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Tradelink Electronic Commerce Limited (0536) Fair Value & Analysis

Technology · HK · Market cap HK$868M

TE Tradelink Electronic Commerce Limited 0536 · HK
PriceHK$1.14
Fair ValueHK$1.62
Upside+42.1%
Quality83/100
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Weak Growth
Highly profitable · 33.3% net margin
Low debt · generates free cash flow
9.27% dividend yield
Ranks above peers (12/15)
Wide moat 86/100
Evidence: High Range HK$1.35 – HK$2.18 Share as image

Fair value as of: Aug 13, 2026

From 22 valuation models · updated 2 days ago

Share price +1.8% over the past month.

A strong business, screening 42% undervalued on our models.

What matters now

  • The rarer combination: high quality (83/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (HK$1.35). The market is more pessimistic than our downside scenario.
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Price vs Fair Value (5 years)

HK$1.15 HK$0.5111 Fair Value HK$1.62 Mar 2021 Aug 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$0.5111 – HK$1.15 · fair‑value band HK$1.35 – HK$2.18 · the HK$1.14 price screens below the HK$1.62 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Tradelink Electronic Commerce Limited (0536) currently trades at HK$1.14, while our model-based Fair Value estimate is HK$1.62, implying the stock looks roughly 42.1% undervalued today. The Quality Score stands at 83/100 (high quality), in the Technology sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Tradelink Electronic Commerce Limited generated revenue of HK$253M at a net margin of 33.3%. Revenue grew 5.4% year over year. It earns a return on equity of 22.1%. The balance sheet holds a net cash position of HK$456M. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$1.35 (bear case) to HK$2.18 (bull case); at HK$1.14, 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 1% below its 52-week high and 34% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -40% fair-value upside, at 42%, 0536 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.

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
Growth DCF HK$1.28 HK$1.46 HK$1.76 80
Residual Income HK$0.5900 HK$0.7900 HK$2.79 76
Rev-Margin DCF HK$1.08 HK$1.26 HK$1.50 74
All 22 models by family
DCF Models
FCF DCF HK$1.26 HK$1.45 HK$1.79 38
Owner Earnings HK$1.46 HK$1.71 HK$2.15 31
5Y Revenue Exit HK$1.08 HK$1.24 HK$1.49 39
5Y EBITDA Exit HK$1.37 HK$1.75 HK$2.25 41
5Y P/E Exit HK$1.68 HK$2.27 HK$2.99 38
10Y Revenue Exit HK$1.15 HK$1.28 HK$1.43 36
10Y EBITDA Exit HK$1.32 HK$1.58 HK$1.86 37
10Y P/E Exit HK$1.49 HK$1.89 HK$2.28 35
Earnings-Based
Graham-Dodd HK$0.7200 HK$1.07 HK$1.27 54
EPV HK$1.23 HK$1.32 HK$1.39 59
Multiples
P/E Multiple HK$1.66 HK$2.22 HK$2.77 63
P/S Multiple HK$0.4800 HK$0.6300 HK$0.7900 58
P/B Multiple HK$1.35 HK$1.79 HK$2.24 55
EV/EBIT HK$1.79 HK$2.19 HK$2.59 53
EV/EBITDA HK$1.60 HK$1.95 HK$2.29 54
EV/Revenue HK$0.9700 HK$1.15 HK$1.32 43
Asset-Based
NCAV (Graham) HK$0.2400 HK$0.3200 HK$0.4800 50
Growth DCF
Growth DCF HK$1.28 HK$1.46 HK$1.76 80
Rev-Margin DCF HK$1.08 HK$1.26 HK$1.50 74
Economic Profit
Residual Income HK$0.5900 HK$0.7900 HK$2.79 76
ROIC Compounder HK$1.23 HK$1.32 HK$1.39 72
Growth Earnings
Growth-Adj P/E HK$1.17 HK$1.68 HK$2.18 68

Widest divergence: Multiples (HK$1.79) versus Asset-Based (HK$0.3200). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$253M
Revenue growth (YoY) +5.4%
Net margin 33.3%
Return on equity 22.1%
Free cash flow HK$65.9M FY2025
P/E ratio 9.9 as of Jul 2, 2026
More key figures
Operating margin 31.4%
EPS (TTM) HK$0.0500
Dividend yield 9.3%
EPS growth (YoY) +2.7%
Net cash HK$456M FY2025

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

Quality Score breakdown

Overall quality 83/100

Of which business quality 79 · Market factors (momentum, volatility) 76

Profitability 66
Margins and returns on capital today
Quality Growth 49
Are margins and returns improving?
Cashflow 78
Earnings quality: real cash, not paper profit
Fin. Strength 100
Balance sheet, leverage, solvency risk
Investment 95
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 56
Price trend over the last 3–12 months (market factor)
52W Momentum 81
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.

About the company

Tradelink Electronic Commerce Limited, together with its subsidiaries, provides government electronic trading services (GETS) for processing official trade-related documents in Hong Kong. It operates through three segments: E-commerce; Identity Management; and Other Services.

Full company description

Tradelink Electronic Commerce Limited, together with its subsidiaries, provides government electronic trading services (GETS) for processing official trade-related documents in Hong Kong. It operates through three segments: E-commerce; Identity Management; and Other Services. The company's trade compliance solution provides Hong Kong trade compliance documents comprising import and export trade declarations, dutiable commodities permit, certificates of origin, electronic cargo manifests, and road cargo systems; overseas trade compliance documents; paper to electronic conversion services; partnership with CDI; and insurance link services. It also offers intelligent supply chain solutions, including intelligent warehouse management system, transportation management, trader documentation, payment solutions, IoT solutions, and supply chain business consultation services. In addition, it provides identity management solutions, which include biometric authentication, eKYC, facial recognition, digital certificates, trusted signing solution, deepfake detection, TD-sign, intelligent agreement management, super SSL certificates, and customer experience analytics solutions. Further, it provides payment technology solutions, such as one-stop services; value-added applications; and smart products comprising smart PoS, vending machines, cashless payment readers, and self-service kiosks. Additionally, the company offers hotline, technical support, and training services; certificate authority services; electronic messaging routing and transformation services; and e-commerce and e-logistics services. It serves trade and logistics, banking and finance, government and utilities, retail, hospitality, and other industries. Tradelink Electronic Commerce Limited was incorporated in 1988 and is headquartered in Kwai Chung, Hong Kong.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Tradelink Electronic Commerce Limited reported revenue of HK$253M in FY2025 versus HK$274M in FY2021, a compound −2.0%/yr. Reported net income was HK$84.0M in FY2025, compounding +3.3%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
HK$253M
Latest YoY
+2.1%
Avg. 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.
−0.8%
Avg. 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.
−0.7%
Avg. 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.
−0.8%
Revenue −2.0%/yr
FY21 HK$274M
FY22 HK$259M
FY23 HK$267M
FY24 HK$248M
FY25 HK$253M
Net income +3.3%/yr
FY21 HK$73.7M
FY22 HK$52.3M
FY23 HK$101M
FY24 HK$82.0M
FY25 HK$84.0M
Character of growth · EPS growth decomposed (2014-2025) +1.4 % p.a.
Revenue per share +1.3 pp

of which total revenue +1.3 pp · buybacks/dilution +0.0 pp

EBIT margin +0.1 pp
Tax rate +0.0 pp
Residual (interest, one-offs) +0.0 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Tradelink Electronic Commerce Limited · Fair Value
HK$1.62 +42%Fair Value
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Cite: Fair Value Calculator (2026). "Tradelink Electronic Commerce Limited Fair Value". https://www.fairvalue-calculator.com/stock/0536

Peer Group

Software - Application · 717 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 83 · Top 25%
Fair Value upside +42% · Top 25%
Return on equity (TTM) 22% · Top 25%
Return on assets 9% · Top 25%
Net margin (TTM) 33% · Top 25%
Operating margin (TTM) 31% · Top 25%
Revenue growth 5% · Below median
Dividend yield (TTM) 9.3% · Top 25%

Valuation Multiples vs Software - Application median · lower = cheaper

P/E (TTM) 9.9× · Cheaper than 75% of peers
P/B 2.27× · Pricier than median
P/S (TTM) 3.43× · Pricier than median
P/FCF 1.7× · Cheaper than 75% of peers
EV/EBITDA 5.0× · Cheaper than 75% of peers
PEG 0.75× · Cheaper than median

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.

VALUE 89 · sector 2
FUTURE 27 · sector 38
PAST 88 · sector 13
HEALTH 100 · sector 98
DIVIDEND 100 · sector 34

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

Is Tradelink Electronic Commerce Limited (0536) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$1.62 versus a price of HK$1.14, about +42% (undervalued).
What is the fair value of 0536?
Our model-based fair value for Tradelink Electronic Commerce Limited is HK$1.62 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$1.14.
What is the quality score of 0536?
Tradelink Electronic Commerce Limited has a Quality Score of 83/100. 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 revenue of Tradelink Electronic Commerce Limited (0536)?
Tradelink Electronic Commerce Limited reported trailing-twelve-month revenue of about HK$253M (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 0536?
The net profit margin of Tradelink Electronic Commerce Limited is about 33.3%, meaning it keeps roughly 33.3% of revenue as net income. Based on the latest reported figures.
Does Tradelink Electronic Commerce Limited pay a dividend?
Tradelink Electronic Commerce Limited currently shows a dividend yield of about 9.27% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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