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DT Capital Ltd (0356) Fair Value & Analysis

Financial Services · HK · Market cap HK$94.7M (≈ $12.1M) · ISIN KYG2848V1068

What is DT Capital Ltd really worth?

DC DT Capital Ltd 0356 · HK
PriceHK$0.5200
Fair ValueHK$0.2700
Upside−48.1%
Quality69/100

A solid business, but trading 93% above our fair value of HK$0.2700.

As of Aug 24, 2026, the fair value of DT Capital Ltd is HK$0.2700 per share against a price of HK$0.5200, so the fair value sits 48% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

generates free cash flow

Risks

!Weak Growth (revenue 5y −13.5 %/yr)
!Loss over the last twelve months · -6.7% net margin · fiscal year 2025 141.2%
!Mixed vs. peers (4/10)
!Narrow moat 8/100
!Evidence only low, so the estimate is less certain
Evidence: Low Range HK$0.2000 – HK$0.3400

Fair value as of: Aug 24, 2026

From 2 valuation models · updated 13 days ago

Fair value updated Aug 24, 2026, revised from HK$0.0200 to HK$0.2700 (+1,250.0%) since Aug 13, 2026. Share price +14.3% 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 above even our optimistic bull case (HK$0.3400). The favourable scenario is already priced in.
  • 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 but not exceptional quality (69/100) and above fair value, neither a clear bargain nor a standout compounder.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Price vs Fair Value (5 years)

HK$2.07 HK$0.3900 Fair Value HK$0.2700 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 24, 2026.

How to read this chart

60‑month range HK$0.3900 – HK$2.07 · fair‑value band HK$0.2000 – HK$0.3400 · the HK$0.5200 price screens above the HK$0.2700 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 24, 2026.

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Analysis

DT Capital Ltd (0356) currently trades at HK$0.5200, while our model-based Fair Value estimate is HK$0.2700, implying the stock looks roughly 92.6% overvalued today. The Quality Score stands at 69/100 (solid quality), in the Financial Services sector. How firm this estimate is: it rests on 23 models at a data quality of 95/100, which puts the evidence level at low.

Revenue grew 147.5% year over year. It earns a return on equity of 3.2%. Fundamentals as of Aug 24, 2026

Our scenario range runs from HK$0.2000 (bear case) to HK$0.3400 (bull case); at HK$0.5200, the current price sits above 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. For context, the median of 10 Financial Services peers we cover trades at −37% fair-value upside, at −48%, 0356 screens richer 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
P/B Multiple best evidence HK$0.2000 HK$0.2700 HK$0.3400 55
NCAV (Graham) HK$0.1600 HK$0.2100 HK$0.3200 51
All 2 models by family
Multiples
P/B Multiple best evidence HK$0.2000 HK$0.2700 HK$0.3400 55
Asset-Based
NCAV (Graham) HK$0.1600 HK$0.2100 HK$0.3200 51

Widest divergence: Multiples (HK$0.2700) versus Asset-Based (HK$0.2100). Highest evidence: P/B Multiple (55).

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Key figures & financial health

P/S ratio 10.3 TTM
Net margin 141% FY2025
Return on equity 3.2% TTM
Return on assets (EBIT) −16.2% avg 5y
Operating margin 47.6% TTM
Revenue growth (YoY) +148%
More key figures
Balance sheet & cash flow
Free cash flow HK$454K FY2025
Net cash HK$742K FY2025

Figures from reported company fundamentals · as of Aug 24, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 69/100

Of which business quality 67 · Market factors (momentum, volatility) 17

Profitability 33
Margins and returns on capital today
Quality Growth 92
Are margins and returns improving?
Cashflow 75
Earnings quality: real cash, not paper profit
Fin. Strength 51
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 1
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

DT Capital Limited is a publicly owned investment manager; through its subsidiaries, engages in investment holding. It invests in listed and unlisted companies in the Greater China region, Southeast Asia, and Europe in the form of equity or equity-related securities and debt instruments. DT Capital Limited is formerly known as Incutech Investments Limited.

Full company description

DT Capital Limited is a publicly owned investment manager; through its subsidiaries, engages in investment holding. It invests in listed and unlisted companies in the Greater China region, Southeast Asia, and Europe in the form of equity or equity-related securities and debt instruments. DT Capital Limited is formerly known as Incutech Investments Limited. DT Capital Limited was founded in 2001 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

DT Capital Ltd reported revenue of HK$1.4M in FY2025 versus −HK$3.3M in FY2021. Reported net income was HK$2.0M in FY2025.

Growth Quality 26/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
HK$1.4M
Latest YoY
+254.1%
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.
−13.5%
Avg. revenue growth/yr (23Y) 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.
−2.3%
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.
−1,301.4% (2020) → 140.3% (2025)
Revenue
FY21 −HK$3.3M
FY22 −HK$8.6M
FY23 −HK$19.2M
FY24 HK$405K
FY25 HK$1.4M
Net income
FY21 −HK$4.8M
FY22 −HK$24.1M
FY23 −HK$28.3M
FY24 −HK$12.0M
FY25 HK$2.0M

0356 screens 93% overvalued. Compare with Morgan Stanley, a financial holding company, →

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Cite: Fair Value Calculator (2026). "DT Capital Ltd Fair Value". https://www.fairvalue-calculator.com/stock/0356.HK

Peer Group

Capital Markets · 455 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 67 · Top 25%
Fair Value upside −48% · Below median
Return on assets 0% · Bottom 25%
Net margin (TTM) −7% · Bottom 25%
Revenue growth 148% · Top 25%

Valuation Multiples vs Capital Markets median · lower = cheaper

P/E (TTM) 47.0× · Pricier than 75% of peers
P/B 0.19× · Cheaper than 75% of peers
P/S (TTM) 1.58× · Cheaper than median
P/FCF 26.6× · 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 11
FUTURE100 · sector 91
PAST0 · sector 30
HEALTH0 · sector 94
DIVIDEND0 · sector 37

VALUE 0: the price sits above our fair-value range.

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 Capital Markets stocks, each showing price versus our Fair Value estimate (as of Aug 24, 2026).

Stock Price Fair Value vs Fair Value
Morgan Stanley, a financial holding company, MS $214.77 $138.97 −35%
The Goldman Sachs Group GS $1,034 $756.89 −27%
The Charles Schwab Corporation SCHW $110.16 $66.17 −40%
Robinhood Markets, Inc HOOD $104.26 $30.94 −70%
Macquarie Group MQG A$251.87 A$75.58 −70%
CITIC Securities Company 600030 ¥27.93 ¥17.68 −37%
Guotai Haitong Securities Co 601211 ¥17.87 ¥18.62 +4%
East Money Information Co 300059 ¥19.42 ¥4.77 −75%
CSC Financial Co 601066 ¥25.78 ¥14.17 −45%
Huatai Securities Co 601688 ¥19.56 ¥19.26 −2%

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Frequently asked questions

Is DT Capital Ltd (0356) overvalued or undervalued?
As of Aug 24, 2026, our model estimates a fair value of HK$0.2700 versus a price of HK$0.5200, about −48% upside (overvalued).
What is the fair value of 0356?
Our model-based fair value for DT Capital Ltd is HK$0.2700 (as of Aug 24, 2026), built from audited fundamentals. The current price: HK$0.5200.
What is the quality score of 0356?
DT Capital Ltd has a Quality Score of 69/100. 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 DT Capital Ltd (0356)?
Our model-based price target is the fair value of HK$0.2700 (as of Aug 24, 2026) from 2 valuation models. Cautious scenario HK$0.2000, optimistic scenario HK$0.3400. It is a calculation from audited fundamentals, not an analyst target.
What is the DT Capital Ltd stock forecast for 2026?
Our models put fair value at HK$0.2700, about −48% upside versus a price of HK$0.5200 (overvalued). Cautious scenario HK$0.2000, optimistic scenario HK$0.3400. The calculation is refreshed regularly with new filings.
What is the net profit margin of 0356?
The net profit margin of DT Capital Ltd is about 19.7%, meaning it keeps roughly 19.7% of revenue as net income. Based on the latest reported figures.
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