3903 (3903) Fair Value & Analysis

Financial Services · Market cap HK$773M

3 3903 3903 · HK

PriceHK$0.1680

Fair ValueHK$0.0900

Upside-46.4%

Quality62/100

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Evidence: Medium Range HK$0.0700 – HK$0.1100

Fair value as of: Jul 2, 2026

From 21 valuation models · updated today

Price vs Fair Value (12 months)

12‑month range HK$0.1680 – HK$0.1680 · fair‑value band HK$0.0700 – HK$0.1100 · the HK$0.1680 price screens above the HK$0.0900 fair value. As of Jul 2, 2026.

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Analysis

3903 (3903) currently trades at HK$0.1680, while our model-based Fair Value estimate is HK$0.0900 — implying the stock looks roughly 46.4% overvalued today. We read business quality at 62/100 (solid 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: medium).

Over the trailing twelve months, 3903 generated revenue of HK$386M at a net margin of 11.0%. Revenue declined 14.4% year over year. It earns a return on equity of 0.2%. The balance sheet holds a net cash position of HK$1.3B. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$386M

Revenue growth (YoY) -14.4%

Net margin 11.0%

Return on equity 0.2%

Free cash flow HK$467M FY2023

P/E ratio 16.8

More key figures

Operating margin -19.5%

EPS growth (YoY) +95.2%

Net cash HK$1.3B FY2023

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

Revenue & earnings trend

FY2019 – FY2023 · reported fiscal years

3903 reported revenue of HK$417M in FY2023 versus HK$1.2B in FY2019, a compound −23.9%/yr. Reported net income was HK$31.9M in FY2023, compounding −39.8%/yr from FY2019.

Revenue −23.9%/yr

FY19 HK$1.2B

FY20 HK$1.1B

FY21 HK$841M

FY22 HK$587M

FY23 HK$417M

Net income −39.8%/yr

FY19 HK$242M

FY20 HK$208M

FY21 HK$112M

FY22 HK$52.0M

FY23 HK$31.9M

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Similar stocks

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

Stock	Price	Fair Value	vs Fair Value
Visa Inc V	5,663 MXN	3,074 MXN	-46%
Mastercard Incorporated MA	C$29.95	C$17.84	-40%
M4I M4I	€430.50	€367.81	-15%
American Express Company AXP	C$28.87	C$17.03	-41%
Capital One Financial Corporation COF	$183.20	$122.33	-33%
Bajaj Finance Limited BAJFINANCE	₹962.40	₹397.61	-59%

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Frequently asked questions

Is 3903 (3903) undervalued?

As of Jul 2, 2026, our model estimates a fair value of HK$0.0900 versus a price of HK$0.1680 — about −46% (overvalued). Model-based estimate, not financial advice.

What is the fair value of 3903?

Our model-based fair value for 3903 is HK$0.0900 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$0.1680.

What is the quality score of 3903?

3903 has a Quality Score of 62/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 3903 (3903)?

3903 reported trailing-twelve-month revenue of about HK$386M (latest available figure, as of Jul 2, 2026).

What is the net profit margin of 3903?

The net profit margin of 3903 is about 11.0%, meaning it keeps roughly 11.0% 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.

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