1.31, optimistic scenario HK$2.19. The calculation is refreshed regularly with new filings.
What is the revenue of National Electronics Holdings Ltd (0213)?
National Electronics Holdings Ltd reported trailing-twelve-month revenue of about HK$536M (latest available figure, as of Aug 15, 2026).
What is the net profit margin of 0213?
The net profit margin of National Electronics Holdings Ltd is about 17.9%, meaning it keeps roughly 17.9% of revenue as net income. Based on the latest reported figures.
Does National Electronics Holdings Ltd pay a dividend?
National Electronics Holdings Ltd currently shows a dividend yield of about 1.43% relative to its recent price (as of Aug 15, 2026).
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