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Shenzhen Investment Ltd (0604) fair value: what the stock is really worth

As of Sep 30, 2026: fair value of Shenzhen Investment Ltd HK$1.53, price HK$0.64, upside +139.1%, quality 51 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
  3. Add to watchlist

Real Estate · HK · ISIN HK0604011236

SI Thin data Sep 29, 2026

Shenzhen Investment Ltd

0604 · HK

Clearly undervaluedStrong Fair Value upside, but quality is only moderate.

✓Fair value HK$1.53 · Strongly undervalued (+139.1%)
!Quality 51/100
!Mixed Growth (revenue 5y +16.5 %/yr)
!Loss-making · -10.8% net margin (TTM)
✓Moderate debt · generates free cash flow
!Mixed vs. peers (6/11)
!Narrow moat 10/100
!Evidence only low, so the estimate is less certain
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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 →

Price vs Fair Value

HK$2.03 HK$0.6000 Fair Value HK$1.53 May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 29, 2026.

How to read this chart

60‑month range HK$0.6000 – HK$2.03 · fair‑value band HK$1.53 – HK$2.22 · the HK$0.6400 price screens below the HK$1.53 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 29, 2026.

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Company profile

Shenzhen Investment Limited, an investment holding company, develops, invests, and manages real estate properties in Mainland China. It operates through Property Development; Property Investment; Property Management; Manufacture; and Others segments.

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Shenzhen Investment Limited, an investment holding company, develops, invests, and manages real estate properties in Mainland China. It operates through Property Development; Property Investment; Property Management; Manufacture; and Others segments. The company invests in and develops residential and commercial properties; invests in commercial properties; manages properties; and manufactures and sells industrial products. It is also involved in hotels and warehouses operations; sale of agricultural products; and provision of construction services and other businesses. The company was incorporated in 1992 and is based in Tsim Sha Tsui, Hong Kong. Shenzhen Investment Limited operates as a subsidiary of Shum Yip Holdings Company Limited.

Stock analysis

Shenzhen Investment Ltd (0604) currently trades at HK$0.6400, while our model-based Fair Value estimate is HK$1.53, implying the stock looks roughly 58.2% undervalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of HK$8.80 per share, and 10 of the 11 models we run sit above the HK$0.6400 price.

Bear case: the Multiples group reads lowest at HK$1.57, and 1 of the 11 models stay below the price. Evidence for this calculation is low.

Scenario range: HK$1.53 (bear) to HK$2.22 (bull), the price of HK$0.6400 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 51/100 (solid quality), in the Real Estate sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Shenzhen Investment Ltd reported revenue of HK$40.4B in FY2025 versus HK$32.1B in FY2021, a compound +5.9%/yr. Reported net income was −HK$4.4B in FY2025.

Key figures

Market cap HK$5.7B (≈ $726M) · P/S ratio 0.13 · EPS (TTM) HK$−0.2900 · Dividend yield 11.5% · Net margin −10.8% · Return on equity −7.7% · Return on assets (EBIT) 2.3% · Operating margin 3.9%.

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 35% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Real Estate peers we cover trades at −16% fair-value upside, at 139%, 0604 screens cheaper than that median.

Fair Value models

Bear HK$1.53 Fair Value HK$1.53 Bull HK$2.22
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.
Highest evidence
FCF DCF HK$9.80 HK$17.19 HK$35.54 75
Growth DCF HK$9.26 HK$18.46 HK$33.64 75
5Y EBITDA Exit HK$3.60 HK$6.79 HK$11.49 72
All 11 models by family
DCF Models
FCF DCF HK$9.80 HK$17.19 HK$35.54 75
5Y Revenue Exit HK$2.92 HK$5.29 HK$8.86 70
5Y EBITDA Exit HK$3.60 HK$6.79 HK$11.49 72
10Y Revenue Exit HK$5.19 HK$8.80 HK$12.84 66
10Y EBITDA Exit HK$5.68 HK$9.92 HK$16.42 66
Multiples
EV/EBIT HK$0.8000 HK$1.83 HK$2.87 62
EV/EBITDA HK$0.6000 HK$1.57 HK$2.54 62
EV/Revenue n/a HK$0.1400 >HK$0.5600 50
Asset-Based
NCAV (Graham) HK$2.00 HK$2.68 HK$4.01 54
Growth DCF
Growth DCF HK$9.26 HK$18.46 HK$33.64 75
Rev-Margin DCF HK$2.92 HK$5.62 HK$9.48 70

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Quality Score breakdown

Overall quality 51/100

Of which business quality 52 · Market factors (momentum, volatility) 33

Profitability 6
Margins and returns on capital today
Quality Growth 46
Are margins and returns improving?
Cashflow 84
Earnings quality: real cash, not paper profit
Fin. Strength 23
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 67
Calm price path (market factor)
Momentum 26
Price trend over the last 3–12 months (market factor)
52W Momentum 5
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 67/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+159.3%
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.
+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.
+16.5%
Start year 2020 (pandemic). Over 10 years: +8.2% 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.
+13.5%
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.
21.3% (2019) → 4.1% (2025)
What shareholders gained per year ⓘ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

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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 - Development · 575 stocks

Beats the industry median on 6/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 52 · Above median
Fair Value upside +139.1% · Top 25%
Profitability
Return on assets 0.8% · Below median
Net margin (TTM) −10.8% · Bottom 25%
Operating margin (TTM) 3.9% · Below median
Growth and dividend
Revenue growth 154.1% · Top 25%
Dividend yield (TTM) 11.5% · Top 25%
Balance sheet
Debt / equity 0.81× · Highest 25%

Valuation Multiplesvs Real Estate - Development median · lower = cheaper

P/S (TTM) 0.02× · Cheapest 25%
EV/EBITDA 10.0× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 70
FUTURE (revenue growth)100 · sector 0
PAST (return on equity)0 · sector 12
HEALTH (low debt)60 · sector 83
DIVIDEND (yield)100 · sector 56

Context: sector, industry, market

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 Real Estate - Development stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Sun Hung Kai Properties Limited 0016 HK$107.10 HK$155.14 +45%
CK Asset Holdings 1113 HK$46.00 HK$71.49 +55%
Hongkong Land Holdings H78 $8.57 $1.52 −82%
DLF Limited DLF ₹683.00 ₹167.48 −75%
China Overseas Land & Investment Limited 0688 HK$12.42 HK$22.33 +80%
Lodha Developers Limited LODHA ₹1,165 ₹274.14 −76%
Poly Developments and Holdings 600048 ¥5.56 ¥5.87 +6%
China Merchants Shekou Industrial Zone Holdings 001979 ¥7.18 ¥6.04 −16%
The Wharf (Holdings) Limited 0004 HK$19.39 HK$8.31 −57%
CTP N.V CTPNV €12.90 €10.46 −19%

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Shenzhen Investment Ltd · Fair Value
HK$1.53 +58%Fair Value
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Cite: Fair Value Calculator (2026). "Shenzhen Investment Ltd Fair Value". https://www.fairvalue-calculator.com/stock/0604

Frequently asked questions

Is Shenzhen Investment Ltd (0604) overvalued or undervalued?
As of Sep 29, 2026, our model estimates a fair value of HK$1.53 versus a price of HK$0.6400, about +139% upside (undervalued).
What is the fair value of 0604?
Our model-based fair value for Shenzhen Investment Ltd is HK$1.53 (as of Sep 29, 2026), built from audited fundamentals. The current price: HK$0.6400.
What is the quality score of 0604?
Shenzhen Investment Ltd has a Quality Score of 51/100. 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 Shenzhen Investment Ltd (0604)?
Our model-based price target is the fair value of HK$1.53 (as of Sep 29, 2026) from 11 valuation models. Cautious scenario HK$1.53, optimistic scenario HK$2.22. It is a calculation from audited fundamentals, not an analyst target.
What is the Shenzhen Investment Ltd stock forecast for 2026?
Our models put fair value at HK$1.53, about +139% upside versus a price of HK$0.6400 (undervalued). Cautious scenario HK$1.53, optimistic scenario HK$2.22. The calculation is refreshed regularly with new filings.
What is the revenue of Shenzhen Investment Ltd (0604)?
Shenzhen Investment Ltd reported trailing-twelve-month revenue of about HK$40.4B (latest available figure, as of Sep 29, 2026).
Does Shenzhen Investment Ltd pay a dividend?
Shenzhen Investment Ltd currently shows a dividend yield of about 11.48% relative to its recent price (as of Sep 29, 2026).
What is the intrinsic value of Shenzhen Investment Ltd (0604)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Shenzhen Investment Ltd it is HK$1.53 per share (as of Sep 29, 2026), against a price of HK$0.6400. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is Shenzhen Investment Ltd stock overvalued or undervalued in 2026?
As of Sep 29, 2026, 0604 trades below its calculated fair value: price HK$0.6400, fair value HK$1.53, a gap of about +139% (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 0604?
No. The price is what the market pays today (HK$0.6400); the fair value is what the company's own numbers justify (HK$1.53). For Shenzhen Investment Ltd the two are HK$0.8900 per share apart. That gap is exactly why we show both numbers side by side.
How much is Shenzhen Investment Ltd worth?
The market values Shenzhen Investment Ltd at about HK$5.7B (market capitalisation, as of Sep 29, 2026). Per share that is HK$0.6400; our models calculate a fair value of HK$1.53 per share.
What do the bullish and bearish scenarios say about 0604?
Our models span a range for Shenzhen Investment Ltd: cautious scenario HK$1.53, base HK$1.53, optimistic HK$2.22 per share (as of Sep 29, 2026, price HK$0.6400). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Shenzhen Investment Ltd (0604)?
Balance-sheet figures for Shenzhen Investment Ltd (as of Sep 29, 2026): return on equity −7.7%, debt of 0.81 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is 0604 from its 52-week high?
Shenzhen Investment Ltd trades at HK$0.6400, about 35% below its 52-week high of HK$0.9800 and 7% above the low of HK$0.6000 (as of Sep 30, 2026). Distance from the high says nothing about value: that is what the fair value of HK$1.53 is for.
Which stocks are comparable to Shenzhen Investment Ltd?
From the same area (Real Estate) we also value Sun Hung Kai Properties Limited, CK Asset Holdings, Hongkong Land Holdings, DLF 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 Shenzhen Investment Ltd stock attractive at the current price?
The data as of Sep 29, 2026: price HK$0.6400, calculated fair value HK$1.53 (+139%), Quality Score 51/100, from 11 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 0604 calculated?
We run Shenzhen Investment Ltd through 11 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$1.53, 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 14.7 % above its aggregate fair value. Shenzhen Investment Ltd currently trades 58 % 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 Shenzhen Investment Ltd (0604)?
The closing price on Sep 30, 2026 was HK$0.6400. Our model-based fair value is HK$1.53, about +139% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Shenzhen Investment Ltd right now?
The price is below even our cautious bear case (HK$1.53). 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 (51/100) 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 Shenzhen Investment Ltd

How large is the market capitalisation of Shenzhen Investment Ltd (0604)?
The market capitalisation of Shenzhen Investment Ltd is HK$5.7B (≈ $726M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Shenzhen Investment Ltd (0604)?
The price-to-sales ratio of Shenzhen Investment Ltd is 0.13 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Shenzhen Investment Ltd (0604)?
Earnings per share at Shenzhen Investment Ltd are HK$−0.2900. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Shenzhen Investment Ltd (0604)?
The dividend yield of Shenzhen Investment Ltd is 11.5%. 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 Shenzhen Investment Ltd (0604)?
The net margin of Shenzhen Investment Ltd is −10.8% (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 Shenzhen Investment Ltd (0604)?
The return on equity (ROE) of Shenzhen Investment Ltd is −7.7% (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 Shenzhen Investment Ltd (0604)?
On an EBIT basis the return on assets of Shenzhen Investment Ltd is 2.3% (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 Shenzhen Investment Ltd (0604)?
The operating margin of Shenzhen Investment Ltd is 3.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Shenzhen Investment Ltd (0604)?
Revenue at Shenzhen Investment Ltd is growing +154% 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 Shenzhen Investment Ltd (0604)?
Earnings per share at Shenzhen Investment Ltd are growing +69.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Shenzhen Investment Ltd (0604) generate?
The free cash flow of Shenzhen Investment Ltd is HK$8.0B (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Shenzhen Investment Ltd (0604) carry?
The net debt of Shenzhen Investment Ltd is HK$32.6B (fiscal year 2025, ≈ 4.1 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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