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Analogue Holdings Ltd (1977) Fair Value & Analysis

Industrials · HK · Market cap HK$1.3B

AH Analogue Holdings Ltd 1977 · HK
PriceHK$0.9350
Fair ValueHK$2.51
Upside+168.5%
Quality64/100
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Mixed Growth
Thin margins · 2.7% net margin
Low debt · generates free cash flow
5.91% dividend yield
Ranks above peers (11/14)
Narrow moat 28/100
Evidence: High Range HK$1.88 – HK$3.13 Share as image

Fair value as of: Aug 13, 2026

From 25 valuation models · updated 3 days ago

Share price +2.7% over the past month.

A solid business, screening 168% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (HK$1.88). The market is more pessimistic than our downside scenario.
  • Solid quality (64/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

HK$1.56 HK$0.6879 Fair Value HK$2.51 Jan 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$0.6879 – HK$1.56 · fair‑value band HK$1.88 – HK$3.13 · the HK$0.9350 price screens below the HK$2.51 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Analogue Holdings Ltd (1977) currently trades at HK$0.9350, while our model-based Fair Value estimate is HK$2.51, implying the stock looks roughly 168.5% undervalued today. The Quality Score stands at 64/100 (solid 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, Analogue Holdings Ltd generated revenue of HK$6.1B at a net margin of 2.7%. Revenue grew 0.9% year over year. It earns a return on equity of 7.2%. The balance sheet holds a net cash position of HK$755M. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$1.88 (bear case) to HK$3.13 (bull case); at HK$0.9350, 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 14% below its 52-week high and 26% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -34% fair-value upside, at 168%, 1977 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$3.06 HK$3.79 HK$4.65 80
Residual Income HK$1.27 HK$1.32 HK$1.32 76
Rev-Margin DCF HK$2.51 HK$3.32 HK$4.19 74
All 25 models by family
DCF Models
FCF DCF HK$3.01 HK$3.81 HK$4.78 38
Owner Earnings HK$1.88 HK$2.30 HK$2.82 31
5Y Revenue Exit HK$2.51 HK$3.28 HK$4.20 39
5Y EBITDA Exit HK$2.76 HK$3.72 HK$4.77 41
5Y P/E Exit HK$2.55 HK$3.35 HK$4.13 38
10Y Revenue Exit HK$2.66 HK$3.34 HK$4.14 36
10Y EBITDA Exit HK$2.85 HK$3.61 HK$4.51 37
10Y P/E Exit HK$2.73 HK$3.39 HK$4.09 35
Earnings-Based
Graham-Dodd HK$0.8100 HK$1.78 HK$2.27 54
PEG = 1.0 HK$0.2800 HK$0.4000 HK$0.5200 46
EPV HK$1.78 HK$1.94 HK$2.08 59
Dividend Discount
Gordon GGM HK$0.3600 HK$0.5200 HK$0.6700 70
DDM Multi-Stage HK$0.3600 HK$0.4900 HK$0.6200 61
Multiples
P/E Multiple HK$1.88 HK$2.51 HK$3.13 63
P/S Multiple HK$1.52 HK$2.03 HK$2.54 58
P/B Multiple HK$1.52 HK$2.03 HK$2.54 55
EV/EBIT HK$2.93 HK$3.72 HK$4.50 53
EV/EBITDA HK$2.88 HK$3.65 HK$4.41 54
EV/Revenue HK$2.26 HK$2.98 HK$3.70 43
Asset-Based
NCAV (Graham) HK$0.8300 HK$1.11 HK$1.66 50
Growth DCF
Growth DCF HK$3.06 HK$3.79 HK$4.65 80
Rev-Margin DCF HK$2.51 HK$3.32 HK$4.19 74
Economic Profit
Residual Income HK$1.27 HK$1.32 HK$1.32 76
ROIC Compounder HK$1.79 HK$2.00 HK$2.22 72
Growth Earnings
Growth-Adj P/E HK$1.39 HK$1.99 HK$2.59 68

Widest divergence: DCF Models (HK$3.35) versus Dividend Discount (HK$0.4900). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$6.1B
Revenue growth (YoY) +0.9%
Net margin 2.7%
Return on equity 7.2%
Free cash flow HK$388M FY2025
P/E ratio 7.8 as of Jul 2, 2026
More key figures
Operating margin 4.3%
EPS (TTM) HK$0.0600
Dividend yield 5.9%
EPS growth (YoY) +57.4%
Net cash HK$755M FY2025

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

Quality Score breakdown

Overall quality 64/100

Of which business quality 65 · Market factors (momentum, volatility) 61

Profitability 43
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 67
Earnings quality: real cash, not paper profit
Fin. Strength 79
Balance sheet, leverage, solvency risk
Investment 89
Disciplined investing over empire-building
Low Volatility 89
Calm price path (market factor)
Momentum 45
Price trend over the last 3–12 months (market factor)
52W Momentum 57
Distance to the 52-week high (market factor)
Net Issuance 79
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

Analogue Holdings Limited provides electrical and mechanical (E&M) engineering services to public and private sectors in Hong Kong, Mainland China, Macau, the United Kingdom, and internationally. It operates in four segments: Building Services; Environmental Engineering; Information, Communications and Building Technology (ICBT); and Lifts & Escalators.

Full company description

Analogue Holdings Limited provides electrical and mechanical (E&M) engineering services to public and private sectors in Hong Kong, Mainland China, Macau, the United Kingdom, and internationally. It operates in four segments: Building Services; Environmental Engineering; Information, Communications and Building Technology (ICBT); and Lifts & Escalators. The Building Services segment offers electrical and mechanical engineering building services, including the design, installation, testing and commissioning, and maintenance of heating, ventilation, and air-conditioning system; fire service system; plumbing and drainage system; and electrical and extra low voltage (ELV) system. The Environmental Engineering segment is involved in the design, construction, operation, and maintenance of environmental engineering systems for the treatment of sewage, water, solid waste, sludge, and gas. The ICBT segment engages in the design, installation, and servicing of a range of intelligent systems, information and communications (ICT) systems, and building technology systems. The Lifts & Escalators segment designs, supplies, installs, repairs, and maintains a range lifts and escalators under the Anlev Elex name. It also supplies electrical and mechanical materials and equipment; provides data center and critical facilities infrastructure support services; manufactures and sells hardware, software, and electronic systems; develops, produces, and markets automated movement systems; installs, maintains, and services travellators; manufactures, designs, and sells moving walkways; and provides property management services. The company was founded in 1977 and is headquartered in Kwai Chung, Hong Kong. Analogue Holdings Limited is a subsidiary of Arling Investment Limited.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Analogue Holdings Ltd reported revenue of HK$6.1B in FY2025 versus HK$5.4B in FY2021, a compound +3.3%/yr. Reported net income was HK$167M in FY2025, compounding −14.6%/yr from FY2021.

Growth Quality 54/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
HK$6.1B
Latest YoY
−5.6%
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.
−2.0%
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.
+3.5%
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.
+3.1%
Revenue +3.3%/yr
FY21 HK$5.4B
FY22 HK$6.5B
FY23 HK$6.1B
FY24 HK$6.5B
FY25 HK$6.1B
Net income −14.6%/yr
FY21 HK$314M
FY22 HK$115M
FY23 HK$252M
FY24 HK$135M
FY25 HK$167M
Character of growth · EPS growth decomposed (2015-2025) −0.9 % p.a.
Revenue per share +4.1 pp

of which total revenue +4.1 pp · buybacks/dilution +0.0 pp

EBIT margin −5.7 pp
Tax rate +0.7 pp
Residual (interest, one-offs) +0.0 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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Analogue Holdings Ltd · Fair Value
HK$2.51 +168%Fair Value
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Cite: Fair Value Calculator (2026). "Analogue Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/1977

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 64 · Top 25%
Fair Value upside +168% · Top 25%
Return on equity (TTM) 7% · Above median
Return on assets 3% · Above median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 4% · Below median
Revenue growth 1% · Below median
Dividend yield (TTM) 5.9% · Top 25%
Debt / equity 0.09× · Lower than median

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 7.8× · Cheaper than 75% of peers
P/B 0.56× · Cheaper than median
P/S (TTM) 0.21× · Cheaper than median
P/FCF 0.4× · Cheaper than median
EV/EBITDA 1.6× · 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 14
FUTURE 5 · sector 15
PAST 29 · sector 26
HEALTH 95 · sector 94
DIVIDEND 100 · sector 43

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 Analogue Holdings Ltd (1977) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$2.51 versus a price of HK$0.9350, about +168% (undervalued).
What is the fair value of 1977?
Our model-based fair value for Analogue Holdings Ltd is HK$2.51 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$0.9350.
What is the quality score of 1977?
Analogue Holdings Ltd has a Quality Score of 64/100. 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 Analogue Holdings Ltd (1977)?
Analogue Holdings Ltd reported trailing-twelve-month revenue of about HK$6.1B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 1977?
The net profit margin of Analogue Holdings Ltd is about 2.7%, meaning it keeps roughly 2.7% of revenue as net income. Based on the latest reported figures.
Does Analogue Holdings Ltd pay a dividend?
Analogue Holdings Ltd currently shows a dividend yield of about 5.91% 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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