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Road King Infrastructure Limited (1098) Fair Value & Analysis

Real Estate · HK · Market cap HK$427M

RK Road King Infrastructure Limited 1098 · HK
PriceHK$0.5050
Fair ValueHK$1.28
Upside+153.5%
Quality28/100
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Weak Growth
Loss-making · -102.1% net margin
Low debt · negative free cash flow
Trails peers (3/9)
Narrow moat 5/100
Evidence: Low Range HK$0.9520 – HK$1.90 Share as image

Fair value as of: Aug 13, 2026

From 1 valuation models · updated 2 days ago

Fair value updated Aug 13, 2026, revised from HK$0.3914 to HK$1.28 (+227.0%) since Aug 5, 2026. Share price +1.0% over the past month.

Below-average quality, screening 153% undervalued on our models.

What matters now

  • The large discount to fair value meets weak quality (28/100). That raises the risk this is a value trap rather than a bargain.
  • The price is below even our cautious bear case (HK$0.9520). 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.
  • A fairly wide model range (HK$0.9520 to HK$1.90) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

HK$10.04 HK$0.4750 Fair Value HK$1.28 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$0.4750 – HK$10.04 · fair‑value band HK$0.9520 – HK$1.90 · the HK$0.5050 price screens below the HK$1.28 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Road King Infrastructure Limited (1098) currently trades at HK$0.5050, while our model-based Fair Value estimate is HK$1.28, implying the stock looks roughly 153.5% undervalued today. The Quality Score stands at 28/100 (below-average quality), in the Real Estate 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: low), always confirm before acting.

Trailing-twelve-month revenue stands at HK$5.3B. Revenue grew 71.0% year over year. It earns a return on equity of -29.5%. Net debt stands at HK$20.2B. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$0.9520 (bear case) to HK$1.90 (bull case); at HK$0.5050, 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. The share trades about 47% below its 52-week high, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at 15% fair-value upside, at 153%, 1098 screens cheaper 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
NCAV (Graham) HK$3.55 HK$4.76 HK$7.10 50
All 1 models by family
Asset-Based
NCAV (Graham) HK$3.55 HK$4.76 HK$7.10 50

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Key figures & financial health

Revenue (TTM) HK$5.3B
Revenue growth (YoY) +71.0%
Net margin -102%
Return on equity -29.5%
Free cash flow −HK$497M FY2025
Operating margin -59.0%
More key figures
EPS (TTM) HK$-2.71
EPS growth (YoY) -73.7%
Net debt HK$20.2B FY2025

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

Quality Score breakdown

Overall quality 28/100

Of which business quality 25 · Market factors (momentum, volatility) 24

Profitability 0
Margins and returns on capital today
Quality Growth 13
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 8
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 65
Calm price path (market factor)
Momentum 11
Price trend over the last 3–12 months (market factor)
52W Momentum 0
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

Road King Infrastructure Limited, an investment holding company, invests in, develops, operates, and manages property projects and toll roads in Mainland China and Hong Kong. It operates through Property Development and Investment, Toll Road, and Investment and Asset Management segments.

Full company description

Road King Infrastructure Limited, an investment holding company, invests in, develops, operates, and manages property projects and toll roads in Mainland China and Hong Kong. It operates through Property Development and Investment, Toll Road, and Investment and Asset Management segments. The company engages in the development, rental, and sale of residential and commercial properties. It also engages in the property fund investments and cultural, and tourism businesses. In addition, the company provides financial and management services. Further, it invests in and operates a toll road portfolio of four expressways in Indonesia spanning approximately 335 kilometers. As of December 31, 2025, it had a land reserve of approximately 2,200,000 square meters primarily located in Mainland China and Hong Kong. Road King Infrastructure Limited was founded in 1994 and is based in Tsim Sha Tsui, Hong Kong.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Road King Infrastructure Limited reported revenue of HK$5.3B in FY2025 versus HK$24.7B in FY2021, a compound −31.9%/yr. Reported net income was −HK$5.4B in FY2025.

Growth Quality 0/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
HK$5.3B
Latest YoY
−3.9%
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.
−32.3%
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.
−26.1%
Avg. growth/yr (27Y) 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.
+11.2%
Revenue −31.9%/yr
FY21 HK$24.7B
FY22 HK$17.2B
FY23 HK$13.1B
FY24 HK$5.5B
FY25 HK$5.3B
Net income
FY21 HK$1.6B
FY22 HK$41.5M
FY23 −HK$3.4B
FY24 −HK$3.6B
FY25 −HK$5.4B

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Cite: Fair Value Calculator (2026). "Road King Infrastructure Limited Fair Value". https://www.fairvalue-calculator.com/stock/1098

Peer Group

Real Estate - Development · 593 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 26 · Bottom 25%
Fair Value upside +154% · Top 25%
Return on assets -4% · Bottom 25%
Net margin (TTM) -102% · Bottom 25%
Operating margin (TTM) -59% · Bottom 25%
Revenue growth 71% · Top 25%
Debt / equity 0.38× · Higher than median

Valuation Multiples vs Real Estate - Development median · lower = cheaper

P/S (TTM) 0.01× · 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 100 · sector 47
FUTURE 100 · sector 0
PAST 0 · sector 10
HEALTH 81 · sector 85
DIVIDEND 0 · sector 58

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 Real Estate - Development stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
DLF Limited DLF ₹661.75 ₹146.13 -78%
Lodha Developers Limited LODHA ₹1,209 ₹583.43 -52%
PT Pantai Indah Kapuk Dua Tbk, PANI 6,150 IDR 1,330 IDR -78%
PT Jaya Real Property, Tbk., JRPT 1,080 IDR 1,674 IDR +55%
PT Bumi Serpong Damai Tbk, BSDE 595.00 IDR 1,488 IDR +150%
PT Sentul City Tbk, BKSL 73.00 IDR 84.16 IDR +15%
PT Ciputra Development Tbk, CTRA 610.00 IDR 1,525 IDR +150%
Khang Dien House Trading and Investment Joint Stock Company KDH 18,150 VND 20,338 VND +12%
PT Duta Pertiwi Tbk DUTI 4,300 IDR 6,239 IDR +45%
PT Puradelta Lestari Tbk DMAS 147.00 IDR 164.33 IDR +12%

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Frequently asked questions

Is Road King Infrastructure Limited (1098) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$1.28 versus a price of HK$0.5050, about +153% (undervalued).
What is the fair value of 1098?
Our model-based fair value for Road King Infrastructure Limited is HK$1.28 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$0.5050.
What is the quality score of 1098?
Road King Infrastructure Limited has a Quality Score of 28/100. 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 Road King Infrastructure Limited (1098)?
Road King Infrastructure Limited reported trailing-twelve-month revenue of about HK$5.3B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 1098?
The net profit margin of Road King Infrastructure Limited is about -102.1%, meaning it is currently running at a net loss. Based on the latest reported figures.

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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