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Travel Expert (Asia) Enterprises Limited (1235) Fair Value & Analysis

Consumer Cyclical · HK · Market cap HK$96.9M

TE Travel Expert (Asia) Enterprises Limited 1235 · HK
PriceHK$0.2000
Fair ValueHK$0.1500
Upside-25.0%
Quality61/100
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Weak Growth
Thin margins · 0.2% net margin
generates free cash flow
Mixed vs. peers (5/11)
Narrow moat 18/100
Evidence: High Range HK$0.1100 – HK$0.1800 Share as image

Fair value as of: Aug 5, 2026

From 24 valuation models · updated 5 days ago

Share price −1.5% over the past month.

A solid business, but screening 25% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (HK$0.1800). The favourable scenario is already priced in.
  • Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

HK$0.2831 HK$0.1024 Fair Value HK$0.1500 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 5, 2026.

How to read this chart

60‑month range HK$0.1024 – HK$0.2831 · fair‑value band HK$0.1100 – HK$0.1800 · the HK$0.2000 price screens above the HK$0.1500 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 5, 2026.

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Analysis

Travel Expert (Asia) Enterprises Limited (1235) currently trades at HK$0.2000, while our model-based Fair Value estimate is HK$0.1500, implying the stock looks roughly 25.0% overvalued today. The Quality Score stands at 61/100 (solid quality), in the Consumer Cyclical 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: high).

Over the trailing twelve months, Travel Expert (Asia) Enterprises Limited generated revenue of HK$289M at a net margin of 0.2%. Revenue grew 29.3% year over year. It earns a return on equity of 0.8%. The balance sheet holds a net cash position of HK$79.9M. Fundamentals as of Aug 5, 2026

Our scenario range runs from HK$0.1100 (bear case) to HK$0.1800 (bull case); at HK$0.2000, 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 4% below its 52-week high and 40% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -16% fair-value upside, at -25%, 1235 screens richer 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
Residual Income HK$0.0900 HK$0.0900 HK$0.0700 76
Growth DCF HK$0.5600 HK$0.8000 HK$1.16 72
Growth-Adj P/E HK$0.2000 HK$0.2800 HK$0.3600 68
All 24 models by family
DCF Models
FCF DCF HK$0.5900 HK$0.7500 HK$1.23 38
Owner Earnings HK$0.3900 HK$0.6000 HK$0.9600 31
5Y Revenue Exit HK$0.3900 HK$0.4800 HK$0.6700 39
5Y EBITDA Exit HK$0.4900 HK$0.6800 HK$1.06 41
5Y P/E Exit HK$0.3900 HK$0.5600 HK$0.7600 38
10Y Revenue Exit HK$0.4600 HK$0.6500 HK$0.7400 36
10Y EBITDA Exit HK$0.5200 HK$0.8300 HK$1.34 37
10Y P/E Exit HK$0.4700 HK$0.6600 HK$0.9400 35
Earnings-Based
Graham-Dodd HK$0.0400 HK$0.3100 HK$0.4400 54
Lynch FV HK$0.1400 HK$0.2100 HK$0.2700 50
PEG = 1.0 HK$0.1400 HK$0.2100 HK$0.2700 46
EPV HK$0.2400 HK$0.2500 HK$0.2600 59
Multiples
P/E Multiple HK$0.1100 HK$0.1500 HK$0.1800 63
P/S Multiple HK$0.0800 HK$0.1100 HK$0.1400 58
P/B Multiple HK$0.0800 HK$0.1100 HK$0.1400 55
EV/EBIT HK$0.3200 HK$0.3700 HK$0.4200 53
EV/EBITDA HK$0.4300 HK$0.5200 HK$0.6000 54
EV/Revenue HK$0.2700 HK$0.3200 HK$0.3600 43
Asset-Based
NCAV (Graham) HK$0.0600 HK$0.0900 HK$0.1300 50
Growth DCF
Growth DCF HK$0.5600 HK$0.8000 HK$1.16 72
Rev-Margin DCF HK$0.4000 HK$0.5300 HK$0.7800 67
Economic Profit
Residual Income HK$0.0900 HK$0.0900 HK$0.0700 76
ROIC Compounder HK$0.2400 HK$0.2500 HK$0.2600 67
Growth Earnings
Growth-Adj P/E HK$0.2000 HK$0.2800 HK$0.3600 68

Widest divergence: DCF Models (HK$0.6500) versus Asset-Based (HK$0.0900). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) HK$289M
Revenue growth (YoY) +29.3%
Net margin 0.2%
Return on equity 0.8%
Free cash flow HK$17.6M FY2025
Operating margin -2.0%
More key figures
EPS growth (YoY) -88.0%
Net cash HK$79.9M FY2025

Figures from reported company fundamentals · as of Aug 5, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 61/100

Of which business quality 65 · Market factors (momentum, volatility) 70

Profitability 54
Margins and returns on capital today
Quality Growth 47
Are margins and returns improving?
Cashflow 66
Earnings quality: real cash, not paper profit
Fin. Strength 79
Balance sheet, leverage, solvency risk
Investment 63
Disciplined investing over empire-building
Low Volatility 72
Calm price path (market factor)
Momentum 63
Price trend over the last 3–12 months (market factor)
52W Momentum 79
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

Travel Expert (Asia) Enterprises Limited, an investment holding company, engages in the travel and travel related businesses in Hong Kong and the People's Republic of China. The company provides services related to the sale of air tickets, hotel accommodation, and other travel related products and services.

Full company description

Travel Expert (Asia) Enterprises Limited, an investment holding company, engages in the travel and travel related businesses in Hong Kong and the People's Republic of China. The company provides services related to the sale of air tickets, hotel accommodation, and other travel related products and services. It is also involved in the package tours and investment in treasury activities. In addition, the company offers marketing, management, and lease management services; and provides IT support services. Further, it operates retail shops in Hong Kong under the Travel Expert and Premium Holidays brand names. The company was founded in 1986 and is headquartered in Wan Chai, Hong Kong. Travel Expert (Asia) Enterprises Limited is a subsidiary of Colvin & Horne Holdings Limited.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Travel Expert (Asia) Enterprises Limited reported revenue of HK$255M in FY2025 versus HK$6.4M in FY2021, a compound +151.1%/yr. Reported net income was HK$3.4M in FY2025.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
HK$255M
Latest YoY
+57.4%
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.
+191.8%
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.
−2.3%
Avg. growth/yr (16Y) 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.
+2.7%
Revenue +151.1%/yr
FY21 HK$6.4M
FY22 HK$10.3M
FY23 HK$40.3M
FY24 HK$162M
FY25 HK$255M
Net income
FY21 −HK$32.9M
FY22 −HK$17.9M
FY23 −HK$2.2M
FY24 HK$9.0M
FY25 HK$3.4M

1235 screens 25% overvalued. Compare with Booking Holdings →

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Cite: Fair Value Calculator (2026). "Travel Expert (Asia) Enterprises Limited Fair Value". https://www.fairvalue-calculator.com/stock/1235

Peer Group

Travel Services · 90 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 61 · Top 25%
Fair Value upside −25% · Below median
Return on equity (TTM) 1% · Bottom 25%
Return on assets -1% · Bottom 25%
Net margin (TTM) 0% · Bottom 25%
Operating margin (TTM) -2% · Below median
Revenue growth 29% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%

Valuation Multiples vs Travel Services median · lower = cheaper

P/B 0.19× · Cheaper than 75% of peers
P/S (TTM) 0.04× · Cheaper than 75% of peers
P/FCF 0.7× · 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.

VALUE 0 · sector 19
FUTURE 100 · sector 25
PAST 3 · sector 36
HEALTH 0 · sector 97
DIVIDEND 0 · sector 36

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Travel Services stocks, each showing price versus our Fair Value estimate (as of Aug 5, 2026).

Stock Price Fair Value vs Fair Value
Booking Holdings BKNG $182.80 $152.94 -16%
Airbnb, Inc ABNB $148.62 $57.47 -61%
Royal Caribbean Cruises Ltd RCL $286.96 $215.19 -25%
Viking Holdings VIK $100.69 $43.51 -57%
Carnival Corporation CCL $26.41 $31.36 +19%
Expedia Group EXPE $268.77 $248.63 -7%
Trip.com Group TCOM $42.45 $88.82 +109%
Norwegian Cruise Line Holdings NCLH $19.46 $20.28 +4%
Global Business Travel Group GBTG $9.40 $4.17 -56%
Travel + Leisure Co TNL $73.27 $27.29 -63%

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Frequently asked questions

Is Travel Expert (Asia) Enterprises Limited (1235) overvalued or undervalued?
As of Aug 5, 2026, our model estimates a fair value of HK$0.1500 versus a price of HK$0.2000, about −25% (overvalued).
What is the fair value of 1235?
Our model-based fair value for Travel Expert (Asia) Enterprises Limited is HK$0.1500 (as of Aug 5, 2026), built from audited fundamentals. The current price is HK$0.2000.
What is the quality score of 1235?
Travel Expert (Asia) Enterprises Limited has a Quality Score of 61/100. 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 Travel Expert (Asia) Enterprises Limited (1235)?
Travel Expert (Asia) Enterprises Limited reported trailing-twelve-month revenue of about HK$289M (latest available figure, as of Aug 5, 2026).
What is the net profit margin of 1235?
The net profit margin of Travel Expert (Asia) Enterprises Limited is about 0.2%, meaning it keeps roughly 0.2% of revenue as net income. 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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