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ISDN Holdings Ltd (1656) Fair Value & Analysis

Industrials · HK · Market cap HK$1.9B

IH ISDN Holdings Ltd 1656 · HK
PriceHK$3.91
Fair ValueHK$1.92
Upside-50.9%
Quality60/100
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Healthy Growth
Thin margins · 2.2% net margin
Low debt · generates free cash flow
Mixed vs. peers (8/15)
Narrow moat 35/100
Evidence: Medium Range HK$1.44 – HK$2.40 Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated 3 days ago

Fair value updated Aug 13, 2026, revised from HK$1.91 to HK$1.92 (+0.5%) since Aug 5, 2026.

A solid business, but screening 51% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (HK$2.40). The favourable scenario is already priced in.
  • Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

HK$4.70 HK$1.20 Fair Value HK$1.92 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$1.20 – HK$4.70 · fair‑value band HK$1.44 – HK$2.40 · the HK$3.91 price screens above the HK$1.92 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

ISDN Holdings Ltd (1656) currently trades at HK$3.91, while our model-based Fair Value estimate is HK$1.92, implying the stock looks roughly 50.9% overvalued today. The Quality Score stands at 60/100 (solid quality), in the Industrials 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: medium).

Over the trailing twelve months, ISDN Holdings Ltd generated revenue of HK$462M at a net margin of 2.2%. Revenue grew 24.2% year over year. It earns a return on equity of 5.4%. Net debt stands at HK$15.9M. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$1.44 (bear case) to HK$2.40 (bull case); at HK$3.91, 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 17% below its 52-week high and 130% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -34% fair-value upside, at -51%, 1656 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.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (HK$0.0200 to HK$1.10). Read the values as a conservative anchor, not as a price target.
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$0.3700 HK$0.5300 HK$0.7400 80
Residual Income HK$0.3200 HK$0.3000 HK$0.2300 76
Rev-Margin DCF HK$0.5100 HK$0.8300 HK$1.21 74
All 26 models by family
DCF Models
FCF DCF HK$0.3700 HK$0.5400 HK$0.7800 38
Owner Earnings HK$0.2300 HK$0.3200 HK$0.4500 31
5Y Revenue Exit HK$0.5100 HK$0.8300 HK$1.27 39
5Y EBITDA Exit HK$0.5900 HK$1.00 HK$1.49 41
5Y P/E Exit HK$0.3100 HK$0.4400 HK$0.5900 38
10Y Revenue Exit HK$0.4300 HK$0.7100 HK$1.09 36
10Y EBITDA Exit HK$0.5000 HK$0.8100 HK$1.26 37
10Y P/E Exit HK$0.3300 HK$0.4500 HK$0.6100 35
Earnings-Based
Graham-Dodd HK$0.1000 HK$0.3700 HK$0.5100 54
Lynch FV HK$0.0900 HK$0.1300 HK$0.1700 50
PEG = 1.0 HK$0.0900 HK$0.1300 HK$0.1700 46
EPV HK$0.4200 HK$0.4600 HK$0.5100 59
Dividend Discount
Gordon GGM HK$0.0100 HK$0.0200 HK$0.0300 70
DDM Multi-Stage HK$0.0100 HK$0.0200 HK$0.0200 61
Multiples
P/E Multiple HK$0.2300 HK$0.3100 HK$0.3900 63
P/S Multiple HK$0.1900 HK$0.2500 HK$0.3200 58
P/B Multiple HK$0.1900 HK$0.2500 HK$0.3200 55
EV/EBIT HK$0.8400 HK$1.10 HK$1.37 53
EV/EBITDA HK$0.8100 HK$1.06 HK$1.32 54
EV/Revenue HK$0.6200 HK$0.8600 HK$1.10 43
Asset-Based
NCAV (Graham) HK$0.2300 HK$0.3100 HK$0.4600 50
Growth DCF
Growth DCF HK$0.3700 HK$0.5300 HK$0.7400 80
Rev-Margin DCF HK$0.5100 HK$0.8300 HK$1.21 74
Economic Profit
Residual Income HK$0.3200 HK$0.3000 HK$0.2300 76
ROIC Compounder HK$0.4200 HK$0.4700 HK$0.5500 72
Growth Earnings
Growth-Adj P/E HK$0.1700 HK$0.2400 HK$0.3100 68

Widest divergence: DCF Models (HK$0.5400) versus Dividend Discount (HK$0.0200). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$462M
Revenue growth (YoY) +24.2%
Net margin 2.2%
Return on equity 5.4%
Free cash flow HK$14.8M FY2025
P/E ratio 46.7 as of Jul 2, 2026
More key figures
Operating margin 6.8%
EPS growth (YoY) +468%
Net debt HK$15.9M FY2025

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

Quality Score breakdown

Overall quality 60/100

Of which business quality 59 · Market factors (momentum, volatility) 67

Profitability 36
Margins and returns on capital today
Quality Growth 54
Are margins and returns improving?
Cashflow 54
Earnings quality: real cash, not paper profit
Fin. Strength 66
Balance sheet, leverage, solvency risk
Investment 89
Disciplined investing over empire-building
Low Volatility 30
Calm price path (market factor)
Momentum 80
Price trend over the last 3–12 months (market factor)
52W Momentum 87
Distance to the 52-week high (market factor)
Net Issuance 71
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

ISDN Holdings Limited, together with its subsidiaries, provides motion control and industrial computing solutions in Singapore, China, Hong Kong, Malaysia, Indonesia, Vietnam, and internationally.

Full company description

ISDN Holdings Limited, together with its subsidiaries, provides motion control and industrial computing solutions in Singapore, China, Hong Kong, Malaysia, Indonesia, Vietnam, and internationally. It offers conceptualization, design, development, prototyping, production, testing, installation, and after-sales technical support services for motion control systems; and design, engineering, production, integration, and lifecycle services for complete systems that integrate hardware, software, networking, and intelligence in manufacturing, advanced agriculture, renewable energy, and civil transportation industries. The company also manufactures linear motors, positioning stages, precision gearboxes, and transmission elements; and hinges and locks under the Dirak brand for data centers, telecommunications, transportation, and 3C markets. In addition, it provides connectivity, intelligence, and analysis services to support industrial processes; industrial software platforms for automation, intelligence, analytics, and control software; and engineering and technology solutions for solar energy, energy storage, advanced agriculture, industrial disinfectants, building energy management, and energy smart grids. Further, the company offers technical consultancy, training, and management services; corporate training and motivational courses; industrial automation, drone, and big data analytic services; renewable energy solutions; and specialised engineering solutions. Additionally, it sells and markets bioscience products; carries out hydroponic growing with the application of its in-house motion control solutions; and undertakes land and properties holding activities. The company was founded in 1986 and is headquartered in Singapore.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

ISDN Holdings Ltd reported revenue of HK$440M in FY2025 versus HK$440M in FY2021, a compound −0.0%/yr. Reported net income was HK$6.8M in FY2025, compounding −28.3%/yr from FY2021.

Growth Quality 62/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
HK$440M
Latest YoY
+18.1%
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.
+5.9%
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.
+4.0%
Avg. growth/yr (20Y) ⓘ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.
+11.0%
Revenue −0.0%/yr
FY21 HK$440M
FY22 HK$371M
FY23 HK$342M
FY24 HK$372M
FY25 HK$440M
Net income −28.3%/yr
FY21 HK$25.5M
FY22 HK$14.6M
FY23 HK$5.0M
FY24 HK$8.5M
FY25 HK$6.8M
Character of growth · EPS growth decomposed (2014-2025) −3.0 % p.a.
Revenue per share +2.7 pp

of which total revenue +5.3 pp · buybacks/dilution −2.6 pp

EBIT margin −0.1 pp
Tax rate −2.2 pp
Residual (interest, one-offs) −3.5 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).

1656 screens 51% overvalued. Compare with Larsen & Toubro Limited →

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ISDN Holdings Ltd · Fair Value
HK$1.92 −51%Fair Value
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Cite: Fair Value Calculator (2026). "ISDN Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/1656

Peer Group

Engineering & Construction · 837 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 60 · Top 25%
Fair Value upside −51% · Below median
Return on equity (TTM) 5% · Below median
Return on assets 5% · Above median
Net margin (TTM) 2% · Below median
Operating margin (TTM) 7% · Above median
Revenue growth 24% · Above median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.21× · Higher than median

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 46.7× · Pricier than 75% of peers
P/B 1.16× · Cheaper than median
P/S (TTM) 0.53× · Cheaper than median
P/FCF 16.4× · Pricier than 75% of peers
EV/EBITDA 4.9× · Cheaper than median
PEG 0.44× · 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 0 · sector 14
FUTURE 100 · sector 15
PAST 22 · sector 26
HEALTH 90 · sector 94
DIVIDEND 1 · sector 43

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 Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Larsen & Toubro Limited LT ₹4,020 ₹1,994 -50%
Samsung C&T Corporation 028260 357,500 KRW 261,411 KRW -27%
Hyundai Engineering & Construction Co 000720 113,700 KRW 61,453 KRW -46%
Samsung E&A Co 028050 49,300 KRW 43,624 KRW -12%
Rail Vikas Nigam Limited RVNL ₹230.00 ₹48.92 -79%
Daewoo Engineering & Construction Co 047040 18,400 KRW 6,507 KRW -65%
KEPCO Engineering & Construction Company 052690 99,800 KRW 19,346 KRW -81%
GS Engineering & Construction Corporation 006360 35,200 KRW 23,135 KRW -34%
DL E&C Co 375500 73,500 KRW 148,433 KRW +102%
KEPCO Plant Service & Engineering Co 051600 46,350 KRW 43,924 KRW -5%

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Frequently asked questions

Is ISDN Holdings Ltd (1656) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$1.92 versus a price of HK$3.91, about −51% (overvalued).
What is the fair value of 1656?
Our model-based fair value for ISDN Holdings Ltd is HK$1.92 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$3.91.
What is the quality score of 1656?
ISDN Holdings Ltd has a Quality Score of 60/100. 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 ISDN Holdings Ltd (1656)?
ISDN Holdings Ltd reported trailing-twelve-month revenue of about HK$462M (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 1656?
The net profit margin of ISDN Holdings Ltd is about 2.2%, meaning it keeps roughly 2.2% 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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