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Casablanca Group Ltd (2223) Fair Value & Analysis

Consumer Cyclical · HK · Market cap HK$219M (≈ $27.9M) · ISIN KYG192861063

What is Casablanca Group Ltd really worth?

CG Casablanca Group Ltd 2223 · HK
PriceHK$0.5400
Fair ValueHK$0.9200
Upside+70.4%
Quality59/100

A solid business, trading 41% below our fair value of HK$0.9200.

As of Sep 1, 2026, the fair value of Casablanca Group Ltd is HK$0.9200 per share against a price of HK$0.5400, so the fair value sits 70% above the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

Low debt · generates free cash flow

Risks

!Weak Growth (revenue 5y −5.2 %/yr)
!Loss-making · -5.2% net margin
!Mixed vs. peers (5/11)
!Narrow moat 13/100
!Evidence only low, so the estimate is less certain
Evidence: Low Range HK$0.7800 – HK$1.06

Fair value as of: Sep 1, 2026

From 11 valuation models · updated 5 days ago

Share price −1.8% over the past month.

What runs behind every stock

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

What matters now

  • The price is below even our cautious bear case (HK$0.7800). The market is more pessimistic than our downside scenario.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
  • Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality.

Price vs Fair Value (5 years)

HK$1.04 HK$0.2300 Fair Value HK$0.9200 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 1, 2026.

How to read this chart

60‑month range HK$0.2300 – HK$1.04 · fair‑value band HK$0.7800 – HK$1.06 · the HK$0.5400 price screens below the HK$0.9200 fair value. Dashed = 300-day average. As of Sep 1, 2026.

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Analysis

Casablanca Group Ltd (2223) currently trades at HK$0.5400, while our model-based Fair Value estimate is HK$0.9200, implying the stock looks roughly 41.3% undervalued today. The Quality Score stands at 59/100 (solid quality), in the Consumer Cyclical sector. Bull case: the Multiples group reads highest at a median of HK$1.07 per share, and 11 of the 11 models we run sit above the HK$0.5400 price. Bear case: the Asset-Based group reads lowest at HK$0.9400, and 0 of the 11 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, Casablanca Group Ltd generated revenue of HK$236M at a net margin of −5.2%. Revenue declined 5.1% year over year. It earns a return on equity of −3.9%. The balance sheet holds a net cash position of HK$95.0M. Fundamentals as of Sep 1, 2026

Our scenario range runs from HK$0.7800 (bear case) to HK$1.06 (bull case); at HK$0.5400, 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 49% below its 52-week high and 116% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at −36% fair-value upside, at 70%, 2223 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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
FCF DCF best evidence HK$0.8600 HK$0.9500 HK$1.09 82
Growth DCF HK$0.8700 HK$0.9500 HK$1.08 80
Owner Earnings HK$0.8900 HK$0.9900 HK$1.14 78
All 11 models by family
DCF Models
FCF DCF best evidence HK$0.8600 HK$0.9500 HK$1.09 82
Owner Earnings HK$0.8900 HK$0.9900 HK$1.14 78
5Y Revenue Exit HK$0.8900 HK$1.05 HK$1.29 74
5Y EBITDA Exit HK$0.8600 HK$1.01 HK$1.21 77
10Y Revenue Exit HK$0.8600 HK$0.9700 HK$1.08 68
10Y EBITDA Exit HK$0.8600 HK$0.9500 HK$1.04 70
Multiples
EV/EBITDA HK$0.9300 HK$1.07 HK$1.20 67
EV/Revenue HK$0.9500 HK$1.14 HK$1.32 54
Asset-Based
NCAV (Graham) HK$0.7000 HK$0.9400 HK$1.41 54
Growth DCF
Growth DCF HK$0.8700 HK$0.9500 HK$1.08 80
Rev-Margin DCF HK$0.8900 HK$1.06 HK$1.27 74

Widest divergence: Multiples (HK$1.07) versus Asset-Based (HK$0.9400). Highest evidence: FCF DCF (82).

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Key figures & financial health

P/S ratio 0.93 TTM
EPS (TTM) HK$−0.0500
Net margin −5.2% FY2025
Return on equity −3.9% TTM
Return on assets (EBIT) −1.1% avg 5y
Operating margin −2.0% TTM
More key figures
Growth
Revenue (TTM) HK$236M TTM
Revenue growth (YoY) −5.1% 3y avg −7.7%
EPS growth (YoY) +43.1%
Balance sheet & cash flow
Free cash flow HK$12.4M FY2025
Net cash HK$95.0M FY2025

Figures from reported company fundamentals · as of Sep 1, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 59/100

Of which business quality 61 · Market factors (momentum, volatility) 47

Profitability 23
Margins and returns on capital today
Quality Growth 30
Are margins and returns improving?
Cashflow 47
Earnings quality: real cash, not paper profit
Fin. Strength 100
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 33
Price trend over the last 3–12 months (market factor)
52W Momentum 68
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Casablanca Group Limited, an investment holding company, designs, manufactures, distributes, retails, and trades bedding products in Hong Kong, Macau, the People's Republic of China, and internationally. The company offers products, such as bed linens, duvets, and pillows, as well as other home accessories, such as blankets, mattresses, and towels.

Full company description

Casablanca Group Limited, an investment holding company, designs, manufactures, distributes, retails, and trades bedding products in Hong Kong, Macau, the People's Republic of China, and internationally. The company offers products, such as bed linens, duvets, and pillows, as well as other home accessories, such as blankets, mattresses, and towels. The company also trades in home accessories and furniture. It sells its products under the Casa Calvin, Casablanca, and CASA-V brand names. The company was founded in 1993 and is headquartered in Fo Tan, Hong Kong. Casablanca Group Limited operates as a subsidiary of World Empire Investment Inc.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Casablanca Group Ltd reported revenue of HK$236M in FY2025 versus HK$320M in FY2021, a compound −7.3%/yr. Reported net income was −HK$12.2M in FY2025.

Growth Quality 18/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
HK$236M
Latest YoY
−4.4%
Avg. revenue 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.
−7.7%
Avg. revenue 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.
−5.2%
Avg. revenue growth/yr (16Y) 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.
−0.8%
EBIT 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.
3.2% (2020) → −7.1% (2025)
Value creation/yr 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
Revenue −7.3%/yr
FY21 HK$320M
FY22 HK$300M
FY23 HK$284M
FY24 HK$247M
FY25 HK$236M
Net income
FY21 HK$11.9M
FY22 HK$5.4M
FY23 −HK$4.6M
FY24 −HK$9.8M
FY25 −HK$12.2M

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Cite: Fair Value Calculator (2026). "Casablanca Group Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2223.HK

Peer Group

Textile Manufacturing · 331 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 59 · Top 25%
Fair Value upside +70% · Top 25%
Return on assets −2% · Bottom 25%
Net margin (TTM) −5% · Bottom 25%
Operating margin (TTM) −2% · Bottom 25%
Revenue growth −5% · Below median
Debt / equity 0.01× · Lower than 75% of peers

Valuation Multiples vs Textile Manufacturing median · lower = cheaper

P/B 0.08× · Cheaper than 75% of peers
P/S (TTM) 0.12× · Cheaper than 75% of peers
P/FCF 2.3× · Pricier than 75% of peers

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 4
FUTURE0 · sector 0
PAST0 · sector 15
HEALTH100 · sector 95
DIVIDEND0 · sector 33

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 Textile Manufacturing stocks, each showing price versus our Fair Value estimate (as of Sep 1, 2026).

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Vardhman Textiles Limited VTL ₹592.75 ₹437.53 −26%
Albany International Corp AIN $59.92 $18.40 −69%
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Frequently asked questions

Is Casablanca Group Ltd (2223) overvalued or undervalued?
As of Sep 1, 2026, our model estimates a fair value of HK$0.9200 versus a price of HK$0.5400, about +70% upside (undervalued).
What is the fair value of 2223?
Our model-based fair value for Casablanca Group Ltd is HK$0.9200 (as of Sep 1, 2026), built from audited fundamentals. The current price: HK$0.5400.
What is the quality score of 2223?
Casablanca Group Ltd has a Quality Score of 59/100. 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 Casablanca Group Ltd (2223)?
Our model-based price target is the fair value of HK$0.9200 (as of Sep 1, 2026) from 11 valuation models. Cautious scenario HK$0.7800, optimistic scenario HK$1.06. It is a calculation from audited fundamentals, not an analyst target.
What is the Casablanca Group Ltd stock forecast for 2026?
Our models put fair value at HK$0.9200, about +70% upside versus a price of HK$0.5400 (undervalued). Cautious scenario HK$0.7800, optimistic scenario HK$1.06. The calculation is refreshed regularly with new filings.
What is the revenue of Casablanca Group Ltd (2223)?
Casablanca Group Ltd reported trailing-twelve-month revenue of about HK$236M (latest available figure, as of Sep 1, 2026).
What is the net profit margin of 2223?
The net profit margin of Casablanca Group Ltd is about −5.2%, meaning it is currently running at a net loss. Based on the latest reported figures.
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