First Shanghai Investments Ltd (0227) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of First Shanghai Investments Ltd HK$0.25, price HK$0.14, upside +86.8%, quality 35 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range HK$0.1000 – HK$0.6700 · fair‑value band HK$0.1900 – HK$0.3790 · the HK$0.1360 price screens below the HK$0.2540 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
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First Shanghai Investments Limited, an investment holding company, engages in financial services, direct investments, and property and hotel development businesses in Hong Kong, the People's Republic of China, and France. It operates through Financial Services, Property Development, Property Investment and Hotel, and Other businesses segments.
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First Shanghai Investments Limited, an investment holding company, engages in financial services, direct investments, and property and hotel development businesses in Hong Kong, the People's Republic of China, and France. It operates through Financial Services, Property Development, Property Investment and Hotel, and Other businesses segments. The company offers securities investment, securities brokerage, margin financing, corporate finance, underwriting and placements, insurance brokerage, asset management, wealth management, IPO subscription, shares custodian, financial intermediary, and nominee services. It also develops and manages residential, service apartment, commercial office, industrial office, hotel, and recreation resort properties. In addition, the company engages in container transportation and freight forwarding services; and provides financial leasing services, as well as container storage, containerization, and cargo transport. Further, it engages in development and commercialization of therapeutic drugs; money lending; provision of agency, management, and secretarial services; financial consultancy; internet financial service system; futures and stock broking; and operation of hotel and golf course. The company was incorporated in 1964 and is based in Central, Hong Kong.
Stock analysis
First Shanghai Investments Ltd (0227) currently trades at HK$0.1360, while our model-based Fair Value estimate is HK$0.2540, implying the stock looks roughly 46.5% undervalued today.
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Valuation
How firm this estimate is: it rests on 1 models at a data quality of 93/100, which puts the evidence level at low.
Scenario range: HK$0.1900 (bear) to HK$0.3790 (bull), the price of HK$0.1360 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 35/100 (below-average quality), in the Financial Services sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
First Shanghai Investments Ltd reported revenue of HK$412M in FY2025 versus HK$530M in FY2021, a compound −6.1%/yr. Reported net income was −HK$94.0M in FY2025.
Key figures
Market cap HK$361M (≈ $46.1M) · P/S ratio 0.91 · Net margin −22.8% · Return on equity −3.7% · Return on assets (EBIT) −0.9% · Operating margin −12.3% · Revenue (TTM) HK$395M · Revenue growth (YoY) +22.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 31 out of 100 (medium confidence).
What moves the price
The share trades about 61% below its 52-week high and 9% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −17% fair-value upside, at 87%, 0227 screens cheaper than that median.
Fair Value models
Bear HK$0.1900Fair Value HK$0.2540Bull HK$0.3790
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single 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 ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.0/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+5.6%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+8.0%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−2.1%
Start year 2020 (pandemic). Over 10 years: −1.7% a year
Revenue growth 25 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+1.4%
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Profit 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.
−16.7% (2020) → −17.2% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
Compare First Shanghai Investments Ltd with another stock
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Capital Markets · 460 stocks
Beats the industry median on 4/8 measures
A mixed picture versus its industry peers.
Valuation
Quality Score38 · Bottom 25%
Fair Value upside+87% · Top 25%
Profitability
Return on assets−2% · Bottom 25%
Net margin (TTM)−24% · Bottom 25%
Operating margin (TTM)−12% · Bottom 25%
Growth and dividend
Revenue growth23% · Above median
Balance sheet
Debt / equity0.01× · Below median
Valuation Multiplesvs Capital Markets median · lower = cheaper
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Is First Shanghai Investments Ltd (0227) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of HK$0.2540 versus a price of HK$0.1360, about +87% upside (undervalued).
What is the fair value of 0227?
Our model-based fair value for First Shanghai Investments Ltd is HK$0.2540 (as of Sep 24, 2026), built from audited fundamentals. The current price: HK$0.1360.
What is the quality score of 0227?
First Shanghai Investments Ltd has a Quality Score of 35/100. 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 First Shanghai Investments Ltd (0227)?
Our model-based price target is the fair value of HK$0.2540 (as of Sep 24, 2026) from 1 valuation models. Cautious scenario HK$0.1900, optimistic scenario HK$0.3790. It is a calculation from audited fundamentals, not an analyst target.
What is the First Shanghai Investments Ltd stock forecast for 2026?
Our models put fair value at HK$0.2540, about +87% upside versus a price of HK$0.1360 (undervalued). Cautious scenario HK$0.1900, optimistic scenario HK$0.3790. The calculation is refreshed regularly with new filings.
What is the revenue of First Shanghai Investments Ltd (0227)?
First Shanghai Investments Ltd reported trailing-twelve-month revenue of about HK$395M (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of First Shanghai Investments Ltd (0227)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For First Shanghai Investments Ltd it is HK$0.2540 per share (as of Sep 24, 2026), against a price of HK$0.1360. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is First Shanghai Investments Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0227 trades below its calculated fair value: price HK$0.1360, fair value HK$0.2540, a gap of about +87% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0227?
No. The price is what the market pays today (HK$0.1360); the fair value is what the company's own numbers justify (HK$0.2540). For First Shanghai Investments Ltd the two are HK$0.1180 per share apart. That gap is exactly why we show both numbers side by side.
How much is First Shanghai Investments Ltd worth?
The market values First Shanghai Investments Ltd at about HK$361M (market capitalisation, as of Sep 24, 2026). Per share that is HK$0.1360; our models calculate a fair value of HK$0.2540 per share.
What do the bullish and bearish scenarios say about 0227?
Our models span a range for First Shanghai Investments Ltd: cautious scenario HK$0.1900, base HK$0.2540, optimistic HK$0.3790 per share (as of Sep 24, 2026, price HK$0.1360). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of First Shanghai Investments Ltd (0227)?
Balance-sheet figures for First Shanghai Investments Ltd (as of Sep 24, 2026): return on equity −3.7%, debt of 0.01 per unit of equity. They feed the Quality Score of 35/100, which measures business quality independently of the share price.
How far is 0227 from its 52-week high?
First Shanghai Investments Ltd trades at HK$0.1360, about 61% below its 52-week high of HK$0.3500 and 9% above the low of HK$0.1250 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of HK$0.2540 is for.
Which stocks are comparable to First Shanghai Investments Ltd?
From the same area (Financial Services) we also value Morgan Stanley, a financial holding company,, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is First Shanghai Investments Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price HK$0.1360, calculated fair value HK$0.2540 (+87%), Quality Score 35/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0227 calculated?
We run First Shanghai Investments Ltd through 1 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of HK$0.2540, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.0 % above its aggregate fair value. First Shanghai Investments Ltd currently trades 87 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of First Shanghai Investments Ltd (0227)?
The closing price on Sep 24, 2026 was HK$0.1360. Our model-based fair value is HK$0.2540, about +87% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with First Shanghai Investments Ltd right now?
The large discount to fair value meets weak quality (35/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (HK$0.1900). 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. A fairly wide model range (HK$0.1900 to HK$0.3790) leaves room in how you read the outcome.
Key figures of First Shanghai Investments Ltd
How large is the market capitalisation of First Shanghai Investments Ltd (0227)?
The market capitalisation of First Shanghai Investments Ltd is HK$361M (≈ $46.1M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of First Shanghai Investments Ltd (0227)?
The price-to-sales ratio of First Shanghai Investments Ltd is 0.91 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of First Shanghai Investments Ltd (0227)?
The net margin of First Shanghai Investments Ltd is −22.8% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of First Shanghai Investments Ltd (0227)?
The return on equity (ROE) of First Shanghai Investments Ltd is −3.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of First Shanghai Investments Ltd (0227)?
On an EBIT basis the return on assets of First Shanghai Investments Ltd is −0.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of First Shanghai Investments Ltd (0227)?
The operating margin of First Shanghai Investments Ltd is −12.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at First Shanghai Investments Ltd (0227)?
Revenue at First Shanghai Investments Ltd is growing +22.7% versus a year earlier (3y avg +8.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at First Shanghai Investments Ltd (0227)?
Earnings per share at First Shanghai Investments Ltd are growing −95.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does First Shanghai Investments Ltd (0227) generate?
The free cash flow of First Shanghai Investments Ltd is −HK$295M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does First Shanghai Investments Ltd (0227) carry?
The net debt of First Shanghai Investments Ltd is HK$80.5M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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