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Tysan Holdings (0687) Fair Value & Analysis

Industrials · HK · Market cap HK$1.1B

TH Tysan Holdings 0687 · HK
PriceHK$0.3150
Fair ValueHK$0.3400
Upside+7.9%
Quality69/100
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Mixed Growth
Thin margins · 3.0% net margin
Low debt · generates free cash flow
15.87% dividend yield
Ranks above peers (10/15)
Narrow moat 27/100
Evidence: High Range HK$0.2900 – HK$0.3900 Share as image

Fair value as of: Aug 13, 2026

From 22 valuation models · updated 2 days ago

Share price +5.0% over the past month.

A solid business, 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$0.2900 (bear) to HK$0.3900 (bull), base HK$0.3400. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 69/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

HK$0.6622 HK$0.1068 Fair Value HK$0.3400 Nov 2019 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$0.1068 – HK$0.6622 · fair‑value band HK$0.2900 – HK$0.3900 · the HK$0.3150 price screens below the HK$0.3400 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Tysan Holdings (0687) currently trades at HK$0.3150, while our model-based Fair Value estimate is HK$0.3400, implying the stock looks roughly 7.9% fairly valued today. The Quality Score stands at 69/100 (solid quality), in the Industrials 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, Tysan Holdings generated revenue of HK$2.1B at a net margin of 3.0%. Revenue declined 34.0% year over year. It earns a return on equity of 5.1%. The balance sheet holds a net cash position of HK$532M. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$0.2900 (bear case) to HK$0.3900 (bull case); at HK$0.3150, 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 5% below its 52-week high and 59% 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 8%, 0687 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$0.9700 HK$1.19 HK$1.54 80
Residual Income HK$0.2500 HK$0.2500 HK$0.2200 76
Rev-Margin DCF HK$0.5600 HK$0.6400 HK$0.7500 74
All 22 models by family
DCF Models
FCF DCF HK$0.9500 HK$1.18 HK$1.58 38
Owner Earnings HK$0.4600 HK$0.5500 HK$0.7000 31
5Y Revenue Exit HK$0.5600 HK$0.6200 HK$0.7100 39
5Y EBITDA Exit HK$0.6500 HK$0.7800 HK$0.9400 41
5Y P/E Exit HK$0.6500 HK$0.7700 HK$0.9200 38
10Y Revenue Exit HK$0.7300 HK$0.7800 HK$0.8300 36
10Y EBITDA Exit HK$0.7800 HK$0.8700 HK$0.9600 37
10Y P/E Exit HK$0.7800 HK$0.8700 HK$0.9500 35
Earnings-Based
Graham-Dodd HK$0.1200 HK$0.1500 HK$0.1700 54
EPV HK$0.2500 HK$0.2600 HK$0.2700 59
Multiples
P/E Multiple HK$0.2900 HK$0.3800 HK$0.4800 63
P/S Multiple HK$0.2300 HK$0.3100 HK$0.3900 58
P/B Multiple HK$0.2300 HK$0.3100 HK$0.3900 55
EV/EBIT HK$0.3100 HK$0.3500 HK$0.4000 53
EV/EBITDA HK$0.4600 HK$0.5600 HK$0.6600 54
EV/Revenue HK$0.2700 HK$0.3100 HK$0.3500 43
Asset-Based
NCAV (Graham) HK$0.1700 HK$0.2300 HK$0.3400 50
Growth DCF
Growth DCF HK$0.9700 HK$1.19 HK$1.54 80
Rev-Margin DCF HK$0.5600 HK$0.6400 HK$0.7500 74
Economic Profit
Residual Income HK$0.2500 HK$0.2500 HK$0.2200 76
ROIC Compounder HK$0.2500 HK$0.2600 HK$0.2700 72
Growth Earnings
Growth-Adj P/E HK$0.2000 HK$0.2900 HK$0.3800 68

Widest divergence: DCF Models (HK$0.7800) versus Earnings-Based (HK$0.1500). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$2.1B
Revenue growth (YoY) -34.0%
Net margin 3.0%
Return on equity 5.1%
Free cash flow HK$321M FY2025
P/E ratio 16.0 as of Jul 2, 2026
More key figures
Operating margin 1.8%
EPS (TTM) HK$0.0100
EPS growth (YoY) -9.3%
Net cash HK$532M FY2025

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

Quality Score breakdown

Overall quality 69/100

Of which business quality 70 · Market factors (momentum, volatility) 76

Profitability 38
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 82
Earnings quality: real cash, not paper profit
Fin. Strength 87
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 79
Calm price path (market factor)
Momentum 64
Price trend over the last 3–12 months (market factor)
52W Momentum 94
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

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.

Full company description

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.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Tysan Holdings 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.

Growth Quality 55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
HK$2.1B
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.
+2.9%
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.
−2.5%
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.
+3.0%
Revenue −1.6%/yr
FY21 HK$2.2B
FY22 HK$2.5B
FY23 HK$2.7B
FY24 HK$2.4B
FY25 HK$2.1B
Net income
FY21 −HK$107K
FY22 HK$4.5M
FY23 −HK$13.0M
FY24 HK$40.8M
FY25 HK$61.3M
Character of growth · EPS growth decomposed (2014-2025) −27.4 % p.a.
Revenue per share −17.7 pp

of which total revenue −6.7 pp · buybacks/dilution −11.1 pp

EBIT margin −24.8 pp
Tax rate +8.0 pp
Residual (interest, one-offs) +7.1 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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Cite: Fair Value Calculator (2026). "Tysan Holdings Fair Value". https://www.fairvalue-calculator.com/stock/0687

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 69 · Top 25%
Fair Value upside +8% · Above median
Return on equity (TTM) 5% · Below median
Return on assets 1% · Below median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 2% · Below median
Revenue growth -34% · Bottom 25%
Dividend yield (TTM) 15.9% · Top 25%
Debt / equity 0.05× · Lower than median

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 16.0× · Cheaper than median
P/B 0.94× · Cheaper than median
P/S (TTM) 0.52× · Cheaper than median
P/FCF 0.4× · Cheaper than median
EV/EBITDA 6.0× · Cheaper than median
PEG 0.41× · Cheaper than 75% of peers

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 44 · sector 14
FUTURE 0 · sector 14
PAST 21 · sector 26
HEALTH 98 · 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 13, 2026).

Stock Price Fair Value vs Fair Value
Larsen & Toubro Limited LT ₹4,020 ₹1,994 -50%
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%
KEPCO Plant Service & Engineering Co 051600 45,400 KRW 43,924 KRW -3%

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Frequently asked questions

Is Tysan Holdings (0687) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$0.3400 versus a price of HK$0.3150, about +8% (fairly valued).
What is the fair value of 0687?
Our model-based fair value for Tysan Holdings is HK$0.3400 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$0.3150.
What is the quality score of 0687?
Tysan Holdings 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 revenue of Tysan Holdings (0687)?
Tysan Holdings reported trailing-twelve-month revenue of about HK$2.1B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 0687?
The net profit margin of Tysan Holdings is about 3.0%, meaning it keeps roughly 3.0% of revenue as net income. Based on the latest reported figures.

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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