Tristate Holdings Ltd (0458) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Tristate Holdings Ltd HK$8.72, price HK$1.95, upside +348.3%, quality 57 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$0.4032 – HK$2.48 · fair‑value band HK$7.32 – HK$10.30 · the HK$1.95 price screens below the HK$8.72 fair value. Dashed = 300-day average. As of Sep 24, 2026.
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Tristate Holdings Limited, an investment holding company, engages in the garment manufacturing business in the People's Republic of China, the United Kingdom, Italy, Singapore, Canada, and internationally. The company operates in two segments, Garment Manufacturing and Brands Business. It offers garments under the C.P.
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Tristate Holdings Limited, an investment holding company, engages in the garment manufacturing business in the People's Republic of China, the United Kingdom, Italy, Singapore, Canada, and internationally. The company operates in two segments, Garment Manufacturing and Brands Business. It offers garments under the C.P. Company, Cissonne, Nautica, and Spyder brands; and uniforms under the Massimo Osti Studio brand. The company also engages in the branded product distribution and retail. In addition, it offers sales liaison, general administrative and supporting, nominee and secretarial, garment design, technical, and design and customer support services. Further, the company is involved in trademark holding, e-commerce, general, and garment trading, retail store operation, general trading and marketing, and intelligence system development activities. It also exports its products. The company was founded in 1937 and is headquartered in Kwai Chung, Hong Kong. Tristate Holdings Limited operates as a subsidiary of Silver Tree Holdings Inc.
Stock analysis
Tristate Holdings Ltd (0458) currently trades at HK$1.95, while our model-based Fair Value estimate is HK$8.72, implying the stock looks roughly 77.7% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of HK$10.54 per share, and 22 of the 24 models we run sit above the HK$1.95 price.
Bear case: the Dividend Discount group reads lowest at HK$1.54, and 2 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: HK$7.32 (bear) to HK$10.30 (bull), the price of HK$1.95 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 57/100 (solid quality), in the Consumer Cyclical sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Tristate Holdings Ltd reported revenue of HK$3.6B in FY2025 versus HK$3.0B in FY2021, a compound +4.5%/yr. Reported net income was HK$125M in FY2025, compounding +56.0%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap HK$536M (≈ $68.3M) · P/E ratio 4.4 · P/S ratio 0.15 · EPS (TTM) HK$0.0100 · Dividend yield 9.3% · Net margin 3.4% · Return on equity 9.8% · Return on assets (EBIT) 7.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 3% below its 52-week high and 30% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −18% fair-value upside, at 348%, 0458 screens cheaper than that median.
Fair Value models
Bear HK$7.32Fair Value HK$8.72Bull HK$10.30
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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.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.69/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−13.3%
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.
−0.9%
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.
+9.8%
Start year 2020 (pandemic). Over 10 years: +3.7% 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.
+1.6%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+51.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+42.3%
Dividend (yield on the price)9.3%
Pace: 5 vs 10 years ⓘ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.42.3% vs −1.8%, picking up
Profit margin 2020 to 2025 ⓘ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.−5% → 6%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
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).
less than -40 %
Yearly growth needed for the next five years to justify today's price.
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.Apparel Manufacturing · 213 stocks
Beats the industry median on 10/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score57 · Above median
Fair Value upside+200.0% · Top 25%
Profitability
Return on equity (TTM)9.8% · Above median
Return on assets3.2% · Above median
Net margin (TTM)3.5% · Below median
Operating margin (TTM)5.0% · Above median
Growth and dividend
Revenue growth−13.6% · Bottom 25%
Dividend yield (TTM)9.3% · Top 25%
Valuation Multiplesvs Apparel Manufacturing median · lower = cheaper
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Is Tristate Holdings Ltd (0458) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of HK$8.72 versus a price of HK$1.95, about +348% upside (undervalued).
What is the fair value of 0458?
Our model-based fair value for Tristate Holdings Ltd is HK$8.72 (as of Sep 24, 2026), built from audited fundamentals. The current price: HK$1.95.
What is the quality score of 0458?
Tristate Holdings Ltd has a Quality Score of 57/100. 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 Tristate Holdings Ltd (0458)?
Our model-based price target is the fair value of HK$8.72 (as of Sep 24, 2026) from 24 valuation models. Cautious scenario HK$7.32, optimistic scenario HK$10.30. It is a calculation from audited fundamentals, not an analyst target.
What is the Tristate Holdings Ltd stock forecast for 2026?
Our models put fair value at HK$8.72, about +348% upside versus a price of HK$1.95 (undervalued). Cautious scenario HK$7.32, optimistic scenario HK$10.30. The calculation is refreshed regularly with new filings.
What is the revenue of Tristate Holdings Ltd (0458)?
Tristate Holdings Ltd reported trailing-twelve-month revenue of about HK$3.6B (latest available figure, as of Sep 24, 2026).
Does Tristate Holdings Ltd pay a dividend?
Tristate Holdings Ltd currently shows a dividend yield of about 9.25% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Tristate Holdings Ltd (0458)?
For today's price to be fair in a discounted-cash-flow model, Tristate Holdings Ltd would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 12.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.8 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 0458 use?
Our models discount Tristate Holdings Ltd at 12.2 %: a base by market capitalisation (micro), damped by beta 0.67, 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 Tristate Holdings Ltd that is less than minus 40 % per year a year over ten years, using the same discount rate (12.2 %) and the same formula as our fair value.
How much growth has Tristate Holdings Ltd (0458) delivered so far?
Over the past 5 years revenue at Tristate Holdings Ltd grew +9.8 % a year. The price currently implies less than minus 40 % 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 Tristate Holdings Ltd (0458) growing?
The median revenue growth in the sector is +3.9 % a year. That is the yardstick for the growth priced into Tristate Holdings Ltd (less than minus 40 % 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 Tristate Holdings Ltd (0458)?
The free-cash-flow yield on the price is 27.40 %: that much free cash flow Tristate Holdings Ltd produces per unit of market value. When it exceeds the discount rate of our models (12.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Tristate Holdings Ltd (0458)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Tristate Holdings Ltd it is HK$8.72 per share (as of Sep 24, 2026), against a price of HK$1.95. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Tristate Holdings Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0458 trades below its calculated fair value: price HK$1.95, fair value HK$8.72, a gap of about +348% (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 0458?
No. The price is what the market pays today (HK$1.95); the fair value is what the company's own numbers justify (HK$8.72). For Tristate Holdings Ltd the two are HK$6.78 per share apart. That gap is exactly why we show both numbers side by side.
How much is Tristate Holdings Ltd worth?
The market values Tristate Holdings Ltd at about HK$536M (market capitalisation, as of Sep 24, 2026). Per share that is HK$1.95; our models calculate a fair value of HK$8.72 per share.
What do the bullish and bearish scenarios say about 0458?
Our models span a range for Tristate Holdings Ltd: cautious scenario HK$7.32, base HK$8.72, optimistic HK$10.30 per share (as of Sep 24, 2026, price HK$1.95). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 0458?
Tristate Holdings Ltd trades at a price-to-earnings ratio of 4.4 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of HK$8.72 is built from several models across several years. Other multiples: P/B 0.4, P/S 0.1.
How solid is the balance sheet of Tristate Holdings Ltd (0458)?
Balance-sheet figures for Tristate Holdings Ltd (as of Sep 24, 2026): return on equity 9.8%. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is 0458 from its 52-week high?
Tristate Holdings Ltd trades at HK$1.95, about 3% below its 52-week high of HK$2.00 and 30% above the low of HK$1.50 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of HK$8.72 is for.
Which stocks are comparable to Tristate Holdings Ltd?
From the same area (Consumer Cyclical) we also value Ralph Lauren Corporation, Moncler S.p.A, LPP SA, Levi Strauss & 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 Tristate Holdings Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price HK$1.95, calculated fair value HK$8.72 (+348%), Quality Score 57/100, from 24 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 0458 calculated?
We run Tristate Holdings Ltd through 24 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$8.72, 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 14.5 % above its aggregate fair value. Tristate Holdings Ltd currently trades 78 % 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 Tristate Holdings Ltd (0458)?
The closing price on Oct 2, 2026 was HK$1.95. Our model-based fair value is HK$8.72, about +348% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Tristate Holdings Ltd right now?
The price is below even our cautious bear case (HK$7.32). 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 (57/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Tristate Holdings Ltd
How large is the market capitalisation of Tristate Holdings Ltd (0458)?
The market capitalisation of Tristate Holdings Ltd is HK$536M (≈ $68.3M). 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 Tristate Holdings Ltd (0458)?
The price-to-sales ratio of Tristate Holdings Ltd is 0.15 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Tristate Holdings Ltd (0458)?
Earnings per share at Tristate Holdings Ltd are HK$0.0100 (price ÷ EPS = P/E 4.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Tristate Holdings Ltd (0458)?
The dividend yield of Tristate Holdings Ltd is 9.3%. 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 Tristate Holdings Ltd (0458)?
The net margin of Tristate Holdings Ltd is 3.4% (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 Tristate Holdings Ltd (0458)?
The return on equity (ROE) of Tristate Holdings Ltd is 9.8% (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 Tristate Holdings Ltd (0458)?
On an EBIT basis the return on assets of Tristate Holdings Ltd is 7.8% (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 Tristate Holdings Ltd (0458)?
The operating margin of Tristate Holdings Ltd is 5.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Tristate Holdings Ltd (0458)?
Revenue at Tristate Holdings Ltd is growing −13.6% versus a year earlier (3y avg −0.9%). 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 Tristate Holdings Ltd (0458)?
Earnings per share at Tristate Holdings Ltd are growing +30.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Tristate Holdings Ltd (0458) hold?
Tristate Holdings Ltd holds more cash than debt, HK$28.4M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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