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Town Ray Holdings Ltd (1692) Fair Value & Analysis

Technology · HK · Market cap HK$538M

TR Town Ray Holdings Ltd 1692 · HK
PriceHK$1.21
Fair ValueHK$3.56
Upside+194.2%
Quality74/100
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Mixed Growth
Thin margins · 9.3% net margin
generates free cash flow
9.67% dividend yield
Ranks above peers (10/13)
Moderate moat 54/100
Evidence: High Range HK$2.70 – HK$4.42 Share as image

Fair value as of: Aug 13, 2026

From 25 valuation models · updated 3 days ago

Share price −22.4% over the past month.

A solid business, screening 194% undervalued on our models.

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What matters now

  • The rarer combination: high quality (74/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (HK$2.70). The market is more pessimistic than our downside scenario.
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Price vs Fair Value (5 years)

HK$2.64 HK$0.1970 Fair Value HK$3.56 Nov 2019 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$0.1970 – HK$2.64 · fair‑value band HK$2.70 – HK$4.42 · the HK$1.21 price screens below the HK$3.56 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Town Ray Holdings Ltd (1692) currently trades at HK$1.21, while our model-based Fair Value estimate is HK$3.56, implying the stock looks roughly 194.2% undervalued today. The Quality Score stands at 74/100 (solid quality), in the Technology 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, Town Ray Holdings Ltd generated revenue of HK$673M at a net margin of 9.3%. Revenue declined 14.0% year over year. It earns a return on equity of 18.0%. The balance sheet holds a net cash position of HK$44.4M. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$2.70 (bear case) to HK$4.42 (bull case); at HK$1.21, 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 44% below its 52-week high, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -21% fair-value upside, at 194%, 1692 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
Residual Income HK$0.9800 HK$1.20 HK$2.21 76
Growth DCF HK$3.67 HK$4.67 HK$5.83 72
Gordon GGM HK$1.79 HK$2.59 HK$3.33 70
All 25 models by family
DCF Models
FCF DCF HK$3.61 HK$4.69 HK$6.00 38
Owner Earnings HK$2.12 HK$2.71 HK$3.44 31
5Y Revenue Exit HK$2.53 HK$3.28 HK$4.17 39
5Y EBITDA Exit HK$2.98 HK$4.07 HK$5.25 41
5Y P/E Exit HK$3.13 HK$4.34 HK$5.51 38
10Y Revenue Exit HK$2.93 HK$3.63 HK$4.44 36
10Y EBITDA Exit HK$3.22 HK$4.12 HK$5.16 37
10Y P/E Exit HK$3.31 HK$4.28 HK$5.33 35
Earnings-Based
Graham-Dodd HK$1.19 HK$2.57 HK$3.27 54
PEG = 1.0 HK$0.4000 HK$0.5700 HK$0.7400 46
EPV HK$1.54 HK$1.71 HK$1.85 59
Dividend Discount
Gordon GGM HK$1.79 HK$2.59 HK$3.33 70
DDM Multi-Stage HK$1.79 HK$2.44 HK$3.09 61
Multiples
P/E Multiple HK$2.88 HK$3.84 HK$4.79 63
P/S Multiple HK$1.69 HK$2.25 HK$2.81 58
P/B Multiple HK$2.22 HK$2.96 HK$3.70 55
EV/EBIT HK$2.87 HK$3.73 HK$4.59 53
EV/EBITDA HK$2.87 HK$3.73 HK$4.59 54
EV/Revenue HK$1.86 HK$2.54 HK$3.21 43
Asset-Based
NCAV (Graham) HK$0.4700 HK$0.6300 HK$0.9500 50
Growth DCF
Growth DCF HK$3.67 HK$4.67 HK$5.83 72
Rev-Margin DCF HK$2.53 HK$3.35 HK$4.23 67
Economic Profit
Residual Income HK$0.9800 HK$1.20 HK$2.21 76
ROIC Compounder HK$1.58 HK$1.80 HK$2.02 67
Growth Earnings
Growth-Adj P/E HK$2.12 HK$3.03 HK$3.94 68

Widest divergence: DCF Models (HK$4.07) versus Asset-Based (HK$0.6300). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) HK$673M
Revenue growth (YoY) -14.0%
Net margin 9.3%
Return on equity 18.0%
Free cash flow HK$136M FY2025
P/E ratio 8.8 as of Jul 2, 2026
More key figures
Operating margin 11.6%
EPS (TTM) HK$0.0800
Dividend yield 9.7%
EPS growth (YoY) -45.0%
Net cash HK$44.4M FY2025

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

Quality Score breakdown

Overall quality 74/100

Of which business quality 75 · Market factors (momentum, volatility) 26

Profitability 70
Margins and returns on capital today
Quality Growth 14
Are margins and returns improving?
Cashflow 88
Earnings quality: real cash, not paper profit
Fin. Strength 92
Balance sheet, leverage, solvency risk
Investment 98
Disciplined investing over empire-building
Low Volatility 69
Calm price path (market factor)
Momentum 13
Price trend over the last 3–12 months (market factor)
52W Momentum 0
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

Town Ray Holdings Limited, together with its subsidiaries, manufactures, trades in, and sells electrothermic household appliances in Europe, Asia, the United States, and internationally.

Full company description

Town Ray Holdings Limited, together with its subsidiaries, manufactures, trades in, and sells electrothermic household appliances in Europe, Asia, the United States, and internationally. It offers garment care appliances, such as steam generator irons, garment steamers, and steam irons; and cooking appliances, including coffee machines, steam cooking appliances, and other cooking appliances, as well as consumer electronics products, cleaning products, and air purifiers. The company also holds properties. The company was founded in 2005 and is headquartered in Kwai Chung, Hong Kong. Town Ray Holdings Limited operates as a subsidiary of Modern Expression Limited.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Town Ray Holdings Ltd reported revenue of HK$673M in FY2025 versus HK$763M in FY2021, a compound −3.1%/yr. Reported net income was HK$62.6M in FY2025, compounding −12.4%/yr from FY2021.

Growth Quality 66/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
HK$673M
Latest YoY
−4.4%
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.
−6.5%
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.
+4.4%
Avg. growth/yr (9Y) ⓘ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.
+7.2%
Revenue −3.1%/yr
FY21 HK$763M
FY22 HK$824M
FY23 HK$704M
FY24 HK$704M
FY25 HK$673M
Net income −12.4%/yr
FY21 HK$107M
FY22 HK$134M
FY23 HK$122M
FY24 HK$108M
FY25 HK$62.6M

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Town Ray Holdings Ltd · Fair Value
HK$3.56 +194%Fair Value
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Cite: Fair Value Calculator (2026). "Town Ray Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/1692

Peer Group

Consumer Electronics · 128 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 74 · Top 25%
Fair Value upside +194% · Top 25%
Return on equity (TTM) 18% · Top 25%
Return on assets 8% · Top 25%
Net margin (TTM) 9% · Top 25%
Operating margin (TTM) 12% · Top 25%
Revenue growth -14% · Bottom 25%
Dividend yield (TTM) 9.7% · Top 25%

Valuation Multiples vs Consumer Electronics median · lower = cheaper

P/E (TTM) 8.8× · Cheaper than 75% of peers
P/B 1.59× · Pricier than median
P/S (TTM) 0.80× · Pricier than median
P/FCF 0.5× · Cheaper than median
EV/EBITDA 5.1× · 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 10
FUTURE 0 · sector 17
PAST 72 · sector 10
HEALTH 0 · sector 97
DIVIDEND 100 · sector 41

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 Consumer Electronics stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Apple Inc AAPL $305.93 $172.19 -44%
Samsung Electronics Co 005930 255,500 KRW 163,160 KRW -36%
Sony Group SONYN 366.00 MXN 303.26 MXN -17%
Xiaomi Corporation 1810 HK$25.88 HK$44.26 +71%
LG Electronics Inc 066570 205,000 KRW 98,149 KRW -52%
Sharetronic Data Technology Co 300857 ¥249.80 ¥35.52 -86%
Huaqin Co 603296 ¥79.02 ¥39.69 -50%
Goertek Inc 002241 ¥22.56 ¥21.02 -7%
LG Corp 003550 113,700 KRW 89,984 KRW -21%
Shenzhen Transsion Holdings 688036 ¥56.29 ¥56.82 +1%

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Frequently asked questions

Is Town Ray Holdings Ltd (1692) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$3.56 versus a price of HK$1.21, about +194% (undervalued).
What is the fair value of 1692?
Our model-based fair value for Town Ray Holdings Ltd is HK$3.56 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$1.21.
What is the quality score of 1692?
Town Ray Holdings Ltd has a Quality Score of 74/100. 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 Town Ray Holdings Ltd (1692)?
Town Ray Holdings Ltd reported trailing-twelve-month revenue of about HK$673M (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 1692?
The net profit margin of Town Ray Holdings Ltd is about 9.3%, meaning it keeps roughly 9.3% of revenue as net income. Based on the latest reported figures.
Does Town Ray Holdings Ltd pay a dividend?
Town Ray Holdings Ltd currently shows a dividend yield of about 9.67% relative to its recent price (as of Aug 13, 2026).

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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