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Hainan Meilan International Airport Co Ltd (0357) Fair Value & Analysis

Industrials · HK · Market cap HK$1.9B (≈ $241M) · ISIN CNE1000003B2

What is Hainan Meilan International Airport Co Ltd really worth?

HM Hainan Meilan International Airport Co Ltd 0357 · HK
PriceHK$5.19
Fair ValueHK$23.81
Upside+358.8%
Quality43/100

Below-average quality, trading 78% below our fair value of HK$23.81.

As of Aug 13, 2026, the fair value of Hainan Meilan International Airport Co Ltd is HK$23.81 per share against a price of HK$5.19, so the fair value sits 359% above the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

✓Moderate debt · generates free cash flow

Risks

!Mixed Growth (revenue 5y +7.9 %/yr)
!Loss-making · -13.9% net margin
!Trails peers (5/13)
!Narrow moat 2/100
!Evidence only low, so the estimate is less certain
Evidence: Low Range HK$14.84 – HK$32.78

Fair value as of: Aug 13, 2026

From 13 valuation models · updated 23 days ago

Share price −8.1% 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$14.84). 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$14.84 to HK$32.78) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

HK$37.30 HK$4.00 Fair Value HK$23.81 Mar 2021 Sep 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$4.00 – HK$37.30 · fair‑value band HK$14.84 – HK$32.78 · the HK$5.19 price screens below the HK$23.81 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Hainan Meilan International Airport Co Ltd (0357) currently trades at HK$5.19, while our model-based Fair Value estimate is HK$23.81, implying the stock looks roughly 78.2% undervalued today. The Quality Score stands at 43/100 (below-average quality), in the Industrials sector. Bull case: the DCF Models group reads highest at a median of HK$12.00 per share, and 11 of the 13 models we run sit above the HK$5.19 price. Bear case: the Dividend Discount group reads lowest at HK$4.12, and 2 of the 13 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, Hainan Meilan International Airport Co Ltd generated revenue of HK$2.0B at a net margin of −13.9%. Revenue declined 9.2% year over year. It earns a return on equity of −7.0%. Net debt stands at HK$2.7B. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$14.84 (bear case) to HK$32.78 (bull case); at HK$5.19, 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 57% below its 52-week high and 30% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at −27% fair-value upside, at 359%, 0357 screens cheaper 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
FCF DCF HK$4.46 HK$12.00 HK$23.34 75
Growth DCF HK$4.30 HK$11.00 HK$20.48 74
Owner Earnings HK$14.10 HK$27.78 HK$48.35 73
All 13 models by family
DCF Models
FCF DCF HK$4.46 HK$12.00 HK$23.34 75
Owner Earnings HK$14.10 HK$27.78 HK$48.35 73
5Y Revenue Exit HK$3.34 HK$10.62 HK$20.34 67
5Y EBITDA Exit HK$10.17 HK$24.52 HK$42.44 72
10Y Revenue Exit HK$3.32 HK$9.96 HK$19.78 62
10Y EBITDA Exit HK$7.74 HK$19.20 HK$36.47 64
Dividend Discount
Gordon GGM HK$2.50 HK$4.51 HK$6.21 68
DDM Multi-Stage HK$2.50 HK$4.12 HK$4.82 67
Multiples
EV/EBITDA HK$15.74 HK$23.45 HK$31.16 66
EV/Revenue HK$2.95 HK$7.39 HK$11.83 50
Asset-Based
NCAV (Graham) HK$8.39 HK$11.24 HK$16.78 54
Growth DCF
Growth DCF HK$4.30 HK$11.00 HK$20.48 74
Rev-Margin DCF HK$3.34 HK$10.51 HK$19.66 68

Widest divergence: DCF Models (HK$12.00) versus Dividend Discount (HK$4.12). Highest evidence: FCF DCF (75).

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Key figures & financial health

P/S ratio 0.94 TTM
EPS (TTM) HK$−0.1500
Dividend yield 3.9%
Net margin −13.9% FY2025
Return on equity −7.0% TTM
Return on assets (EBIT) −0.3% avg 5y
More key figures
Profitability
Operating margin −21.0% TTM
Growth
Revenue (TTM) HK$2.0B TTM
Revenue growth (YoY) −9.2% 3y avg +20.7%
EPS growth (YoY) +334%
Balance sheet & cash flow
Free cash flow HK$258M FY2025
Net debt HK$2.7B FY2025 · ≈ 10.6 yrs of FCF

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

Quality Score breakdown

Overall quality 43/100

Of which business quality 44 · Market factors (momentum, volatility) 31

Profitability 3
Margins and returns on capital today
Quality Growth 22
Are margins and returns improving?
Cashflow 62
Earnings quality: real cash, not paper profit
Fin. Strength 31
Balance sheet, leverage, solvency risk
Investment 95
Disciplined investing over empire-building
Low Volatility 67
Calm price path (market factor)
Momentum 21
Price trend over the last 3–12 months (market factor)
52W Momentum 7
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

Hainan Meilan International Airport Company Limited, together with its subsidiaries, engages in the aeronautical and non-aeronautical businesses at the Meilan Airport in the People's Republic of China. The company's aeronautical business includes the provision of terminal facilities, ground handling services, and passenger services.

Full company description

Hainan Meilan International Airport Company Limited, together with its subsidiaries, engages in the aeronautical and non-aeronautical businesses at the Meilan Airport in the People's Republic of China. The company's aeronautical business includes the provision of terminal facilities, ground handling services, and passenger services. Its non-aeronautical business comprises the leasing of commercial and retail spaces at Meilan Airport; franchise of airport-related business; leasing of advertising space and parking lots; provision of car parking and cargo handling services; and sale of consumable goods. It is also involved in the investment business; hotel investment and operation activities; and rendering of cargo and logistics services. The company was formerly known as Regal International Airport Group Company Limited and changed its name to Hainan Meilan International Airport Company Limited in November 2019. Hainan Meilan International Airport Company Limited was incorporated in 2000 and is headquartered in Haikou, the People's Republic of China. As of December 24, 2025, the company operates as a subsidiary of Hainan Airport Infrastructure Co., Ltd.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Hainan Meilan International Airport Co Ltd reported revenue of 2.0B CNY in FY2025 versus 1.6B CNY in FY2021, a compound +5.7%/yr. Reported net income was −279M CNY in FY2025.

Growth Quality 47/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
HK$2.0B
Latest YoY
−7.6%
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.
+20.7%
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.
+7.9%
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.
+10.6%
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.
−95.1% (2020) → −15.3% (2025)
Value creation/yr ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Revenue +5.7%/yr
FY21 1.6B CNY
FY22 1.1B CNY
FY23 2.1B CNY
FY24 2.2B CNY
FY25 2.0B CNY
Net income
FY21 765M CNY
FY22 −155M CNY
FY23 −136M CNY
FY24 −381M CNY
FY25 −279M CNY

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Hainan Meilan International Airport Co Ltd · Fair Value
HK$23.81 +78%Fair Value
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Cite: Fair Value Calculator (2026). "Hainan Meilan International Airport Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/0357.HK

Peer Group

Airports & Air Services · 53 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 assets −1% · Bottom 25%
Net margin (TTM) −14% · Bottom 25%
Operating margin (TTM) −21% · Bottom 25%
Revenue growth −9% · Bottom 25%
Dividend yield (TTM) 3.9% · Above median
Debt / equity 0.52× · Higher than median

Valuation Multiples vs Airports & Air Services median · lower = cheaper

P/B 0.06× · Cheaper than 75% of peers
P/S (TTM) 0.12× · Cheaper than 75% of peers
P/FCF 0.9× · Cheaper than median
EV/EBITDA 20.8× · Pricier than 75% of peers
PEG 0.59× · 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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 39
FUTURE0 · sector 33
PAST0 · sector 47
HEALTH74 · sector 87
DIVIDEND77 · sector 59

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 Airports & Air Services stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Aena S.M.E., S.A AENA €26.42 €26.90 +2%
Airports of Thailand Public Company TATD 2.58 SGD 1.25 SGD −52%
Grupo Aeroportuario del Pacífico, S.A. PAC $208.17 $253.03 +22%
GMR Airports Limited GMRINFRA ₹102.70 ₹22.29 −78%
Flughafen Zürich AG FHZN CHF 208.80 CHF 121.30 −42%
Shanghai International Airport Co 600009 ¥23.41 ¥17.09 −27%
Auckland International Airport Limited AIA A$7.09 A$2.76 −61%
Fraport AG FRA €62.40 €49.83 −20%
Københavns Lufthavne A/S KBHL kr 5,440 kr 1,821 −67%
SATS Ltd S58 4.07 SGD 4.03 SGD −1%

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Frequently asked questions

Is Hainan Meilan International Airport Co Ltd (0357) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$23.81 versus a price of HK$5.19, about +359% upside (undervalued).
What is the fair value of 0357?
Our model-based fair value for Hainan Meilan International Airport Co Ltd is HK$23.81 (as of Aug 13, 2026), built from audited fundamentals. The current price: HK$5.19.
What is the quality score of 0357?
Hainan Meilan International Airport Co 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 Hainan Meilan International Airport Co Ltd (0357)?
Our model-based price target is the fair value of HK$23.81 (as of Aug 13, 2026) from 13 valuation models. Cautious scenario HK$14.84, optimistic scenario HK$32.78. It is a calculation from audited fundamentals, not an analyst target.
What is the Hainan Meilan International Airport Co Ltd stock forecast for 2026?
Our models put fair value at HK$23.81, about +359% upside versus a price of HK$5.19 (undervalued). Cautious scenario HK$14.84, optimistic scenario HK$32.78. The calculation is refreshed regularly with new filings.
What is the revenue of Hainan Meilan International Airport Co Ltd (0357)?
Hainan Meilan International Airport Co Ltd reported trailing-twelve-month revenue of about HK$2.0B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 0357?
The net profit margin of Hainan Meilan International Airport Co Ltd is about −13.9%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does Hainan Meilan International Airport Co Ltd pay a dividend?
Hainan Meilan International Airport Co Ltd currently shows a dividend yield of about 3.86% relative to its recent price (as of Aug 13, 2026).
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