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Yue Kan Holdings Ltd (2110) fair value: what the stock is really worth

We calculate from audited financials what Yue Kan Holdings Ltd is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Industrials · HK · ISIN KYG9877W1033

YK Thin data Sep 13, 2026

Yue Kan Holdings Ltd

2110 · HK

Weakest SetupStrongly overvalued and low quality.

!Fair value HK$0.0510 · Strongly overvalued (−92%)
!Quality 40/100
!Weak Growth (revenue 5y −8.4 %/yr)
!Loss-making · -27.5% net margin (TTM)
!negative free cash flow
!Trails peers (0/7)
!Narrow moat 6/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

HK$23.00 HK$0.5700 Fair Value HK$0.0510 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 13, 2026.

How to read this chart

60‑month range HK$0.5700 – HK$23.00 · fair‑value band HK$0.0340 – HK$0.0595 · the HK$0.6000 price screens above the HK$0.0510 fair value. Dashed = 300-day average. As of Sep 13, 2026.

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Company profile

Tian Cheng Holdings Limited, an investment holding company, operates as a marine construction works subcontractor in Hong Kong and the People's Republic of China. It operates through Marine Construction Works, Other Civil Engineering Works, Vessel Chartering Services, and Health and Wellness Services segments.

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Tian Cheng Holdings Limited, an investment holding company, operates as a marine construction works subcontractor in Hong Kong and the People's Republic of China. It operates through Marine Construction Works, Other Civil Engineering Works, Vessel Chartering Services, and Health and Wellness Services segments. The Marine Construction Works segment undertakes reclamation, submarine pipeline, and sediment treatment works, as well as regulation and deposition of sand blanket works. The Other Civil Engineering Works segment includes foundation works, site formation works, and roads and drainage works. The Vessel Chartering Services segment provides chartering services, such as the hiring of vessels and crews. Its Health and Wellness Services segment offers consulting services for arranging healthcare consultation from specialists, as well as organizes health and wellness seminars; and engages in the sales of related products. The company was formerly known as Yue Kan Holdings Limited and changed its name to Tian Cheng Holdings Limited in February 2023. Tian Cheng Holdings Limited was founded in 2010 and is headquartered in Tsim Sha Tsui, Hong Kong.

Stock analysis

Yue Kan Holdings Ltd (2110) currently trades at HK$0.6000, while our model-based Fair Value estimate is HK$0.0510, implying the stock looks roughly 1,076.5% overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the evidence level at low.

Scenario range: HK$0.0340 (bear) to HK$0.0595 (bull), the price of HK$0.6000 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 40/100 (below-average quality), in the Industrials sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Yue Kan Holdings Ltd reported revenue of HK$203M in FY2025 versus HK$346M in FY2021, a compound −12.5%/yr. Reported net income was −HK$34.5M in FY2025.

Key figures

Market cap HK$28.1M (≈ $3.6M) · P/S ratio 0.27 · Net margin −17.0% · Return on equity −89.2% · Return on assets (EBIT) −21.7% · Operating margin −35.5% · Revenue (TTM) HK$154M · Revenue growth (YoY) −45.2%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (low confidence).

What moves the price

The share trades near its 52-week high.

For context, the median of 10 Industrials peers we cover trades at −34% fair-value upside, at −92%, 2110 screens richer than that median.

Fair Value models

Bear HK$0.0340 Fair Value HK$0.0510 Bull HK$0.0595
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single 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 ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
NCAV (Graham) HK$0.0500 HK$0.0700 HK$0.1000 51
All 1 models by family
Asset-Based
NCAV (Graham) HK$0.0500 HK$0.0700 HK$0.1000 51

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Quality Score breakdown

Overall quality 40/100

Of which business quality 42 · Market factors (momentum, volatility) 29

Profitability 20
Margins and returns on capital today
Quality Growth 57
Are margins and returns improving?
Cashflow 25
Earnings quality: real cash, not paper profit
Fin. Strength 70
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 3
Price trend over the last 3–12 months (market factor)
52W Momentum 50
Distance to the 52-week high (market factor)
Net Issuance 0
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−9.2%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−1.5%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−8.4%
Revenue growth 8 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−0.8%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
13.5% (2020) → −16.9% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

2110 screens 1,076% overvalued. Compare with Quanta Services, Inc →

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Peer Groupⓘ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.Engineering & Construction · 821 stocks

Beats the industry median on 2/8 measures
Overall it trails its industry peers.
Valuation
Quality Score 42 · Below median
Fair Value upside −20% · Below median
Profitability
Return on assets −33% · Bottom 25%
Net margin (TTM) −27% · Bottom 25%
Operating margin (TTM) −36% · Bottom 25%
Growth and dividend
Revenue growth −45% · Bottom 25%

Valuation Multiplesvs Engineering & Construction median · lower = cheaper

P/B 0.08× · Cheapest 25%
P/S (TTM) 0.02× · Cheapest 25%

Context: sector, industry, market

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

Similar stocks

10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Quanta Services, Inc PWR $650.58 $163.08 −75%
Vinci SA DG €111.45 €185.62 +67%
Comfort Systems USA, Inc FIX $1,691 $1,114 −34%
Larsen & Toubro Limited LT ₹3,915 ₹2,196 −44%
Ferrovial N.V FER €48.03 €19.17 −60%
HOCHTIEF Aktiengesellschaft HOT €416.20 €203.87 −51%
Samsung C&T Corporation 028260 367,000 KRW 261,411 KRW −29%
ACS, Actividades de Construcción y Servicios, S.A ACS €98.25 €75.04 −24%
EMCOR Group EME $780.66 $518.51 −34%
China State Construction Engineering Corporation 601668 ¥4.35 ¥17.35 +299%

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Yue Kan Holdings Ltd · Fair Value
HK$0.0510 −1076%Fair Value
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Cite: Fair Value Calculator (2026). "Yue Kan Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2110.HK

Frequently asked questions

Is Yue Kan Holdings Ltd (2110) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of HK$0.0510 versus a price of HK$0.6000, about −92% upside (overvalued).
What is the fair value of 2110?
Our model-based fair value for Yue Kan Holdings Ltd is HK$0.0510 (as of Sep 13, 2026), built from audited fundamentals. The current price: HK$0.6000.
What is the quality score of 2110?
Yue Kan Holdings Ltd has a Quality Score of 40/100. 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 price target for Yue Kan Holdings Ltd (2110)?
Our model-based price target is the fair value of HK$0.0510 (as of Sep 13, 2026) from 1 valuation models. Cautious scenario HK$0.0340, optimistic scenario HK$0.0595. It is a calculation from audited fundamentals, not an analyst target.
What is the Yue Kan Holdings Ltd stock forecast for 2026?
Our models put fair value at HK$0.0510, about −92% upside versus a price of HK$0.6000 (overvalued). Cautious scenario HK$0.0340, optimistic scenario HK$0.0595. The calculation is refreshed regularly with new filings.
What is the revenue of Yue Kan Holdings Ltd (2110)?
Yue Kan Holdings Ltd reported trailing-twelve-month revenue of about HK$154M (latest available figure, as of Sep 13, 2026).
What is the intrinsic value of Yue Kan Holdings Ltd (2110)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Yue Kan Holdings Ltd it is HK$0.0510 per share (as of Sep 13, 2026), against a price of HK$0.6000. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Yue Kan Holdings Ltd stock overvalued or undervalued in 2026?
As of Sep 13, 2026, 2110 trades above its calculated fair value: price HK$0.6000, fair value HK$0.0510, a gap of about −92% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 2110?
No. The price is what the market pays today (HK$0.6000); the fair value is what the company's own numbers justify (HK$0.0510). For Yue Kan Holdings Ltd the two are HK$0.5490 per share apart. That gap is exactly why we show both numbers side by side.
How much is Yue Kan Holdings Ltd worth?
The market values Yue Kan Holdings Ltd at about HK$28.1M (market capitalisation, as of Sep 13, 2026). Per share that is HK$0.6000; our models calculate a fair value of HK$0.0510 per share.
What do the bullish and bearish scenarios say about 2110?
Our models span a range for Yue Kan Holdings Ltd: cautious scenario HK$0.0340, base HK$0.0510, optimistic HK$0.0595 per share (as of Sep 13, 2026, price HK$0.6000). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Yue Kan Holdings Ltd (2110)?
Balance-sheet figures for Yue Kan Holdings Ltd (as of Sep 13, 2026): return on equity −89.2%. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
How far is 2110 from its 52-week high?
Yue Kan Holdings Ltd trades at HK$0.6000, about 58% below its 52-week high of HK$0.3800 and 733% above the low of HK$0.0720 (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of HK$0.0510 is for.
Which stocks are comparable to Yue Kan Holdings Ltd?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Yue Kan Holdings Ltd stock attractive at the current price?
The data as of Sep 13, 2026: price HK$0.6000, calculated fair value HK$0.0510 (−92%), Quality Score 40/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 2110 calculated?
We run Yue Kan Holdings Ltd through 1 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of HK$0.0510, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.8 % above its aggregate fair value. Yue Kan Holdings Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What should I pay attention to with Yue Kan Holdings Ltd right now?
The price sits above even our optimistic bull case (HK$0.0595). The favourable scenario is already priced in. Weak quality (40/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of Yue Kan Holdings Ltd

How large is the market capitalisation of Yue Kan Holdings Ltd (2110)?
The market capitalisation of Yue Kan Holdings Ltd is HK$28.1M (≈ $3.6M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Yue Kan Holdings Ltd (2110)?
The price-to-sales ratio of Yue Kan Holdings Ltd is 0.27 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of Yue Kan Holdings Ltd (2110)?
The net margin of Yue Kan Holdings Ltd is −17.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Yue Kan Holdings Ltd (2110)?
The return on equity (ROE) of Yue Kan Holdings Ltd is −89.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Yue Kan Holdings Ltd (2110)?
On an EBIT basis the return on assets of Yue Kan Holdings Ltd is −21.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Yue Kan Holdings Ltd (2110)?
The operating margin of Yue Kan Holdings Ltd is −35.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Yue Kan Holdings Ltd (2110)?
Revenue at Yue Kan Holdings Ltd is growing −45.2% versus a year earlier (3y avg −1.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Yue Kan Holdings Ltd (2110)?
Earnings per share at Yue Kan Holdings Ltd are growing −58.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Yue Kan Holdings Ltd (2110) generate?
The free cash flow of Yue Kan Holdings Ltd is −HK$12.8M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Yue Kan Holdings Ltd (2110) hold?
Yue Kan Holdings Ltd holds more cash than debt, HK$22.8M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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