Man Sang International Ltd (0938) fair value: what the stock is really worth
As of Nov 13, 2026: fair value (intrinsic value) of Man Sang International Ltd stock HK$0.59, price HK$0.41, upside +45.7%, quality 50 out of 100. Rating: undervalued. Calculated from audited financials with 2 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 13, 2026.
How to read this chart
60‑month range HK$0.2650 – HK$2.22 · the HK$0.4050 price screens below the HK$0.5900 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 13, 2026.
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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.
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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$0.4050, while our model-based Fair Value estimate is HK$0.5900, implying the stock looks roughly 31% 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 data coverage at low.
Quality & growth
The Quality Score stands at 50/100 (solid quality), in the Real Estate sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Man Sang International Ltd reported revenue of HK$94.6M in FY2026 versus HK$117M in FY2022, a compound −5.1%/yr. Reported net income was −HK$72.9M in FY2026.
Key figures
Market cap HK$262M (≈ $33.4M) Micro · P/S ratio 2.78 · EPS (TTM) HK$−0.0200 · Net margin −77.1% · Return on assets (EBIT) −1.5% (5-year average) · Operating margin 3.0% · Revenue (TTM) HK$94.4M · Revenue growth (YoY) −25.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 14 out of 100 (medium confidence).
What moves the price
The share trades about 26% below its 52-week high and 53% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −14% fair-value upside, at 46%, 0938 screens cheaper than that median.
Fair Value models
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.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.Coverage ⓘCoverage = 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.
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.29/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−31.5%
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.
−11.7%
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.
−9.8%
Start year 2021 (pandemic). Over 10 years: −6.8% a year
Revenue growth 26 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.
−4.1%
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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 2026 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+48.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Hong Kong: IMF forecast 2.1% a year to 2030, 1.8% from 2016 to 2025) that is about +45.3% a year for the price.
Compare Man Sang International Ltd with another stock
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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 · 477 stocks
Beats the industry median on 3/10 measures
Overall it trails its industry peers.
Valuation
Quality Score50 · Below median
Fair Value upside+45.7% · Above median
Profitability
Return on equity (12 months)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−30.5% · Bottom 25%
Net margin (12 months)−77.1% · Bottom 25%
Operating margin (12 months)3.0% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)−25.3% · Bottom 25%
Balance sheet
Debt / equityNegative 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/BNegative 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.
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.
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 Nov 13, 2026, our model estimates a fair value of HK$0.5900 versus a price of HK$0.4050, about +46% upside (undervalued).
What is the fair value of 0938?
Our model-based fair value for Man Sang International Ltd is HK$0.5900 (as of Nov 13, 2026), built from audited fundamentals. The current price: HK$0.4050.
What is the quality score of 0938?
Man Sang International Ltd has a Quality Score of 50/100. 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$0.5900 (as of Nov 13, 2026) from 2 valuation models. 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$0.5900, about +46% upside versus a price of HK$0.4050 (undervalued). 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$94.4M (latest available figure, as of Nov 13, 2026).
What growth is priced into Man Sang International Ltd (0938)?
For today's price to be fair in a discounted-cash-flow model, Man Sang International Ltd would have to grow free cash flow by +48.3 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -9.8 % per year. As of Nov 13, 2026.
What discount rate (WACC) does the fair value of 0938 use?
Our models discount Man Sang International Ltd at 9.0 %: a base by market capitalisation (nano), damped by beta 0.30, country premium for Hong Kong. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Man Sang International Ltd that is +48.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has Man Sang International Ltd (0938) delivered so far?
Over the past 5 years revenue at Man Sang International Ltd grew -9.8 % a year. The price currently implies free-cash-flow growth of +48.3 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Man Sang International Ltd (0938) growing?
The median revenue growth in the sector is +2.8 % a year. That is the yardstick for the growth priced into Man Sang International Ltd (+48.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Man Sang International Ltd (0938)?
The free-cash-flow yield on the price is 2.19 %: that much free cash flow Man Sang International Ltd produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
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$0.5900 per share (as of Nov 13, 2026), against a price of HK$0.4050. It is the blended result of 2 valuation models in 2 families (DCF Models, Growth DCF).
Is Man Sang International Ltd stock overvalued or undervalued in 2026?
As of Nov 13, 2026, 0938 trades below its calculated fair value: price HK$0.4050, fair value HK$0.5900, a gap of about +46% (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$0.4050); the fair value is what the company's own numbers justify (HK$0.5900). For Man Sang International Ltd the two are HK$0.1850 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$262M (market capitalisation, as of Nov 13, 2026). Per share that is HK$0.4050; our models calculate a fair value of HK$0.5900 per share.
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 Nov 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 Nov 13, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 50/100, 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$0.4050, about 26% below its 52-week high of HK$0.5500 and 53% above the low of HK$0.2650 (as of Nov 13, 2026). Distance from the high says nothing about value: that is what the fair value of HK$0.5900 is for.
Which stocks are comparable to Man Sang International Ltd?
From the same area (Real Estate) we also value CBRE Group, Cellnex Telecom, S.A, KE Holdings, 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 Nov 13, 2026: price HK$0.4050, calculated fair value HK$0.5900 (+46%), Quality Score 50/100, 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 2 families: DCF Models, Growth DCF. Every model gets the same audited fundamentals; the fair value of HK$0.5900 builds on their evidence-weighted average, 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 13.9% above its aggregate fair value. Man Sang International Ltd currently trades 31% 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 Nov 13, 2026 was HK$0.4050. Our model-based fair value is HK$0.5900, about +46% 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?
The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (50/100) at a price below fair value, the discount is the argument here, not the business quality. 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$262M (≈ $33.4M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Man Sang International Ltd (0938)?
The price-to-sales ratio of Man Sang International Ltd is 2.78 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Man Sang International Ltd (0938)?
Earnings per share at Man Sang International Ltd are HK$−0.0200. 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 −77.1% (fiscal year 2026). 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 −1.5% (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 3.0% (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 −25.3% versus a year earlier (3y avg −11.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net debt does Man Sang International Ltd (0938) carry?
The net debt of Man Sang International Ltd is HK$737M (fiscal year 2026). 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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Thin data
Nov 13, 2026