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Heng Hup Holdings (1891) Fair Value & Analysis

Industrials · HK · Market cap HK$174M

HH Heng Hup Holdings 1891 · HK
PriceHK$0.1650
Fair ValueHK$0.4400
Upside+166.7%
Quality48/100
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Expensive Growth
Thin margins · 1.0% net margin
Low debt · generates free cash flow
Mixed vs. peers (6/12)
Narrow moat 22/100
Evidence: High Range HK$0.3500 – HK$0.6900 Share as image

Fair value as of: Aug 13, 2026

From 23 valuation models · updated 3 days ago

Share price −1.8% over the past month.

Below-average quality, screening 167% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (HK$0.3500). The market is more pessimistic than our downside scenario.
  • Solid quality (48/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (HK$0.3500 to HK$0.6900) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

HK$0.2817 HK$0.0900 Fair Value HK$0.4400 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$0.0900 – HK$0.2817 · fair‑value band HK$0.3500 – HK$0.6900 · the HK$0.1650 price screens below the HK$0.4400 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Heng Hup Holdings (1891) currently trades at HK$0.1650, while our model-based Fair Value estimate is HK$0.4400, implying the stock looks roughly 166.7% undervalued today. The Quality Score stands at 48/100 (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, Heng Hup Holdings generated revenue of HK$1.5B at a net margin of 1.0%. Revenue declined 13.2% year over year. It earns a return on equity of 4.5%. Net debt stands at HK$34.0M. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$0.3500 (bear case) to HK$0.6900 (bull case); at HK$0.1650, 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 20% below its 52-week high and 57% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -59% fair-value upside, at 167%, 1891 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$0.0600 HK$0.0600 HK$0.0700 80
Residual Income HK$0.1800 HK$0.1800 HK$0.1500 76
ROIC Compounder HK$0.1400 HK$0.1500 HK$0.1600 72
All 23 models by family
DCF Models
FCF DCF HK$0.0600 HK$0.0600 HK$0.0700 38
Owner Earnings HK$0.1700 HK$0.2100 HK$0.2700 31
5Y Revenue Exit HK$0.1500 HK$0.2300 HK$0.3500 39
5Y EBITDA Exit HK$0.2000 HK$0.3300 HK$0.4900 41
5Y P/E Exit HK$0.1600 HK$0.2600 HK$0.3700 38
10Y Revenue Exit HK$0.1000 HK$0.1600 HK$0.2500 36
10Y EBITDA Exit HK$0.1300 HK$0.2200 HK$0.3400 37
10Y P/E Exit HK$0.1100 HK$0.1800 HK$0.2600 35
Earnings-Based
Graham-Dodd HK$0.1000 HK$0.3100 HK$0.4100 54
Lynch FV HK$0.0700 HK$0.1000 HK$0.1200 50
PEG = 1.0 HK$0.0700 HK$0.1000 HK$0.1200 46
EPV HK$0.1400 HK$0.1500 HK$0.1600 59
Multiples
P/E Multiple HK$0.2300 HK$0.3100 HK$0.3800 63
P/S Multiple HK$0.1900 HK$0.2500 HK$0.3100 58
P/B Multiple HK$0.1900 HK$0.2500 HK$0.3100 55
EV/EBIT HK$0.3100 HK$0.3900 HK$0.4800 53
EV/EBITDA HK$0.3500 HK$0.4500 HK$0.5500 54
EV/Revenue HK$0.2300 HK$0.3100 HK$0.3900 43
Asset-Based
NCAV (Graham) HK$0.1300 HK$0.1700 HK$0.2500 50
Growth DCF
Growth DCF HK$0.0600 HK$0.0600 HK$0.0700 80
Economic Profit
Residual Income HK$0.1800 HK$0.1800 HK$0.1500 76
ROIC Compounder HK$0.1400 HK$0.1500 HK$0.1600 72
Growth Earnings
Growth-Adj P/E HK$0.1900 HK$0.2700 HK$0.3500 68

Widest divergence: Multiples (HK$0.3100) versus Growth DCF (HK$0.0600). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$1.5B
Revenue growth (YoY) -13.2%
Net margin 1.0%
Return on equity 4.5%
Free cash flow HK$1.5M FY2025
P/E ratio 5.8 as of Jul 2, 2026
More key figures
Operating margin 0.8%
EPS (TTM) HK$0.0100
EPS growth (YoY) -56.4%
Net debt HK$34.0M FY2025

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

Quality Score breakdown

Overall quality 48/100

Of which business quality 50 · Market factors (momentum, volatility) 60

Profitability 48
Margins and returns on capital today
Quality Growth 25
Are margins and returns improving?
Cashflow 14
Earnings quality: real cash, not paper profit
Fin. Strength 73
Balance sheet, leverage, solvency risk
Investment 69
Disciplined investing over empire-building
Low Volatility 68
Calm price path (market factor)
Momentum 53
Price trend over the last 3–12 months (market factor)
52W Momentum 63
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

Heng Hup Holdings Limited, an investment holding company, engages in the trading of scrap ferrous metal primarily in Malaysia. The company also trades in used batteries, waste paper, iron ore, and other scraps.

Full company description

Heng Hup Holdings Limited, an investment holding company, engages in the trading of scrap ferrous metal primarily in Malaysia. The company also trades in used batteries, waste paper, iron ore, and other scraps. In addition, it is involved in rerolling, processing, and trading of scrap metal; dealing with recycle paper and its related products; and collecting plastic and paper waste, metal scrap, and recyclable materials. Further, the company engages in trading of minerals and metals; metallurgical processing of iron and steel; and provision of logistic services. The company was founded in 1996 and is headquartered in Petaling Jaya, Malaysia. Heng Hup Holdings Limited is a subsidiary of 5S Holdings BVI Limited.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Heng Hup Holdings reported revenue of HK$1.5B in FY2025 versus HK$1.4B in FY2021, a compound +0.6%/yr. Reported net income was HK$14.6M in FY2025, compounding −13.0%/yr from FY2021.

Growth Quality 57/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
HK$1.5B
Latest YoY
−14.7%
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.
+1.2%
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.
+10.9%
Avg. growth/yr (10Y) ⓘ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.
+13.0%
Revenue +0.6%/yr
FY21 HK$1.4B
FY22 HK$1.4B
FY23 HK$1.3B
FY24 HK$1.7B
FY25 HK$1.5B
Net income −13.0%/yr
FY21 HK$25.5M
FY22 HK$2.4M
FY23 HK$8.5M
FY24 HK$25.5M
FY25 HK$14.6M
Character of growth · EPS growth decomposed (2015-2025) +2.8 % p.a.
Revenue per share +16.7 pp

of which total revenue +16.7 pp · buybacks/dilution +0.0 pp

EBIT margin −10.9 pp
Tax rate −1.3 pp
Residual (interest, one-offs) −1.8 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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Heng Hup Holdings · Fair Value
HK$0.4400 +167%Fair Value
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Cite: Fair Value Calculator (2026). "Heng Hup Holdings Fair Value". https://www.fairvalue-calculator.com/stock/1891

Peer Group

Metal Fabrication · 249 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 48 · Below median
Fair Value upside +167% · Top 25%
Return on equity (TTM) 5% · Below median
Return on assets 3% · Above median
Net margin (TTM) 1% · Below median
Operating margin (TTM) 1% · Below median
Revenue growth -13% · Bottom 25%
Debt / equity 0.06× · Lower than median

Valuation Multiples vs Metal Fabrication median · lower = cheaper

P/E (TTM) 5.8× · Cheaper than 75% of peers
P/B 0.09× · Cheaper than 75% of peers
P/S (TTM) 0.02× · Cheaper than 75% of peers
P/FCF 14.5× · Pricier 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 0
FUTURE 0 · sector 33
PAST 18 · sector 19
HEALTH 97 · sector 95
DIVIDEND 0 · sector 28

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.

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JL Mag Rare-Earth Co 300748 ¥27.08 ¥8.34 -69%
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Western Superconducting Technologies Co 688122 ¥52.92 ¥24.43 -54%
Anhui Yingliu Electromechanical Co 603308 ¥48.40 ¥8.07 -83%
Xiamen Voke Mold & Plastic Engineering Co 301196 ¥86.20 ¥42.71 -50%
SINOMACH HEAVY EQUIPMENT GROUP CO.,LTD researches, 601399 ¥3.32 ¥1.35 -59%

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Frequently asked questions

Is Heng Hup Holdings (1891) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$0.4400 versus a price of HK$0.1650, about +167% (undervalued).
What is the fair value of 1891?
Our model-based fair value for Heng Hup Holdings is HK$0.4400 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$0.1650.
What is the quality score of 1891?
Heng Hup Holdings has a Quality Score of 48/100. 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 Heng Hup Holdings (1891)?
Heng Hup Holdings reported trailing-twelve-month revenue of about HK$1.5B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 1891?
The net profit margin of Heng Hup Holdings is about 1.0%, meaning it keeps roughly 1.0% 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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