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Willas-Array Electronics (Holdings) Limited (0854) Fair Value & Analysis

Technology · HK · Market cap HK$551M

WA Willas-Array Electronics (Holdings) Limited 0854 · HK
PriceHK$5.57
Fair ValueHK$8.51
Upside+52.8%
Quality59/100
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Weak Growth
Thin margins · 2.2% net margin
Low debt · generates free cash flow
Ranks above peers (9/14)
Narrow moat 29/100
Evidence: High Range HK$6.11 – HK$11.79 Share as image

Fair value as of: Aug 13, 2026

From 24 valuation models · updated 2 days ago

Fair value updated Aug 13, 2026, revised from HK$8.41 to HK$8.51 (+1.2%) since Aug 5, 2026. Share price +7.7% over the past month.

A solid business, screening 53% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (HK$6.11). The market is more pessimistic than our downside scenario.
  • Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (HK$6.11 to HK$11.79) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

HK$19.30 HK$1.65 Fair Value HK$8.51 Mar 2021 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$1.65 – HK$19.30 · fair‑value band HK$6.11 – HK$11.79 · the HK$5.57 price screens below the HK$8.51 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Willas-Array Electronics (Holdings) Limited (0854) currently trades at HK$5.57, while our model-based Fair Value estimate is HK$8.51, implying the stock looks roughly 52.8% undervalued today. The Quality Score stands at 59/100 (solid quality), in the Technology 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, Willas-Array Electronics (Holdings) Limited generated revenue of HK$2.4B at a net margin of 2.2%. Revenue declined 2.1% year over year. It earns a return on equity of 11.0%. Net debt stands at HK$475M. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$6.11 (bear case) to HK$11.79 (bull case); at HK$5.57, the current price sits below 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 76% below its 52-week high and 71% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -15% fair-value upside, at 53%, 0854 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$19.88 HK$25.29 HK$33.69 80
Residual Income HK$4.04 HK$4.38 HK$5.49 76
Rev-Margin DCF HK$11.50 HK$14.59 HK$18.63 74
All 24 models by family
DCF Models
FCF DCF HK$19.27 HK$24.98 HK$34.57 38
Owner Earnings HK$5.52 HK$7.06 HK$9.64 31
5Y Revenue Exit HK$11.50 HK$14.09 HK$17.81 39
5Y EBITDA Exit HK$13.44 HK$17.45 HK$22.76 41
5Y P/E Exit HK$13.70 HK$17.90 HK$22.97 38
10Y Revenue Exit HK$14.72 HK$16.83 HK$18.88 36
10Y EBITDA Exit HK$15.91 HK$18.73 HK$21.53 37
10Y P/E Exit HK$16.06 HK$18.99 HK$21.64 35
Earnings-Based
Graham-Dodd HK$3.36 HK$4.11 HK$4.63 54
EPV HK$4.74 HK$5.32 HK$5.81 59
Dividend Discount
Gordon GGM HK$0.0100 HK$0.0100 HK$0.0200 70
DDM Multi-Stage HK$0.0100 HK$0.0200 HK$0.0200 61
Multiples
P/E Multiple HK$10.39 HK$13.85 HK$17.32 63
P/S Multiple HK$6.31 HK$8.41 HK$10.51 58
P/B Multiple HK$6.31 HK$8.41 HK$10.51 55
EV/EBIT HK$11.17 HK$14.74 HK$18.32 53
EV/EBITDA HK$10.29 HK$13.57 HK$16.85 54
EV/Revenue HK$5.87 HK$8.19 HK$10.51 43
Asset-Based
NCAV (Graham) HK$2.46 HK$3.30 HK$4.93 50
Growth DCF
Growth DCF HK$19.88 HK$25.29 HK$33.69 80
Rev-Margin DCF HK$11.50 HK$14.59 HK$18.63 74
Economic Profit
Residual Income HK$4.04 HK$4.38 HK$5.49 76
ROIC Compounder HK$4.74 HK$5.37 HK$6.01 72
Growth Earnings
Growth-Adj P/E HK$7.27 HK$10.38 HK$13.50 68

Widest divergence: DCF Models (HK$17.45) versus Dividend Discount (HK$0.0100). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$2.4B
Revenue growth (YoY) -2.1%
Net margin 2.2%
Return on equity 11.0%
Free cash flow HK$239M FY2026
P/E ratio 9.9 as of Jul 2, 2026
More key figures
Operating margin 2.4%
EPS (TTM) HK$0.2400
EPS growth (YoY) -71.0%
Net debt HK$475M FY2026

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

Quality Score breakdown

Overall quality 59/100

Of which business quality 58 · Market factors (momentum, volatility) 27

Profitability 46
Margins and returns on capital today
Quality Growth 78
Are margins and returns improving?
Cashflow 73
Earnings quality: real cash, not paper profit
Fin. Strength 41
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 46
Calm price path (market factor)
Momentum 24
Price trend over the last 3–12 months (market factor)
52W Momentum 10
Distance to the 52-week high (market factor)
Net Issuance 28
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

Willas-Array Electronics (Holdings) Limited, an investment holding company, distributes and trades in electronic components for industrial, audio and video, telecommunication, home appliances, lighting, electronic manufacturing, and automotive markets. The company offers automotive, infotainment, motor control, SMPS, smart LED, and other products.

Full company description

Willas-Array Electronics (Holdings) Limited, an investment holding company, distributes and trades in electronic components for industrial, audio and video, telecommunication, home appliances, lighting, electronic manufacturing, and automotive markets. The company offers automotive, infotainment, motor control, SMPS, smart LED, and other products. It also provides engineering solutions; and auto parts and modules design, as well as transportation; and management and consultancy services. The company operates in Mainland China, Hong Kong, and Taiwan. Willas-Array Electronics (Holdings) Limited was founded in 1981 and is headquartered in Kwai Chung, Hong Kong. Willas-Array Electronics (Holdings) Limited is a subsidiary of Texin (Hongkong) Electronics Co. Limited.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Willas-Array Electronics (Holdings) Limited reported revenue of HK$2.4B in FY2026 versus HK$3.4B in FY2022, a compound −8.9%/yr. Reported net income was HK$51.0M in FY2026, compounding −11.3%/yr from FY2022.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2026)
HK$2.4B
Latest YoY
−0.7%
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.
−9.1%
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.
−7.9%
Avg. growth/yr (26Y) 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.
+2.8%
Revenue −8.9%/yr
FY22 HK$3.4B
FY23 HK$3.1B
FY24 HK$2.7B
FY25 HK$2.4B
FY26 HK$2.4B
Net income −11.3%/yr
FY22 HK$82.2M
FY23 HK$2.7M
FY24 −HK$169M
FY25 −HK$85.9M
FY26 HK$51.0M

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Cite: Fair Value Calculator (2026). "Willas-Array Electronics (Holdings) Limited Fair Value". https://www.fairvalue-calculator.com/stock/0854

Peer Group

Electronics & Computer Distribution · 156 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 59 · Above median
Fair Value upside +53% · Top 25%
Return on equity (TTM) 11% · Above median
Return on assets 3% · Below median
Net margin (TTM) 2% · Above median
Operating margin (TTM) 2% · Below median
Revenue growth -2% · Bottom 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.13× · Higher than median

Valuation Multiples vs Electronics & Computer Distribution median · lower = cheaper

P/E (TTM) 9.9× · Cheaper than 75% of peers
P/B 1.09× · Cheaper than median
P/S (TTM) 0.23× · Cheaper than median
P/FCF 0.3× · Cheaper than 75% of peers
EV/EBITDA 6.4× · 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 100 · sector 28
FUTURE 0 · sector 64
PAST 44 · sector 34
HEALTH 94 · sector 98
DIVIDEND 1 · sector 55

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 Electronics & Computer Distribution stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
TD SYNNEX Corporation SNX $255.21 $289.83 +14%
Unisplendour Corporation 000938 ¥39.60 ¥16.52 -58%
Rexel S.A RXL €37.61 €32.05 -15%
Arrow Electronics, Inc ARW $210.30 $114.08 -46%
Avnet, Inc AVT $97.31 $77.07 -21%
WPG Holdings 3702 123.50 TWD 148.26 TWD +20%
Nanjing Sunlord Electronics Corporation 300975 ¥27.41 ¥12.34 -55%
Shenzhen Huaqiang Industry Co 000062 ¥23.53 ¥7.52 -68%
Shenzhen H&T Intelligent Control Co. 002402 ¥21.59 ¥20.12 -7%
Topco Scientific Co 5434 532.00 TWD 473.70 TWD -11%

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Frequently asked questions

Is Willas-Array Electronics (Holdings) Limited (0854) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$8.51 versus a price of HK$5.57, about +53% (undervalued).
What is the fair value of 0854?
Our model-based fair value for Willas-Array Electronics (Holdings) Limited is HK$8.51 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$5.57.
What is the quality score of 0854?
Willas-Array Electronics (Holdings) Limited 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 revenue of Willas-Array Electronics (Holdings) Limited (0854)?
Willas-Array Electronics (Holdings) Limited reported trailing-twelve-month revenue of about HK$2.4B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 0854?
The net profit margin of Willas-Array Electronics (Holdings) Limited is about 2.2%, meaning it keeps roughly 2.2% 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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