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CTF Services Limited (0659) Fair Value & Analysis

Industrials · HK · Market cap HK$35.2B

CS CTF Services Limited 0659 · HK
PriceHK$7.75
Fair ValueHK$7.48
Upside-3.4%
Quality48/100
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Weak Growth
Solidly profitable · 10.1% net margin
Moderate debt · generates free cash flow
7.62% dividend yield
Ranks above peers (9/15)
Narrow moat 36/100
Evidence: High Range HK$5.98 – HK$9.93 Share as image

Fair value as of: Aug 15, 2026

From 26 valuation models · updated yesterday

Share price −0.8% over the past month.

Below-average quality, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • Our model range runs from HK$5.98 (bear) to HK$9.93 (bull), base HK$7.48. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 48/100 (below-average quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

HK$9.25 HK$3.03 Fair Value HK$7.48 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 15, 2026.

How to read this chart

60‑month range HK$3.03 – HK$9.25 · fair‑value band HK$5.98 – HK$9.93 · the HK$7.75 price screens above the HK$7.48 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 15, 2026.

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Analysis

CTF Services Limited (0659) currently trades at HK$7.75, while our model-based Fair Value estimate is HK$7.48, implying the stock looks roughly 3.4% fairly valued today. The Quality Score stands at 48/100 (below-average quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, CTF Services Limited generated revenue of HK$25.0B at a net margin of 10.1%. Revenue grew 5.9% year over year. It earns a return on equity of 6.2%. Net debt stands at HK$15.4B. Fundamentals as of Aug 15, 2026

Our scenario range runs from HK$5.98 (bear case) to HK$9.93 (bull case); at HK$7.75, the current price sits within 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 16% below its 52-week high and 25% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -34% fair-value upside, at -3%, 0659 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$11.85 HK$26.34 HK$53.95 80
Residual Income HK$6.95 HK$7.23 HK$7.35 76
Rev-Margin DCF HK$6.10 HK$13.79 HK$25.23 74
All 26 models by family
DCF Models
FCF DCF HK$12.58 HK$23.36 HK$54.20 38
Owner Earnings HK$9.49 HK$25.70 HK$59.72 31
5Y Revenue Exit HK$6.10 HK$12.78 HK$25.57 39
5Y EBITDA Exit HK$8.83 HK$18.70 HK$36.60 41
5Y P/E Exit HK$6.98 HK$16.20 HK$27.80 38
10Y Revenue Exit HK$7.72 HK$16.76 HK$26.88 36
10Y EBITDA Exit HK$9.90 HK$21.92 HK$43.27 37
10Y P/E Exit HK$8.60 HK$18.43 HK$34.64 35
Earnings-Based
Graham-Dodd HK$3.52 HK$24.56 HK$34.47 54
Lynch FV HK$7.28 HK$10.40 HK$13.53 50
PEG = 1.0 HK$7.28 HK$10.40 HK$13.53 46
EPV HK$2.14 HK$3.04 HK$3.82 59
Dividend Discount
Gordon GGM HK$7.65 HK$15.90 HK$25.22 70
DDM Multi-Stage HK$7.65 HK$13.41 HK$16.69 61
Multiples
P/E Multiple HK$8.16 HK$10.88 HK$13.59 63
P/S Multiple HK$6.60 HK$8.80 HK$11.01 58
P/B Multiple HK$6.60 HK$8.80 HK$11.01 55
EV/EBIT HK$5.82 HK$8.83 HK$11.84 53
EV/EBITDA HK$7.57 HK$11.16 HK$14.75 54
EV/Revenue HK$3.23 HK$6.00 HK$8.76 43
Asset-Based
NCAV (Graham) HK$4.37 HK$5.85 HK$8.73 50
Growth DCF
Growth DCF HK$11.85 HK$26.34 HK$53.95 80
Rev-Margin DCF HK$6.10 HK$13.79 HK$25.23 74
Economic Profit
Residual Income HK$6.95 HK$7.23 HK$7.35 76
ROIC Compounder HK$2.14 HK$3.04 HK$3.82 72
Growth Earnings
Growth-Adj P/E HK$9.95 HK$14.21 HK$18.48 68

Widest divergence: DCF Models (HK$18.43) versus Economic Profit (HK$3.04). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$25.0B
Revenue growth (YoY) +5.9%
Net margin 10.1%
Return on equity 6.2%
Free cash flow HK$4.6B FY2025
P/E ratio 14.8 as of Jul 2, 2026
More key figures
Operating margin 7.2%
EPS (TTM) HK$0.4700
Dividend yield 7.6%
EPS growth (YoY) +13.1%
Net debt HK$15.4B FY2025

Figures from reported company fundamentals · as of Aug 15, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 48/100

Of which business quality 47 · Market factors (momentum, volatility) 59

Profitability 22
Margins and returns on capital today
Quality Growth 49
Are margins and returns improving?
Cashflow 87
Earnings quality: real cash, not paper profit
Fin. Strength 26
Balance sheet, leverage, solvency risk
Investment 91
Disciplined investing over empire-building
Low Volatility 96
Calm price path (market factor)
Momentum 39
Price trend over the last 3–12 months (market factor)
52W Momentum 53
Distance to the 52-week high (market factor)
Net Issuance 22
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

CTF Services Limited is a conglomerate company with a diversified portfolio of businesses in toll roads, insurance, logistics, construction, and facilities management primarily in Hong Kong and the Mainland.

Full company description

CTF Services Limited is a conglomerate company with a diversified portfolio of businesses in toll roads, insurance, logistics, construction, and facilities management primarily in Hong Kong and the Mainland. It engages in the operation of toll roads; investment and management of various logistics projects; and management and operation of venues for exhibitions, conventions, meetings, entertainment events, banquets and catering events, etc., as well as a hospital and sports park. The company also offers general contracting, construction management, and civil engineering and foundation works services for the residential, commercial, governmental, and institutional sectors; and diversified insurance and financial planning products and services, including life insurance, medical insurance, critical illness insurance, personal accident insurance, saving insurance plans, annuities, and investment-linked assurance schemes for individuals and institutions, as well as employee benefit solutions. In addition, it engages in the piling and ground investigation activities; and Electrical and mechanical engineering activities. Further, the company provides property investment, agency, and management and consultancy services; financial, bond issuing, and catering services; and carpark, commercial complex, and hotel management services. The company was formerly known as Pacific Ports Co Limited and changed its name to NWS Holdings Limited in January 2003. CTF Services Limited was incorporated in 1996 and is headquartered in Cheung Sha Wan, Hong Kong. CTF Services Limited is a subsidiary of Century Acquisition Limited.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

CTF Services Limited reported revenue of HK$24.3B in FY2025 versus HK$28.2B in FY2021, a compound −3.7%/yr. Reported net income was HK$2.4B in FY2025, compounding +8.7%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
HK$24.3B
Latest YoY
−8.1%
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.
−8.0%
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.
+1.4%
Avg. growth/yr (25Y) ⓘ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.
+22.6%
Revenue −3.7%/yr
FY21 HK$28.2B
FY22 HK$31.1B
FY23 HK$27.1B
FY24 HK$26.4B
FY25 HK$24.3B
Net income +8.7%/yr
FY21 HK$1.7B
FY22 HK$2.2B
FY23 HK$2.1B
FY24 HK$2.5B
FY25 HK$2.4B
Character of growth · EPS growth decomposed (2014-2025) −8.1 % p.a.
Revenue per share −0.6 pp

of which total revenue +0.3 pp · buybacks/dilution −0.9 pp

EBIT margin +3.3 pp
Tax rate −1.6 pp
Residual (interest, one-offs) −9.2 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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CTF Services Limited · Fair Value
HK$7.48 −3%Fair Value
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Cite: Fair Value Calculator (2026). "CTF Services Limited Fair Value". https://www.fairvalue-calculator.com/stock/0659

Peer Group

Engineering & Construction · 838 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 48 · Below median
Fair Value upside −3% · Above median
Return on equity (TTM) 6% · Below median
Return on assets 1% · Below median
Net margin (TTM) 10% · Top 25%
Operating margin (TTM) 7% · Above median
Revenue growth 6% · Above median
Dividend yield (TTM) 7.6% · Top 25%
Debt / equity 0.88× · Higher than 75% of peers

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 14.8× · Cheaper than median
P/B 0.88× · Cheaper than median
P/S (TTM) 1.41× · Pricier than 75% of peers
P/FCF 1.0× · Cheaper than median
EV/EBITDA 14.4× · Pricier than median
PEG 0.66× · 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 29 · sector 14
FUTURE 30 · sector 14
PAST 25 · sector 26
HEALTH 56 · sector 94
DIVIDEND 100 · sector 42

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.

Similar stocks

10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Aug 15, 2026).

Stock Price Fair Value vs Fair Value
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Samsung C&T Corporation 028260 357,500 KRW 261,411 KRW -27%
Hyundai Engineering & Construction Co 000720 113,700 KRW 61,453 KRW -46%
Samsung E&A Co 028050 49,300 KRW 43,624 KRW -12%
Rail Vikas Nigam Limited RVNL ₹230.00 ₹48.92 -79%
Daewoo Engineering & Construction Co 047040 18,400 KRW 6,507 KRW -65%
KEPCO Engineering & Construction Company 052690 99,800 KRW 19,346 KRW -81%
GS Engineering & Construction Corporation 006360 35,200 KRW 23,135 KRW -34%
DL E&C Co 375500 73,500 KRW 148,433 KRW +102%
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Frequently asked questions

Is CTF Services Limited (0659) overvalued or undervalued?
As of Aug 15, 2026, our model estimates a fair value of HK$7.48 versus a price of HK$7.75, about −3% (fairly valued).
What is the fair value of 0659?
Our model-based fair value for CTF Services Limited is HK$7.48 (as of Aug 15, 2026), built from audited fundamentals. The current price is HK$7.75.
What is the quality score of 0659?
CTF Services Limited 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 revenue of CTF Services Limited (0659)?
CTF Services Limited reported trailing-twelve-month revenue of about HK$25.0B (latest available figure, as of Aug 15, 2026).
What is the net profit margin of 0659?
The net profit margin of CTF Services Limited is about 10.1%, meaning it keeps roughly 10.1% of revenue as net income. Based on the latest reported figures.
Does CTF Services Limited pay a dividend?
CTF Services Limited currently shows a dividend yield of about 7.62% relative to its recent price (as of Aug 15, 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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