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Ching Lee Holdings Ltd (3728) Fair Value & Analysis

Industrials · HK · Market cap HK$59.8M

CL Ching Lee Holdings Ltd 3728 · HK
PriceHK$0.0610
Fair ValueHK$0.1092
Upside+79.0%
Quality57/100
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Healthy Growth
Thin margins · 0.5% net margin
Low debt · generates free cash flow
Ranks above peers (8/13)
Narrow moat 20/100
Evidence: High Range HK$0.0848 – HK$0.1336 Share as image

Fair value as of: Aug 13, 2026

From 24 valuation models · updated 3 days ago

Share price +1.7% over the past month.

A solid business, screening 79% undervalued on our models.

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What matters now

  • The price is below even our cautious bear case (HK$0.0848). The market is more pessimistic than our downside scenario.
  • Solid quality (57/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

HK$0.1970 HK$0.0270 Fair Value HK$0.1092 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$0.0270 – HK$0.1970 · fair‑value band HK$0.0848 – HK$0.1336 · the HK$0.0610 price screens below the HK$0.1092 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Ching Lee Holdings Ltd (3728) currently trades at HK$0.0610, while our model-based Fair Value estimate is HK$0.1092, implying the stock looks roughly 79.0% undervalued today. The Quality Score stands at 57/100 (solid quality), in the Industrials 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: high), always confirm before acting.

Over the trailing twelve months, Ching Lee Holdings Ltd generated revenue of HK$1.5B at a net margin of 0.5%. Revenue declined 4.7% year over year. It earns a return on equity of 5.0%. Net debt stands at HK$65.6M. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$0.0848 (bear case) to HK$0.1336 (bull case); at HK$0.0610, 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 38% below its 52-week high and 97% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -34% fair-value upside, at 79%, 3728 screens cheaper 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
Growth DCF HK$0.4400 HK$0.7200 HK$1.10 80
Residual Income HK$0.1000 HK$0.0900 HK$0.0800 76
Rev-Margin DCF HK$0.2700 HK$0.4000 HK$0.5800 74
All 24 models by family
DCF Models
FCF DCF HK$0.4500 HK$0.6900 HK$1.22 38
Owner Earnings HK$0.1500 HK$0.2300 HK$0.3700 31
5Y Revenue Exit HK$0.2700 HK$0.4000 HK$0.5600 39
5Y EBITDA Exit HK$0.3000 HK$0.4500 HK$0.6500 41
5Y P/E Exit HK$0.2700 HK$0.3800 HK$0.5200 38
10Y Revenue Exit HK$0.3400 HK$0.4800 HK$0.6800 36
10Y EBITDA Exit HK$0.3500 HK$0.5200 HK$0.7700 37
10Y P/E Exit HK$0.3300 HK$0.4700 HK$0.6600 35
Earnings-Based
Graham-Dodd HK$0.0500 HK$0.2900 HK$0.4100 54
Lynch FV HK$0.0800 HK$0.1200 HK$0.1600 50
PEG = 1.0 HK$0.0800 HK$0.1200 HK$0.1600 46
EPV HK$0.1300 HK$0.1400 HK$0.1500 59
Multiples
P/E Multiple HK$0.1100 HK$0.1500 HK$0.1800 63
P/S Multiple HK$0.0900 HK$0.1200 HK$0.1500 58
P/B Multiple HK$0.0900 HK$0.1200 HK$0.1500 55
EV/EBIT HK$0.2100 HK$0.2600 HK$0.3100 53
EV/EBITDA HK$0.2100 HK$0.2700 HK$0.3200 54
EV/Revenue HK$0.1600 HK$0.2100 HK$0.2600 43
Asset-Based
NCAV (Graham) HK$0.0700 HK$0.1000 HK$0.1400 50
Growth DCF
Growth DCF HK$0.4400 HK$0.7200 HK$1.10 80
Rev-Margin DCF HK$0.2700 HK$0.4000 HK$0.5800 74
Economic Profit
Residual Income HK$0.1000 HK$0.0900 HK$0.0800 76
ROIC Compounder HK$0.1300 HK$0.1400 HK$0.1500 72
Growth Earnings
Growth-Adj P/E HK$0.1200 HK$0.1700 HK$0.2200 68

Widest divergence: DCF Models (HK$0.4500) versus Economic Profit (HK$0.0900). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$1.5B
Revenue growth (YoY) -4.7%
Net margin 0.5%
Return on equity 5.0%
Free cash flow HK$38.6M FY2025
P/E ratio 6.1
More key figures
Operating margin 1.0%
EPS (TTM) HK$0.0100
EPS growth (YoY) -27.6%
Net debt HK$65.6M FY2026

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 57 · Market factors (momentum, volatility) 49

Profitability 38
Margins and returns on capital today
Quality Growth 56
Are margins and returns improving?
Cashflow 62
Earnings quality: real cash, not paper profit
Fin. Strength 41
Balance sheet, leverage, solvency risk
Investment 84
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 46
Price trend over the last 3–12 months (market factor)
52W Momentum 54
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

Ching Lee Holdings Limited, an investment holding company, engages in the provision of construction, consultancy, and project management services primarily in Hong Kong. The company undertakes superstructure building works; and repair, maintenance, alteration, and addition works. It is involved in property holdings for rental purposes.

Full company description

Ching Lee Holdings Limited, an investment holding company, engages in the provision of construction, consultancy, and project management services primarily in Hong Kong. The company undertakes superstructure building works; and repair, maintenance, alteration, and addition works. It is involved in property holdings for rental purposes. Ching Lee Holdings Limited was founded in 1998 and is headquartered in Jordan, Hong Kong. Ching Lee Holdings Limited is a subsidiary of JT Glory Limited.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Ching Lee Holdings Ltd reported revenue of HK$1.5B in FY2026 versus HK$537M in FY2022, a compound +28.6%/yr. Reported net income was HK$7.0M in FY2026.

Growth Quality 76/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2026)
HK$1.5B
Latest YoY
+14.5%
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.
+27.4%
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.
+10.0%
Avg. growth/yr (12Y) ⓘ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.
+18.1%
Revenue +28.6%/yr
FY22 HK$537M
FY23 HK$709M
FY24 HK$897M
FY25 HK$1.3B
FY26 HK$1.5B
Net income
FY22 −HK$18.2M
FY23 HK$11.6M
FY24 HK$10.7M
FY25 HK$9.4M
FY26 HK$7.0M
Character of growth · EPS growth decomposed (2015-2026) −10.1 % p.a.
Revenue per share +9.9 pp

of which total revenue +10.9 pp · buybacks/dilution −1.0 pp

EBIT margin −11.6 pp
Tax rate −0.2 pp
Residual (interest, one-offs) −8.2 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Ching Lee Holdings Ltd · Fair Value
HK$0.1092 +79%Fair Value
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Cite: Fair Value Calculator (2026). "Ching Lee Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/3728

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 57 · Above median
Fair Value upside +80% · Top 25%
Return on equity (TTM) 5% · Below median
Return on assets 1% · Below median
Net margin (TTM) 0% · Below median
Operating margin (TTM) 1% · Below median
Revenue growth -5% · Below median
Debt / equity 0.02× · Lower than median

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 6.1× · Cheaper than 75% of peers
P/B 0.42× · Cheaper than 75% of peers
P/S (TTM) 0.04× · Cheaper than 75% of peers
P/FCF 0.2× · Cheaper than 75% of peers
EV/EBITDA 0.5× · 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 100 · sector 14
FUTURE 0 · sector 15
PAST 20 · sector 26
HEALTH 99 · sector 94
DIVIDEND 0 · sector 43

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 Ching Lee Holdings Ltd (3728) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$0.1092 versus a price of HK$0.0610, about +79% (undervalued).
What is the fair value of 3728?
Our model-based fair value for Ching Lee Holdings Ltd is HK$0.1092 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$0.0610.
What is the quality score of 3728?
Ching Lee 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 Ching Lee Holdings Ltd (3728)?
Ching Lee Holdings Ltd reported trailing-twelve-month revenue of about HK$1.5B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 3728?
The net profit margin of Ching Lee Holdings Ltd is about 0.5%, meaning it keeps roughly 0.5% 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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