China-Hongkong Photo Products Holdings (1123) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of China-Hongkong Photo Products Holdings HK$0.35, price HK$0.14, upside +159.3%, quality 63 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 Oct 3, 2026.
How to read this chart
60‑month range HK$0.0878 – HK$0.1450 · fair‑value band HK$0.3400 – HK$0.3500 · the HK$0.1350 price screens below the HK$0.3500 fair value. Dashed = 300-day average. As of Oct 3, 2026.
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China-Hongkong Photo Products Holdings Limited, together with its subsidiaries, engages in the marketing and distribution of photographic developing, processing, and printing products in Hong Kong. The company operates through Merchandise, Service, Investment, and Corporate and Others segments.
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China-Hongkong Photo Products Holdings Limited, together with its subsidiaries, engages in the marketing and distribution of photographic developing, processing, and printing products in Hong Kong. The company operates through Merchandise, Service, Investment, and Corporate and Others segments. It also sells photographic merchandise, skincare products, and commercial and professional AV products, as well as consumer electronics products and household electrical appliances under the AV Life, Life Digital, and Wai Ming Electrical brand names. In addition, the company provides technical services for photographic developing and processing products, imaging solutions, and professional audio-visual advisory and custom design and installation services. Further, it holds and invests in properties; and provides installation service for household appliances, as well as photofinishing and imaging solutions; and central administrative support services. The company operates a retail chain under the Fotomax and FOTOMETA names. The company was founded in 1968 and is based in Tsuen Wan, Hong Kong. China-Hongkong Photo Products Holdings Limited is a subsidiary of Searich Group Limited.
Stock analysis
China-Hongkong Photo Products Holdings (1123) currently trades at HK$0.1350, while our model-based Fair Value estimate is HK$0.3500, implying the stock looks roughly 61.4% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of HK$0.4000 per share, and 18 of the 22 models we run sit above the HK$0.1350 price.
Bear case: the Earnings-Based group reads lowest at HK$0.0800, and 4 of the 22 models stay below the price. Evidence for this calculation is low.
Scenario range: HK$0.3400 (bear) to HK$0.3500 (bull), the price of HK$0.1350 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 63/100 (solid quality), in the Consumer Cyclical sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
China-Hongkong Photo Products Holdings reported revenue of HK$998M in FY2026 versus HK$1.0B in FY2022, a compound −0.4%/yr. Reported net income was HK$7.6M in FY2026, compounding −19.6%/yr from FY2022.
Key figures
Market cap HK$160M (≈ $20.4M) · P/E ratio 13.5 · P/S ratio 0.10 · EPS (TTM) HK$0.0100 · Dividend yield 2.2% · Net margin 0.8% · Return on equity 1.1% · Return on assets (EBIT) 2.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 7% below its 52-week high and 34% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 39% fair-value upside, at 159%, 1123 screens cheaper than that median.
Fair Value models
Bear HK$0.3400Fair Value HK$0.3500Bull HK$0.3500
Price HK$0.1350 · Upside +159.3%
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. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (HK$0.0036 per share) are deliberately not added.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.40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
−0.3%
Revenue growth 3 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.
−2.6%
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.
+1.7%
Start year 2021 (pandemic). Over 10 years: +1.2% 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.
−1.3%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−19.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−21.8%
Dividend (yield on the price)2.2%
Profit margin 2021 to 2026 ⓘ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.4% → 2%
Growth Forecast
Little optimism in the price
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).
less than -40 %
Yearly growth needed for the next five years to justify today's price.
Compare China-Hongkong Photo Products Holdings 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.Leisure · 170 stocks
Beats the industry median on 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score63 · Above median
Fair Value upside+159.3% · Top 25%
Profitability
Return on equity (TTM)1.1% · Below median
Return on assets2.3% · Below median
Net margin (TTM)0.8% · Below median
Operating margin (TTM)2.8% · Below median
Growth and dividend
Revenue growth5.9% · Above median
Dividend yield (TTM)2.2% · Below median
Valuation Multiplesvs Leisure median · lower = cheaper
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Is China-Hongkong Photo Products Holdings (1123) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of HK$0.3500 versus a price of HK$0.1350, about +159% upside (undervalued).
What is the fair value of 1123?
Our model-based fair value for China-Hongkong Photo Products Holdings is HK$0.3500 (as of Oct 3, 2026), built from audited fundamentals. The current price: HK$0.1350.
What is the quality score of 1123?
China-Hongkong Photo Products Holdings has a Quality Score of 63/100. 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-Hongkong Photo Products Holdings (1123)?
Our model-based price target is the fair value of HK$0.3500 (as of Oct 3, 2026) from 22 valuation models. Cautious scenario HK$0.3400, optimistic scenario HK$0.3500. It is a calculation from audited fundamentals, not an analyst target.
What is the China-Hongkong Photo Products Holdings stock forecast for 2026?
Our models put fair value at HK$0.3500, about +159% upside versus a price of HK$0.1350 (undervalued). Cautious scenario HK$0.3400, optimistic scenario HK$0.3500. The calculation is refreshed regularly with new filings.
What is the revenue of China-Hongkong Photo Products Holdings (1123)?
China-Hongkong Photo Products Holdings reported trailing-twelve-month revenue of about HK$998M (latest available figure, as of Oct 3, 2026).
Does China-Hongkong Photo Products Holdings pay a dividend?
China-Hongkong Photo Products Holdings currently shows a dividend yield of about 2.22% relative to its recent price (as of Oct 3, 2026).
What growth is priced into China-Hongkong Photo Products Holdings (1123)?
For today's price to be fair in a discounted-cash-flow model, China-Hongkong Photo Products Holdings would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 10.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +1.7 % per year. As of Oct 3, 2026.
What discount rate (WACC) does the fair value of 1123 use?
Our models discount China-Hongkong Photo Products Holdings at 10.3 %: a base by market capitalisation (nano), damped by beta 1.00, 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 China-Hongkong Photo Products Holdings that is less than minus 40 % per year a year over ten years, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has China-Hongkong Photo Products Holdings (1123) delivered so far?
Over the past 5 years revenue at China-Hongkong Photo Products Holdings grew +1.7 % a year. The price currently implies less than minus 40 % 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 China-Hongkong Photo Products Holdings (1123) growing?
The median revenue growth in the sector is +4.2 % a year. That is the yardstick for the growth priced into China-Hongkong Photo Products Holdings (less than minus 40 % 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 China-Hongkong Photo Products Holdings (1123)?
The free-cash-flow yield on the price is 15.77 %: that much free cash flow China-Hongkong Photo Products Holdings produces per unit of market value. When it exceeds the discount rate of our models (10.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of China-Hongkong Photo Products Holdings (1123)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For China-Hongkong Photo Products Holdings it is HK$0.3500 per share (as of Oct 3, 2026), against a price of HK$0.1350. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is China-Hongkong Photo Products Holdings stock overvalued or undervalued in 2026?
As of Oct 3, 2026, 1123 trades below its calculated fair value: price HK$0.1350, fair value HK$0.3500, a gap of about +159% (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 1123?
No. The price is what the market pays today (HK$0.1350); the fair value is what the company's own numbers justify (HK$0.3500). For China-Hongkong Photo Products Holdings the two are HK$0.2150 per share apart. That gap is exactly why we show both numbers side by side.
How much is China-Hongkong Photo Products Holdings worth?
The market values China-Hongkong Photo Products Holdings at about HK$160M (market capitalisation, as of Oct 3, 2026). Per share that is HK$0.1350; our models calculate a fair value of HK$0.3500 per share.
What do the bullish and bearish scenarios say about 1123?
Our models span a range for China-Hongkong Photo Products Holdings: cautious scenario HK$0.3400, base HK$0.3500, optimistic HK$0.3500 per share (as of Oct 3, 2026, price HK$0.1350). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 1123?
China-Hongkong Photo Products Holdings trades at a price-to-earnings ratio of 13.5 (as of Oct 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of HK$0.3500 is built from several models across several years. Other multiples: P/B 0.2, P/S 0.2.
How solid is the balance sheet of China-Hongkong Photo Products Holdings (1123)?
Balance-sheet figures for China-Hongkong Photo Products Holdings (as of Oct 3, 2026): return on equity 1.1%. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is 1123 from its 52-week high?
China-Hongkong Photo Products Holdings trades at HK$0.1350, about 7% below its 52-week high of HK$0.1450 and 34% above the low of HK$0.1011 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of HK$0.3500 is for.
Which stocks are comparable to China-Hongkong Photo Products Holdings?
From the same area (Consumer Cyclical) we also value Pop Mart International Group, ANTA Sports Products Limited, Amer Sports, Inc, Hasbro, 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 China-Hongkong Photo Products Holdings stock attractive at the current price?
The data as of Oct 3, 2026: price HK$0.1350, calculated fair value HK$0.3500 (+159%), Quality Score 63/100, from 22 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 1123 calculated?
We run China-Hongkong Photo Products Holdings through 22 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$0.3500, 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-Hongkong Photo Products Holdings currently trades 61 % 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-Hongkong Photo Products Holdings (1123)?
The closing price on Oct 2, 2026 was HK$0.1350. Our model-based fair value is HK$0.3500, about +159% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with China-Hongkong Photo Products Holdings right now?
The price is below even our cautious bear case (HK$0.3400). 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. Solid quality (63/100) at a price below fair value, the discount is the argument here, not the business quality. The models converge in a tight band (HK$0.3400 to HK$0.3500), unusually little disagreement for a valuation.
Key figures of China-Hongkong Photo Products Holdings
How large is the market capitalisation of China-Hongkong Photo Products Holdings (1123)?
The market capitalisation of China-Hongkong Photo Products Holdings is HK$160M (≈ $20.4M). 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-Hongkong Photo Products Holdings (1123)?
The price-to-sales ratio of China-Hongkong Photo Products Holdings is 0.10 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of China-Hongkong Photo Products Holdings (1123)?
Earnings per share at China-Hongkong Photo Products Holdings are HK$0.0100 (price ÷ EPS = P/E 13.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of China-Hongkong Photo Products Holdings (1123)?
The dividend yield of China-Hongkong Photo Products Holdings is 2.2% (payout 30.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of China-Hongkong Photo Products Holdings (1123)?
The net margin of China-Hongkong Photo Products Holdings is 0.8% (fiscal year 2026). 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-Hongkong Photo Products Holdings (1123)?
The return on equity (ROE) of China-Hongkong Photo Products Holdings is 1.1% (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-Hongkong Photo Products Holdings (1123)?
On an EBIT basis the return on assets of China-Hongkong Photo Products Holdings is 2.9% (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-Hongkong Photo Products Holdings (1123)?
The operating margin of China-Hongkong Photo Products Holdings is 2.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at China-Hongkong Photo Products Holdings (1123)?
Revenue at China-Hongkong Photo Products Holdings is growing +5.9% versus a year earlier (3y avg −2.6%). 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-Hongkong Photo Products Holdings (1123)?
Earnings per share at China-Hongkong Photo Products Holdings are growing +21.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does China-Hongkong Photo Products Holdings (1123) hold?
China-Hongkong Photo Products Holdings holds more cash than debt, HK$130M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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