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Maxicity Holdings Ltd (2295) Fair Value & Analysis

Industrials · HK · Market cap HK$760M

MH Maxicity Holdings Ltd 2295 · HK
PriceHK$6.00
Fair ValueHK$0.6600
Upside-89.0%
Quality79/100
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Weak Growth
Thin margins · 5.3% net margin
generates free cash flow
Mixed vs. peers (6/13)
Moderate moat 45/100
Evidence: High Range HK$0.5000 – HK$0.8300 Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated 3 days ago

Share price −27.0% over the past month.

A strong business, but screening 89% overvalued on our models.

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What matters now

  • A high-quality business (quality 79/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • The price sits above even our optimistic bull case (HK$0.8300). The favourable scenario is already priced in.
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Price vs Fair Value (5 years)

HK$8.29 HK$1.05 Fair Value HK$0.6600 Mar 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$1.05 – HK$8.29 · fair‑value band HK$0.5000 – HK$0.8300 · the HK$6.00 price screens above the HK$0.6600 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Maxicity Holdings Ltd (2295) currently trades at HK$6.00, while our model-based Fair Value estimate is HK$0.6600, implying the stock looks roughly 89.0% overvalued today. The Quality Score stands at 79/100 (high quality), in the Industrials 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, Maxicity Holdings Ltd generated revenue of HK$239M at a net margin of 5.3%. Revenue declined 11.4% year over year. It earns a return on equity of 14.3%. The balance sheet holds a net cash position of HK$83.1M. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$0.5000 (bear case) to HK$0.8300 (bull case); at HK$6.00, 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 13% below its 52-week high and 230% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -34% fair-value upside, at -89%, 2295 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.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (HK$0.1600 to HK$2.45). Read the values as a conservative anchor, not as a price target.
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$0.2100 HK$0.2500 HK$0.3600 76
Growth DCF HK$0.6600 HK$0.9100 HK$1.27 72
Gordon GGM HK$1.36 HK$2.45 HK$3.37 70
All 26 models by family
DCF Models
FCF DCF HK$0.6600 HK$0.9500 HK$1.37 38
Owner Earnings HK$0.5800 HK$0.8100 HK$1.16 31
5Y Revenue Exit HK$0.5800 HK$0.8200 HK$1.14 39
5Y EBITDA Exit HK$0.6400 HK$0.9400 HK$1.31 41
5Y P/E Exit HK$0.6600 HK$0.9700 HK$1.33 38
10Y Revenue Exit HK$0.6000 HK$0.8200 HK$1.15 36
10Y EBITDA Exit HK$0.6400 HK$0.9000 HK$1.27 37
10Y P/E Exit HK$0.6500 HK$0.9200 HK$1.29 35
Earnings-Based
Graham-Dodd HK$0.2100 HK$0.9300 HK$1.27 54
Lynch FV HK$0.2400 HK$0.3400 HK$0.4500 50
PEG = 1.0 HK$0.2400 HK$0.3400 HK$0.4500 46
EPV HK$0.4700 HK$0.5000 HK$0.5300 59
Dividend Discount
Gordon GGM HK$1.36 HK$2.45 HK$3.37 70
DDM Multi-Stage HK$1.36 HK$2.24 HK$2.62 61
Multiples
P/E Multiple HK$0.5000 HK$0.6600 HK$0.8300 63
P/S Multiple HK$0.4000 HK$0.5400 HK$0.6700 58
P/B Multiple HK$0.4000 HK$0.5400 HK$0.6700 55
EV/EBIT HK$0.6800 HK$0.8400 HK$1.00 53
EV/EBITDA HK$0.6700 HK$0.8300 HK$0.9900 54
EV/Revenue HK$0.5400 HK$0.6900 HK$0.8400 43
Asset-Based
NCAV (Graham) HK$0.1200 HK$0.1600 HK$0.2400 50
Growth DCF
Growth DCF HK$0.6600 HK$0.9100 HK$1.27 72
Rev-Margin DCF HK$0.5800 HK$0.8200 HK$1.12 67
Economic Profit
Residual Income HK$0.2100 HK$0.2500 HK$0.3600 76
ROIC Compounder HK$0.4800 HK$0.5300 HK$0.5800 67
Growth Earnings
Growth-Adj P/E HK$0.4000 HK$0.5700 HK$0.7400 68

Widest divergence: Dividend Discount (HK$2.24) versus Asset-Based (HK$0.1600). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) HK$239M
Revenue growth (YoY) -11.4%
Net margin 5.3%
Return on equity 14.3%
Free cash flow HK$17.7M FY2025
P/E ratio 63.3 as of Jul 2, 2026
More key figures
Operating margin 9.6%
EPS (TTM) HK$0.0100
EPS growth (YoY) +26.1%
Net cash HK$83.1M FY2020

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

Quality Score breakdown

Overall quality 79/100

Of which business quality 77 · Market factors (momentum, volatility) 67

Profitability 58
Margins and returns on capital today
Quality Growth 85
Are margins and returns improving?
Cashflow 60
Earnings quality: real cash, not paper profit
Fin. Strength 94
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 85
Price trend over the last 3–12 months (market factor)
52W Momentum 57
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.

About the company

Maxicity Holdings Limited, an investment holding company, operates as a slope works contractor in Hong Kong. The company is involved in drilling and installation of soil nails; construction of retaining walls and flexible barrier systems; and installation of debris flow protection rigid barriers.

Full company description

Maxicity Holdings Limited, an investment holding company, operates as a slope works contractor in Hong Kong. The company is involved in drilling and installation of soil nails; construction of retaining walls and flexible barrier systems; and installation of debris flow protection rigid barriers. It also engages in installation of raking drains and wire meshes and mats for erosion control; construction of concrete maintenance stairways/access systems; and landscape softworks and establishment works. The company was founded in 2013 and is headquartered in Kwai Chung, Hong Kong. Maxicity Holdings Limited operates as a subsidiary of Good Hill Investment Limited.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Maxicity Holdings Ltd reported revenue of HK$239M in FY2025 versus HK$294M in FY2021, a compound −5.1%/yr. Reported net income was HK$12.6M in FY2025, compounding −17.9%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
HK$239M
Latest YoY
+15.9%
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.
+7.5%
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.
−2.9%
Avg. growth/yr (8Y) ⓘ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.
+12.3%
Revenue −5.1%/yr
FY21 HK$294M
FY22 HK$192M
FY23 HK$168M
FY24 HK$206M
FY25 HK$239M
Net income −17.9%/yr
FY21 HK$27.8M
FY22 HK$14.5M
FY23 HK$13.9M
FY24 HK$8.7M
FY25 HK$12.6M

2295 screens 89% overvalued. Compare with Larsen & Toubro Limited →

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Maxicity Holdings Ltd · Fair Value
HK$0.6600 −89%Fair Value
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Cite: Fair Value Calculator (2026). "Maxicity Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2295

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 79 · Top 25%
Fair Value upside −89% · Bottom 25%
Return on equity (TTM) 14% · Above median
Return on assets 7% · Top 25%
Net margin (TTM) 5% · Above median
Operating margin (TTM) 10% · Above median
Revenue growth -11% · Below median
Dividend yield (TTM) 9.2% · Top 25%

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 63.3× · Pricier than 75% of peers
P/B 8.05× · Pricier than 75% of peers
P/S (TTM) 3.19× · Pricier than 75% of peers
P/FCF 5.5× · Pricier than median
EV/EBITDA 40.4× · Pricier 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 14
FUTURE 0 · sector 15
PAST 57 · sector 26
HEALTH 0 · sector 94
DIVIDEND 100 · sector 43

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 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 Maxicity Holdings Ltd (2295) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$0.6600 versus a price of HK$6.00, about −89% (overvalued).
What is the fair value of 2295?
Our model-based fair value for Maxicity Holdings Ltd is HK$0.6600 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$6.00.
What is the quality score of 2295?
Maxicity Holdings Ltd has a Quality Score of 79/100. 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 Maxicity Holdings Ltd (2295)?
Maxicity Holdings Ltd reported trailing-twelve-month revenue of about HK$239M (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 2295?
The net profit margin of Maxicity Holdings Ltd is about 5.3%, meaning it keeps roughly 5.3% of revenue as net income. Based on the latest reported figures.

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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