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Value Convergence Holdings Ltd (0821) fair value: what the stock is really worth

As of Sep 29, 2026: fair value of Value Convergence Holdings Ltd HK$0.86, price HK$0.44, upside +97.7%, quality 31 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? No
  3. Add to watchlist

Financial Services · HK · ISIN HK0000048543

VC Thin data Sep 27, 2026

Value Convergence Holdings Ltd

0821 · HK

Cheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.

✓Fair value HK$0.8600 · Strongly undervalued (+97.7%)
!Quality 31/100
!Weak Growth (revenue 5y −10.2 %/yr)
!Loss-making · -112.0% net margin (TTM)
!Low debt · negative free cash flow
!Trails peers (3/9)
!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

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Price vs Fair Value

HK$5.01 HK$0.2285 Fair Value HK$0.8600 Dec 2020 Sep 2026

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$0.2285 – HK$5.01 · fair‑value band HK$0.5700 – HK$1.08 · the HK$0.4350 price screens below the HK$0.8600 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 27, 2026.

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Company profile

Value Convergence Holdings Limited, together with its subsidiaries, provides financial services in Hong Kong. It operates through six segments: Brokerage and Financing; Corporate Finance and Other Advisory Services; Asset Management; Insurance Brokerage; Proprietary Trading; and Property Investment.

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Value Convergence Holdings Limited, together with its subsidiaries, provides financial services in Hong Kong. It operates through six segments: Brokerage and Financing; Corporate Finance and Other Advisory Services; Asset Management; Insurance Brokerage; Proprietary Trading; and Property Investment. The company offers securities broking and dealing, margin financing and money lending, placing and underwriting, derivatives trading and structured products, and research services; corporate financial advisory and company secretarial services; and asset management services. It also engages in insurance brokerage services; trading of equity securities, debt securities, and other financial products; and rental of investment property, as well as corporate and management services. The company was formerly known as iAsia Technology Limited and changed its name to Value Convergence Holdings Limited in February 2003. Value Convergence Holdings Limited was founded in 1986 and is based in Wan Chai, Hong Kong.

Stock analysis

Value Convergence Holdings Ltd (0821) currently trades at HK$0.4350, while our model-based Fair Value estimate is HK$0.8600, implying the stock looks roughly 49.4% undervalued 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$0.5700 (bear) to HK$1.08 (bull), the price of HK$0.4350 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 31/100 (below-average quality), in the Financial Services sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Value Convergence Holdings Ltd reported revenue of HK$49.7M in FY2025 versus HK$89.8M in FY2021, a compound −13.7%/yr. Reported net income was −HK$62.6M in FY2025.

Key figures

Market cap HK$114M (≈ $14.6M) · P/S ratio 1.71 · EPS (TTM) HK$−0.2000 · Net margin −126% · Return on equity −16.9% · Return on assets (EBIT) −13.0% · Operating margin −133% · Revenue (TTM) HK$55.9M.

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 11% below its 52-week high and 89% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −18% fair-value upside, at 98%, 0821 screens cheaper than that median.

Fair Value models

Bear HK$0.5700 Fair Value HK$0.8600 Bull HK$1.08
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$0.5400 HK$0.7300 HK$1.09 54
All 1 models by family
Asset-Based
NCAV (Graham) HK$0.5400 HK$0.7300 HK$1.09 54

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Quality Score breakdown

Overall quality 31/100

Of which business quality 37 · Market factors (momentum, volatility) 56

Profitability 3
Margins and returns on capital today
Quality Growth 45
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 88
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 43
Calm price path (market factor)
Momentum 70
Price trend over the last 3–12 months (market factor)
52W Momentum 47
Distance to the 52-week high (market factor)
Net Issuance 10
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. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−24.7%
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.
−10.2%
Start year 2020 (pandemic). Over 10 years: −5.7% 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.
+8.4%
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.
−32.6% (2020) → −120.5% (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.Capital Markets · 464 stocks

Beats the industry median on 3/8 measures
Overall it trails its industry peers.
Valuation
Quality Score 37 · Bottom 25%
Fair Value upside +97.7% · Top 25%
Profitability
Return on assets −13.3% · Bottom 25%
Net margin (TTM) −112.0% · Bottom 25%
Operating margin (TTM) −132.9% · Bottom 25%
Growth and dividend
Revenue growth −10.7% · Bottom 25%
Balance sheet
Debt / equity 0.01× · Below median

Valuation Multiplesvs Capital Markets median · lower = cheaper

P/S (TTM) 0.26× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 34
FUTURE (revenue growth)0 · sector 98
PAST (return on equity)0 · sector 30
HEALTH (low debt)99 · sector 94
DIVIDEND (yield)0 · sector 43

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 $196.31 $314.07 +60%
The Goldman Sachs Group GS $935.45 $766.86 −18%
The Charles Schwab Corporation SCHW $99.03 $118.07 +19%
Interactive Brokers Group IBKR $89.24 $23.12 −74%
Robinhood Markets, Inc HOOD $119.40 $47.77 −60%
Macquarie Group MQG A$239.53 A$80.51 −66%
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 $10.06 $10.25 +2%

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HK$0.8600 +49%Fair Value
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Cite: Fair Value Calculator (2026). "Value Convergence Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/0821

Frequently asked questions

Is Value Convergence Holdings Ltd (0821) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of HK$0.8600 versus a price of HK$0.4350, about +98% upside (undervalued).
What is the fair value of 0821?
Our model-based fair value for Value Convergence Holdings Ltd is HK$0.8600 (as of Sep 27, 2026), built from audited fundamentals. The current price: HK$0.4350.
What is the quality score of 0821?
Value Convergence Holdings Ltd has a Quality Score of 31/100. 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 Value Convergence Holdings Ltd (0821)?
Our model-based price target is the fair value of HK$0.8600 (as of Sep 27, 2026) from 1 valuation models. Cautious scenario HK$0.5700, optimistic scenario HK$1.08. It is a calculation from audited fundamentals, not an analyst target.
What is the Value Convergence Holdings Ltd stock forecast for 2026?
Our models put fair value at HK$0.8600, about +98% upside versus a price of HK$0.4350 (undervalued). Cautious scenario HK$0.5700, optimistic scenario HK$1.08. The calculation is refreshed regularly with new filings.
What is the revenue of Value Convergence Holdings Ltd (0821)?
Value Convergence Holdings Ltd reported trailing-twelve-month revenue of about HK$55.9M (latest available figure, as of Sep 27, 2026).
What is the intrinsic value of Value Convergence Holdings Ltd (0821)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Value Convergence Holdings Ltd it is HK$0.8600 per share (as of Sep 27, 2026), against a price of HK$0.4350. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Value Convergence Holdings Ltd stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 0821 trades below its calculated fair value: price HK$0.4350, fair value HK$0.8600, a gap of about +98% (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 0821?
No. The price is what the market pays today (HK$0.4350); the fair value is what the company's own numbers justify (HK$0.8600). For Value Convergence Holdings Ltd the two are HK$0.4250 per share apart. That gap is exactly why we show both numbers side by side.
How much is Value Convergence Holdings Ltd worth?
The market values Value Convergence Holdings Ltd at about HK$114M (market capitalisation, as of Sep 27, 2026). Per share that is HK$0.4350; our models calculate a fair value of HK$0.8600 per share.
What do the bullish and bearish scenarios say about 0821?
Our models span a range for Value Convergence Holdings Ltd: cautious scenario HK$0.5700, base HK$0.8600, optimistic HK$1.08 per share (as of Sep 27, 2026, price HK$0.4350). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Value Convergence Holdings Ltd (0821)?
Balance-sheet figures for Value Convergence Holdings Ltd (as of Sep 27, 2026): return on equity −16.9%, debt of 0.01 per unit of equity. They feed the Quality Score of 31/100, which measures business quality independently of the share price.
How far is 0821 from its 52-week high?
Value Convergence Holdings Ltd trades at HK$0.4350, about 11% below its 52-week high of HK$0.4900 and 89% above the low of HK$0.2300 (as of Sep 29, 2026). Distance from the high says nothing about value: that is what the fair value of HK$0.8600 is for.
Which stocks are comparable to Value Convergence Holdings 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 Value Convergence Holdings Ltd stock attractive at the current price?
The data as of Sep 27, 2026: price HK$0.4350, calculated fair value HK$0.8600 (+98%), Quality Score 31/100, 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 0821 calculated?
We run Value Convergence Holdings 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$0.8600, 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. Value Convergence Holdings Ltd currently trades 49 % 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 Value Convergence Holdings Ltd (0821)?
The closing price on Sep 29, 2026 was HK$0.4350. Our model-based fair value is HK$0.8600, about +98% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Value Convergence Holdings Ltd right now?
The large discount to fair value meets weak quality (31/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (HK$0.5700). 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. A fairly wide model range (HK$0.5700 to HK$1.08) leaves room in how you read the outcome.

Key figures of Value Convergence Holdings Ltd

How large is the market capitalisation of Value Convergence Holdings Ltd (0821)?
The market capitalisation of Value Convergence Holdings Ltd is HK$114M (≈ $14.6M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Value Convergence Holdings Ltd (0821)?
The price-to-sales ratio of Value Convergence Holdings Ltd is 1.71 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Value Convergence Holdings Ltd (0821)?
Earnings per share at Value Convergence Holdings Ltd are HK$−0.2000. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Value Convergence Holdings Ltd (0821)?
The net margin of Value Convergence Holdings Ltd is −126% (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 Value Convergence Holdings Ltd (0821)?
The return on equity (ROE) of Value Convergence Holdings Ltd is −16.9% (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 Value Convergence Holdings Ltd (0821)?
On an EBIT basis the return on assets of Value Convergence Holdings Ltd is −13.0% (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 Value Convergence Holdings Ltd (0821)?
The operating margin of Value Convergence Holdings Ltd is −133% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Value Convergence Holdings Ltd (0821)?
Revenue at Value Convergence Holdings Ltd is growing −10.7% versus a year earlier. How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Value Convergence Holdings Ltd (0821) generate?
The free cash flow of Value Convergence Holdings Ltd is −HK$4.3M (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 Value Convergence Holdings Ltd (0821) hold?
Value Convergence Holdings Ltd holds more cash than debt, HK$59.1M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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