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Progressive Path Group Holdings Ltd (1581) Fair Value & Analysis

Industrials · HK · Market cap HK$120M

PP Progressive Path Group Holdings Ltd 1581 · HK
PriceHK$0.3100
Fair ValueHK$0.8400
Upside+171.0%
Quality44/100
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Mixed Growth
Thin margins · 3.1% net margin
Low debt · generates free cash flow
Ranks above peers (8/13)
Narrow moat 26/100
Evidence: High Range HK$0.6300 – HK$1.04 Share as image

Fair value as of: Aug 13, 2026

From 24 valuation models · updated 3 days ago

Below-average quality, screening 171% undervalued on our models.

What matters now

  • The large discount to fair value meets weak quality (44/100). That raises the risk this is a value trap rather than a bargain.
  • The price is below even our cautious bear case (HK$0.6300). The market is more pessimistic than our downside scenario.
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Price vs Fair Value (5 years)

HK$0.4400 HK$0.0505 Fair Value HK$0.8400 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$0.0505 – HK$0.4400 · fair‑value band HK$0.6300 – HK$1.04 · the HK$0.3100 price screens below the HK$0.8400 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Progressive Path Group Holdings Ltd (1581) currently trades at HK$0.3100, while our model-based Fair Value estimate is HK$0.8400, implying the stock looks roughly 171.0% undervalued today. The Quality Score stands at 44/100 (below-average 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, Progressive Path Group Holdings Ltd generated revenue of HK$793M at a net margin of 3.1%. Revenue declined 25.2% year over year. It earns a return on equity of 8.9%. Net debt stands at HK$66.0M. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$0.6300 (bear case) to HK$1.04 (bull case); at HK$0.3100, 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 about 47% below its 52-week high and 105% 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 171%, 1581 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$1.87 HK$3.04 HK$4.55 80
Rev-Margin DCF HK$0.9500 HK$1.30 HK$1.77 74
ROIC Compounder HK$0.2400 HK$0.2600 HK$0.2700 72
All 24 models by family
DCF Models
FCF DCF HK$1.93 HK$3.14 HK$5.33 38
Owner Earnings HK$2.19 HK$3.71 HK$6.07 31
5Y Revenue Exit HK$0.9500 HK$1.28 HK$1.65 39
5Y EBITDA Exit HK$2.25 HK$4.09 HK$6.49 41
5Y P/E Exit HK$1.25 HK$1.92 HK$2.68 38
10Y Revenue Exit HK$1.32 HK$1.76 HK$2.36 36
10Y EBITDA Exit HK$2.08 HK$3.58 HK$6.01 37
10Y P/E Exit HK$1.50 HK$2.18 HK$3.14 35
Earnings-Based
Graham-Dodd HK$0.3300 HK$1.86 HK$2.58 54
Lynch FV HK$0.5200 HK$0.7400 HK$0.9600 50
PEG = 1.0 HK$0.5200 HK$0.7400 HK$0.9600 46
EPV HK$0.2400 HK$0.2600 HK$0.2700 59
Multiples
P/E Multiple HK$0.7700 HK$1.03 HK$1.29 63
P/S Multiple HK$0.6300 HK$0.8400 HK$1.04 58
P/B Multiple HK$0.6300 HK$0.8400 HK$1.04 55
EV/EBIT HK$0.4300 HK$0.5400 HK$0.6500 53
EV/EBITDA HK$2.66 HK$3.51 HK$4.36 54
EV/Revenue HK$0.3400 HK$0.4400 HK$0.5400 43
Asset-Based
NCAV (Graham) HK$0.3700 HK$0.5000 HK$0.7500 50
Growth DCF
Growth DCF HK$1.87 HK$3.04 HK$4.55 80
Rev-Margin DCF HK$0.9500 HK$1.30 HK$1.77 74
Economic Profit
Residual Income HK$0.5400 HK$0.5400 HK$0.4900 61
ROIC Compounder HK$0.2400 HK$0.2600 HK$0.2700 72
Growth Earnings
Growth-Adj P/E HK$0.7800 HK$1.12 HK$1.45 68

Widest divergence: DCF Models (HK$2.18) versus Economic Profit (HK$0.2600). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$793M
Revenue growth (YoY) -25.2%
Net margin 3.1%
Return on equity 8.9%
Free cash flow HK$75.8M FY2025
P/E ratio 5.2
More key figures
Operating margin 1.0%
EPS (TTM) HK$0.0600
EPS growth (YoY) -75.3%
Net debt HK$66.0M FY2026

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

Quality Score breakdown

Overall quality 44/100

Of which business quality 47 · Market factors (momentum, volatility) 57

Profitability 40
Margins and returns on capital today
Quality Growth 11
Are margins and returns improving?
Cashflow 64
Earnings quality: real cash, not paper profit
Fin. Strength 51
Balance sheet, leverage, solvency risk
Investment 77
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 58
Distance to the 52-week high (market factor)
Net Issuance 40
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

Progressive Path Group Holdings Limited, an investment holding company, engages in the construction business in Hong Kong. The company operates through Construction Works and Construction Machinery Rental segments. It undertakes various construction projects, including the foundation and site formation, builders, and general building works.

Full company description

Progressive Path Group Holdings Limited, an investment holding company, engages in the construction business in Hong Kong. The company operates through Construction Works and Construction Machinery Rental segments. It undertakes various construction projects, including the foundation and site formation, builders, and general building works. The company also provides rental of construction machineries and vehicles; machine operators and transportation services; and management services. It serves construction work companies operating in public and/or private construction projects. The company was incorporated in 2016 and is headquartered in Tuen Mun, Hong Kong. Progressive Path Group Holdings Limited is a subsidiary of Profit Gold Global Limited.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Progressive Path Group Holdings Ltd reported revenue of HK$841M in FY2026 versus HK$516M in FY2022, a compound +13.0%/yr. Reported net income was HK$20.4M in FY2026, compounding +13.9%/yr from FY2022.

Growth Quality 84/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2026)
HK$841M
Latest YoY
−7.9%
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.
+18.1%
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.
+14.1%
Avg. growth/yr (12Y) 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.
+14.9%
Revenue +13.0%/yr
FY22 HK$516M
FY23 HK$511M
FY24 HK$729M
FY25 HK$914M
FY26 HK$841M
Net income +13.9%/yr
FY22 HK$12.1M
FY23 −HK$22.0M
FY24 HK$22.2M
FY25 HK$34.1M
FY26 HK$20.4M
Character of growth · EPS growth decomposed (2015-2026) −9.1 % p.a.
Revenue per share +0.5 pp

of which total revenue +7.8 pp · buybacks/dilution −7.3 pp

EBIT margin −12.9 pp
Tax rate +2.5 pp
Residual (interest, one-offs) +0.8 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). "Progressive Path Group Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/1581

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 44 · Below median
Fair Value upside +171% · Top 25%
Return on equity (TTM) 9% · Above median
Return on assets 2% · Below median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 1% · Below median
Revenue growth -25% · Bottom 25%

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

P/E (TTM) 5.2× · Cheaper than 75% of peers
P/B 0.39× · Cheaper than 75% of peers
P/S (TTM) 0.15× · Cheaper than 75% of peers
P/FCF 0.2× · Cheaper than 75% of peers
EV/EBITDA 1.3× · 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 52
FUTURE 0 · sector 21
PAST 35 · sector 26
HEALTH 100 · sector 70
DIVIDEND 0 · 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 Progressive Path Group Holdings Ltd (1581) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$0.8400 versus a price of HK$0.3100, about +171% (undervalued).
What is the fair value of 1581?
Our model-based fair value for Progressive Path Group Holdings Ltd is HK$0.8400 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$0.3100.
What is the quality score of 1581?
Progressive Path Group Holdings Ltd has a Quality Score of 44/100. 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 Progressive Path Group Holdings Ltd (1581)?
Progressive Path Group Holdings Ltd reported trailing-twelve-month revenue of about HK$793M (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 1581?
The net profit margin of Progressive Path Group Holdings Ltd is about 3.1%, meaning it keeps roughly 3.1% 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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