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Pinestone Capital Ltd (0804) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Pinestone Capital Ltd HK$2.63, price HK$16.10, upside -83.7%, quality 59 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
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Financial Services · HK · ISIN KYG7110K1004

PC Thin data Sep 24, 2026

Pinestone Capital Ltd

0804 · HK

Stretched ValuationStrong overvaluation with only moderate quality.

!Fair value HK$2.63 · Strongly overvalued (−83.7%)
!Quality 59/100
!Expensive Growth (revenue 5y +3.3 %/yr)
!Loss-making · -76.3% net margin (TTM)
!negative free cash flow
!Mixed vs. peers (4/9)
!Narrow moat 0/100
!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$16.31 HK$0.0687 Fair Value HK$2.63 May 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range HK$0.0687 – HK$16.31 · fair‑value band HK$1.74 – HK$3.29 · the HK$16.10 price screens above the HK$2.63 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Pinestone Capital Limited, an investment holding company, provides bespoke financial services to individual and corporate clients in Hong Kong. The company offers securities brokerage services; securities-backed lending services, such as margin financing, and money lending and secured lending services; and placing and underwriting services.

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Pinestone Capital Limited, an investment holding company, provides bespoke financial services to individual and corporate clients in Hong Kong. The company offers securities brokerage services; securities-backed lending services, such as margin financing, and money lending and secured lending services; and placing and underwriting services. Pinestone Capital Limited was incorporated in 2015 and is headquartered in Wan Chai, Hong Kong.

Stock analysis

Pinestone Capital Ltd (0804) currently trades at HK$16.10, while our model-based Fair Value estimate is HK$2.63, 83.7% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the evidence level at low.

Scenario range: HK$1.74 (bear) to HK$3.29 (bull), the price of HK$16.10 sits above 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 59/100 (solid quality), in the Financial Services sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Pinestone Capital Ltd reported revenue of HK$30.2M in FY2025 versus HK$25.0M in FY2021, a compound +4.9%/yr. Reported net income was −HK$17.3M in FY2025.

Key figures

Market cap HK$202M (≈ $25.8M) · P/S ratio 8.89 · EPS (TTM) HK$−0.1500 · Net margin −57.4% · Return on equity −10.4% · Return on assets (EBIT) −14.0% · Operating margin −148% · Revenue (TTM) HK$22.7M.

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 1% below its 52-week high and 565% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −15% fair-value upside, at −84%, 0804 screens richer than that median.

Fair Value models

Bear HK$1.74 Fair Value HK$2.63 Bull HK$3.29
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
NCAV (Graham) HK$1.61 HK$2.15 HK$3.21 51
All 1 models by family
Asset-Based
NCAV (Graham) HK$1.61 HK$2.15 HK$3.21 51

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Quality Score breakdown

Overall quality 59/100

Of which business quality 61 · Market factors (momentum, volatility) 83

Profitability 5
Margins and returns on capital today
Quality Growth 65
Are margins and returns improving?
Cashflow 50
Earnings quality: real cash, not paper profit
Fin. Strength 88
Balance sheet, leverage, solvency risk
Investment 78
Disciplined investing over empire-building
Low Volatility 42
Calm price path (market factor)
Momentum 100
Price trend over the last 3–12 months (market factor)
52W Momentum 99
Distance to the 52-week high (market factor)
Net Issuance 100
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. 19/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+20.5%
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.
+15.6%
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.
+3.3%
Start year 2020 (pandemic). Over 10 years: −2.2% a year
Revenue growth 12 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.
+5.3%
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.
−75.1% (2020) → −37.6% (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

0804 screens overvalued: fair value 84% below the price. Compare with Morgan Stanley, a financial holding company, →

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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.Capital Markets · 462 stocks

Beats the industry median on 4/8 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 61 · Above median
Fair Value upside −83.7% · Bottom 25%
Profitability
Return on assets −9.5% · Bottom 25%
Net margin (TTM) −76.3% · Bottom 25%
Operating margin (TTM) −147.6% · Bottom 25%
Growth and dividend
Revenue growth 57.5% · Top 25%

Valuation Multiplesvs Capital Markets median · lower = cheaper

P/B 0.13× · Cheapest 25%
P/S (TTM) 1.13× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 36
FUTURE (revenue growth)100 · sector 92
PAST (return on equity)0 · sector 32
HEALTH (low debt)0 · sector 95
DIVIDEND (yield)0 · sector 44

VALUE 0: the price sits above our fair-value range.

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 Capital Markets stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Morgan Stanley, a financial holding company, MS $188.08 $314.07 +67%
The Goldman Sachs Group GS $900.36 $766.86 −15%
The Charles Schwab Corporation SCHW $97.74 $118.07 +21%
Interactive Brokers Group IBKR $89.24 $23.12 −74%
Robinhood Markets, Inc HOOD $116.22 $47.77 −59%
Macquarie Group MQG A$245.63 A$80.51 −67%
CITIC Securities Company 600030 ¥26.29 ¥18.35 −30%
Guotai Haitong Securities Co 601211 ¥17.21 ¥19.35 +12%
East Money Information Co 300059 ¥18.28 ¥4.94 −73%
Nomura Holdings NMR $9.91 $10.19 +3%

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Pinestone Capital Ltd · Fair Value
HK$2.63 −84%Fair Value
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Cite: Fair Value Calculator (2026). "Pinestone Capital Ltd Fair Value". https://www.fairvalue-calculator.com/stock/0804

Frequently asked questions

Is Pinestone Capital Ltd (0804) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of HK$2.63 versus a price of HK$16.10, about −84% upside (overvalued).
What is the fair value of 0804?
Our model-based fair value for Pinestone Capital Ltd is HK$2.63 (as of Sep 24, 2026), built from audited fundamentals. The current price: HK$16.10.
What is the quality score of 0804?
Pinestone Capital Ltd has a Quality Score of 59/100. 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 Pinestone Capital Ltd (0804)?
Our model-based price target is the fair value of HK$2.63 (as of Sep 24, 2026) from 1 valuation models. Cautious scenario HK$1.74, optimistic scenario HK$3.29. It is a calculation from audited fundamentals, not an analyst target.
What is the Pinestone Capital Ltd stock forecast for 2026?
Our models put fair value at HK$2.63, about −84% upside versus a price of HK$16.10 (overvalued). Cautious scenario HK$1.74, optimistic scenario HK$3.29. The calculation is refreshed regularly with new filings.
What is the revenue of Pinestone Capital Ltd (0804)?
Pinestone Capital Ltd reported trailing-twelve-month revenue of about HK$22.7M (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Pinestone Capital Ltd (0804)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Pinestone Capital Ltd it is HK$2.63 per share (as of Sep 24, 2026), against a price of HK$16.10. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Pinestone Capital Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0804 trades above its calculated fair value: price HK$16.10, fair value HK$2.63, a gap of about −84% (overvalued). 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 0804?
No. The price is what the market pays today (HK$16.10); the fair value is what the company's own numbers justify (HK$2.63). For Pinestone Capital Ltd the two are HK$13.47 per share apart. That gap is exactly why we show both numbers side by side.
How much is Pinestone Capital Ltd worth?
The market values Pinestone Capital Ltd at about HK$202M (market capitalisation, as of Sep 24, 2026). Per share that is HK$16.10; our models calculate a fair value of HK$2.63 per share.
What do the bullish and bearish scenarios say about 0804?
Our models span a range for Pinestone Capital Ltd: cautious scenario HK$1.74, base HK$2.63, optimistic HK$3.29 per share (as of Sep 24, 2026, price HK$16.10). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Pinestone Capital Ltd (0804)?
Balance-sheet figures for Pinestone Capital Ltd (as of Sep 24, 2026): return on equity −10.4%. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is 0804 from its 52-week high?
Pinestone Capital Ltd trades at HK$16.10, about 1% below its 52-week high of HK$16.31 and 565% above the low of HK$2.42 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of HK$2.63 is for.
Which stocks are comparable to Pinestone Capital Ltd?
From the same area (Financial Services) we also value Morgan Stanley, a financial holding company,, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, 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 Pinestone Capital Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price HK$16.10, calculated fair value HK$2.63 (−84%), Quality Score 59/100, from 1 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 0804 calculated?
We run Pinestone Capital Ltd through 1 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$2.63, 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 14.5 % above its aggregate fair value. Pinestone Capital 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 Pinestone Capital Ltd (0804)?
The closing price on Oct 2, 2026 was HK$16.10. Our model-based fair value is HK$2.63, about −84% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Pinestone Capital Ltd right now?
The price sits above even our optimistic bull case (HK$3.29). The favourable scenario is already priced in. 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 but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (HK$1.74 to HK$3.29) leaves room in how you read the outcome.

Key figures of Pinestone Capital Ltd

How large is the market capitalisation of Pinestone Capital Ltd (0804)?
The market capitalisation of Pinestone Capital Ltd is HK$202M (≈ $25.8M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Pinestone Capital Ltd (0804)?
The price-to-sales ratio of Pinestone Capital Ltd is 8.89 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Pinestone Capital Ltd (0804)?
Earnings per share at Pinestone Capital Ltd are HK$−0.1500. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Pinestone Capital Ltd (0804)?
The net margin of Pinestone Capital Ltd is −57.4% (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 Pinestone Capital Ltd (0804)?
The return on equity (ROE) of Pinestone Capital Ltd is −10.4% (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 Pinestone Capital Ltd (0804)?
On an EBIT basis the return on assets of Pinestone Capital Ltd is −14.0% (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 Pinestone Capital Ltd (0804)?
The operating margin of Pinestone Capital Ltd is −148% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Pinestone Capital Ltd (0804)?
Revenue at Pinestone Capital Ltd is growing +57.5% versus a year earlier (3y avg +15.6%). 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 Pinestone Capital Ltd (0804)?
Earnings per share at Pinestone Capital Ltd are growing −81.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Pinestone Capital Ltd (0804) generate?
The free cash flow of Pinestone Capital Ltd is −HK$48.2M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Pinestone Capital Ltd (0804) hold?
Pinestone Capital Ltd holds more cash than debt, HK$40.0M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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