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Huarong International Financial Holdings Limited (0993) fair value: what the stock is really worth
As of Sep 29, 2026: fair value of Huarong International Financial Holdings Limited HK$0.01, price HK$0.10, upside -86.3%, quality 52 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? Yes
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Thin data
Sep 27, 2026
Huarong International Financial Holdings Limited
0993 · HKStretched ValuationStrong overvaluation with only moderate quality.
!Fair value HK$0.0134 · Strongly overvalued (−86.3%)
!Quality 52/100
!Weak Growth (revenue 5y −39.8 %/yr)
✓Negative equity (buybacks among others) · generates free cash flow
!Mixed vs. peers (4/7)
!Narrow moat 39/100
!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
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$0.0410 – HK$0.5400 · the HK$0.0980 price screens above the HK$0.0134 fair value. Dashed = 300-day average. As of Sep 27, 2026.
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Company profile
XinKong International Capital Holdings Limited, an investment holding company, provides financial services in Hong Kong and Mainland China. It operates through Securities, Corporate Finance, Asset Management and Direct Investment, and Financial Services and Others segments.
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XinKong International Capital Holdings Limited, an investment holding company, provides financial services in Hong Kong and Mainland China. It operates through Securities, Corporate Finance, Asset Management and Direct Investment, and Financial Services and Others segments. The company engages in the broking and dealing of securities and provision of margin financing services. It also provides initial public offerings and underwritings, rights issue, share and convertible bonds placing, financial advisory, and offshore bonds issuance etc. In addition, the company offers asset management services, as well as direct investments in equities, bonds, funds, derivative instruments, and other financial products; and provides finance leasing and other related services. Further, it provides management services; and advisory and corporate financing. The company was formerly known as Huarong International Financial Holdings Limited and changed its name to XinKong International Capital Holdings Limited in February 2025. The company was founded in 1973 and is headquartered in Wan Chai, Hong Kong.
Stock analysis
Huarong International Financial Holdings Limited (0993) currently trades at HK$0.0980, while our model-based Fair Value estimate is HK$0.0134, 86.3% below the price, so the stock looks overvalued today.
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Valuation
How firm this estimate is: it rests on 5 models at a data quality of 95/100, which puts the evidence level at low.
Quality & growth
The Quality Score stands at 52/100 (solid 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.
Huarong International Financial Holdings Limited reported revenue of HK$39.5M in FY2025 versus HK$59.6M in FY2021, a compound −9.8%/yr. Reported net income was −HK$754M in FY2025.
Key figures
Market cap HK$854M (≈ $109M) · EPS (TTM) HK$−0.0600 · Return on equity −79.2% · Return on assets (EBIT) −9.4% · Operating margin 104% · Revenue (TTM) −HK$744M · Free cash flow HK$205M · Net debt HK$9.7B.
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 52% below its 52-week high and 21% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −15% fair-value upside, at −86%, 0993 screens richer 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 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.
Highest evidence
FCF DCF
n/a
HK$0.0200
>HK$0.0800
74
Growth DCF
n/a
HK$0.0500
>HK$0.2000
73
All 2 models by family
DCF Models
FCF DCF
n/a
HK$0.0200
>HK$0.0800
74
Growth DCF
Growth DCF
n/a
HK$0.0500
>HK$0.2000
73
Notify me when 0993 reaches fair value
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Set up alert →Quality Score breakdown
Overall quality
52/100
Of which business quality 64 · Market factors (momentum, volatility) 29
Profitability
1
Margins and returns on capital today
Quality Growth
4
Are margins and returns improving?
Cashflow
100
Earnings quality: real cash, not paper profit
Fin. Strength
100
Balance sheet, leverage, solvency risk
Investment
100
Disciplined investing over empire-building
Low Volatility
50
Calm price path (market factor)
Momentum
27
Price trend over the last 3–12 months (market factor)
52W Momentum
7
Distance to the 52-week high (market factor)
Net Issuance
82
Share count: buybacks or dilution?
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.
15/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−79.0%
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.
−39.8%
Start year 2020 (pandemic). Over 10 years: −18.9% 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.
−13.7%
’13
’14
’15
’16
’17
’18
’19
’20
’21
’23
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’25
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.
−533.4% (2020) → −653.8% (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
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).
+17.7%
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 +15.3% a year for the price.
0993 screens overvalued: fair value 86% below the price. Compare with Blackstone Inc →
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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.Asset Management · 661 stocks
Beats the industry median on 4/7 measures
A mixed picture versus its industry peers.
Valuation Multiplesvs Asset Management median · lower = cheaper
Context: sector, industry, market
- Is the Financials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Hong Kong Stocks
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 Asset Management stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Blackstone Inc BX | $118.42 | $52.29 | −56% |
| KKR & Co KKR | $96.67 | $29.26 | −70% |
| Brookfield Corporation BN | $36.87 | $13.45 | −64% |
| Apollo Global Management, Inc APO | $121.69 | $197.23 | +62% |
| State Street Corporation STT | $181.34 | $139.37 | −23% |
| Ameriprise Financial, Inc AMP | $493.00 | $595.40 | +21% |
| Ares Management Corporation ARES | $122.01 | $103.68 | −15% |
| Northern Trust Corporation NTRS | $175.73 | $123.42 | −30% |
| Raymond James Financial, Inc RJF | $161.16 | $317.27 | +97% |
| Exor N.V EXO | €70.55 | €139.37 | +98% |
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Frequently asked questions
Is Huarong International Financial Holdings Limited (0993) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of HK$0.0134 versus a price of HK$0.0980, about −86% upside (overvalued).
What is the fair value of 0993?
Our model-based fair value for Huarong International Financial Holdings Limited is HK$0.0134 (as of Sep 27, 2026), built from audited fundamentals. The current price: HK$0.0980.
What is the quality score of 0993?
Huarong International Financial Holdings Limited has a Quality Score of 52/100. 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 Huarong International Financial Holdings Limited (0993)?
Our model-based price target is the fair value of HK$0.0134 (as of Sep 27, 2026) from 2 valuation models. It is a calculation from audited fundamentals, not an analyst target.
What is the Huarong International Financial Holdings Limited stock forecast for 2026?
Our models put fair value at HK$0.0134, about −86% upside versus a price of HK$0.0980 (overvalued). The calculation is refreshed regularly with new filings.
What growth is priced into Huarong International Financial Holdings Limited (0993)?
For today's price to be fair in a discounted-cash-flow model, Huarong International Financial Holdings Limited would have to grow free cash flow by +17.7 % per year for five years (discount rate 13.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -39.8 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of 0993 use?
Our models discount Huarong International Financial Holdings Limited at 13.3 %: a base by market capitalisation (micro), 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 Huarong International Financial Holdings Limited that is +17.7 % per year a year over ten years, using the same discount rate (13.3 %) and the same formula as our fair value.
How much growth has Huarong International Financial Holdings Limited (0993) delivered so far?
Over the past 5 years revenue at Huarong International Financial Holdings Limited grew -39.8 % a year. The price currently implies +17.7 % per year free-cash-flow growth a 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 Huarong International Financial Holdings Limited (0993) growing?
The median revenue growth in the sector is +9.1 % a year. That is the yardstick for the growth priced into Huarong International Financial Holdings Limited (+17.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Huarong International Financial Holdings Limited (0993)?
The free-cash-flow yield on the price is 24.06 %: that much free cash flow Huarong International Financial Holdings Limited produces per unit of market value. When it exceeds the discount rate of our models (13.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Huarong International Financial Holdings Limited (0993)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Huarong International Financial Holdings Limited it is HK$0.0134 per share (as of Sep 27, 2026), against a price of HK$0.0980. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Huarong International Financial Holdings Limited stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 0993 trades above its calculated fair value: price HK$0.0980, fair value HK$0.0134, a gap of about −86% (overvalued). 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 0993?
No. The price is what the market pays today (HK$0.0980); the fair value is what the company's own numbers justify (HK$0.0134). For Huarong International Financial Holdings Limited the two are HK$0.0846 per share apart. That gap is exactly why we show both numbers side by side.
How much is Huarong International Financial Holdings Limited worth?
The market values Huarong International Financial Holdings Limited at about HK$854M (market capitalisation, as of Sep 27, 2026). Per share that is HK$0.0980; our models calculate a fair value of HK$0.0134 per share.
What is the PEG ratio of 0993?
The PEG ratio of Huarong International Financial Holdings Limited is 0.60 (P/E divided by earnings growth, as of Sep 27, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Huarong International Financial Holdings Limited (0993)?
Balance-sheet figures for Huarong International Financial Holdings Limited (as of Sep 27, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is 0993 from its 52-week high?
Huarong International Financial Holdings Limited trades at HK$0.0980, about 52% below its 52-week high of HK$0.2050 and 21% above the low of HK$0.0810 (as of Sep 29, 2026). Distance from the high says nothing about value: that is what the fair value of HK$0.0134 is for.
Which stocks are comparable to Huarong International Financial Holdings Limited?
From the same area (Financial Services) we also value Blackstone Inc, KKR & Co, Brookfield Corporation, Apollo Global Management, Inc, 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 Huarong International Financial Holdings Limited stock attractive at the current price?
The data as of Sep 27, 2026: price HK$0.0980, calculated fair value HK$0.0134 (−86%), Quality Score 52/100, 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 0993 calculated?
We run Huarong International Financial Holdings Limited 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$0.0134, 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. Huarong International Financial Holdings Limited itself currently trades above fair value. 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 Huarong International Financial Holdings Limited (0993)?
The closing price on Sep 29, 2026 was HK$0.0980. Our model-based fair value is HK$0.0134, about −86% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Huarong International Financial Holdings Limited 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 but not exceptional quality (52/100) and above fair value, neither a clear bargain nor a standout compounder. 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 Huarong International Financial Holdings Limited
How large is the market capitalisation of Huarong International Financial Holdings Limited (0993)?
The market capitalisation of Huarong International Financial Holdings Limited is HK$854M (≈ $109M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of Huarong International Financial Holdings Limited (0993)?
Earnings per share at Huarong International Financial Holdings Limited are HK$−0.0600. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Huarong International Financial Holdings Limited (0993)?
The return on equity (ROE) of Huarong International Financial Holdings Limited is −79.2% (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 Huarong International Financial Holdings Limited (0993)?
On an EBIT basis the return on assets of Huarong International Financial Holdings Limited is −9.4% (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 Huarong International Financial Holdings Limited (0993)?
The operating margin of Huarong International Financial Holdings Limited is 104% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How much revenue does Huarong International Financial Holdings Limited (0993) generate?
Huarong International Financial Holdings Limited generates revenue of −HK$744M (last twelve months). Revenue of the last twelve months (TTM), the most recent full year, not the calendar year.
How much net debt does Huarong International Financial Holdings Limited (0993) carry?
The net debt of Huarong International Financial Holdings Limited is HK$9.7B (fiscal year 2025, ≈ 47.5 yrs of FCF). 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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