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Z Fin Limited (1168) Fair Value & Analysis

Real Estate · HK · Market cap HK$1.3B

ZF Z Fin Limited 1168 · HK
PriceHK$5.50
Fair ValueHK$5.00
Upside-9.1%
Quality52/100
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Mixed Growth
Low debt · generates free cash flow
Ranks above peers (8/12)
Narrow moat 4/100
Evidence: Medium Range HK$3.54 – HK$6.46 Share as image

Fair value as of: Aug 13, 2026

From 13 valuation models · updated 2 days ago

Share price +34.5% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (HK$3.54 to HK$6.46) leaves room in how you read the outcome.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

HK$11.92 HK$1.30 Fair Value HK$5.00 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$1.30 – HK$11.92 · fair‑value band HK$3.54 – HK$6.46 · the HK$5.50 price screens above the HK$5.00 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Z Fin Limited (1168) currently trades at HK$5.50, while our model-based Fair Value estimate is HK$5.00, implying the stock looks roughly 9.1% fairly valued today. The Quality Score stands at 52/100 (solid quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Trailing-twelve-month revenue stands at HK$474M. Revenue grew 12.4% year over year. It earns a return on equity of -9.8%. Net debt stands at HK$368M. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$3.54 (bear case) to HK$6.46 (bull case); at HK$5.50, 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 55% below its 52-week high and 118% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -34% fair-value upside, at -9%, 1168 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
Growth DCF HK$2.81 HK$3.95 HK$5.39 80
Rev-Margin DCF HK$2.54 HK$4.00 HK$5.70 74
Gordon GGM HK$1.89 HK$3.41 HK$4.69 70
All 13 models by family
DCF Models
FCF DCF HK$2.80 HK$4.12 HK$5.89 38
5Y Revenue Exit HK$2.54 HK$3.99 HK$5.81 39
5Y EBITDA Exit HK$3.39 HK$5.57 HK$8.11 41
10Y Revenue Exit HK$2.55 HK$3.82 HK$5.49 36
10Y EBITDA Exit HK$3.11 HK$4.82 HK$7.10 37
Dividend Discount
Gordon GGM HK$1.89 HK$3.41 HK$4.69 70
DDM Multi-Stage HK$1.89 HK$2.97 HK$3.64 61
Multiples
EV/EBIT HK$4.63 HK$6.21 HK$7.79 53
EV/EBITDA HK$4.28 HK$5.74 HK$7.20 54
EV/Revenue HK$2.51 HK$3.63 HK$4.75 43
Asset-Based
NCAV (Graham) HK$11.84 HK$15.87 HK$23.68 50
Growth DCF
Growth DCF HK$2.81 HK$3.95 HK$5.39 80
Rev-Margin DCF HK$2.54 HK$4.00 HK$5.70 74

Widest divergence: Asset-Based (HK$15.87) versus Dividend Discount (HK$2.97). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$474M
Revenue growth (YoY) +12.4%
Net margin -232%
Return on equity -9.8%
Free cash flow HK$134M FY2025
Operating margin -21.5%
More key figures
EPS (TTM) HK$-1.59
Net debt HK$368M FY2025

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

Quality Score breakdown

Overall quality 52/100

Of which business quality 58 · Market factors (momentum, volatility) 46

Profitability 1
Margins and returns on capital today
Quality Growth 51
Are margins and returns improving?
Cashflow 93
Earnings quality: real cash, not paper profit
Fin. Strength 59
Balance sheet, leverage, solvency risk
Investment 52
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 61
Price trend over the last 3–12 months (market factor)
52W Momentum 15
Distance to the 52-week high (market factor)
Net Issuance 100
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

Z Fin Limited, an investment holding company, engages in financial technology investment and management in the People's Republic of China. It operates through Financing Services, Property Investment, Property Management, Property Development, Others segments.

Full company description

Z Fin Limited, an investment holding company, engages in financial technology investment and management in the People's Republic of China. It operates through Financing Services, Property Investment, Property Management, Property Development, Others segments. The company offers financial leasing solutions and multiple consultancy services; property management services; securities trading, investment advisory, and asset management services; and business factoring and other loan financing services. It is also involved in property leasing; property development and sale of properties; operation of hotel and primary school. The company was formerly known as Sinolink Worldwide Holdings Limited and changed its name to Z Fin Limited in August 2025. Z Fin Limited was incorporated in 1998 and is headquartered in Central, Hong Kong.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Z Fin Limited reported revenue of HK$575M in FY2025 versus HK$432M in FY2021, a compound +7.4%/yr. Reported net income was −HK$1.1B in FY2025.

Growth Quality 53/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
HK$575M
Latest YoY
+66.0%
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.
+21.5%
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.
+8.1%
Avg. 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.
−3.9%
Revenue +7.4%/yr
FY21 HK$432M
FY22 HK$320M
FY23 HK$361M
FY24 HK$346M
FY25 HK$575M
Net income
FY21 HK$191M
FY22 −HK$142M
FY23 −HK$278M
FY24 HK$4.0B
FY25 −HK$1.1B

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Cite: Fair Value Calculator (2026). "Z Fin Limited Fair Value". https://www.fairvalue-calculator.com/stock/1168

Peer Group

Real Estate - Diversified · 138 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 54 · Above median
Fair Value upside −9% · Below median
Return on assets 0% · Bottom 25%
Operating margin (TTM) -21% · Bottom 25%
Revenue growth 12% · Above median
Dividend yield (TTM) 8.2% · Top 25%
Debt / equity 0.18× · Lower than median

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

P/S (TTM) 0.35× · Cheaper than median
P/FCF 1.2× · Cheaper than median
EV/EBITDA 4.5× · Cheaper than 75% of peers
PEG 0.66× · 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 21 · sector 40
FUTURE 62 · sector 31
PAST 0 · sector 18
HEALTH 91 · sector 74
DIVIDEND 100 · sector 60

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.

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Frequently asked questions

Is Z Fin Limited (1168) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$5.00 versus a price of HK$5.50, about −9% (fairly valued).
What is the fair value of 1168?
Our model-based fair value for Z Fin Limited is HK$5.00 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$5.50.
What is the quality score of 1168?
Z Fin Limited has a Quality Score of 52/100. 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 Z Fin Limited (1168)?
Z Fin Limited reported trailing-twelve-month revenue of about HK$474M (latest available figure, 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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