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China Sandi Holdings (0910) Fair Value & Analysis

Real Estate · HK · Market cap HK$71.2M

CS China Sandi Holdings 0910 · HK
PriceHK$0.0120
Fair ValueHK$0.0130
Upside+8.3%
Quality36/100
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Weak Growth
Loss-making · -42.8% net margin
Negative equity (buybacks among others) · negative free cash flow
Trails peers (2/9)
Narrow moat 14/100
Evidence: Low Range HK$0.0118 – HK$0.0130 Share as image

Fair value as of: Aug 13, 2026

From 5 valuation models · updated 2 days ago

Fair value updated Aug 13, 2026, revised from HK$0.0166 to HK$0.0130 (−21.9%) since Aug 5, 2026. Share price −14.3% over the past month.

Below-average quality, 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.
  • The models converge in a tight band (HK$0.0118 to HK$0.0130), unusually little disagreement for a valuation.
  • Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

HK$0.6300 HK$0.0120 Fair Value HK$0.0130 Sep 2020 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$0.0120 – HK$0.6300 · fair‑value band HK$0.0118 – HK$0.0130 · the HK$0.0120 price screens below the HK$0.0130 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

China Sandi Holdings (0910) currently trades at HK$0.0120, while our model-based Fair Value estimate is HK$0.0130, implying the stock looks roughly 8.3% fairly valued today. The Quality Score stands at 36/100 (below-average quality), in the Real Estate 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: low), always confirm before acting.

Over the trailing twelve months, China Sandi Holdings generated revenue of HK$1.3B at a net margin of -42.8%. Revenue declined 49.5% year over year. Net debt stands at HK$7.3B. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$0.0118 (bear case) to HK$0.0130 (bull case); at HK$0.0120, 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 14% below its 52-week high, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at 15% fair-value upside, at 8%, 0910 screens richer 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
Gordon GGM HK$0.0100 HK$0.0100 HK$0.0200 70
DDM Multi-Stage HK$0.0100 HK$0.0100 HK$0.0100 61
EV/EBITDA HK$0.2200 HK$0.2900 HK$0.3600 54
All 5 models by family
Dividend Discount
Gordon GGM HK$0.0100 HK$0.0100 HK$0.0200 70
DDM Multi-Stage HK$0.0100 HK$0.0100 HK$0.0100 61
Multiples
EV/EBIT HK$0.2800 HK$0.3700 HK$0.4600 53
EV/EBITDA HK$0.2200 HK$0.2900 HK$0.3600 54
EV/Revenue HK$0.1600 HK$0.2300 HK$0.2900 43

Widest divergence: Multiples (HK$0.2900) versus Dividend Discount (HK$0.0100). Highest evidence: Gordon GGM (70).

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Key figures & financial health

Revenue (TTM) HK$1.3B
Revenue growth (YoY) -49.5%
Net margin -42.8%
Return on equity -199%
Free cash flow −HK$55.1M FY2026
Operating margin 8.9%
More key figures
EPS growth (YoY) +59.2%
Net debt HK$7.3B FY2026

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

Quality Score breakdown

Overall quality 36/100

Of which business quality 31 · Market factors (momentum, volatility) 41

Profitability 2
Margins and returns on capital today
Quality Growth 46
Are margins and returns improving?
Cashflow 2
Earnings quality: real cash, not paper profit
Fin. Strength 1
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 82
Calm price path (market factor)
Momentum 28
Price trend over the last 3–12 months (market factor)
52W Momentum 18
Distance to the 52-week high (market factor)
Net Issuance 90
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

China Sandi Holdings Limited, an investment holding company, engages in the property investment and development activities in the Mainland of China. It operates through Property Development and Property Investment segments.

Full company description

China Sandi Holdings Limited, an investment holding company, engages in the property investment and development activities in the Mainland of China. It operates through Property Development and Property Investment segments. The company is involved in the development and sale of residential and commercial properties; leasing investment properties; and provision of property management services. It also owns and leases shopping malls, hotels, office units, residential and commercial units, kindergartens, and car parking facilities with rentals; and trades in securities. The Company was formerly known as China Grand Forestry Green Resources Group Limited and changed its name to China Sandi Holdings Limited in October 2012. China Sandi Holdings Limited was incorporated in 1998 and is headquartered in Hong Kong, Hong Kong.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

China Sandi Holdings reported revenue of HK$1.4B in FY2026 versus HK$2.9B in FY2022, a compound −17.2%/yr. Reported net income was −HK$588M in FY2026.

Growth Quality 0/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2026)
HK$1.4B
Latest YoY
−33.8%
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.
−29.4%
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.
−17.6%
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.
+7.2%
Revenue −17.2%/yr
FY22 HK$2.9B
FY23 HK$3.9B
FY24 HK$3.6B
FY25 HK$2.1B
FY26 HK$1.4B
Net income
FY22 HK$170M
FY23 HK$42.1M
FY24 −HK$511M
FY25 −HK$4.1B
FY26 −HK$588M

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Cite: Fair Value Calculator (2026). "China Sandi Holdings Fair Value". https://www.fairvalue-calculator.com/stock/0910

Peer Group

Real Estate - Development · 593 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 36 · Bottom 25%
Fair Value upside −17% · Below median
Return on assets 0% · Below median
Net margin (TTM) -43% · Bottom 25%
Operating margin (TTM) 9% · Below median
Revenue growth -50% · Bottom 25%
Dividend yield (TTM) 7.4% · Top 25%

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 11 · sector 47
FUTURE 0 · sector 0
PAST 0 · sector 10
HEALTH 100 · sector 85
DIVIDEND 100 · sector 58

PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.

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 Real Estate - Development stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
DLF Limited DLF ₹661.75 ₹146.13 -78%
Lodha Developers Limited LODHA ₹1,209 ₹583.43 -52%
PT Pantai Indah Kapuk Dua Tbk, PANI 6,150 IDR 1,330 IDR -78%
PT Jaya Real Property, Tbk., JRPT 1,080 IDR 1,674 IDR +55%
PT Bumi Serpong Damai Tbk, BSDE 595.00 IDR 1,488 IDR +150%
PT Sentul City Tbk, BKSL 73.00 IDR 84.16 IDR +15%
PT Ciputra Development Tbk, CTRA 610.00 IDR 1,525 IDR +150%
Khang Dien House Trading and Investment Joint Stock Company KDH 18,150 VND 20,338 VND +12%
PT Duta Pertiwi Tbk DUTI 4,300 IDR 6,239 IDR +45%
PT Puradelta Lestari Tbk DMAS 147.00 IDR 164.33 IDR +12%

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Frequently asked questions

Is China Sandi Holdings (0910) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$0.0130 versus a price of HK$0.0120, about +8% (fairly valued).
What is the fair value of 0910?
Our model-based fair value for China Sandi Holdings is HK$0.0130 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$0.0120.
What is the quality score of 0910?
China Sandi Holdings has a Quality Score of 36/100. 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 China Sandi Holdings (0910)?
China Sandi Holdings reported trailing-twelve-month revenue of about HK$1.3B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 0910?
The net profit margin of China Sandi Holdings is about -42.8%, meaning it is currently running at a net loss. 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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