China Tonghai International Financial Ltd (0952) fair value: what the stock is really worth
As of Sep 29, 2026: fair value of China Tonghai International Financial Ltd HK$0.18, price HK$0.09, upside +92.0%, quality 32 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range HK$0.0900 – HK$0.4235 · fair‑value band HK$0.1398 – HK$0.2208 · the HK$0.0920 price screens below the HK$0.1766 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 27, 2026.
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Quam Plus International Financial Limited, an investment holding company, provides various financial services in Hong Kong. It operates through Corporate Finance, Asset Management, Brokerage, Interest Income, Investments, and Others segments.
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Quam Plus International Financial Limited, an investment holding company, provides various financial services in Hong Kong. It operates through Corporate Finance, Asset Management, Brokerage, Interest Income, Investments, and Others segments. The Corporate Finance segment offers securities placing and underwriting, as well as corporate finance and general advisory services. Its Asset Management segment provides fund management, discretionary portfolio management, and portfolio management advisory services. The Brokerage segment offers discretionary and non-discretionary dealing services for securities, futures, and options; margin financing; insurance broking; and wealth management services. Its Interest Income segment provides money lending services, as well as interest income arising from debt instruments measured at amortized cost. The Investments segment invests in and trades various investment products. Its Others segment offers financial media services. It also provides investment advice; finance lending; fund investment; website management; and other related services. In addition, the company offers brokerage services comprising private clients and institutional equities; structured finance; investment banking, equity financing, and mergers and acquisitions services; debt capital markets and capital market solutions; proprietary investment; group treasury; independent and in-depth stock and market analysis content through its website; and financial communication solutions. The company was formerly known as China Tonghai International Financial Limited and changed its name to Quam Plus International Financial Limited in July 2023. Quam Plus International Financial Limited was founded in 1986 and is headquartered in Hong Kong, Hong Kong.
Stock analysis
China Tonghai International Financial Ltd (0952) currently trades at HK$0.0920, while our model-based Fair Value estimate is HK$0.1766, implying the stock looks roughly 47.9% 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$0.1398 (bear) to HK$0.2208 (bull), the price of HK$0.0920 sits below 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 Financial Services sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
China Tonghai International Financial Ltd reported revenue of HK$181M in FY2025 versus −HK$1.8B in FY2021. Reported net income was −HK$237M in FY2025.
Key figures
Market cap HK$565M (≈ $72.1M) · P/S ratio 5.76 · Net margin −131% · Return on equity −12.9% · Return on assets (EBIT) −11.9% · Operating margin 330% · Revenue (TTM) HK$97.1M · Revenue growth (YoY) +8.0%.
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 46% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −18% fair-value upside, at 92%, 0952 screens cheaper than that median.
Fair Value models
Bear HK$0.1398Fair Value HK$0.1766Bull HK$0.2208
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single 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. 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.Evidence ⓘEvidence = 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.0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−51.9%
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.
−30.4%
Start year 2020 (pandemic). Over 10 years: −10.2% 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.
+0.0%
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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.
20.0% (2020) → −101.4% (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
Compare China Tonghai International Financial Ltd with another stock
Price, fair value, quality and upside side by side.
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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.Capital Markets · 464 stocks
Beats the industry median on 3/8 measures
Overall it trails its industry peers.
Valuation
Quality Score34 · Bottom 25%
Fair Value upside+92.0% · Top 25%
Profitability
Return on assets−6.0% · Bottom 25%
Net margin (TTM)−130.7% · Bottom 25%
Growth and dividend
Revenue growth8.0% · Below median
Dividend yield (TTM)0.0% · Bottom 25%
Balance sheet
Debt / equity0.05× · Below median
Valuation Multiplesvs Capital Markets median · lower = cheaper
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Cite: Fair Value Calculator (2026). "China Tonghai International Financial Ltd Fair Value". https://www.fairvalue-calculator.com/stock/0952
Frequently asked questions
Is China Tonghai International Financial Ltd (0952) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of HK$0.1766 versus a price of HK$0.0920, about +92% upside (undervalued).
What is the fair value of 0952?
Our model-based fair value for China Tonghai International Financial Ltd is HK$0.1766 (as of Sep 27, 2026), built from audited fundamentals. The current price: HK$0.0920.
What is the quality score of 0952?
China Tonghai International Financial 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 China Tonghai International Financial Ltd (0952)?
Our model-based price target is the fair value of HK$0.1766 (as of Sep 27, 2026) from 2 valuation models. Cautious scenario HK$0.1398, optimistic scenario HK$0.2208. It is a calculation from audited fundamentals, not an analyst target.
What is the China Tonghai International Financial Ltd stock forecast for 2026?
Our models put fair value at HK$0.1766, about +92% upside versus a price of HK$0.0920 (undervalued). Cautious scenario HK$0.1398, optimistic scenario HK$0.2208. The calculation is refreshed regularly with new filings.
What is the revenue of China Tonghai International Financial Ltd (0952)?
China Tonghai International Financial Ltd reported trailing-twelve-month revenue of about HK$97.1M (latest available figure, as of Sep 27, 2026).
What is the intrinsic value of China Tonghai International Financial Ltd (0952)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For China Tonghai International Financial Ltd it is HK$0.1766 per share (as of Sep 27, 2026), against a price of HK$0.0920. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is China Tonghai International Financial Ltd stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 0952 trades below its calculated fair value: price HK$0.0920, fair value HK$0.1766, a gap of about +92% (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 0952?
No. The price is what the market pays today (HK$0.0920); the fair value is what the company's own numbers justify (HK$0.1766). For China Tonghai International Financial Ltd the two are HK$0.0846 per share apart. That gap is exactly why we show both numbers side by side.
How much is China Tonghai International Financial Ltd worth?
The market values China Tonghai International Financial Ltd at about HK$565M (market capitalisation, as of Sep 27, 2026). Per share that is HK$0.0920; our models calculate a fair value of HK$0.1766 per share.
What do the bullish and bearish scenarios say about 0952?
Our models span a range for China Tonghai International Financial Ltd: cautious scenario HK$0.1398, base HK$0.1766, optimistic HK$0.2208 per share (as of Sep 27, 2026, price HK$0.0920). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of China Tonghai International Financial Ltd (0952)?
Balance-sheet figures for China Tonghai International Financial Ltd (as of Sep 27, 2026): return on equity −12.9%, debt of 0.05 per unit of equity. They feed the Quality Score of 32/100, which measures business quality independently of the share price.
How far is 0952 from its 52-week high?
China Tonghai International Financial Ltd trades at HK$0.0920, about 46% below its 52-week high of HK$0.1703 and 2% above the low of HK$0.0900 (as of Sep 29, 2026). Distance from the high says nothing about value: that is what the fair value of HK$0.1766 is for.
Which stocks are comparable to China Tonghai International Financial Ltd?
From the same area (Financial Services) we also value Morgan Stanley, a financial holding company,, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, 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 China Tonghai International Financial Ltd stock attractive at the current price?
The data as of Sep 27, 2026: price HK$0.0920, calculated fair value HK$0.1766 (+92%), 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 0952 calculated?
We run China Tonghai International Financial 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$0.1766, 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. China Tonghai International Financial Ltd currently trades 48 % 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 China Tonghai International Financial Ltd (0952)?
The closing price on Sep 29, 2026 was HK$0.0920. Our model-based fair value is HK$0.1766, about +92% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with China Tonghai International Financial Ltd right now?
The large discount to fair value meets weak quality (32/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (HK$0.1398). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of China Tonghai International Financial Ltd
How large is the market capitalisation of China Tonghai International Financial Ltd (0952)?
The market capitalisation of China Tonghai International Financial Ltd is HK$565M (≈ $72.1M). 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 China Tonghai International Financial Ltd (0952)?
The price-to-sales ratio of China Tonghai International Financial Ltd is 5.76 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of China Tonghai International Financial Ltd (0952)?
The net margin of China Tonghai International Financial Ltd is −131% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of China Tonghai International Financial Ltd (0952)?
The return on equity (ROE) of China Tonghai International Financial Ltd is −12.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of China Tonghai International Financial Ltd (0952)?
On an EBIT basis the return on assets of China Tonghai International Financial Ltd is −11.9% (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 China Tonghai International Financial Ltd (0952)?
The operating margin of China Tonghai International Financial Ltd is 330% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at China Tonghai International Financial Ltd (0952)?
Revenue at China Tonghai International Financial Ltd is growing +8.0% versus a year earlier. How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at China Tonghai International Financial Ltd (0952)?
Earnings per share at China Tonghai International Financial Ltd are growing −77.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does China Tonghai International Financial Ltd (0952) generate?
The free cash flow of China Tonghai International Financial Ltd is −HK$16.2M (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 China Tonghai International Financial Ltd (0952) carry?
The net debt of China Tonghai International Financial Ltd is HK$366M (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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