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APT Satellite Holdings (1045) Fair Value & Analysis

Communication Services · HK · Market cap HK$2.0B

AS APT Satellite Holdings 1045 · HK
PriceHK$2.11
Fair ValueHK$2.60
Upside+23.5%
Quality65/100
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Weak Growth
Solidly profitable · 19.1% net margin
Low debt · generates free cash flow
3.90% dividend yield
Ranks above peers (10/14)
Narrow moat 40/100
Evidence: High Range HK$1.95 – HK$3.30 Share as image

Fair value as of: Aug 13, 2026

From 22 valuation models · updated 2 days ago

Share price −1.2% over the past month.

A solid business, screening 24% undervalued on our models.

What matters now

  • Solid quality (65/100) at a price below fair value, the discount is the argument here, not the business quality.
  • Our model range runs from HK$1.95 (bear) to HK$3.30 (bull), base HK$2.60. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 65/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

HK$5.17 HK$1.37 Fair Value HK$2.60 Mar 2021 Aug 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$1.37 – HK$5.17 · fair‑value band HK$1.95 – HK$3.30 · the HK$2.11 price screens below the HK$2.60 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

APT Satellite Holdings (1045) currently trades at HK$2.11, while our model-based Fair Value estimate is HK$2.60, implying the stock looks roughly 23.5% undervalued today. The Quality Score stands at 65/100 (solid quality), in the Communication Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, APT Satellite Holdings generated revenue of HK$739M at a net margin of 19.1%. Revenue declined 8.5% year over year. It earns a return on equity of 2.3%. The balance sheet holds a net cash position of HK$326M. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$1.95 (bear case) to HK$3.30 (bull case); at HK$2.11, the current price sits within 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. The share trades about 60% below its 52-week high and 12% above its 52-week low, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 30% fair-value upside, at 24%, 1045 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.

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
Growth DCF HK$4.64 HK$5.92 HK$8.18 80
Residual Income HK$4.64 HK$4.40 HK$3.46 76
Rev-Margin DCF HK$2.50 HK$3.02 HK$3.61 74
All 22 models by family
DCF Models
FCF DCF HK$4.49 HK$5.82 HK$8.35 38
Owner Earnings HK$5.67 HK$7.37 HK$10.64 31
5Y Revenue Exit HK$2.50 HK$2.93 HK$3.57 39
5Y EBITDA Exit HK$4.56 HK$6.43 HK$8.95 41
5Y P/E Exit HK$3.35 HK$4.36 HK$5.62 38
10Y Revenue Exit HK$3.24 HK$3.73 HK$4.22 36
10Y EBITDA Exit HK$4.50 HK$5.98 HK$7.65 37
10Y P/E Exit HK$3.77 HK$4.65 HK$5.53 35
Earnings-Based
Graham-Dodd HK$1.04 HK$1.73 HK$2.10 54
EPV HK$1.11 HK$1.22 HK$1.31 59
Multiples
P/E Multiple HK$2.52 HK$3.36 HK$4.20 63
P/S Multiple HK$1.95 HK$2.60 HK$3.24 58
P/B Multiple HK$1.95 HK$2.60 HK$3.24 55
EV/EBIT HK$1.56 HK$1.94 HK$2.31 53
EV/EBITDA HK$5.27 HK$6.88 HK$8.49 54
EV/Revenue HK$1.29 HK$1.66 HK$2.02 43
Asset-Based
NCAV (Graham) HK$3.32 HK$4.45 HK$6.64 50
Growth DCF
Growth DCF HK$4.64 HK$5.92 HK$8.18 80
Rev-Margin DCF HK$2.50 HK$3.02 HK$3.61 74
Economic Profit
Residual Income HK$4.64 HK$4.40 HK$3.46 76
ROIC Compounder HK$1.11 HK$1.22 HK$1.31 72
Growth Earnings
Growth-Adj P/E HK$1.78 HK$2.54 HK$3.30 68

Widest divergence: DCF Models (HK$4.65) versus Earnings-Based (HK$1.22). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$739M
Revenue growth (YoY) -8.5%
Net margin 19.1%
Return on equity 2.3%
Free cash flow HK$392M FY2025
P/E ratio 14.6 as of Jul 2, 2026
More key figures
Operating margin 10.3%
EPS (TTM) HK$0.0800
Dividend yield 3.9%
EPS growth (YoY) -38.2%
Net cash HK$326M FY2025

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

Quality Score breakdown

Overall quality 65/100

Of which business quality 66 · Market factors (momentum, volatility) 23

Profitability 27
Margins and returns on capital today
Quality Growth 18
Are margins and returns improving?
Cashflow 98
Earnings quality: real cash, not paper profit
Fin. Strength 84
Balance sheet, leverage, solvency risk
Investment 91
Disciplined investing over empire-building
Low Volatility 37
Calm price path (market factor)
Momentum 14
Price trend over the last 3–12 months (market factor)
52W Momentum 23
Distance to the 52-week high (market factor)
Net Issuance 82
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.

About the company

APT Satellite Holdings Limited, an investment holding company, maintains, operates, and provides satellite transponder capacity and related services, satellite-based broadcasting and telecommunications services, and other services in Hong Kong, Mainland China, and internationally.

Full company description

APT Satellite Holdings Limited, an investment holding company, maintains, operates, and provides satellite transponder capacity and related services, satellite-based broadcasting and telecommunications services, and other services in Hong Kong, Mainland China, and internationally. The company provides satellite internet and broadband satellite IoT services; video transmission, satellite TV uplink, and occasional use transmission services; and teleport, satellite technical consulting, system integration, data center, and earth observation services. It also offers maritime and aviation solutions; and localized services. In addition, the company provides a range of Ka-band, HTS, and Ku-band transponder leasing services. Further, it operates in-orbit satellites consisting of APSTAR-5C, APSTAR-6C, APSTAR-7 and APSTAR-9, APSTAR-6E and APSTAR-6D in Asia, Oceania, Middle East, and Africa. Further, the company engages in the provision of management and project management consultancy services. The company was founded in 1992 and is headquartered in Tai Po, Hong Kong. APT Satellite Holdings Limited is a subsidiary of APT Satellite International Company Limited.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

APT Satellite Holdings reported revenue of HK$739M in FY2025 versus HK$928M in FY2021, a compound −5.5%/yr. Reported net income was HK$142M in FY2025, compounding −14.3%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
HK$739M
Latest YoY
−5.8%
Avg. 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.
−7.8%
Avg. 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.
−3.6%
Avg. growth/yr (29Y) ⓘ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.
+2.4%
Revenue −5.5%/yr
FY21 HK$928M
FY22 HK$944M
FY23 HK$834M
FY24 HK$785M
FY25 HK$739M
Net income −14.3%/yr
FY21 HK$263M
FY22 HK$232M
FY23 HK$238M
FY24 HK$205M
FY25 HK$142M
Character of growth · EPS growth decomposed (2014-2025) −10.0 % p.a.
Revenue per share −4.8 pp

of which total revenue −4.8 pp · buybacks/dilution +0.0 pp

EBIT margin −6.0 pp
Tax rate +0.6 pp
Residual (interest, one-offs) +0.1 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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APT Satellite Holdings · Fair Value
HK$2.60 +24%Fair Value
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Cite: Fair Value Calculator (2026). "APT Satellite Holdings Fair Value". https://www.fairvalue-calculator.com/stock/1045

Peer Group

Telecom Services · 253 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 65 · Top 25%
Fair Value upside +24% · Above median
Return on equity (TTM) 2% · Below median
Return on assets 1% · Bottom 25%
Net margin (TTM) 19% · Top 25%
Operating margin (TTM) 10% · Above median
Revenue growth -9% · Bottom 25%
Dividend yield (TTM) 3.9% · Above median

Valuation Multiples vs Telecom Services median · lower = cheaper

P/E (TTM) 14.6× · Cheaper than median
P/B 0.33× · Cheaper than 75% of peers
P/S (TTM) 2.75× · Pricier than 75% of peers
P/FCF 0.7× · Cheaper than median
EV/EBITDA 3.4× · Cheaper than 75% of peers

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.

VALUE 65 · sector 26
FUTURE 0 · sector 15
PAST 9 · sector 27
HEALTH 100 · sector 89
DIVIDEND 78 · sector 76

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Telecom Services stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
China Mobile Limited 600941 ¥96.11 ¥109.88 +14%
Bharti Airtel Limited BHARTIARTL ₹1,945 ₹941.55 -52%
China Telecom Corporation 601728 ¥6.43 ¥8.36 +30%
América Móvil, S.A. AMXB 23.07 MXN 30.35 MXN +32%
Vodafone Group VODN 259.50 MXN 494.99 MXN +91%
Advanced Info Service Public Company ADVANC 374.00 THB 286.77 THB -23%
Chunghwa Telecom Co 2412 136.00 TWD 100.00 TWD -26%
Telefónica, S.A TEFN 75.67 MXN 108.96 MXN +44%
TLKM TLKM 2,590 IDR 3,898 IDR +50%
PT Indoritel Makmur Internasional Tbk., DNET 9,500 IDR 1,503 IDR -84%

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Frequently asked questions

Is APT Satellite Holdings (1045) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$2.60 versus a price of HK$2.11, about +24% (undervalued).
What is the fair value of 1045?
Our model-based fair value for APT Satellite Holdings is HK$2.60 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$2.11.
What is the quality score of 1045?
APT Satellite Holdings has a Quality Score of 65/100. 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 revenue of APT Satellite Holdings (1045)?
APT Satellite Holdings reported trailing-twelve-month revenue of about HK$739M (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 1045?
The net profit margin of APT Satellite Holdings is about 19.1%, meaning it keeps roughly 19.1% of revenue as net income. Based on the latest reported figures.
Does APT Satellite Holdings pay a dividend?
APT Satellite Holdings currently shows a dividend yield of about 3.90% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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