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Man Sang International Ltd (0938) fair value: what the stock is really worth

We calculate from audited financials what Man Sang International Ltd is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.

Valuation from Sep 13, 2026. With the latest figures (losses, negative cash flow), a fair value can no longer be calculated.
  1. Fair value above price? Yes
  2. Good quality? No
  3. Add to watchlist

Real Estate · HK · ISIN BMG579461325

MS Thin data Sep 13, 2026

Man Sang International Ltd

0938 · HK

SpeculativeUpside exists, but weak quality makes the signal speculative.

✓Fair value HK$0.5000 · Undervalued (+28.2%)
!Quality 32/100
!Mixed Growth (revenue 5y +2.0 %/yr)
✓Highly profitable · 28.9% net margin (TTM)
!Negative equity (buybacks among others) · negative free cash flow
!Mixed vs. peers (4/8)
!Moderate moat 54/100
!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$2.22 HK$0.2650 Fair Value HK$0.5000 May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 13, 2026.

How to read this chart

60‑month range HK$0.2650 – HK$2.22 · fair‑value band HK$0.2900 – HK$0.6700 · the HK$0.3900 price screens below the HK$0.5000 fair value. Dashed = 300-day average. As of Sep 13, 2026.

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Company profile

Man Sang International Limited, an investment holding company, engages in the development, leasing, and sale of properties in Mainland China and Japan. The company operates through Chongqing Property, Property Management Services, Renovation and Decoration, and Hotel Operation in Japan segments.

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Man Sang International Limited, an investment holding company, engages in the development, leasing, and sale of properties in Mainland China and Japan. The company operates through Chongqing Property, Property Management Services, Renovation and Decoration, and Hotel Operation in Japan segments. It is also involved in selling residential apartments; leasing serviced apartments and shopping mall; provision of property management, hotel room, and renovation and decoration services; and hotel, restaurant, and golf club operations. The company was incorporated in 1997 and is headquartered in Sheung Wan, Hong Kong. Man Sang International Limited is a subsidiary of China DaDi Group Limited.

Stock analysis

Man Sang International Ltd (0938) currently trades at HK$0.3900, while our model-based Fair Value estimate is HK$0.5000, implying the stock looks roughly 22.0% undervalued today.

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Valuation

How firm this estimate is: it rests on 2 models at a data quality of 95/100, which puts the evidence level at low.

Scenario range: HK$0.2900 (bear) to HK$0.6700 (bull), the price of HK$0.3900 sits inside 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 32/100 (below-average quality), in the Real Estate sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Man Sang International Ltd reported revenue of HK$138M in FY2025 versus HK$159M in FY2021, a compound −3.4%/yr. Reported net income was −HK$592M in FY2025.

Key figures

Market cap HK$275M (≈ $35.1M) · P/S ratio 2.07 · EPS (TTM) HK$−0.6600 · Net margin 28.9% · Return on assets (EBIT) −2.8% · Operating margin 13.6% · Revenue (TTM) HK$133M · Revenue growth (YoY) −10.3%.

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 40% below its 52-week high and 47% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Real Estate peers we cover trades at −10% fair-value upside, at 28%, 0938 screens cheaper than that median.

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Quality Score breakdown

Overall quality 32/100

Of which business quality 24 · Market factors (momentum, volatility) 25

Profitability 1
Margins and returns on capital today
Quality Growth 41
Are margins and returns improving?
Cashflow 1
Earnings quality: real cash, not paper profit
Fin. Strength 2
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 14
Price trend over the last 3–12 months (market factor)
52W Momentum 16
Distance to the 52-week high (market factor)
Net Issuance 48
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. 27/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+8.9%
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.
+5.8%
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.
+2.0%
Start year 2020 (pandemic)
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.
−2.8%
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.
−30.8% (2020) → −26.9% (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.Real Estate Services · 540 stocks

Beats the industry median on 4/8 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 24 · Bottom 25%
Fair Value upside +28.2% · Above median
Profitability
Return on equity (TTM) Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets −1.2% · Bottom 25%
Net margin (TTM) 28.9% · Above median
Operating margin (TTM) 13.6% · Below median
Growth and dividend
Revenue growth −10.3% · Bottom 25%
Balance sheet
Debt / equity Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.

Valuation Multiplesvs Real Estate Services median · lower = cheaper

P/B Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
P/S (TTM) 0.26× · Cheapest 25%
PEG 0.54× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)71 · sector 46
FUTURE (revenue growth)0 · sector 12
PAST (return on equity)0 · sector 16
HEALTH (low debt)0 · sector 83
DIVIDEND (yield)0 · sector 64

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

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 Real Estate Services stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
CBRE Group CBRE $134.55 $91.06 −32%
KE Holdings 2423 HK$42.92 HK$17.16 −60%
Cellnex Telecom, S.A CLNX €23.99 €23.94 +0%
Swire Properties Limited 1972 HK$24.32 HK$13.39 −45%
Vonovia SE VNA €17.17 €36.55 +113%
Jones Lang LaSalle Incorporated JLL $321.91 $540.65 +68%
Wharf Real Estate Investment Company 1997 HK$30.54 HK$27.42 −10%
CoStar Group CSGP $28.09 $6.19 −78%
China Resources Mixc Lifestyle Services Limited 1209 HK$37.00 HK$56.36 +52%
CapitaLand Investment Limited 9CI 2.60 SGD 0.5600 SGD −78%

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HK$0.5000 +22%Fair Value
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Cite: Fair Value Calculator (2026). "Man Sang International Ltd Fair Value". https://www.fairvalue-calculator.com/stock/0938

Frequently asked questions

Is Man Sang International Ltd (0938) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of HK$0.5000 versus a price of HK$0.3900, about +28% upside (undervalued).
What is the fair value of 0938?
Our model-based fair value for Man Sang International Ltd is HK$0.5000 (as of Sep 13, 2026), built from audited fundamentals. The current price: HK$0.3900.
What is the quality score of 0938?
Man Sang International Ltd has a Quality Score of 32/100. 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 Man Sang International Ltd (0938)?
Our model-based price target is the fair value of HK$0.5000 (as of Sep 13, 2026) from 2 valuation models. Cautious scenario HK$0.2900, optimistic scenario HK$0.6700. It is a calculation from audited fundamentals, not an analyst target.
What is the Man Sang International Ltd stock forecast for 2026?
Our models put fair value at HK$0.5000, about +28% upside versus a price of HK$0.3900 (undervalued). Cautious scenario HK$0.2900, optimistic scenario HK$0.6700. The calculation is refreshed regularly with new filings.
What is the revenue of Man Sang International Ltd (0938)?
Man Sang International Ltd reported trailing-twelve-month revenue of about HK$133M (latest available figure, as of Sep 13, 2026).
What is the intrinsic value of Man Sang International Ltd (0938)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Man Sang International Ltd it is HK$0.5000 per share (as of Sep 13, 2026), against a price of HK$0.3900. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Man Sang International Ltd stock overvalued or undervalued in 2026?
As of Sep 13, 2026, 0938 trades below its calculated fair value: price HK$0.3900, fair value HK$0.5000, a gap of about +28% (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 0938?
No. The price is what the market pays today (HK$0.3900); the fair value is what the company's own numbers justify (HK$0.5000). For Man Sang International Ltd the two are HK$0.1100 per share apart. That gap is exactly why we show both numbers side by side.
How much is Man Sang International Ltd worth?
The market values Man Sang International Ltd at about HK$275M (market capitalisation, as of Sep 13, 2026). Per share that is HK$0.3900; our models calculate a fair value of HK$0.5000 per share.
What do the bullish and bearish scenarios say about 0938?
Our models span a range for Man Sang International Ltd: cautious scenario HK$0.2900, base HK$0.5000, optimistic HK$0.6700 per share (as of Sep 13, 2026, price HK$0.3900). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of 0938?
The PEG ratio of Man Sang International Ltd is 0.54 (P/E divided by earnings growth, as of Sep 13, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Man Sang International Ltd (0938)?
Balance-sheet figures for Man Sang International Ltd (as of Sep 13, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 32/100, which measures business quality independently of the share price.
How far is 0938 from its 52-week high?
Man Sang International Ltd trades at HK$0.3900, about 40% below its 52-week high of HK$0.6500 and 47% above the low of HK$0.2650 (as of Sep 29, 2026). Distance from the high says nothing about value: that is what the fair value of HK$0.5000 is for.
Which stocks are comparable to Man Sang International Ltd?
From the same area (Real Estate) we also value CBRE Group, KE Holdings, Cellnex Telecom, S.A, Swire Properties Limited, 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 Man Sang International Ltd stock attractive at the current price?
The data as of Sep 13, 2026: price HK$0.3900, calculated fair value HK$0.5000 (+28%), Quality Score 32/100, from 2 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 0938 calculated?
We run Man Sang International Ltd through 2 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$0.5000, 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. Man Sang International Ltd currently trades 22 % 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 Man Sang International Ltd (0938)?
The closing price on Sep 29, 2026 was HK$0.3900. Our model-based fair value is HK$0.5000, about +28% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Man Sang International Ltd right now?
A fairly wide model range (HK$0.2900 to HK$0.6700) leaves room in how you read the outcome. 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.

Key figures of Man Sang International Ltd

How large is the market capitalisation of Man Sang International Ltd (0938)?
The market capitalisation of Man Sang International Ltd is HK$275M (≈ $35.1M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Man Sang International Ltd (0938)?
The price-to-sales ratio of Man Sang International Ltd is 2.07 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Man Sang International Ltd (0938)?
Earnings per share at Man Sang International Ltd are HK$−0.6600. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Man Sang International Ltd (0938)?
The net margin of Man Sang International Ltd is 28.9% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the EBIT return on assets of Man Sang International Ltd (0938)?
On an EBIT basis the return on assets of Man Sang International Ltd is −2.8% (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 Man Sang International Ltd (0938)?
The operating margin of Man Sang International Ltd is 13.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Man Sang International Ltd (0938)?
Revenue at Man Sang International Ltd is growing −10.3% versus a year earlier (3y avg +5.8%). 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 Man Sang International Ltd (0938) generate?
The free cash flow of Man Sang International Ltd is −HK$6.0M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Man Sang International Ltd (0938) carry?
The net debt of Man Sang International Ltd is HK$3.1B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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