CSI Properties Ltd (0497) fair value: what the stock is really worth
As of Sep 29, 2026: fair value of CSI Properties Ltd HK$0.32, price HK$0.14, upside +124.9%, quality 48 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 27, 2026.
How to read this chart
60‑month range HK$0.0700 – HK$0.4454 · fair‑value band HK$0.1267 – HK$0.5585 · the HK$0.1410 price screens below the HK$0.3171 fair value. Dashed = 300-day average. As of Sep 27, 2026.
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CSI Properties Limited, an investment holding company, engages in the property development, leasing, and investment activities in Hong Kong, Macau, and China. It operates through four segments: Commercial Property Holding, Residential Property Holding, Macau Property Holding, and Securities Investment.
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CSI Properties Limited, an investment holding company, engages in the property development, leasing, and investment activities in Hong Kong, Macau, and China. It operates through four segments: Commercial Property Holding, Residential Property Holding, Macau Property Holding, and Securities Investment. The company is involved in the investment and trading of commercial and residential properties and properties, as well as securities trading and investment activities. It also offers treasury management; management; property holding and leasing; and property management services, as well as issues bonds and sells securities. The company was incorporated in 1991 and is headquartered in Central, Hong Kong.
Stock analysis
CSI Properties Ltd (0497) currently trades at HK$0.1410, while our model-based Fair Value estimate is HK$0.3171, implying the stock looks roughly 55.5% undervalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of HK$0.6700 per share, and 6 of the 7 models we run sit above the HK$0.1410 price.
Bear case: the Multiples group reads lowest at HK$0.0700, and 1 of the 7 models stay below the price. Evidence for this calculation is low.
Scenario range: HK$0.1267 (bear) to HK$0.5585 (bull), the price of HK$0.1410 sits inside 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 48/100 (below-average quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
CSI Properties Ltd reported revenue of HK$1.6B in FY2026 versus HK$703M in FY2022, a compound +23.1%/yr. Reported net income was −HK$825M in FY2026.
Key figures
Market cap HK$2.4B (≈ $306M) · P/S ratio 4.78 · EPS (TTM) HK$−0.2200 · Net margin −51.2% · Return on equity −10.5% · Return on assets (EBIT) 0.5% · Operating margin −88.8% · Revenue growth (YoY) −13.2%.
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 39% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −10% fair-value upside, at 125%, 0497 screens cheaper than that median.
Fair Value models
Bear HK$0.1267Fair Value HK$0.3171Bull HK$0.5585
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.57/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
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.
+7.8%
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.
+13.2%
Start year 2021 (pandemic). Over 10 years: −3.1% a year
Revenue growth 26 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.
+0.8%
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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.
30.5% (2020) → −37.4% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
Price in line with expectations
The price assumes about as much growth as 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).
+15.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Hong Kong: IMF forecast 2.1% a year to 2030, 1.8% from 2016 to 2025) that is about +13.5% a year for the 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.Real Estate Services · 540 stocks
Beats the industry median on 4/10 measures
A mixed picture versus its industry peers.
Valuation
Quality Score49 · Below median
Fair Value upside+124.9% · Top 25%
Profitability
Return on assets−0.7% · Bottom 25%
Net margin (TTM)−51.2% · Bottom 25%
Operating margin (TTM)−88.8% · Bottom 25%
Growth and dividend
Revenue growth−13.2% · Bottom 25%
Balance sheet
Debt / equity0.45× · Above median
Valuation Multiplesvs Real Estate Services median · lower = cheaper
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Is CSI Properties Ltd (0497) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of HK$0.3171 versus a price of HK$0.1410, about +125% upside (undervalued).
What is the fair value of 0497?
Our model-based fair value for CSI Properties Ltd is HK$0.3171 (as of Sep 27, 2026), built from audited fundamentals. The current price: HK$0.1410.
What is the quality score of 0497?
CSI Properties Ltd has a Quality Score of 48/100. 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 CSI Properties Ltd (0497)?
Our model-based price target is the fair value of HK$0.3171 (as of Sep 27, 2026) from 7 valuation models. Cautious scenario HK$0.1267, optimistic scenario HK$0.5585. It is a calculation from audited fundamentals, not an analyst target.
What is the CSI Properties Ltd stock forecast for 2026?
Our models put fair value at HK$0.3171, about +125% upside versus a price of HK$0.1410 (undervalued). Cautious scenario HK$0.1267, optimistic scenario HK$0.5585. The calculation is refreshed regularly with new filings.
What growth is priced into CSI Properties Ltd (0497)?
For today's price to be fair in a discounted-cash-flow model, CSI Properties Ltd would have to grow free cash flow by +15.9 % per year for five years (discount rate 10.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +13.2 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of 0497 use?
Our models discount CSI Properties Ltd at 10.6 %: a base by market capitalisation (small), damped by beta 0.61, 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 CSI Properties Ltd that is +15.9 % per year a year over ten years, using the same discount rate (10.6 %) and the same formula as our fair value.
How much growth has CSI Properties Ltd (0497) delivered so far?
Over the past 5 years revenue at CSI Properties Ltd grew +13.2 % a year. The price currently implies +15.9 % 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 CSI Properties Ltd (0497) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into CSI Properties Ltd (+15.9 % 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 CSI Properties Ltd (0497)?
The free-cash-flow yield on the price is 20.25 %: that much free cash flow CSI Properties Ltd produces per unit of market value. When it exceeds the discount rate of our models (10.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of CSI Properties Ltd (0497)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For CSI Properties Ltd it is HK$0.3171 per share (as of Sep 27, 2026), against a price of HK$0.1410. It is the blended result of 7 valuation models (cash flow, earnings, asset, dividend).
Is CSI Properties Ltd stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 0497 trades below its calculated fair value: price HK$0.1410, fair value HK$0.3171, a gap of about +125% (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 0497?
No. The price is what the market pays today (HK$0.1410); the fair value is what the company's own numbers justify (HK$0.3171). For CSI Properties Ltd the two are HK$0.1761 per share apart. That gap is exactly why we show both numbers side by side.
How much is CSI Properties Ltd worth?
The market values CSI Properties Ltd at about HK$2.4B (market capitalisation, as of Sep 27, 2026). Per share that is HK$0.1410; our models calculate a fair value of HK$0.3171 per share.
What do the bullish and bearish scenarios say about 0497?
Our models span a range for CSI Properties Ltd: cautious scenario HK$0.1267, base HK$0.3171, optimistic HK$0.5585 per share (as of Sep 27, 2026, price HK$0.1410). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of 0497?
The PEG ratio of CSI Properties Ltd is 0.61 (P/E divided by earnings growth, as of Sep 27, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of CSI Properties Ltd (0497)?
Balance-sheet figures for CSI Properties Ltd (as of Sep 27, 2026): return on equity −10.5%, debt of 0.45 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is 0497 from its 52-week high?
CSI Properties Ltd trades at HK$0.1410, about 39% below its 52-week high of HK$0.2300 and at the low of HK$0.1410 (as of Sep 29, 2026). Distance from the high says nothing about value: that is what the fair value of HK$0.3171 is for.
Which stocks are comparable to CSI Properties Ltd?
From the same area (Real Estate) we also value CBRE Group, KE Holdings, Cellnex Telecom, S.A, Swire Properties Limited, 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 CSI Properties Ltd stock attractive at the current price?
The data as of Sep 27, 2026: price HK$0.1410, calculated fair value HK$0.3171 (+125%), Quality Score 48/100, from 7 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 0497 calculated?
We run CSI Properties Ltd through 7 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$0.3171, 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 14.9 % above its aggregate fair value. CSI Properties Ltd currently trades 56 % 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 CSI Properties Ltd (0497)?
The closing price on Sep 29, 2026 was HK$0.1410. Our model-based fair value is HK$0.3171, about +125% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with CSI Properties Ltd right now?
The model range is unusually wide (HK$0.1267 to HK$0.5585). The outcome hinges heavily on assumptions, so read the point estimate with caution. 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 (48/100) at a price below fair value, the discount is the argument here, not the business quality. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of CSI Properties Ltd
How large is the market capitalisation of CSI Properties Ltd (0497)?
The market capitalisation of CSI Properties Ltd is HK$2.4B (≈ $306M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of CSI Properties Ltd (0497)?
The price-to-sales ratio of CSI Properties Ltd is 4.78 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of CSI Properties Ltd (0497)?
Earnings per share at CSI Properties Ltd are HK$−0.2200. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of CSI Properties Ltd (0497)?
The net margin of CSI Properties Ltd is −51.2% (fiscal year 2026). 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 CSI Properties Ltd (0497)?
The return on equity (ROE) of CSI Properties Ltd is −10.5% (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 CSI Properties Ltd (0497)?
On an EBIT basis the return on assets of CSI Properties Ltd is 0.5% (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 CSI Properties Ltd (0497)?
The operating margin of CSI Properties Ltd is −88.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at CSI Properties Ltd (0497)?
Revenue at CSI Properties Ltd is growing −13.2% versus a year earlier (3y avg +7.8%). 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 CSI Properties Ltd (0497)?
Earnings per share at CSI Properties Ltd are growing −6.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does CSI Properties Ltd (0497) carry?
The net debt of CSI Properties Ltd is HK$518M (fiscal year 2026, ≈ 1.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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