Fse Engineering Holdings Ltd (0331) Fair Value & Analysis

Industrials · HK · Market cap HK$2.3B (≈ $293M) · ISIN KYG3727N1088

What is Fse Engineering Holdings Ltd really worth?

FE Fse Engineering Holdings Ltd 0331 · HK

PriceHK$5.10

Fair ValueHK$18.43

Upside+261.4%

Quality59/100

A solid business, trading 72% below our fair value of HK$18.43.

As of Aug 23, 2026, the fair value of Fse Engineering Holdings Ltd is HK$18.43 per share against a price of HK$5.10, so the fair value sits 261% above the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

✓Low debt · generates free cash flow

✓Ranks above peers (10/13)

Risks

!Mixed Growth (revenue 5y +7.6 %/yr)

!Thin margins · 5.5% net margin

!Moderate moat 55/100

!Evidence only low, so the estimate is less certain

For context

·7.33% dividend yield

Evidence: Low Range HK$11.47 – HK$22.98

Fair value as of: Aug 23, 2026

From 26 valuation models · updated 14 days ago

Share price −2.5% 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 price is below even our cautious bear case (HK$11.47). 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.
Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality.
A fairly wide model range (HK$11.47 to HK$22.98) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 23, 2026.

How to read this chart

60‑month range HK$3.48 – HK$6.13 · fair‑value band HK$11.47 – HK$22.98 · the HK$5.10 price screens below the HK$18.43 fair value. Dashed = 300-day average. As of Aug 23, 2026.

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Analysis

Fse Engineering Holdings Ltd (0331) currently trades at HK$5.10, while our model-based Fair Value estimate is HK$18.43, implying the stock looks roughly 72.3% undervalued today. The Quality Score stands at 59/100 (solid quality), in the Industrials sector. Bull case: the DCF Models group reads highest at a median of HK$17.81 per share, and 25 of the 26 models we run sit above the HK$5.10 price. Bear case: the Asset-Based group reads lowest at HK$1.88, and 1 of the 26 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, Fse Engineering Holdings Ltd generated revenue of HK$7.8B at a net margin of 5.5%. Revenue declined 7.7% year over year. It earns a return on equity of 33.9%. The balance sheet holds a net cash position of HK$334M. Fundamentals as of Aug 23, 2026

Our scenario range runs from HK$11.47 (bear case) to HK$22.98 (bull case); at HK$5.10, 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 11% below its 52-week high and 1% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at −46% fair-value upside, at 261%, 0331 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$0.5460 per share, which is 3.6 % 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

FCF DCF HK$9.98 HK$15.63 HK$24.39 79

Growth DCF HK$10.02 HK$15.41 HK$23.61 78

Owner Earnings HK$13.94 HK$22.05 HK$34.65 75

All 26 models by family

DCF Models

FCF DCF HK$9.98 HK$15.63 HK$24.39 79

Owner Earnings HK$13.94 HK$22.05 HK$34.65 75

5Y Revenue Exit HK$10.89 HK$17.81 HK$26.91 72

5Y EBITDA Exit HK$11.93 HK$19.83 HK$29.36 74

5Y P/E Exit HK$13.40 HK$22.72 HK$32.91 70

10Y Revenue Exit HK$10.13 HK$16.38 HK$25.31 66

10Y EBITDA Exit HK$11.12 HK$17.78 HK$27.22 67

10Y P/E Exit HK$12.06 HK$19.79 HK$29.97 63

Earnings-Based

Graham-Dodd HK$6.85 HK$25.82 HK$34.94 64

Lynch FV HK$6.25 HK$8.92 HK$11.60 61

PEG = 1.0 HK$6.25 HK$8.92 HK$11.60 57

EPV HK$10.05 HK$11.49 HK$12.73 74

Dividend Discount

Gordon GGM HK$3.90 HK$7.77 HK$11.76 67

DDM Multi-Stage HK$3.90 HK$6.71 HK$8.20 67

Multiples

P/E Multiple HK$15.86 HK$21.15 HK$26.44 63

P/S Multiple HK$12.84 HK$17.12 HK$21.40 58

P/B Multiple HK$9.46 HK$12.61 HK$15.76 55

EV/EBIT HK$16.07 HK$21.12 HK$26.16 66

EV/EBITDA HK$14.28 HK$18.73 HK$23.18 67

EV/Revenue HK$11.74 HK$16.37 HK$21.00 54

Asset-Based

NCAV (Graham) HK$1.40 HK$1.88 HK$2.80 54

Growth DCF

Growth DCF HK$10.02 HK$15.41 HK$23.61 78

Rev-Margin DCF HK$10.89 HK$17.70 HK$25.94 72

Economic Profit

Residual Income HK$6.60 HK$8.90 HK$62.64 64

ROIC Compounder HK$10.62 HK$12.84 HK$15.25 72

Growth Earnings

Growth-Adj P/E HK$11.47 HK$16.38 HK$21.30 67

Widest divergence: DCF Models (HK$17.81) versus Asset-Based (HK$1.88). Highest evidence: FCF DCF (79).

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Key figures & financial health

P/E ratio 5.5

P/S ratio 0.30 P/E × margin

EPS (TTM) HK$0.9200 price ÷ EPS = P/E 5.5

Dividend yield 7.3% payout 40.7%

Net margin 5.6% FY2025

Return on equity 33.9% TTM

More key figures

Profitability

Return on assets (EBIT) 16.1% avg 5y

Operating margin 6.8% TTM

Growth

Revenue (TTM) HK$7.8B TTM

Revenue growth (YoY) −7.7% 3y avg +5.4%

EPS growth (YoY) −10.8%

Balance sheet & cash flow

Free cash flow HK$357M FY2025

Net cash HK$334M FY2025

Figures from reported company fundamentals · as of Aug 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 59/100

Of which business quality 59 · Market factors (momentum, volatility) 47

Profitability 68

Margins and returns on capital today

Quality Growth 25

Are margins and returns improving?

Cashflow 45

Earnings quality: real cash, not paper profit

Fin. Strength 74

Balance sheet, leverage, solvency risk

Investment 56

Disciplined investing over empire-building

Low Volatility 100

Calm price path (market factor)

Momentum 32

Price trend over the last 3–12 months (market factor)

52W Momentum 14

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

Full company description

FSE Lifestyle Services Limited, an investment holding company, provides city essential services in Hong Kong, Mainland China, and Macau. It operates through Property & Facility Management Services; City Essential Services; and Electrical and Mechanical Engineering (E&M) Services segments. The company offers property management, sales, and leasing; facility management; property agency services; car park management; and asset management advisory services. It also provides cleaning, disinfection, and pest control services; waste disposal, recycling, and environmental disposal services; security services; insurance solutions; technical support and maintenance; guarding and event services; and environmental solutions, including environmental and extra low voltage engineering, electric vehicle (EV) infrastructure, and landscaping services, as well as EV charging infrastructure services and trading of EV charging and building materials. In addition, the company is involved in providing engineering and consultancy services on installation; trading securities investments, ceramic tiles, building materials and equipment; provision of maintenance and fitting out services, mechanical and electrical engineering, chemical and plumbing engineering, project management consultancy, testing and calibration, referral, insurance and reinsurance brokerage, fleet management, and property repair and maintenance services; and sale and maintenance of alarm systems. The company was formerly known as FSE Services Group Limited and changed its name to FSE Lifestyle Services Limited in April 2021. FSE Services Group Limited was incorporated in 2015 and is headquartered in Kowloon Bay, Hong Kong. FSE Services Group Limited is a subsidiary of FSE Holdings Limited.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Fse Engineering Holdings Ltd reported revenue of HK$8.2B in FY2025 versus HK$6.5B in FY2021, a compound +6.0%/yr. Reported net income was HK$453M in FY2025, compounding −6.3%/yr from FY2021.

Growth Quality 69/100

Revenue is growing, but margins or cash flow do not fully confirm the trend.

Latest Revenue (FY 2025)

HK$8.2B

Latest YoY

−3.4%

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.

+5.4%

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.

+7.6%

Avg. revenue growth/yr (12Y) ⓘ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.

+10.8%

Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.

+9.2% · in HKD

Earnings growth per share plus dividend yield: the value created per share and year.

Earnings growth per share+1.9%

Dividend yield7.3%

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 1.9% vs 10Y 9.2%, flattening

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.8.8% (2020) → 6.5% (2025) · falling

Revenue +6.0%/yr

FY21 HK$6.5B

FY22 HK$7.0B

FY23 HK$7.8B

FY24 HK$8.4B

FY25 HK$8.2B

Net income −6.3%/yr

FY21 HK$587M

FY22 HK$503M

FY23 HK$523M

FY24 HK$501M

FY25 HK$453M

Character of growth · EPS growth decomposed (2014-2025) +12.6 % p.a.

Revenue per share +10.2 %

of which total revenue +11.9 % · buybacks/dilution −1.6 %

EBIT margin +3.1 %

Tax rate −0.5 %

Residual (interest, one-offs) −0.4 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Fse Engineering Holdings Ltd · Fair Value
HK$18.43 +72%Fair Value
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Cite: Fair Value Calculator (2026). "Fse Engineering Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/0331.HK

Peer Group

Engineering & Construction · 817 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 59 · Above median

Return on equity (TTM) 34% · Top 25%

Return on assets 7% · Top 25%

Net margin (TTM) 5% · Above median

Operating margin (TTM) 7% · Above median

Revenue growth −8% · Below median

Dividend yield (TTM) 7.3% · Top 25%

Debt / equity 0.25× · Higher than median

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 5.5× · Cheaper than 75% of peers

P/B 1.82× · Pricier than median

P/S (TTM) 0.29× · Cheaper than median

P/FCF 0.8× · Cheaper than median

EV/EBITDA 3.4× · 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.

This stock

Sector peers

VALUE0 · sector 17

FUTURE0 · sector 12

PAST100 · sector 26

HEALTH87 · sector 94

DIVIDEND100 · sector 39

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

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Frequently asked questions

Is Fse Engineering Holdings Ltd (0331) overvalued or undervalued?

As of Aug 23, 2026, our model estimates a fair value of HK$18.43 versus a price of HK$5.10, about +261% upside (undervalued).

What is the fair value of 0331?

Our model-based fair value for Fse Engineering Holdings Ltd is HK$18.43 (as of Aug 23, 2026), built from audited fundamentals. The current price: HK$5.10.

What is the quality score of 0331?

Fse Engineering Holdings Ltd has a Quality Score of 59/100. 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 Fse Engineering Holdings Ltd (0331)?

Our model-based price target is the fair value of HK$18.43 (as of Aug 23, 2026) from 26 valuation models. Cautious scenario HK$11.47, optimistic scenario HK$22.98. It is a calculation from audited fundamentals, not an analyst target.

What is the Fse Engineering Holdings Ltd stock forecast for 2026?

Our models put fair value at HK$18.43, about +261% upside versus a price of HK$5.10 (undervalued). Cautious scenario HK$11.47, optimistic scenario HK$22.98. The calculation is refreshed regularly with new filings.

What is the revenue of Fse Engineering Holdings Ltd (0331)?

Fse Engineering Holdings Ltd reported trailing-twelve-month revenue of about HK$7.8B (latest available figure, as of Aug 23, 2026).

What is the net profit margin of 0331?

The net profit margin of Fse Engineering Holdings Ltd is about 5.5%, meaning it keeps roughly 5.5% of revenue as net income. Based on the latest reported figures.

Does Fse Engineering Holdings Ltd pay a dividend?

Fse Engineering Holdings Ltd currently shows a dividend yield of about 7.33% relative to its recent price (as of Aug 23, 2026).

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