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YesAsia Holdings Ltd (2209) Fair Value & Analysis

Consumer Cyclical · HK · Market cap HK$990M

YH YesAsia Holdings Ltd 2209 · HK
PriceHK$3.72
Fair ValueHK$1.18
Upside-68.3%
Quality57/100
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Expensive Growth
Thin margins · 4.6% net margin
generates free cash flow
0.55% dividend yield
Ranks above peers (10/13)
Moderate moat 60/100
Evidence: High Range HK$0.5500 – HK$2.59 Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated 3 days ago

Share price +27.4% over the past month.

A solid business, but screening 68% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (HK$2.59). The favourable scenario is already priced in.
  • The model range is unusually wide (HK$0.5500 to HK$2.59). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid but not exceptional quality (57/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

HK$7.14 HK$0.4225 Fair Value HK$1.18 Jul 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$0.4225 – HK$7.14 · fair‑value band HK$0.5500 – HK$2.59 · the HK$3.72 price screens above the HK$1.18 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

YesAsia Holdings Ltd (2209) currently trades at HK$3.72, while our model-based Fair Value estimate is HK$1.18, implying the stock looks roughly 68.3% overvalued today. The Quality Score stands at 57/100 (solid quality), in the Consumer Cyclical 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: high).

Over the trailing twelve months, YesAsia Holdings Ltd generated revenue of HK$502M at a net margin of 4.6%. Revenue grew 41.2% year over year. It earns a return on equity of 34.8%. Net debt stands at HK$15.5M. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$0.5500 (bear case) to HK$2.59 (bull case); at HK$3.72, 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 48% below its 52-week high and 65% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -52% fair-value upside, at -68%, 2209 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.

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$0.3400 HK$0.5000 HK$3.63 76
Growth DCF HK$0.2300 HK$0.3700 HK$0.5800 72
Gordon GGM HK$0.0700 HK$0.1300 HK$0.1700 70
All 26 models by family
DCF Models
FCF DCF HK$0.2400 HK$0.3400 HK$0.6100 38
Owner Earnings HK$0.9000 HK$1.81 HK$3.50 31
5Y Revenue Exit HK$0.6100 HK$1.13 HK$2.24 39
5Y EBITDA Exit HK$0.7400 HK$1.40 HK$2.69 41
5Y P/E Exit HK$0.7400 HK$1.76 HK$3.17 38
10Y Revenue Exit HK$0.4600 HK$1.19 HK$1.73 36
10Y EBITDA Exit HK$0.5800 HK$1.45 HK$3.03 37
10Y P/E Exit HK$0.5800 HK$1.45 HK$2.94 35
Earnings-Based
Graham-Dodd HK$0.3800 HK$2.64 HK$3.70 54
Lynch FV HK$1.36 HK$1.95 HK$2.53 50
PEG = 1.0 HK$1.36 HK$1.95 HK$2.53 46
EPV HK$0.5200 HK$0.5900 HK$0.6400 59
Dividend Discount
Gordon GGM HK$0.0700 HK$0.1300 HK$0.1700 70
DDM Multi-Stage HK$0.0700 HK$0.1100 HK$0.1300 61
Multiples
P/E Multiple HK$0.9200 HK$1.22 HK$1.53 63
P/S Multiple HK$0.7100 HK$0.9400 HK$1.18 58
P/B Multiple HK$0.5800 HK$0.7700 HK$0.9600 55
EV/EBIT HK$1.05 HK$1.39 HK$1.72 53
EV/EBITDA HK$0.9600 HK$1.27 HK$1.57 54
EV/Revenue HK$0.7200 HK$1.02 HK$1.31 43
Asset-Based
NCAV (Graham) HK$0.1000 HK$0.1300 HK$0.1900 50
Growth DCF
Growth DCF HK$0.2300 HK$0.3700 HK$0.5800 72
Rev-Margin DCF HK$0.6800 HK$1.29 HK$2.56 67
Economic Profit
Residual Income HK$0.3400 HK$0.5000 HK$3.63 76
ROIC Compounder HK$0.6400 HK$0.8900 HK$1.20 67
Growth Earnings
Growth-Adj P/E HK$1.81 HK$2.58 HK$3.36 68

Widest divergence: Growth Earnings (HK$2.58) versus Dividend Discount (HK$0.1100). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) HK$502M
Revenue growth (YoY) +41.2%
Net margin 4.6%
Return on equity 34.8%
Free cash flow HK$6.1M FY2025
P/E ratio 5.5 as of Jul 2, 2026
More key figures
Operating margin 5.2%
EPS (TTM) HK$0.0300
Dividend yield 0.6%
EPS growth (YoY) +16.0%
Net debt HK$15.5M FY2025

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

Quality Score breakdown

Overall quality 57/100

Of which business quality 58 · Market factors (momentum, volatility) 40

Profitability 82
Margins and returns on capital today
Quality Growth 63
Are margins and returns improving?
Cashflow 17
Earnings quality: real cash, not paper profit
Fin. Strength 81
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 45
Price trend over the last 3–12 months (market factor)
52W Momentum 20
Distance to the 52-week high (market factor)
Net Issuance 62
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

YesAsia Holdings Limited, an investment holding company, engages in trading of Asian fashion and lifestyle, beauty, cosmetics, accessories, and entertainment products. It also provides logistic, warehouse, and ancillary services.

Full company description

YesAsia Holdings Limited, an investment holding company, engages in trading of Asian fashion and lifestyle, beauty, cosmetics, accessories, and entertainment products. It also provides logistic, warehouse, and ancillary services. In addition, the company involved in business-to-business and business-to-consumer and e-commerce sales through yesasia.com; yesstyle.com; and asianbeautywholesale.com websites. The company operates in France, Germany, Spain, Italy, the Netherlands, the United States, Poland, Belgium, Other EU countries, South Korea, Hong Kong, Canada, United Kingdom, Australia, Mexico, United Arab Emirates, and internationally. YesAsia Holdings Limited was founded in 1997 and is headquartered in Kwai Chung, Hong Kong.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

YesAsia Holdings Ltd reported revenue of HK$502M in FY2025 versus HK$162M in FY2021, a compound +32.6%/yr. Reported net income was HK$23.2M in FY2025.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
HK$502M
Latest YoY
+45.0%
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.
+57.4%
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.
+23.7%
Avg. growth/yr (7Y) ⓘ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.
+28.8%
Revenue +32.6%/yr
FY21 HK$162M
FY22 HK$129M
FY23 HK$201M
FY24 HK$346M
FY25 HK$502M
Net income
FY21 −HK$2.1M
FY22 −HK$6.8M
FY23 HK$7.6M
FY24 HK$19.1M
FY25 HK$23.2M

2209 screens 68% overvalued. Compare with Amazon.com, Inc →

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Cite: Fair Value Calculator (2026). "YesAsia Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2209

Peer Group

Internet Retail · 108 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 57 · Above median
Fair Value upside −68% · Bottom 25%
Return on equity (TTM) 35% · Top 25%
Return on assets 14% · Top 25%
Net margin (TTM) 5% · Above median
Operating margin (TTM) 5% · Above median
Revenue growth 41% · Top 25%
Dividend yield (TTM) 0.6% · Bottom 25%

Valuation Multiples vs Internet Retail median · lower = cheaper

P/E (TTM) 5.5× · Cheaper than 75% of peers
P/B 1.57× · Cheaper than median
P/S (TTM) 0.25× · Cheaper than median
P/FCF 20.7× · Pricier than 75% of peers
EV/EBITDA 3.1× · 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 0 · sector 35
FUTURE 100 · sector 48
PAST 100 · sector 10
HEALTH 0 · sector 95
DIVIDEND 11 · sector 38

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

Stock Price Fair Value vs Fair Value
Amazon.com, Inc AMZN $267.28 $127.67 -52%
Alibaba Group BABA $125.22 $76.00 -39%
PDD Holdings PDD $89.04 $224.27 +152%
MercadoLibre, Inc MELI $1,828 $798.98 -56%
DoorDash, Inc DASH $212.00 $38.64 -82%
Sea Limited SE $128.11 $52.70 -59%
eBay Inc EBAY $102.31 $60.13 -41%
JD.com, Inc JD €27.00 €31.73 +18%
Coupang, Inc CPNG $16.32 $2.79 -83%
Delivery Hero SE DHER €37.04 €12.71 -66%

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Frequently asked questions

Is YesAsia Holdings Ltd (2209) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$1.18 versus a price of HK$3.72, about −68% (overvalued).
What is the fair value of 2209?
Our model-based fair value for YesAsia Holdings Ltd is HK$1.18 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$3.72.
What is the quality score of 2209?
YesAsia Holdings Ltd has a Quality Score of 57/100. 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 YesAsia Holdings Ltd (2209)?
YesAsia Holdings Ltd reported trailing-twelve-month revenue of about HK$502M (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 2209?
The net profit margin of YesAsia Holdings Ltd is about 4.6%, meaning it keeps roughly 4.6% of revenue as net income. Based on the latest reported figures.
Does YesAsia Holdings Ltd pay a dividend?
YesAsia Holdings Ltd currently shows a dividend yield of about 0.55% 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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