Tysan Holdings Ltd (0687) fair value: what the stock is really worth
As of Sep 29, 2026: fair value of Tysan Holdings Ltd HK$0.34, price HK$0.35, upside -1.5%, quality 69 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$0.1068 – HK$0.6622 · fair‑value band HK$0.2900 – HK$0.3900 · the HK$0.3450 price screens above the HK$0.3400 fair value. Dashed = 300-day average. As of Sep 27, 2026.
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Tysan Holdings Limited, an investment holding company, provides foundation piling and site investigation services in Hong Kong. It operates through Foundation Piling, Property Development and Investment, and Corporate and Others Segments.
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Tysan Holdings Limited, an investment holding company, provides foundation piling and site investigation services in Hong Kong. It operates through Foundation Piling, Property Development and Investment, and Corporate and Others Segments. The company offers bored piling, driven piling, socketed h-piling, mini piling, preboring, pile cap, footing works, basement construction, shoring, diaphragm wall, as well as ground investigation field, site formation, demolition, landslip preventive and slope, road and drainage, and minor building works. It also trades and leases various types of tower cranes and services. In addition, the company is involved in property management services comprising tenancy management, security services, concierge and value-added services, fire consultancy and risk assessment, repair and maintenance, cleaning, landscape management, car park management, and clubhouse management, as well as environmental protection and hygiene and safety management. Further, it provides property holding; testing; machinery leasing and trading; and corporate management services. The company was formerly known as Hong Kong International Construction Investment Management Group Co., Limited and changed its name to Tysan Holdings Limited in August 2019. Tysan Holdings Limited was incorporated in 1991 and is headquartered in Wong Chuk Hang, Hong Kong. Tysan Holdings Limited operates as a subsidiary of Times Holdings II Limited.
Stock analysis
Tysan Holdings Ltd (0687) currently trades at HK$0.3450, while our model-based Fair Value estimate is HK$0.3400, so the stock looks roughly fairly valued today (gap 1.5%).
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Valuation
Bull case: the DCF Models group reads highest at a median of HK$0.7500 per share, and 13 of the 22 models we run sit above the HK$0.3450 price.
Bear case: the Earnings-Based group reads lowest at HK$0.1500, and 9 of the 22 models stay below the price. Evidence for this calculation is low.
Scenario range: HK$0.2900 (bear) to HK$0.3900 (bull), the price of HK$0.3450 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 69/100 (solid quality), in the Industrials sector.
Mixed Growth: Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
Tysan Holdings Ltd reported revenue of HK$2.1B in FY2025 versus HK$2.2B in FY2021, a compound −1.6%/yr. Reported net income was HK$61.3M in FY2025.
Key figures
Market cap HK$1.2B (≈ $148M) · P/E ratio 16.0 · P/S ratio 0.47 · EPS (TTM) HK$0.0100 · Dividend yield 14.5% · Net margin 3.0% · Return on equity 5.1% · Return on assets (EBIT) 0.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 4% below its 52-week high and 24% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −34% fair-value upside, at −1%, 0687 screens cheaper than that median.
Fair Value models
Bear HK$0.2900Fair Value HK$0.3400Bull HK$0.3900
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.55/100
Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
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.
+2.9%
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.
−2.5%
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.
+3.0%
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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.
−5.3% (2020) → 1.7% (2025)
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.Engineering & Construction · 800 stocks
Beats the industry median on 10/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score69 · Top 25%
Fair Value upside−1.4% · Above median
Profitability
Return on equity (TTM)5.1% · Below median
Return on assets1.2% · Below median
Net margin (TTM)3.0% · Below median
Operating margin (TTM)1.8% · Below median
Growth and dividend
Revenue growth−34.0% · Bottom 25%
Dividend yield (TTM)14.5% · Top 25%
Balance sheet
Debt / equity0.05× · Below median
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
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Is Tysan Holdings Ltd (0687) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of HK$0.3400 versus a price of HK$0.3450, about −1% upside (fairly valued).
What is the fair value of 0687?
Our model-based fair value for Tysan Holdings Ltd is HK$0.3400 (as of Sep 27, 2026), built from audited fundamentals. The current price: HK$0.3450.
What is the quality score of 0687?
Tysan Holdings Ltd has a Quality Score of 69/100. 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 Tysan Holdings Ltd (0687)?
Our model-based price target is the fair value of HK$0.3400 (as of Sep 27, 2026) from 22 valuation models. Cautious scenario HK$0.2900, optimistic scenario HK$0.3900. It is a calculation from audited fundamentals, not an analyst target.
What is the Tysan Holdings Ltd stock forecast for 2026?
Our models put fair value at HK$0.3400, about −1% upside versus a price of HK$0.3450 (fairly valued). Cautious scenario HK$0.2900, optimistic scenario HK$0.3900. The calculation is refreshed regularly with new filings.
What is the revenue of Tysan Holdings Ltd (0687)?
Tysan Holdings Ltd reported trailing-twelve-month revenue of about HK$2.1B (latest available figure, as of Sep 27, 2026).
Does Tysan Holdings Ltd pay a dividend?
Tysan Holdings Ltd currently shows a dividend yield of about 14.49% relative to its recent price (as of Sep 27, 2026).
What growth is priced into Tysan Holdings Ltd (0687)?
For today's price to be fair in a discounted-cash-flow model, Tysan Holdings Ltd would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 13.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -7.5 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of 0687 use?
Our models discount Tysan Holdings Ltd at 13.3 %: a base by market capitalisation (micro), 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 Tysan Holdings Ltd that is less than minus 40 % per year a year over ten years, using the same discount rate (13.3 %) and the same formula as our fair value.
How much growth has Tysan Holdings Ltd (0687) delivered so far?
Over the past 5 years revenue at Tysan Holdings Ltd grew -7.5 % 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 Tysan Holdings Ltd (0687) growing?
The median revenue growth in the sector is +5.5 % a year. That is the yardstick for the growth priced into Tysan 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 Tysan Holdings Ltd (0687)?
The free-cash-flow yield on the price is 27.65 %: that much free cash flow Tysan Holdings Ltd produces per unit of market value. When it exceeds the discount rate of our models (13.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Tysan Holdings Ltd (0687)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Tysan Holdings Ltd it is HK$0.3400 per share (as of Sep 27, 2026), against a price of HK$0.3450. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Tysan Holdings Ltd stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 0687 trades above its calculated fair value: price HK$0.3450, fair value HK$0.3400, a gap of about −1% (fairly valued). 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 0687?
No. The price is what the market pays today (HK$0.3450); the fair value is what the company's own numbers justify (HK$0.3400). For Tysan Holdings Ltd the two are HK$0.0050 per share apart. That gap is exactly why we show both numbers side by side.
How much is Tysan Holdings Ltd worth?
The market values Tysan Holdings Ltd at about HK$1.2B (market capitalisation, as of Sep 27, 2026). Per share that is HK$0.3450; our models calculate a fair value of HK$0.3400 per share.
What do the bullish and bearish scenarios say about 0687?
Our models span a range for Tysan Holdings Ltd: cautious scenario HK$0.2900, base HK$0.3400, optimistic HK$0.3900 per share (as of Sep 27, 2026, price HK$0.3450). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 0687?
Tysan Holdings Ltd trades at a price-to-earnings ratio of 16.0 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of HK$0.3400 is built from several models across several years. Other multiples: PEG 0.4, P/B 1.0, P/S 0.6, EV/EBITDA 7.0.
What is the PEG ratio of 0687?
The PEG ratio of Tysan Holdings Ltd is 0.41 (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 Tysan Holdings Ltd (0687)?
Balance-sheet figures for Tysan Holdings Ltd (as of Sep 27, 2026): return on equity 5.1%, debt of 0.05 per unit of equity. They feed the Quality Score of 69/100, which measures business quality independently of the share price.
How far is 0687 from its 52-week high?
Tysan Holdings Ltd trades at HK$0.3450, about 4% below its 52-week high of HK$0.3600 and 24% above the low of HK$0.2789 (as of Sep 29, 2026). Distance from the high says nothing about value: that is what the fair value of HK$0.3400 is for.
Which stocks are comparable to Tysan Holdings Ltd?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro 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 Tysan Holdings Ltd stock attractive at the current price?
The data as of Sep 27, 2026: price HK$0.3450, calculated fair value HK$0.3400 (−1%), Quality Score 69/100, from 22 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 0687 calculated?
We run Tysan Holdings Ltd through 22 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$0.3400, 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. Tysan Holdings Ltd itself currently trades above fair value. 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 Tysan Holdings Ltd (0687)?
The closing price on Sep 29, 2026 was HK$0.3450. Our model-based fair value is HK$0.3400, about −1% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Tysan Holdings Ltd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Where does the earnings growth of Tysan Holdings Ltd (0687) come from?
Earnings per share at Tysan Holdings Ltd grew −27.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share −17.7 %, EBIT margin −24.8 %, tax rate +8.0 %, residual (interest, one-offs) +8.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Tysan Holdings Ltd
How large is the market capitalisation of Tysan Holdings Ltd (0687)?
The market capitalisation of Tysan Holdings Ltd is HK$1.2B (≈ $148M). 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 Tysan Holdings Ltd (0687)?
The price-to-sales ratio of Tysan Holdings Ltd is 0.47 (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 Tysan Holdings Ltd (0687)?
Earnings per share at Tysan Holdings Ltd are HK$0.0100 (price ÷ EPS = P/E 16.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Tysan Holdings Ltd (0687)?
The dividend yield of Tysan Holdings Ltd is 14.5%. 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 Tysan Holdings Ltd (0687)?
The net margin of Tysan Holdings Ltd is 3.0% (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 Tysan Holdings Ltd (0687)?
The return on equity (ROE) of Tysan Holdings Ltd is 5.1% (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 Tysan Holdings Ltd (0687)?
On an EBIT basis the return on assets of Tysan Holdings Ltd is 0.4% (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 Tysan Holdings Ltd (0687)?
The operating margin of Tysan Holdings Ltd is 1.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Tysan Holdings Ltd (0687)?
Revenue at Tysan Holdings Ltd is growing −34.0% versus a year earlier (3y avg −5.8%). 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 Tysan Holdings Ltd (0687)?
Earnings per share at Tysan Holdings Ltd are growing −9.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Tysan Holdings Ltd (0687) hold?
Tysan Holdings Ltd holds more cash than debt, HK$532M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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