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In Construction Holdings (1500) Fair Value & Analysis

Industrials · HK · Market cap HK$208M

IC In Construction Holdings 1500 · HK
PriceHK$0.3800
Fair ValueHK$0.9100
Upside+139.5%
Quality81/100
Weak Growth
Solidly profitable · 19.0% net margin
Low debt · negative free cash flow
Ranks above peers (11/12)
Wide moat 80/100
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Evidence: Medium Range HK$0.7600 – HK$1.34 Share as image

Fair value as of: Aug 5, 2026

From 13 valuation models · updated today

Fair value updated Aug 5, 2026, revised from HK$0.9700 to HK$0.9100 (−6.2%) since Jul 2, 2026. Share price +53.8% over the past month.

A strong business, screening 139% undervalued on our models.

What matters now

  • The rarer combination: high quality (81/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (HK$0.7600). The market is more pessimistic than our downside scenario.
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Price vs Fair Value (5 years)

HK$0.4000 HK$0.0560 Fair Value HK$0.9100 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$0.0560 – HK$0.4000 · fair‑value band HK$0.7600 – HK$1.34 · the HK$0.3800 price screens below the HK$0.9100 fair value. Dashed = 300-day average. As of Aug 5, 2026.

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Analysis

In Construction Holdings (1500) currently trades at HK$0.3800, while our model-based Fair Value estimate is HK$0.9100, implying the stock looks roughly 139.5% undervalued today. We read business quality at 81/100 (high 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: medium), always confirm before acting.

Over the trailing twelve months, In Construction Holdings generated revenue of HK$341M at a net margin of 19.0%. Revenue grew 20.6% year over year. It earns a return on equity of 23.6%. The balance sheet holds a net cash position of HK$87.1M. Fundamentals as of Aug 5, 2026

Our scenario range runs from HK$0.7600 (bear case) to HK$1.34 (bull case); at HK$0.3800, the current price sits below that range. The share trades near its 52-week high, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -48% fair-value upside, at 139%, 1500 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 BearBaseBull Evidence
Highest evidence
Residual Income HK$0.4000 HK$0.5300 HK$1.51 76
ROIC Compounder HK$0.6300 HK$0.7000 HK$0.7700 72
Growth-Adj P/E HK$0.8300 HK$1.19 HK$1.55 68
All 13 models by family
DCF Models
Owner Earnings HK$0.6900 HK$0.8400 HK$1.05 31
Earnings-Based
Graham-Dodd HK$0.5300 HK$0.9700 HK$1.20 54
EPV HK$0.6200 HK$0.6800 HK$0.7300 59
Multiples
P/E Multiple HK$1.17 HK$1.56 HK$1.95 63
P/S Multiple HK$0.7700 HK$1.03 HK$1.28 58
P/B Multiple HK$0.8300 HK$1.11 HK$1.39 55
EV/EBIT HK$1.19 HK$1.55 HK$1.91 53
EV/EBITDA HK$0.8900 HK$1.15 HK$1.41 54
EV/Revenue HK$0.8200 HK$1.13 HK$1.44 43
Asset-Based
NCAV (Graham) HK$0.1900 HK$0.2500 HK$0.3700 50
Economic Profit
Residual Income HK$0.4000 HK$0.5300 HK$1.51 76
ROIC Compounder HK$0.6300 HK$0.7000 HK$0.7700 72
Growth Earnings
Growth-Adj P/E HK$0.8300 HK$1.19 HK$1.55 68

Widest divergence: Growth Earnings (HK$1.19) versus Asset-Based (HK$0.2500). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) HK$341M
Revenue growth (YoY) +20.6%
Net margin 19.0%
Return on equity 23.6%
Free cash flow −HK$6.1M FY2025
P/E ratio 3.1
More key figures
Operating margin 24.7%
EPS (TTM) HK$0.0300
EPS growth (YoY) +268%
Net cash HK$87.1M FY2026

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

Quality Score breakdown

Overall quality 81/100

Of which business quality 70 · Market factors (momentum, volatility) 85

Profitability 69
Margins and returns on capital today
Quality Growth 100
Are margins and returns improving?
Cashflow 10
Earnings quality: real cash, not paper profit
Fin. Strength 94
Balance sheet, leverage, solvency risk
Investment 90
Disciplined investing over empire-building
Low Volatility 50
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

In Construction Holdings Limited, an investment holding company, operates as a contractor in the foundation industry in Hong Kong. The company undertakes foundation and related works, including demolition, site formation, ground investigation field, and general building works. It is also involved in construction and engineering activities.

Full company description

In Construction Holdings Limited, an investment holding company, operates as a contractor in the foundation industry in Hong Kong. The company undertakes foundation and related works, including demolition, site formation, ground investigation field, and general building works. It is also involved in construction and engineering activities. The company serves the building and construction industries. In Construction Holdings Limited was founded in 1996 and is headquartered in Causeway Bay, Hong Kong.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

In Construction Holdings reported revenue of HK$341M in FY2026 versus HK$462M in FY2022, a compound −7.3%/yr. Reported net income was HK$64.8M in FY2026, compounding +1.0%/yr from FY2022.

Growth Quality 30/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2026)
HK$341M
Latest YoY
+24.5%
Avg. growth/yr (3Y)
+0.8%
Avg. growth/yr (5Y)
−2.1%
Avg. growth/yr (14Y)
−0.5%
Revenue −7.3%/yr
FY22 HK$462M
FY23 HK$332M
FY24 HK$383M
FY25 HK$274M
FY26 HK$341M
Net income +1.0%/yr
FY22 HK$62.2M
FY23 −HK$15.3M
FY24 −HK$12.9M
FY25 −HK$18.9M
FY26 HK$64.8M

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Cite: Fair Value Calculator (2026). "In Construction Holdings Fair Value". https://www.fairvalue-calculator.com/stock/1500

Peer Group

Engineering & Construction · 851 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 81 · Top 25%
Fair Value upside +130% · Top 25%
Return on equity (TTM) 24% · Top 25%
Return on assets 11% · Top 25%
Net margin (TTM) 19% · Top 25%
Operating margin (TTM) 25% · Top 25%
Revenue growth 21% · Above median

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 3.1× · Cheaper than 75% of peers
P/B 0.67× · Cheaper than median
P/S (TTM) 0.61× · Pricier than median
EV/EBITDA 1.8× · 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 100 · sector 15
FUTURE 100 · sector 15
PAST 94 · sector 25
HEALTH 100 · sector 94
DIVIDEND 0 · sector 32

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 Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Aug 5, 2026).

Stock Price Fair Value vs Fair Value
Larsen & Toubro Limited LT ₹3,815 ₹1,994 -48%
Samsung C&T Corporation 028260 346,000 KRW 268,779 KRW -22%
Hyundai Engineering & Construction Co 000720 99,000 KRW 63,993 KRW -35%
United Integrated Services Co 2404 1,250 TWD 925.62 TWD -26%
Samsung E&A Co 028050 42,550 KRW 44,840 KRW +5%
Rail Vikas Nigam Limited RVNL ₹232.67 ₹61.46 -74%
Daewoo Engineering & Construction Co 047040 16,240 KRW 6,507 KRW -60%
NBCC (India) Limited NBCC ₹102.36 ₹48.22 -53%
Cemindia Projects Limited CEMPRO ₹1,431 ₹730.69 -49%
KEPCO Engineering & Construction Company 052690 92,700 KRW 20,172 KRW -78%

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Frequently asked questions

Is In Construction Holdings (1500) overvalued or undervalued?
As of Aug 5, 2026, our model estimates a fair value of HK$0.9100 versus a price of HK$0.3800, about +139% (undervalued).
What is the fair value of 1500?
Our model-based fair value for In Construction Holdings is HK$0.9100 (as of Aug 5, 2026), built from audited fundamentals. The current price is HK$0.3800.
What is the quality score of 1500?
In Construction Holdings has a Quality Score of 81/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of In Construction Holdings (1500)?
In Construction Holdings reported trailing-twelve-month revenue of about HK$341M (latest available figure, as of Aug 5, 2026).
What is the net profit margin of 1500?
The net profit margin of In Construction Holdings is about 19.0%, meaning it keeps roughly 19.0% 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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