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AP Rentals Holdings Ltd (1496) Fair Value & Analysis

Industrials · HK · Market cap HK$140M

AR AP Rentals Holdings Ltd 1496 · HK
PriceHK$0.1660
Fair ValueHK$0.2100
Upside+26.5%
Quality54/100
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Weak Growth
Thin margins · 7.4% net margin
Low debt · generates free cash flow
Mixed vs. peers (7/14)
Narrow moat 32/100
Evidence: High Range HK$0.1600 – HK$0.2600 Share as image

Fair value as of: Aug 13, 2026

From 24 valuation models · updated 3 days ago

Share price −1.8% over the past month.

A solid business, screening 27% undervalued on our models.

What matters now

  • Solid quality (54/100) at a price below fair value, the discount is the argument here, not the business quality.
  • Our model range runs from HK$0.1600 (bear) to HK$0.2600 (bull), base HK$0.2100. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 54/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

HK$0.2000 HK$0.0779 Fair Value HK$0.2100 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$0.0779 – HK$0.2000 · fair‑value band HK$0.1600 – HK$0.2600 · the HK$0.1660 price screens below the HK$0.2100 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

AP Rentals Holdings Ltd (1496) currently trades at HK$0.1660, while our model-based Fair Value estimate is HK$0.2100, implying the stock looks roughly 26.5% undervalued today. The Quality Score stands at 54/100 (solid quality), in the Industrials 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, AP Rentals Holdings Ltd generated revenue of HK$145M at a net margin of 7.4%. Revenue declined 8.5% year over year. It earns a return on equity of 4.5%. The balance sheet holds a net cash position of HK$71.5M. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$0.1600 (bear case) to HK$0.2600 (bull case); at HK$0.1660, 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 19% below its 52-week high and 24% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -18% fair-value upside, at 27%, 1496 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$0.2000 HK$0.2200 HK$0.2400 80
Residual Income HK$0.1900 HK$0.1800 HK$0.1500 76
Rev-Margin DCF HK$0.1900 HK$0.2100 HK$0.2300 74
All 24 models by family
DCF Models
FCF DCF HK$0.2000 HK$0.2200 HK$0.2500 38
Owner Earnings HK$0.2400 HK$0.2700 HK$0.3200 31
5Y Revenue Exit HK$0.1900 HK$0.2000 HK$0.2300 39
5Y EBITDA Exit HK$0.4300 HK$0.6200 HK$0.8800 41
5Y P/E Exit HK$0.2500 HK$0.3200 HK$0.3900 38
10Y Revenue Exit HK$0.1900 HK$0.2000 HK$0.2200 36
10Y EBITDA Exit HK$0.3200 HK$0.4200 HK$0.5400 37
10Y P/E Exit HK$0.2200 HK$0.2600 HK$0.3000 35
Earnings-Based
Graham-Dodd HK$0.0800 HK$0.1000 HK$0.1200 54
EPV HK$0.1500 HK$0.1500 HK$0.1500 59
Dividend Discount
Gordon GGM HK$0.0500 HK$0.0600 HK$0.0600 70
DDM Multi-Stage HK$0.0500 HK$0.0600 HK$0.0700 61
Multiples
P/E Multiple HK$0.1900 HK$0.2600 HK$0.3200 63
P/S Multiple HK$0.1600 HK$0.2100 HK$0.2600 58
P/B Multiple HK$0.1600 HK$0.2100 HK$0.2600 55
EV/EBIT HK$0.2000 HK$0.2200 HK$0.2400 53
EV/EBITDA HK$0.7200 HK$0.9100 HK$1.11 54
EV/Revenue HK$0.1800 HK$0.2000 HK$0.2200 43
Asset-Based
NCAV (Graham) HK$0.1400 HK$0.1800 HK$0.2700 50
Growth DCF
Growth DCF HK$0.2000 HK$0.2200 HK$0.2400 80
Rev-Margin DCF HK$0.1900 HK$0.2100 HK$0.2300 74
Economic Profit
Residual Income HK$0.1900 HK$0.1800 HK$0.1500 76
ROIC Compounder HK$0.1500 HK$0.1500 HK$0.1500 72
Growth Earnings
Growth-Adj P/E HK$0.1400 HK$0.2000 HK$0.2600 68

Widest divergence: DCF Models (HK$0.2600) versus Dividend Discount (HK$0.0600). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$145M
Revenue growth (YoY) -8.5%
Net margin 7.4%
Return on equity 4.5%
Free cash flow HK$8.4M FY2025
P/E ratio 16.2 as of Jul 2, 2026
More key figures
Operating margin 6.8%
EPS (TTM) HK$0.0200
EPS growth (YoY) -24.7%
Net cash HK$71.5M FY2026

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

Quality Score breakdown

Overall quality 54/100

Of which business quality 55 · Market factors (momentum, volatility) 46

Profitability 30
Margins and returns on capital today
Quality Growth 28
Are margins and returns improving?
Cashflow 59
Earnings quality: real cash, not paper profit
Fin. Strength 73
Balance sheet, leverage, solvency risk
Investment 63
Disciplined investing over empire-building
Low Volatility 61
Calm price path (market factor)
Momentum 40
Price trend over the last 3–12 months (market factor)
52W Momentum 41
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

AP Rentals Holdings Limited, an investment holding company, engages in the rental of construction, electrical and mechanical engineering, and event and entertainment equipment primarily in Hong Kong, Macau, Singapore, and the People's Republic of China. It operates through Leasing and Trading segments.

Full company description

AP Rentals Holdings Limited, an investment holding company, engages in the rental of construction, electrical and mechanical engineering, and event and entertainment equipment primarily in Hong Kong, Macau, Singapore, and the People's Republic of China. It operates through Leasing and Trading segments. The company offers equipment installation, operation, refueling and maintenance, disassembly, technical support, and transportation services, as well as various value-added services; and supplies spare parts. Its rental equipment primarily consists of power and energy equipment, high-reach equipment, and material handling equipment, as well as lifting, earthmoving, foundation, road and transportation, tunneling, and demolition equipment. The company also offers repair and maintenance, installation, and delivery services; leases and trades in equipment; sells machinery and parts; and engages in the provision of mobile electricity supplies and solutions, and related commodities and accessories. AP Rentals Holdings Limited was founded in 2004 and is headquartered in Tsim Sha Tsui, Hong Kong.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

AP Rentals Holdings Ltd reported revenue of HK$145M in FY2026 versus HK$135M in FY2022, a compound +1.8%/yr. Reported net income was HK$10.7M in FY2026.

Growth Quality 39/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2026)
HK$145M
Latest YoY
−9.6%
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.
−3.4%
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.
−0.5%
Avg. growth/yr (13Y) 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.
−0.8%
Revenue +1.8%/yr
FY22 HK$135M
FY23 HK$161M
FY24 HK$174M
FY25 HK$160M
FY26 HK$145M
Net income
FY22 −HK$4.5M
FY23 HK$12.8M
FY24 HK$10.4M
FY25 HK$12.2M
FY26 HK$10.7M
Character of growth · EPS growth decomposed (2015-2026) −10.1 % p.a.
Revenue per share −5.0 pp

of which total revenue −3.6 pp · buybacks/dilution −1.4 pp

EBIT margin −12.9 pp
Tax rate +0.2 pp
Residual (interest, one-offs) +7.6 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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Cite: Fair Value Calculator (2026). "AP Rentals Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/1496

Peer Group

Rental & Leasing Services · 98 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 +27% · Above median
Return on equity (TTM) 5% · Below median
Return on assets 1% · Below median
Net margin (TTM) 7% · Above median
Operating margin (TTM) 7% · Below median
Revenue growth -9% · Bottom 25%
Dividend yield (TTM) 4.7% · Above median
Debt / equity 0.01× · Lower than 75% of peers

Valuation Multiples vs Rental & Leasing Services median · lower = cheaper

P/E (TTM) 16.2× · Pricier than median
P/B 0.59× · Cheaper than median
P/S (TTM) 0.97× · Pricier than median
P/FCF 2.1× · Pricier than median
EV/EBITDA 0.6× · 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 69 · sector 52
FUTURE 0 · sector 21
PAST 18 · sector 26
HEALTH 100 · sector 70
DIVIDEND 94 · sector 48

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 Rental & Leasing Services stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
United Rentals, Inc URI $1,129 $449.86 -60%
Sunbelt Rentals Holdings SUNB $80.55 $65.76 -18%
AerCap Holdings AER $150.25 $301.51 +101%
Ryder System, Inc R $262.96 $109.71 -58%
Ayvens AYV €11.68 €25.90 +122%
Localiza Rent a Car S.A RENT3 R$34.71 R$37.01 +7%
Element Fleet Management Corp EFN C$27.95 C$15.06 -46%
BOC Aviation Limited 2588 HK$74.40 HK$18.61 -75%
GATX Corporation GATX $177.56 $140.90 -21%
Avis Budget Group CAR $139.58 $158.11 +13%

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Frequently asked questions

Is AP Rentals Holdings Ltd (1496) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$0.2100 versus a price of HK$0.1660, about +27% (undervalued).
What is the fair value of 1496?
Our model-based fair value for AP Rentals Holdings Ltd is HK$0.2100 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$0.1660.
What is the quality score of 1496?
AP Rentals Holdings Ltd has a Quality Score of 54/100. 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 AP Rentals Holdings Ltd (1496)?
AP Rentals Holdings Ltd reported trailing-twelve-month revenue of about HK$145M (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 1496?
The net profit margin of AP Rentals Holdings Ltd is about 7.4%, meaning it keeps roughly 7.4% 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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