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3603 (3603) Fair Value & Analysis

Real Estate · Market cap HK$125M

3 3603 3603 · HK
PriceHK$0.0850
Fair ValueHK$0.1573
Upside+85.0%
Quality65/100
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Evidence: Medium Range HK$0.0808 – HK$0.2423

Fair value as of: Jul 2, 2026

From 13 valuation models · updated today

Share price +4.9% over the past month.

Price vs Fair Value (12 months)

HK$0.1020 HK$0.0380 Fair Value HK$0.1573 Jun 2025 Jul 2026

12‑month range HK$0.0380 – HK$0.1020 · fair‑value band HK$0.0808 – HK$0.2423 · the HK$0.0850 price screens below the HK$0.1573 fair value. As of Jul 2, 2026.

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Analysis

3603 (3603) currently trades at HK$0.0850, while our model-based Fair Value estimate is HK$0.1573 — implying the stock looks roughly 85.0% undervalued today. We read business quality at 65/100 (solid quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium) — always confirm before acting.

Over the trailing twelve months, 3603 generated revenue of HK$215M at a net margin of -12.9%. Revenue declined 21.3% year over year. It earns a return on equity of -2.4%. Net debt stands at HK$302M. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$215M
Revenue growth (YoY) -21.3%
Net margin -12.9%
Return on equity -2.4%
Free cash flow HK$75.3M FY2025
Operating margin 60.0%
More key figures
EPS (TTM) HK$-0.0200
EPS growth (YoY) -71.7%
Net debt HK$302M FY2025

Figures from reported company fundamentals (EODHD) · as of Jul 2, 2026. TTM = trailing twelve months.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

3603 reported revenue of HK$215M in FY2025 versus HK$297M in FY2021, a compound −7.8%/yr. Reported net income was −HK$27.7M in FY2025.

Revenue −7.8%/yr
FY21 HK$297M
FY22 HK$298M
FY23 HK$273M
FY24 HK$255M
FY25 HK$215M
Net income
FY21 −HK$207M
FY22 −HK$169M
FY23 −HK$80.0M
FY24 −HK$162M
FY25 −HK$27.7M

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6 more Real Estate Services stocks, each showing price versus our Fair Value estimate (as of Jul 2, 2026).

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Frequently asked questions

Is 3603 (3603) undervalued?
As of Jul 2, 2026, our model estimates a fair value of HK$0.1573 versus a price of HK$0.0850 — about +85% (undervalued). Model-based estimate, not financial advice.
What is the fair value of 3603?
Our model-based fair value for 3603 is HK$0.1573 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$0.0850.
What is the quality score of 3603?
3603 has a Quality Score of 65/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of 3603 (3603)?
3603 reported trailing-twelve-month revenue of about HK$215M (latest available figure, as of Jul 2, 2026).
What is the net profit margin of 3603?
The net profit margin of 3603 is about -12.9%, meaning it is currently running at a net loss. 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.

Educational research only · not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.