Hing Lee HK Holdings Ltd (0396) fair value: what the stock is really worth
We calculate from audited financials what Hing Lee HK Holdings Ltd is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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Hing Lee (HK) Holdings Limited, an investment holding company, an investment holding company, engages in the design, manufacture, marketing, sale, and export of home furniture products in the People's Republic of China, rest of Asia, Africa, Australia, Europe, and United States.
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Hing Lee (HK) Holdings Limited, an investment holding company, an investment holding company, engages in the design, manufacture, marketing, sale, and export of home furniture products in the People's Republic of China, rest of Asia, Africa, Australia, Europe, and United States. The company offers wood-based furniture, sofas, and mattresses for bedroom, living room, dining room, and home office use. It also provides promotional services related to the layout design, fitting, and display of products; and provision of general business consultancy services, as well as licensing services of its own brands and product designs. The company offers its products and services under the Mogou, Johnston, and Oriant brands. The company was formerly known as HingLi Home Concepts Ltd. and changed its name to Hing Lee (HK) Holdings Limited in November 2008. Hing Lee (HK) Holdings Limited was founded in 1993 and is headquartered in Sha Tin, Hong Kong.
Stock analysis
Hing Lee HK Holdings Ltd (0396) currently trades at HK$0.2850, while our model-based Fair Value estimate is HK$0.0300, implying the stock looks roughly 849.7% overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of HK$0.2000 per share, and 0 of the 18 models we run sit above the HK$0.2850 price.
Bear case: the Earnings-Based group reads lowest at HK$0.0100, and 18 of the 18 models stay below the price. Evidence for this calculation is low.
Quality & growth
The Quality Score stands at 64/100 (solid quality), in the Consumer Cyclical sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Hing Lee HK Holdings Ltd reported revenue of HK$76.8M in FY2025 versus HK$175M in FY2021, a compound −18.6%/yr. Reported net income was HK$787K in FY2025.
Key figures
Market cap HK$230M (≈ $29.4M) · P/S ratio 2.57 · Dividend yield 8.8% · Net margin 1.0% · Return on equity 1.6% · Return on assets (EBIT) 2.9% · Operating margin −8.6% · Revenue (TTM) HK$76.8M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).
What moves the price
The share trades about 52% below its 52-week high and 282% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 0% fair-value upside, at −89%, 0396 screens richer than that median.
Fair Value models
Bear HK$0.0300Fair Value HK$0.0300Bull HK$0.0300
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.40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−32.6%
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.
−8.6%
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.
−17.7%
Revenue growth 19 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.
−7.9%
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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.
−27.0% (2018) → −7.5% (2023)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−4.7%
Yearly growth needed for the next five years to justify today's price.
Compare Hing Lee HK Holdings 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.Furnishings, Fixtures & Appliances · 319 stocks
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Cite: Fair Value Calculator (2026). "Hing Lee HK Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/0396.HK
Frequently asked questions
Is Hing Lee HK Holdings Ltd (0396) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of HK$0.0300 versus a price of HK$0.2850, about −89% upside (overvalued).
What is the fair value of 0396?
Our model-based fair value for Hing Lee HK Holdings Ltd is HK$0.0300 (as of Sep 13, 2026), built from audited fundamentals. The current price: HK$0.2850.
What is the quality score of 0396?
Hing Lee HK Holdings Ltd has a Quality Score of 64/100. 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 Hing Lee HK Holdings Ltd (0396)?
Our model-based price target is the fair value of HK$0.0300 (as of Sep 13, 2026) from 18 valuation models. It is a calculation from audited fundamentals, not an analyst target.
What is the Hing Lee HK Holdings Ltd stock forecast for 2026?
Our models put fair value at HK$0.0300, about −89% upside versus a price of HK$0.2850 (overvalued). The calculation is refreshed regularly with new filings.
What is the revenue of Hing Lee HK Holdings Ltd (0396)?
Hing Lee HK Holdings Ltd reported trailing-twelve-month revenue of about HK$76.8M (latest available figure, as of Sep 13, 2026).
Does Hing Lee HK Holdings Ltd pay a dividend?
Hing Lee HK Holdings Ltd currently shows a dividend yield of about 8.77% relative to its recent price (as of Sep 13, 2026).
What growth is priced into Hing Lee HK Holdings Ltd (0396)?
For today's price to be fair in a discounted-cash-flow model, Hing Lee HK Holdings Ltd would have to grow free cash flow by -4.7 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -17.7 % per year. As of Sep 13, 2026.
What discount rate (WACC) does the fair value of 0396 use?
Our models discount Hing Lee HK Holdings Ltd at 9.0 %: a base by market capitalisation (nano), damped by beta 0.47, country premium for Hong Kong. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Hing Lee HK Holdings Ltd that is -4.7 % per year a year over ten years, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has Hing Lee HK Holdings Ltd (0396) delivered so far?
Over the past 5 years revenue at Hing Lee HK Holdings Ltd grew -17.7 % a year. The price currently implies -4.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Hing Lee HK Holdings Ltd (0396) growing?
The median revenue growth in the sector is +2.6 % a year. That is the yardstick for the growth priced into Hing Lee HK Holdings Ltd (-4.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Hing Lee HK Holdings Ltd (0396)?
The free-cash-flow yield on the price is 8.60 %: that much free cash flow Hing Lee HK Holdings Ltd produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Hing Lee HK Holdings Ltd (0396)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hing Lee HK Holdings Ltd it is HK$0.0300 per share (as of Sep 13, 2026), against a price of HK$0.2850. It is the blended result of 18 valuation models (cash flow, earnings, asset, dividend).
Is Hing Lee HK Holdings Ltd stock overvalued or undervalued in 2026?
As of Sep 13, 2026, 0396 trades above its calculated fair value: price HK$0.2850, fair value HK$0.0300, a gap of about −89% (overvalued). 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 0396?
No. The price is what the market pays today (HK$0.2850); the fair value is what the company's own numbers justify (HK$0.0300). For Hing Lee HK Holdings Ltd the two are HK$0.2550 per share apart. That gap is exactly why we show both numbers side by side.
How much is Hing Lee HK Holdings Ltd worth?
The market values Hing Lee HK Holdings Ltd at about HK$230M (market capitalisation, as of Sep 13, 2026). Per share that is HK$0.2850; our models calculate a fair value of HK$0.0300 per share.
How solid is the balance sheet of Hing Lee HK Holdings Ltd (0396)?
Balance-sheet figures for Hing Lee HK Holdings Ltd (as of Sep 13, 2026): return on equity 1.6%, debt of 0.05 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is 0396 from its 52-week high?
Hing Lee HK Holdings Ltd trades at HK$0.2850, about 52% below its 52-week high of HK$0.5973 and 282% above the low of HK$0.0747 (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of HK$0.0300 is for.
Which stocks are comparable to Hing Lee HK Holdings Ltd?
From the same area (Consumer Cyclical) we also value Midea Group, Gree Electric Appliances, Inc, Haier Smart Home Co, King Slide Works Co, 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 Hing Lee HK Holdings Ltd stock attractive at the current price?
The data as of Sep 13, 2026: price HK$0.2850, calculated fair value HK$0.0300 (−89%), Quality Score 64/100, from 18 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 0396 calculated?
We run Hing Lee HK Holdings Ltd through 18 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$0.0300, 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 15.8 % above its aggregate fair value. Hing Lee HK Holdings Ltd itself currently trades above fair value. 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 should I pay attention to with Hing Lee HK Holdings Ltd right now?
The price sits above even our optimistic bull case (HK$0.0300). 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 (64/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Hing Lee HK Holdings Ltd
How large is the market capitalisation of Hing Lee HK Holdings Ltd (0396)?
The market capitalisation of Hing Lee HK Holdings Ltd is HK$230M (≈ $29.4M). 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 Hing Lee HK Holdings Ltd (0396)?
The price-to-sales ratio of Hing Lee HK Holdings Ltd is 2.57 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of Hing Lee HK Holdings Ltd (0396)?
The dividend yield of Hing Lee HK Holdings Ltd is 8.8%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Hing Lee HK Holdings Ltd (0396)?
The net margin of Hing Lee HK Holdings Ltd is 1.0% (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 Hing Lee HK Holdings Ltd (0396)?
The return on equity (ROE) of Hing Lee HK Holdings Ltd is 1.6% (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 Hing Lee HK Holdings Ltd (0396)?
On an EBIT basis the return on assets of Hing Lee HK Holdings Ltd is 2.9% (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 Hing Lee HK Holdings Ltd (0396)?
The operating margin of Hing Lee HK Holdings Ltd is −8.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hing Lee HK Holdings Ltd (0396)?
Revenue at Hing Lee HK Holdings Ltd is growing −49.7% versus a year earlier (3y avg −8.6%). 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 Hing Lee HK Holdings Ltd (0396)?
Earnings per share at Hing Lee HK Holdings Ltd are growing +145% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Hing Lee HK Holdings Ltd (0396) hold?
Hing Lee HK Holdings Ltd holds more cash than debt, HK$31.3M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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