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S.A.S. Dragon Holdings Ltd (1184) Fair Value & Analysis

Technology · HK · Market cap HK$4.0B

SA S.A.S. Dragon Holdings Ltd 1184 · HK
PriceHK$8.78
Fair ValueHK$24.91
Upside+183.9%
Quality63/100
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Strengths

✓Trades 184% below our fair value of HK$24.91
✓Healthy Growth
✓Low debt · generates free cash flow
✓Ranks above peers (10/13)

Risks

!Thin margins · 1.8% net margin
!Narrow moat 40/100
Healthy Growth
Thin margins · 1.8% net margin
Low debt · generates free cash flow
6.11% dividend yield
Ranks above peers (10/13)
Narrow moat 40/100
Evidence: High Range HK$18.68 – HK$31.13 Share as image

Fair value as of: Aug 20, 2026

From 24 valuation models · updated 2 days ago

Share price +10.2% over the past month.

A solid business, screening 184% undervalued on our models.

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 is below even our cautious bear case (HK$18.68). The market is more pessimistic than our downside scenario.
  • Solid quality (63/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

HK$8.78 HK$1.19 Fair Value HK$24.91 Jul 2019 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 20, 2026.

How to read this chart

60‑month range HK$1.19 – HK$8.78 · fair‑value band HK$18.68 – HK$31.13 · the HK$8.78 price screens below the HK$24.91 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 20, 2026.

Full chart & analysis →

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Analysis

S.A.S. Dragon Holdings Ltd (1184) currently trades at HK$8.78, while our model-based Fair Value estimate is HK$24.91, implying the stock looks roughly 183.9% undervalued today. The Quality Score stands at 63/100 (solid quality), in the Technology 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, S.A.S. Dragon Holdings Ltd generated revenue of HK$30.5B at a net margin of 1.8%. Revenue grew 27.1% year over year. It earns a return on equity of 21.4%. The balance sheet holds a net cash position of HK$1.1B. Fundamentals as of Aug 20, 2026

Our scenario range runs from HK$18.68 (bear case) to HK$31.13 (bull case); at HK$8.78, 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 near its 52-week high and 130% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -15% fair-value upside, at 184%, 1184 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$21.83 HK$33.58 HK$52.88 80
Residual Income HK$5.64 HK$7.43 HK$23.38 76
Rev-Margin DCF HK$20.40 HK$31.18 HK$45.43 74
All 24 models by family
DCF Models
FCF DCF HK$22.08 HK$35.31 HK$58.08 38
Owner Earnings HK$17.70 HK$27.30 HK$43.84 31
5Y Revenue Exit HK$20.40 HK$31.49 HK$46.71 39
5Y EBITDA Exit HK$24.37 HK$39.84 HK$59.59 41
5Y P/E Exit HK$22.96 HK$36.88 HK$53.07 38
10Y Revenue Exit HK$20.37 HK$31.06 HK$47.79 36
10Y EBITDA Exit HK$23.42 HK$37.11 HK$58.54 37
10Y P/E Exit HK$22.50 HK$34.96 HK$53.10 35
Earnings-Based
Graham-Dodd HK$6.05 HK$30.11 HK$41.54 54
Lynch FV HK$8.13 HK$11.62 HK$15.10 50
PEG = 1.0 HK$8.13 HK$11.62 HK$15.10 46
EPV HK$17.86 HK$19.72 HK$21.32 59
Multiples
P/E Multiple HK$18.68 HK$24.91 HK$31.13 63
P/S Multiple HK$11.34 HK$15.12 HK$18.90 58
P/B Multiple HK$11.34 HK$15.12 HK$18.90 55
EV/EBIT HK$32.99 HK$41.95 HK$50.92 53
EV/EBITDA HK$27.02 HK$34.00 HK$40.97 54
EV/Revenue HK$19.68 HK$25.51 HK$31.34 43
Asset-Based
NCAV (Graham) HK$2.54 HK$3.41 HK$5.09 50
Growth DCF
Growth DCF HK$21.83 HK$33.58 HK$52.88 80
Rev-Margin DCF HK$20.40 HK$31.18 HK$45.43 74
Economic Profit
Residual Income HK$5.64 HK$7.43 HK$23.38 76
ROIC Compounder HK$17.86 HK$19.72 HK$21.32 72
Growth Earnings
Growth-Adj P/E HK$14.65 HK$20.93 HK$27.21 68

Widest divergence: DCF Models (HK$34.96) versus Asset-Based (HK$3.41). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$30.5B
Revenue growth (YoY) +27.1%
Net margin 1.8%
Return on equity 21.4%
Free cash flow HK$796M FY2025
P/E ratio 7.2 as of Jul 2, 2026
More key figures
Operating margin 2.8%
EPS (TTM) HK$0.4200
Dividend yield 6.1%
EPS growth (YoY) +71.5%
Net cash HK$1.1B FY2025

Figures from reported company fundamentals · as of Aug 20, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 63/100

Of which business quality 63 · Market factors (momentum, volatility) 91

Profitability 50
Margins and returns on capital today
Quality Growth 58
Are margins and returns improving?
Cashflow 53
Earnings quality: real cash, not paper profit
Fin. Strength 77
Balance sheet, leverage, solvency risk
Investment 68
Disciplined investing over empire-building
Low Volatility 70
Calm price path (market factor)
Momentum 100
Price trend over the last 3–12 months (market factor)
52W Momentum 100
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

S.A.S. Dragon Holdings Limited, an investment holding company, provides electronic supply chain services in Hong Kong, Mainland China, Taiwan, the United States, Vietnam, Singapore, Macao, and internationally.

Full company description

S.A.S. Dragon Holdings Limited, an investment holding company, provides electronic supply chain services in Hong Kong, Mainland China, Taiwan, the United States, Vietnam, Singapore, Macao, and internationally. It focuses on the design, development, sourcing, quality assurance, and logistics management of electronic components and semiconductors products, including chipset solutions, display panels, memory chips, light-emitting diode (LED) lighting solutions, power supply system solutions, multimedia system solutions, PEMCO, IoT home automation solutions, and other premier solutions. The company also offers ancillary services, contract works of LED lighting, and display products, as well as distributes business equipment. In addition, it invests in commercial and industrial properties. The company provides lifestyle products under the SHARP, Light in Motion, and LIM InfraSystems brand names. It serves semiconductor suppliers and electronics manufacturing services providers, original equipment manufacturers, original design manufacturers, valued-added resellers, retailers, and end customers. S.A.S. Dragon Holdings Limited was founded in 1981 and is based in Kwai Chung, Hong Kong.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

S.A.S. Dragon Holdings Ltd reported revenue of HK$30.5B in FY2025 versus HK$35.3B in FY2021, a compound −3.6%/yr. Reported net income was HK$557M in FY2025, compounding −6.0%/yr from FY2021.

Growth Quality 78/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
HK$30.5B
Latest YoY
+10.0%
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.
+6.9%
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.
+8.7%
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.
+14.2%
Revenue −3.6%/yr
FY21 HK$35.3B
FY22 HK$25.0B
FY23 HK$22.4B
FY24 HK$27.8B
FY25 HK$30.5B
Net income −6.0%/yr
FY21 HK$713M
FY22 HK$400M
FY23 HK$404M
FY24 HK$501M
FY25 HK$557M
Character of growth · EPS growth decomposed (2014-2025) +14.4 % p.a.
Revenue per share +10.5 pp

of which total revenue +10.7 pp · buybacks/dilution −0.2 pp

EBIT margin +8.0 pp
Tax rate −0.4 pp
Residual (interest, one-offs) −3.7 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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S.A.S. Dragon Holdings Ltd · Fair Value
HK$24.91 +184%Fair Value
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Cite: Fair Value Calculator (2026). "S.A.S. Dragon Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/1184

Peer Group

Electronics & Computer Distribution · 157 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 63 · Top 25%
Fair Value upside +184% · Top 25%
Return on equity (TTM) 21% · Top 25%
Return on assets 5% · Above median
Net margin (TTM) 2% · Below median
Operating margin (TTM) 3% · Below median
Revenue growth 27% · Above median
Dividend yield (TTM) 4.6% · Above median

Valuation Multiples vs Electronics & Computer Distribution median · lower = cheaper

P/E (TTM) 7.2× · Cheaper than 75% of peers
P/B 1.25× · Pricier than median
P/S (TTM) 0.13× · Cheaper than 75% of peers
P/FCF 0.6× · Cheaper than median

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
VALUE100 · sector 34
FUTURE100 · sector 63
PAST86 · sector 34
HEALTH100 · sector 98
DIVIDEND91 · sector 52

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

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Frequently asked questions

Is S.A.S. Dragon Holdings Ltd (1184) overvalued or undervalued?
As of Aug 20, 2026, our model estimates a fair value of HK$24.91 versus a price of HK$8.78, about +184% (undervalued).
What is the fair value of 1184?
Our model-based fair value for S.A.S. Dragon Holdings Ltd is HK$24.91 (as of Aug 20, 2026), built from audited fundamentals. The current price: HK$8.78.
What is the quality score of 1184?
S.A.S. Dragon Holdings Ltd 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 revenue of S.A.S. Dragon Holdings Ltd (1184)?
S.A.S. Dragon Holdings Ltd reported trailing-twelve-month revenue of about HK$30.5B (latest available figure, as of Aug 20, 2026).
What is the net profit margin of 1184?
The net profit margin of S.A.S. Dragon Holdings Ltd is about 1.8%, meaning it keeps roughly 1.8% of revenue as net income. Based on the latest reported figures.
Does S.A.S. Dragon Holdings Ltd pay a dividend?
S.A.S. Dragon Holdings Ltd currently shows a dividend yield of about 6.11% relative to its recent price (as of Aug 20, 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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