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Milan Station Holdings Ltd (1150) Fair Value & Analysis

Consumer Cyclical · HK · Market cap HK$97.2M (≈ $12.4M) · ISIN KYG611701171

What is Milan Station Holdings Ltd really worth?

MS Milan Station Holdings Ltd 1150 · HK
PriceHK$0.0880
Fair ValueHK$0.0350
Upside−60.2%
Quality43/100

Below-average quality, and trading another 151% above our fair value of HK$0.0350.

As of Aug 13, 2026, the fair value of Milan Station Holdings Ltd is HK$0.0350 per share against a price of HK$0.0880, so the fair value sits 60% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Risks

!Weak Growth (revenue 5y −6.6 %/yr)
!Thin margins · 1.2% net margin
!Low debt · negative free cash flow
!Trails peers (4/11)
!Narrow moat 9/100
!Evidence only low, so the estimate is less certain
!Weak on past: 8 out of 100
Evidence: Low Range HK$0.0350 – HK$0.0420

Fair value as of: Aug 13, 2026

From 10 valuation models · updated 23 days ago

Fair value updated Aug 13, 2026, revised from HK$0.0312 to HK$0.0350 (+12.3%) since Aug 5, 2026. Share price +23.9% over the past month.

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 →

What matters now

  • The price sits above even our optimistic bull case (HK$0.0420). The favourable scenario is already priced in.
  • Weak quality (43/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • 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$0.3900 HK$0.0590 Fair Value HK$0.0350 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$0.0590 – HK$0.3900 · fair‑value band HK$0.0350 – HK$0.0420 · the HK$0.0880 price screens above the HK$0.0350 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Milan Station Holdings Ltd (1150) currently trades at HK$0.0880, while our model-based Fair Value estimate is HK$0.0350, implying the stock looks roughly 151.4% overvalued today. The Quality Score stands at 43/100 (below-average quality), in the Consumer Cyclical sector. Bull case: the Asset-Based group reads highest at a median of HK$0.0500 per share, and 0 of the 10 models we run sit above the HK$0.0880 price. Bear case: the Earnings-Based group reads lowest at HK$0.0100, and 10 of the 10 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, Milan Station Holdings Ltd generated revenue of HK$125M at a net margin of 1.2%. Revenue grew 54.4% year over year. It earns a return on equity of 2.1%. Net debt stands at HK$21.0M. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$0.0350 (bear case) to HK$0.0420 (bull case); at HK$0.0880, the current price sits above 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 77% below its 52-week high and 4% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at −6% fair-value upside, at −60%, 1150 screens richer 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
Owner Earnings HK$0.0300 HK$0.0300 HK$0.0500 77
Residual Income HK$0.0400 HK$0.0400 HK$0.0300 76
Gordon GGM HK$0.0300 HK$0.0300 HK$0.0300 69
All 10 models by family
DCF Models
Owner Earnings HK$0.0300 HK$0.0300 HK$0.0500 77
Earnings-Based
Graham-Dodd HK$0.0100 HK$0.0100 HK$0.0100 67
Dividend Discount
Gordon GGM HK$0.0300 HK$0.0300 HK$0.0300 69
DDM Multi-Stage HK$0.0300 HK$0.0300 HK$0.0400 67
Multiples
P/E Multiple HK$0.0200 HK$0.0300 HK$0.0400 62
P/S Multiple HK$0.0200 HK$0.0200 HK$0.0300 58
P/B Multiple HK$0.0200 HK$0.0200 HK$0.0300 55
Asset-Based
NCAV (Graham) HK$0.0300 HK$0.0500 HK$0.0700 53
Economic Profit
Residual Income HK$0.0400 HK$0.0400 HK$0.0300 76
Growth Earnings
Growth-Adj P/E HK$0.0200 HK$0.0200 HK$0.0300 68

Widest divergence: Asset-Based (HK$0.0500) versus Earnings-Based (HK$0.0100). Highest evidence: Owner Earnings (77).

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Key figures & financial health

P/S ratio 0.78 TTM
EPS (TTM) HK$−0.0100
Dividend yield 4.2%
Net margin 1.2% FY2025
Return on equity 2.1% TTM
Return on assets (EBIT) −17.9% avg 5y
More key figures
Profitability
Operating margin −6.4% TTM
Growth
Revenue (TTM) HK$125M TTM
Revenue growth (YoY) +54.4% 3y avg −18.7%
Balance sheet & cash flow
Free cash flow −HK$1.1M FY2025
Net debt HK$21.0M FY2025

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

Quality Score breakdown

Overall quality 43/100

Of which business quality 43 · Market factors (momentum, volatility) 22

Profitability 33
Margins and returns on capital today
Quality Growth 79
Are margins and returns improving?
Cashflow 20
Earnings quality: real cash, not paper profit
Fin. Strength 53
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 16
Price trend over the last 3–12 months (market factor)
52W Momentum 1
Distance to the 52-week high (market factor)
Net Issuance 0
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

Milan Station Holdings Limited, an investment holding company, engages in the retail of handbags and fashion accessories in Hong Kong. The company offers unused and second-hand products. It is also involved in the operation of retail shops under the Milan Station brand.

Full company description

Milan Station Holdings Limited, an investment holding company, engages in the retail of handbags and fashion accessories in Hong Kong. The company offers unused and second-hand products. It is also involved in the operation of retail shops under the Milan Station brand. In addition, the company engages in money lending business; trading of handbags; embellishments operation; and securities investment activities. It also sells its products online. Milan Station Holdings Limited was incorporated in 2007 and is headquartered in Lai Chi Kok, Hong Kong.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Milan Station Holdings Ltd reported revenue of HK$125M in FY2025 versus HK$245M in FY2021, a compound −15.4%/yr. Reported net income was HK$1.5M in FY2025, compounding −48.0%/yr from FY2021.

Growth Quality 20/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
HK$125M
Latest YoY
+12.0%
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.
−18.7%
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.
−6.6%
Avg. revenue growth/yr (17Y) ⓘ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.
−7.9%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
−41.1% · in HKD
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share−45.3%
Dividend yield4.2%
Operating margin (EBIT) ⓘ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.−5.5% (2020) → −12.1% (2025) · falling
Worst earnings drop311% (2022) (loss year, drop beyond 100%) · in HKD
⚠ Revenue per share shrinking 28.4%/yr over ~10Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Revenue −15.4%/yr
FY21 HK$245M
FY22 HK$233M
FY23 HK$173M
FY24 HK$112M
FY25 HK$125M
Net income −48.0%/yr
FY21 HK$20.5M
FY22 −HK$45.9M
FY23 −HK$27.9M
FY24 −HK$26.4M
FY25 HK$1.5M

1150 screens 151% overvalued. Compare with Hermès International Société en commandite par actions →

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Cite: Fair Value Calculator (2026). "Milan Station Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/1150.HK

Peer Group

Luxury Goods · 135 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 43 · Bottom 25%
Fair Value upside −55% · Below median
Return on equity (TTM) 2% · Bottom 25%
Return on assets −9% · Bottom 25%
Net margin (TTM) 1% · Below median
Operating margin (TTM) −6% · Bottom 25%
Revenue growth 54% · Top 25%
Dividend yield (TTM) 4.2% · Top 25%
Debt / equity 0.12× · Higher than median

Valuation Multiples vs Luxury Goods median · lower = cheaper

P/B 0.17× · Cheaper than 75% of peers
P/S (TTM) 0.10× · 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
VALUE0 · sector 10
FUTURE100 · sector 50
PAST8 · sector 40
HEALTH94 · sector 99
DIVIDEND83 · sector 42

VALUE 0: the price sits above our fair-value range.

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 Luxury Goods stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Hermès International Société en commandite par actions RMS €1,598 €950.24 −41%
Compagnie Financière Richemont SA CFR CHF 192.15 CHF 119.49 −38%
Christian Dior SE DIO €423.60 €1,095 +159%
Titan Company TITAN ₹5,106 ₹972.23 −81%
Tapestry, Inc TPR $153.74 $19.95 −87%
Chow Tai Fook Jewellery Group 1929 HK$12.31 HK$11.51 −6%
The Swatch Group UHRN CHF 36.35 CHF 8.46 −77%
Prada S.p.A 1913 HK$40.86 HK$64.71 +58%
Pandora A/S PNDORA kr 783.00 kr 1,424 +82%
Laopu Gold Co 6181 HK$385.00 HK$654.83 +70%

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Frequently asked questions

Is Milan Station Holdings Ltd (1150) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$0.0350 versus a price of HK$0.0880, about −60% upside (overvalued).
What is the fair value of 1150?
Our model-based fair value for Milan Station Holdings Ltd is HK$0.0350 (as of Aug 13, 2026), built from audited fundamentals. The current price: HK$0.0880.
What is the quality score of 1150?
Milan Station Holdings Ltd has a Quality Score of 43/100. 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 Milan Station Holdings Ltd (1150)?
Our model-based price target is the fair value of HK$0.0350 (as of Aug 13, 2026) from 10 valuation models. Cautious scenario HK$0.0350, optimistic scenario HK$0.0420. It is a calculation from audited fundamentals, not an analyst target.
What is the Milan Station Holdings Ltd stock forecast for 2026?
Our models put fair value at HK$0.0350, about −60% upside versus a price of HK$0.0880 (overvalued). Cautious scenario HK$0.0350, optimistic scenario HK$0.0420. The calculation is refreshed regularly with new filings.
What is the revenue of Milan Station Holdings Ltd (1150)?
Milan Station Holdings Ltd reported trailing-twelve-month revenue of about HK$125M (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 1150?
The net profit margin of Milan Station Holdings Ltd is about 1.2%, meaning it keeps roughly 1.2% of revenue as net income. Based on the latest reported figures.
Does Milan Station Holdings Ltd pay a dividend?
Milan Station Holdings Ltd currently shows a dividend yield of about 4.16% relative to its recent price (as of Aug 13, 2026).
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