HashKey Holdings Ltd (3887) Fair Value & Analysis
Financial Services · HK · Market cap HK$5.0B
Fair value as of: Aug 13, 2026
From 1 valuation models · updated 3 days ago
Share price +41.0% over the past month.
Below-average quality, and screening another 69% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (HK$0.9900). The favourable scenario is already priced in.
- Weak quality (37/100) and above fair value at the same time, the margin of safety is missing on both counts.
- The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
- A fairly wide model range (HK$0.5200 to HK$0.9900) leaves room in how you read the outcome.
Price vs Fair Value (8 months)
White line = price, green steps = our fair value per fiscal year. As of Aug 13, 2026.
How to read this chart
8‑month range HK$1.65 – HK$7.75 · fair‑value band HK$0.5200 – HK$0.9900 · the HK$2.51 price screens above the HK$0.7900 fair value. As of Aug 13, 2026.
Analysis
HashKey Holdings Ltd (3887) currently trades at HK$2.51, while our model-based Fair Value estimate is HK$0.7900, implying the stock looks roughly 68.5% overvalued today. The Quality Score stands at 37/100 (below-average quality), in the Financial Services 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: low).
Trailing-twelve-month revenue stands at HK$723M. Revenue grew 30.5% year over year. Net debt stands at HK$90.8M. Fundamentals as of Aug 13, 2026
Our scenario range runs from HK$0.5200 (bear case) to HK$0.9900 (bull case); at HK$2.51, 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 69% below its 52-week high and 43% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -53% fair-value upside, at -69%, 3887 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.
All 1 models by family
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 41 · Market factors (momentum, volatility) 2
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
HashKey Holdings Limited develops a licensed digital asset platform to provide transaction facilitation services, on-chain services, and asset management services. The company's platform has the capability to issue and circulate tokenised RWAs, and offers HashKey Chain, a scalable and interoperable Layer 2 infrastructure to support on-chain migration.
Full company description
HashKey Holdings Limited develops a licensed digital asset platform to provide transaction facilitation services, on-chain services, and asset management services. The company's platform has the capability to issue and circulate tokenised RWAs, and offers HashKey Chain, a scalable and interoperable Layer 2 infrastructure to support on-chain migration. The company's transaction facilitation services business offers a full suite of services, including digital asset exchange, brokerage services and custody services. Its on-chain services business offers support for infrastructure and application layers of the digital asset ecosystem, including staking services and tokenisation services. The company also offers asset management services, including venture capital funds management, as well as secondary market liquid funds. In addition, it provides web 3 infrastructure, business and technology services. The company has operations in Hong Kong, Singapore, Japan, Bermuda, Ireland and UAE. HashKey Holdings Limited was founded in 2018 and is headquartered in Central, Hong Kong.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2025 · reported fiscal years
HashKey Holdings Ltd reported revenue of HK$723M in FY2025 versus HK$129M in FY2022, a compound +77.6%/yr. Reported net income was −HK$1.1B in FY2025.
3887 screens 69% overvalued. Compare with S&P Global Inc →
Peer Group
Financial Data & Stock Exchanges · 53 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 Financial Data & Stock Exchanges median · lower = cheaper
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: 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.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Financial Data & Stock Exchanges stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| S&P Global Inc SPGI | $410.10 | $196.36 | -52% |
| CME Group CME | $262.17 | $145.51 | -44% |
| Moody's Corporation MCO | $477.84 | $192.63 | -60% |
| Intercontinental Exchange, Inc ICE | $151.33 | $75.95 | -50% |
| Hong Kong Exchanges and Clearing Limited 0388 | HK$408.20 | HK$182.59 | -55% |
| Deutsche Börse AG DB1 | €271.80 | €142.42 | -48% |
| Nasdaq, Inc NDAQ | $95.66 | $41.12 | -57% |
| MSCI Inc MSCI | $563.01 | $214.91 | -62% |
| Coinbase Global, Inc COIN | $149.04 | $57.05 | -62% |
| Cboe Global Markets, Inc CBOE | $290.98 | $136.64 | -53% |
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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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