Rykadan Capital Ltd (2288) Fair Value & Analysis

Real Estate · HK · Market cap HK$54.4M (≈ $6.9M) · ISIN KYG7750P1046

What is Rykadan Capital Ltd really worth?

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 →

What matters now

• The model range is unusually wide (HK$0.0900 to HK$0.3900). The outcome hinges heavily on assumptions, so read the point estimate with caution.
• 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 (57/100) at a price below fair value, the discount is the argument here, not the business quality.
• As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 29, 2026.

How to read this chart

60‑month range HK$0.0980 – HK$0.7400 · fair‑value band HK$0.0900 – HK$0.3900 · the HK$0.1550 price screens below the HK$0.2400 fair value. Dashed = 300-day average. As of Aug 29, 2026.

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Analysis

Rykadan Capital Ltd (2288) currently trades at HK$0.1550, while our model-based Fair Value estimate is HK$0.2400, implying the stock looks roughly 35.4% undervalued today. The Quality Score stands at 57/100 (solid quality), in the Real Estate sector. Bull case: the Asset-Based group reads highest at a median of HK$0.7800 per share, and 7 of the 7 models we run sit above the HK$0.1550 price. Bear case: the Growth DCF group reads lowest at HK$0.2100, and 0 of the 7 models stay below the price. Evidence for this calculation is low.

Trailing-twelve-month revenue stands at HK$51.4M. Revenue declined 30.4% year over year. It earns a return on equity of −32.6%. Net debt stands at HK$97.9M. Fundamentals as of Aug 29, 2026

Our scenario range runs from HK$0.0900 (bear case) to HK$0.3900 (bull case); at HK$0.1550, the current price sits within 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 34% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −19% fair-value upside, at 55%, 2288 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.

Widest divergence: Asset-Based (HK$0.7800) versus Growth DCF (HK$0.2100). Highest evidence: FCF DCF (79).

Key figures & financial health

Quality Score breakdown

About the company

Rykadan Capital Limited, an investment holding company, engages in the property development business in Hong Kong and the United States. It operates through Property Development; Asset, Investment and Fund management; and Distribution of Construction and Interior Decorative Materials segments.

Full company description

Rykadan Capital Limited, an investment holding company, engages in the property development business in Hong Kong and the United States. It operates through Property Development; Asset, Investment and Fund management; and Distribution of Construction and Interior Decorative Materials segments. The company invests in and manages a portfolio of real estate assets, including residential, commercial, industrial, and mixed-use properties. It also distributes construction and interior decorative materials, such as quartz and marble-based engineered stone composite surface products; and leases car parks, warehouses and office premises. In addition, the company provides asset, investment, and fund management services; financing services; and project and corporate management, and management services. The company was formerly known as Sundart International Holdings Limited and changed its name to Rykadan Capital Limited in September 2012. Rykadan Capital Limited was founded in 1986 and is headquartered in Wong Chuk Hang, Hong Kong.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Rykadan Capital Ltd reported revenue of HK$51.4M in FY2026 versus HK$86.9M in FY2022, a compound −12.3%/yr. Reported net income was −HK$144M in FY2026.

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Peer Group

Real Estate - Development · 566 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.

Valuation Multiples vs Real Estate - Development median · lower = cheaper

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.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

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