EN DE

VSTECS Holdings (0856) Fair Value & Analysis

Technology · HK · Market cap HK$12.6B

VH VSTECS Holdings 0856 · HK
PriceHK$10.72
Fair ValueHK$23.62
Upside+120.3%
Quality56/100
Watch VSTECS Holdings for free, get notified when fair value or trend changes. Watch for free
Healthy Growth
Thin margins · 1.4% net margin
Low debt · generates free cash flow
4.83% dividend yield
Ranks above peers (9/14)
Narrow moat 31/100
Evidence: High Range HK$16.96 – HK$30.29 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$16.22 to HK$23.62 (+45.6%) since Aug 5, 2026. Share price +12.8% over the past month.

A solid business, screening 120% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (HK$16.96). The market is more pessimistic than our downside scenario.
  • Solid quality (56/100) at a price below fair value, the discount is the argument here, not the business quality.
Share this valuation: 𝕏 WhatsApp

Price vs Fair Value (5 years)

HK$12.49 HK$3.10 Fair Value HK$23.62 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$3.10 – HK$12.49 · fair‑value band HK$16.96 – HK$30.29 · the HK$10.72 price screens below the HK$23.62 fair value. Dashed = 300-day average. As of Aug 13, 2026.

Full chart & analysis →

Which stocks are undervalued right now? Check free Discover now →

Analysis

VSTECS Holdings (0856) currently trades at HK$10.72, while our model-based Fair Value estimate is HK$23.62, implying the stock looks roughly 120.3% undervalued today. The Quality Score stands at 56/100 (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, VSTECS Holdings generated revenue of HK$97.6B at a net margin of 1.4%. Revenue grew 6.3% year over year. It earns a return on equity of 14.9%. Net debt stands at HK$4.3B. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$16.96 (bear case) to HK$30.29 (bull case); at HK$10.72, 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 16% below its 52-week high and 54% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at 0% fair-value upside, at 120%, 0856 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$17.01 HK$28.19 HK$47.31 80
Residual Income HK$6.80 HK$8.46 HK$19.93 76
Rev-Margin DCF HK$15.69 HK$25.56 HK$38.43 74
All 24 models by family
DCF Models
FCF DCF HK$17.15 HK$29.43 HK$51.06 38
Owner Earnings HK$15.66 HK$26.69 HK$46.11 31
5Y Revenue Exit HK$15.69 HK$25.82 HK$39.66 39
5Y EBITDA Exit HK$19.75 HK$34.28 HK$52.70 41
5Y P/E Exit HK$19.68 HK$34.14 HK$50.85 38
10Y Revenue Exit HK$15.62 HK$25.47 HK$40.72 36
10Y EBITDA Exit HK$18.76 HK$31.70 HK$51.73 37
10Y P/E Exit HK$18.72 HK$31.59 HK$50.16 35
Earnings-Based
Graham-Dodd HK$6.44 HK$30.79 HK$42.37 54
Lynch FV HK$8.20 HK$11.72 HK$15.24 50
PEG = 1.0 HK$8.20 HK$11.72 HK$15.24 46
EPV HK$13.84 HK$15.74 HK$17.40 59
Multiples
P/E Multiple HK$19.88 HK$26.51 HK$33.13 63
P/S Multiple HK$12.07 HK$16.09 HK$20.12 58
P/B Multiple HK$12.07 HK$16.09 HK$20.12 55
EV/EBIT HK$27.47 HK$35.81 HK$44.14 53
EV/EBITDA HK$22.45 HK$29.11 HK$35.78 54
EV/Revenue HK$15.11 HK$20.52 HK$25.94 43
Asset-Based
NCAV (Graham) HK$3.55 HK$4.75 HK$7.09 50
Growth DCF
Growth DCF HK$17.01 HK$28.19 HK$47.31 80
Rev-Margin DCF HK$15.69 HK$25.56 HK$38.43 74
Economic Profit
Residual Income HK$6.80 HK$8.46 HK$19.93 76
ROIC Compounder HK$15.43 HK$19.78 HK$25.31 72
Growth Earnings
Growth-Adj P/E HK$15.17 HK$21.67 HK$28.17 68

Widest divergence: DCF Models (HK$29.43) versus Asset-Based (HK$4.75). Highest evidence: Growth DCF (80).

Notify me when 0856 reaches fair value

Free. You confirm by email (double opt-in) and can unsubscribe anytime in one click.

Key figures & financial health

Revenue (TTM) HK$97.6B
Revenue growth (YoY) +6.3%
Net margin 1.4%
Return on equity 14.9%
Free cash flow HK$1.6B FY2025
P/E ratio 9.0 as of Jul 2, 2026
More key figures
Operating margin 1.8%
EPS (TTM) HK$0.4400
Dividend yield 4.8%
EPS growth (YoY) +24.3%
Net debt HK$4.3B FY2025

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

Quality Score breakdown

Overall quality 56/100

Of which business quality 55 · Market factors (momentum, volatility) 62

Profitability 44
Margins and returns on capital today
Quality Growth 46
Are margins and returns improving?
Cashflow 47
Earnings quality: real cash, not paper profit
Fin. Strength 51
Balance sheet, leverage, solvency risk
Investment 71
Disciplined investing over empire-building
Low Volatility 58
Calm price path (market factor)
Momentum 66
Price trend over the last 3–12 months (market factor)
52W Momentum 60
Distance to the 52-week high (market factor)
Net Issuance 87
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

VSTECS Holdings Limited, an investment holding company, develops information technology IT product channel and provides technical solution integration services in North Asia and Southeast Asia. It operates through three segments: Consumer Electronics, Enterprise Systems, and Cloud Computing.

Full company description

VSTECS Holdings Limited, an investment holding company, develops information technology IT product channel and provides technical solution integration services in North Asia and Southeast Asia. It operates through three segments: Consumer Electronics, Enterprise Systems, and Cloud Computing. The Consumer Electronics segment offers finished IT products, including computers, mobile phones, drones, smart sports watches, 3D printers, game consoles, etc. Its Enterprise Systems segment provides enterprise system tools, such as middleware, operating systems, Unix/NT servers, databases, and storage equipment for IT infrastructure, as well as IT infrastructure design and implementation, training, maintenance, and support services. The Cloud Computing segment offers cloud computing solutions and services. The company is also involved in electronic settlement business center; distribution of IT products; marketing research and IT services; and supply chain management and warehouse transport services. It serves individuals, small and medium enterprises, large corporations, and government entities through retailers, system integrators, and corporate dealers. The company was formerly known as VST Holdings Limited and changed its name to VSTECS Holdings Limited in June 2017. VSTECS Holdings Limited was founded in 1991 and is headquartered in Central, Hong Kong.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

VSTECS Holdings reported revenue of HK$97.6B in FY2025 versus HK$78.3B in FY2021, a compound +5.7%/yr. Reported net income was HK$1.4B in FY2025, compounding +0.7%/yr from FY2021.

Growth Quality 73/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
HK$97.6B
Latest YoY
+9.6%
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.
+8.1%
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.
+6.9%
Avg. growth/yr (24Y) ⓘ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.
+18.6%
Revenue +5.7%/yr
FY21 HK$78.3B
FY22 HK$77.3B
FY23 HK$73.9B
FY24 HK$89.1B
FY25 HK$97.6B
Net income +0.7%/yr
FY21 HK$1.3B
FY22 HK$823M
FY23 HK$922M
FY24 HK$1.1B
FY25 HK$1.4B
Character of growth · EPS growth decomposed (2014-2025) +9.2 % p.a.
Revenue per share +8.3 pp

of which total revenue +7.5 pp · buybacks/dilution +0.7 pp

EBIT margin +1.5 pp
Tax rate +0.1 pp
Residual (interest, one-offs) −0.8 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).

Watch 0856: get an alert when its fair value changes →

Run the numbers yourself: free valuation calculators
DCF CalculatorGraham NumberPeter Lynch FormulaDDM CalculatorFama-French ModelIntrinsic Value
Share or link this analysis
𝕏 Post WhatsApp LinkedIn Reddit
For bloggers & editors: embed code + live data

For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.

VSTECS Holdings · Fair Value
HK$23.62 +120%Fair Value
Calculator →

Cite: Fair Value Calculator (2026). "VSTECS Holdings Fair Value". https://www.fairvalue-calculator.com/stock/0856

Peer Group

Information Technology Services · 487 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 56 · Below median
Fair Value upside +120% · Top 25%
Return on equity (TTM) 15% · Above median
Return on assets 3% · Below median
Net margin (TTM) 1% · Below median
Operating margin (TTM) 2% · Below median
Revenue growth 6% · Above median
Dividend yield (TTM) 4.8% · Top 25%
Debt / equity 0.14× · Higher than median

Valuation Multiples vs Information Technology Services median · lower = cheaper

P/E (TTM) 9.0× · Cheaper than 75% of peers
P/B 1.25× · Cheaper than median
P/S (TTM) 0.13× · Cheaper than 75% of peers
P/FCF 1.0× · Cheaper than median
EV/EBITDA 4.8× · 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 100 · sector 33
FUTURE 32 · sector 31
PAST 60 · sector 35
HEALTH 93 · sector 97
DIVIDEND 97 · sector 40

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 Information Technology Services stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
International Business Machines Corporation IBM $235.98 $175.76 -26%
Accenture plc ACNN 2,460 MXN 300.07 MXN -88%
Tata Consultancy Services Limited TCS ₹2,350 ₹3,473 +48%
Infosys Limited INFY ₹1,176 ₹1,998 +70%
HCL Technologies Limited HCLTECH ₹1,365 ₹1,722 +26%
Wipro Limited WIPRO ₹183.94 ₹314.26 +71%
Tech Mahindra Limited TECHM ₹1,625 ₹1,521 -6%
Samsung SDS Co 018260 235,500 KRW 235,321 KRW -0%
Persistent Systems Limited PERSISTENT ₹5,474 ₹3,259 -40%
Hyundai Autoever Corporation 307950 433,000 KRW 186,323 KRW -57%

Compare VSTECS Holdings with another stock

Price, fair value, quality and upside side by side.

Free, no sign-up

Explore undervalued stocks

More undervalued Technology stocks →

All undervalued stocks TechnologyFinancial ServicesHealthcareConsumer CyclicalConsumer DefensiveCommunication ServicesIndustrialsEnergyBasic MaterialsReal EstateUtilities Deeply Undervalued StocksUndervalued Blue-Chip StocksUndervalued Small-Cap StocksUndervalued Dividend Stocks

Frequently asked questions

Is VSTECS Holdings (0856) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$23.62 versus a price of HK$10.72, about +120% (undervalued).
What is the fair value of 0856?
Our model-based fair value for VSTECS Holdings is HK$23.62 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$10.72.
What is the quality score of 0856?
VSTECS Holdings has a Quality Score of 56/100. 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 VSTECS Holdings (0856)?
VSTECS Holdings reported trailing-twelve-month revenue of about HK$97.6B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 0856?
The net profit margin of VSTECS Holdings is about 1.4%, meaning it keeps roughly 1.4% of revenue as net income. Based on the latest reported figures.
Does VSTECS Holdings pay a dividend?
VSTECS Holdings currently shows a dividend yield of about 4.83% relative to its recent price (as of Aug 13, 2026).

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.

14 days Pro free · no card

Track VSTECS Holdings and try Pro for 14 days

One email gets you 14 days of full Pro (review alerts, the 35,000+ stock screener, the diversification check) plus the monthly Top-25 report of the most undervalued quality stocks. No card, cancel anytime.

Zero risk: nothing is ever charged. After 14 days you decide whether to stay.