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PacRay International Holdings Ltd (1010) Fair Value & Analysis

Consumer Cyclical · HK · Market cap HK$27.1M (≈ $3.5M) · ISIN BMG6866U1062

What is PacRay International Holdings Ltd really worth?

PI PacRay International Holdings Ltd 1010 · HK
PriceHK$0.0310
Fair ValueHK$0.0420
Upside+35.5%
Quality34/100

Below-average quality, trading 26% below our fair value of HK$0.0420.

As of Aug 13, 2026, the fair value of PacRay International Holdings Ltd is HK$0.0420 per share against a price of HK$0.0310, so the fair value sits 35% above the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Risks

!Weak Growth (revenue 5y −19.6 %/yr)
!Loss-making · -138.8% net margin
!Negative equity (buybacks among others) · negative free cash flow
!Mixed vs. peers (4/10)
!Narrow moat 5/100
!Evidence only low, so the estimate is less certain
Evidence: Low Range HK$0.0330 – HK$0.0510

Fair value as of: Aug 13, 2026

From 2 valuation models · updated 23 days ago

Fair value updated Aug 13, 2026, revised from HK$0.0386 to HK$0.0420 (+8.8%) since Aug 5, 2026. Share price +19.2% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The large discount to fair value meets weak quality (34/100). That raises the risk this is a value trap rather than a bargain.
  • The price is below even our cautious bear case (HK$0.0330). 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.

Price vs Fair Value (5 years)

HK$7.20 HK$0.0250 Fair Value HK$0.0420 Apr 2021 Sep 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$0.0250 – HK$7.20 · fair‑value band HK$0.0330 – HK$0.0510 · the HK$0.0310 price screens below the HK$0.0420 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

PacRay International Holdings Ltd (1010) currently trades at HK$0.0310, while our model-based Fair Value estimate is HK$0.0420, implying the stock looks roughly 26.2% undervalued today. The Quality Score stands at 34/100 (below-average quality), in the Consumer Cyclical sector. How firm this estimate is: it rests on 2 models at a data quality of 95/100, which puts the evidence level at low.

Trailing-twelve-month revenue stands at HK$31.1M. Revenue declined 25.4% year over year. Net debt stands at HK$114M. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$0.0330 (bear case) to HK$0.0510 (bull case); at HK$0.0310, the current price sits below 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. For context, the median of 10 Consumer Cyclical peers we cover trades at 5% fair-value upside, at 35%, 1010 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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$0.0300 HK$0.0500 HK$0.0700 68
DDM Multi-Stage HK$0.0300 HK$0.0500 HK$0.0600 67
All 2 models by family
Dividend Discount
Gordon GGM HK$0.0300 HK$0.0500 HK$0.0700 68
DDM Multi-Stage HK$0.0300 HK$0.0500 HK$0.0600 67

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Key figures & financial health

P/S ratio 0.87 TTM
EPS (TTM) HK$−0.0700
Dividend yield 7.6%
Net margin −139% FY2025
Return on equity −288% TTM
Return on assets (EBIT) −12.4% avg 5y
More key figures
Profitability
Operating margin −18.9% TTM
Growth
Revenue (TTM) HK$31.1M TTM
Revenue growth (YoY) −25.4% 3y avg −44.4%
Balance sheet & cash flow
Free cash flow −HK$16.7M FY2025
Net debt HK$114M FY2025

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

Quality Score breakdown

Overall quality 34/100

Of which business quality 31 · Market factors (momentum, volatility) 15

Profitability 5
Margins and returns on capital today
Quality Growth 69
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 16
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 0
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 45
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Sky Blue 11 Company Limited, an investment holding company, engages in the design, distribution, and trade of integrated circuits and semiconductor parts in the People's Republic of China, Hong Kong, and Taiwan. The company also offers agency services related to integrated circuits and semiconductor parts.

Full company description

Sky Blue 11 Company Limited, an investment holding company, engages in the design, distribution, and trade of integrated circuits and semiconductor parts in the People's Republic of China, Hong Kong, and Taiwan. The company also offers agency services related to integrated circuits and semiconductor parts. In addition, the company is involved in the manufacture and sale of yachts; other yacht-related businesses; and property investment businesses. Further, it provides jet management, aircraft selling, and pilot training services. The company's products are used in industrial and household measuring tools and display products. The company was formerly known as Balk 1798 Group Limited and changed its name to Sky Blue 11 Company Limited in February 2024. Sky Blue 11 Company Limited was incorporated in 1993 and is headquartered in Wan Chai, Hong Kong.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PacRay International Holdings Ltd reported revenue of HK$31.1M in FY2025 versus HK$106M in FY2021, a compound −26.3%/yr. Reported net income was −HK$43.2M in FY2025.

Growth Quality 0/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
HK$31.1M
Latest YoY
−13.7%
Avg. revenue 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.
−44.4%
Avg. revenue 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.
−19.6%
Avg. revenue growth/yr (25Y) 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.
−5.2%
EBIT 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.
−24.6% (2020) → −25.1% (2025)
Value creation/yr 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
Revenue −26.3%/yr
FY21 HK$106M
FY22 HK$181M
FY23 HK$114M
FY24 HK$36.0M
FY25 HK$31.1M
Net income
FY21 −HK$52.8M
FY22 −HK$2.2M
FY23 −HK$46.4M
FY24 −HK$165M
FY25 −HK$43.2M

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Cite: Fair Value Calculator (2026). "PacRay International Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/1010.HK

Peer Group

Recreational Vehicles · 37 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 31 · Bottom 25%
Fair Value upside +29% · Above median
Return on assets −2% · Below median
Net margin (TTM) −139% · Bottom 25%
Operating margin (TTM) −19% · Bottom 25%
Revenue growth −25% · Bottom 25%
Dividend yield (TTM) 7.6% · Top 25%

Valuation Multiples vs Recreational Vehicles median · lower = cheaper

P/S (TTM) 0.11× · Cheaper than 75% of peers

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE72 · sector 26
FUTURE0 · sector 3
PAST0 · sector 12
HEALTH100 · sector 89
DIVIDEND100 · 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

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Frequently asked questions

Is PacRay International Holdings Ltd (1010) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$0.0420 versus a price of HK$0.0310, about +35% upside (undervalued).
What is the fair value of 1010?
Our model-based fair value for PacRay International Holdings Ltd is HK$0.0420 (as of Aug 13, 2026), built from audited fundamentals. The current price: HK$0.0310.
What is the quality score of 1010?
PacRay International Holdings Ltd has a Quality Score of 34/100. 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 PacRay International Holdings Ltd (1010)?
Our model-based price target is the fair value of HK$0.0420 (as of Aug 13, 2026) from 2 valuation models. Cautious scenario HK$0.0330, optimistic scenario HK$0.0510. It is a calculation from audited fundamentals, not an analyst target.
What is the PacRay International Holdings Ltd stock forecast for 2026?
Our models put fair value at HK$0.0420, about +35% upside versus a price of HK$0.0310 (undervalued). Cautious scenario HK$0.0330, optimistic scenario HK$0.0510. The calculation is refreshed regularly with new filings.
What is the revenue of PacRay International Holdings Ltd (1010)?
PacRay International Holdings Ltd reported trailing-twelve-month revenue of about HK$31.1M (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 1010?
The net profit margin of PacRay International Holdings Ltd is about −138.8%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does PacRay International Holdings Ltd pay a dividend?
PacRay International Holdings Ltd currently shows a dividend yield of about 7.64% relative to its recent price (as of Aug 13, 2026).
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