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G & M Holdings Ltd (6038) Fair Value & Analysis

Industrials · HK · Market cap HK$336M

GM G & M Holdings Ltd 6038 · HK
PriceHK$0.3500
Fair ValueHK$1.04
Upside+197.1%
Quality74/100
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Strengths

✓Trades 66% below our fair value of HK$1.04
✓Solidly profitable · 14.6% net margin
✓Low debt · generates free cash flow
✓Ranks above peers (10/13)

Risks

!Mixed Growth (revenue 5y +9.3 %/yr)
!Moderate moat 60/100
Mixed Growth (revenue 5y +9.3 %/yr)
Solidly profitable · 14.6% net margin
Low debt · generates free cash flow
Ranks above peers (10/13)
Moderate moat 60/100
Evidence: High Range HK$0.8700 – HK$1.31 Share as image

Fair value as of: Aug 13, 2026

From 24 valuation models · updated 11 days ago

Share price +2.9% over the past month.

A solid business, trading 66% below our fair value.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

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What matters now

  • The rarer combination: high quality (74/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (HK$0.8700). The market is more pessimistic than our downside scenario.
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Price vs Fair Value (5 years)

HK$0.4250 HK$0.0555 Fair Value HK$1.04 Oct 2018 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$0.0555 – HK$0.4250 · fair‑value band HK$0.8700 – HK$1.31 · the HK$0.3500 price screens below the HK$1.04 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

G & M Holdings Ltd (6038) currently trades at HK$0.3500, while our model-based Fair Value estimate is HK$1.04, implying the stock looks roughly 197.1% undervalued today. The Quality Score stands at 74/100 (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, G & M Holdings Ltd generated revenue of HK$380M at a net margin of 14.6%. Revenue declined 39.5% year over year. It earns a return on equity of 19.4%. The balance sheet holds a net cash position of HK$383M. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$0.8700 (bear case) to HK$1.31 (bull case); at HK$0.3500, 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 23% below its 52-week high and 75% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -46% fair-value upside, at 197%, 6038 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$0.8600 HK$0.9800 HK$1.17 80
Residual Income HK$0.3100 HK$0.3800 HK$0.7000 76
Rev-Margin DCF HK$0.8400 HK$1.03 HK$1.28 74
All 24 models by family
DCF Models
FCF DCF HK$0.8500 HK$0.9700 HK$1.20 38
Owner Earnings HK$0.8800 HK$1.01 HK$1.25 31
5Y Revenue Exit HK$0.8400 HK$1.02 HK$1.30 39
5Y EBITDA Exit HK$0.8800 HK$1.10 HK$1.39 41
5Y P/E Exit HK$1.01 HK$1.33 HK$1.70 38
10Y Revenue Exit HK$0.8300 HK$0.9800 HK$1.16 36
10Y EBITDA Exit HK$0.8600 HK$1.03 HK$1.21 37
10Y P/E Exit HK$0.9400 HK$1.16 HK$1.40 35
Earnings-Based
Graham-Dodd HK$0.3800 HK$0.6400 HK$0.7800 54
EPV HK$0.7700 HK$0.8200 HK$0.8700 59
Dividend Discount
Gordon GGM HK$0.6200 HK$0.7500 HK$0.8700 70
DDM Multi-Stage HK$0.6200 HK$0.7900 HK$0.9800 61
Multiples
P/E Multiple HK$0.8700 HK$1.16 HK$1.45 63
P/S Multiple HK$0.5700 HK$0.7600 HK$0.9500 58
P/B Multiple HK$0.7100 HK$0.9400 HK$1.18 55
EV/EBIT HK$1.12 HK$1.37 HK$1.61 53
EV/EBITDA HK$0.9900 HK$1.19 HK$1.39 54
EV/Revenue HK$0.8600 HK$1.07 HK$1.27 43
Asset-Based
NCAV (Graham) HK$0.1500 HK$0.2000 HK$0.3000 50
Growth DCF
Growth DCF HK$0.8600 HK$0.9800 HK$1.17 80
Rev-Margin DCF HK$0.8400 HK$1.03 HK$1.28 74
Economic Profit
Residual Income HK$0.3100 HK$0.3800 HK$0.7000 76
ROIC Compounder HK$0.7700 HK$0.8200 HK$0.8700 72
Growth Earnings
Growth-Adj P/E HK$0.6200 HK$0.8800 HK$1.14 68

Widest divergence: Multiples (HK$1.07) versus Asset-Based (HK$0.2000). Highest evidence: Growth DCF (80).

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Key figures & financial health

P/E ratio 5.6 as of Jul 2, 2026
P/S ratio 0.88 TTM
Net margin 14.6% TTM
Return on equity 19.4% TTM
Return on assets 7.5% TTM
Operating margin 11.3% TTM
More key figures
Profitability
EPS (TTM) HK$0.0400
Growth
Revenue (TTM) HK$380M TTM
Revenue growth (YoY) -39.5% 3y avg -0.2%
EPS growth (YoY) +33.1%
Balance sheet & cash flow
Free cash flow HK$55.2M FY2025
Net cash HK$383M FY2025

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

Quality Score breakdown

Overall quality 74/100

Of which business quality 72 · Market factors (momentum, volatility) 58

Profitability 59
Margins and returns on capital today
Quality Growth 44
Are margins and returns improving?
Cashflow 64
Earnings quality: real cash, not paper profit
Fin. Strength 99
Balance sheet, leverage, solvency risk
Investment 88
Disciplined investing over empire-building
Low Volatility 46
Calm price path (market factor)
Momentum 53
Price trend over the last 3–12 months (market factor)
52W Momentum 78
Distance to the 52-week high (market factor)
Net Issuance 80
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

G & M Holdings Limited, an investment holding company, provides design and build, and repair and maintenance services in for podium facade and curtain wall works in Hong Kong and the People's Republic of China. It also designs aluminum, glass curtain wall, and aluminum claddings and invests in mining business.

Full company description

G & M Holdings Limited, an investment holding company, provides design and build, and repair and maintenance services in for podium facade and curtain wall works in Hong Kong and the People's Republic of China. It also designs aluminum, glass curtain wall, and aluminum claddings and invests in mining business. The company was founded in 1993 and is headquartered in Kwai Chung, Hong Kong. G & M Holdings Limited is a subsidiary of Luxury Booming Limited.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

G & M Holdings Ltd reported revenue of HK$380M in FY2025 versus HK$403M in FY2021, a compound −1.4%/yr. Reported net income was HK$55.6M in FY2025, compounding +10.9%/yr from FY2021.

Growth Quality 55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
HK$380M
Latest YoY
−11.4%
Avg. revenue 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.
−0.2%
Avg. revenue 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.
+9.3%
Avg. revenue growth/yr (11Y) ⓘ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.
+8.7%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+16.0% (16.0 + 0.0)
Revenue −1.4%/yr
FY21 HK$403M
FY22 HK$383M
FY23 HK$497M
FY24 HK$429M
FY25 HK$380M
Net income +10.9%/yr
FY21 HK$36.8M
FY22 HK$43.4M
FY23 HK$57.0M
FY24 HK$43.2M
FY25 HK$55.6M
Character of growth · EPS growth decomposed (2014-2025) +2.3 % p.a.
Revenue per share +8.2 pp

of which total revenue +8.2 pp · buybacks/dilution +0.0 pp

EBIT margin −5.3 pp
Tax rate +0.0 pp
Residual (interest, one-offs) −0.6 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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G & M Holdings Ltd · Fair Value
HK$1.04 +197%Fair Value
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Cite: Fair Value Calculator (2026). "G & M Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/6038

Peer Group

Engineering & Construction · 841 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 74 · Top 25%
Fair Value upside +197% · Top 25%
Return on equity (TTM) 19% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 15% · Top 25%
Operating margin (TTM) 11% · Top 25%
Revenue growth -40% · Bottom 25%
Dividend yield (TTM) 0.0% · Bottom 25%

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 5.6× · Cheaper than 75% of peers
P/B 1.13× · Cheaper than median
P/S (TTM) 0.88× · Pricier than median
P/FCF 0.8× · Cheaper than median

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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 16
FUTURE0 · sector 14
PAST77 · sector 26
HEALTH100 · sector 94
DIVIDEND0 · sector 38

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

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Frequently asked questions

Is G & M Holdings Ltd (6038) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$1.04 versus a price of HK$0.3500, about +197% (undervalued).
What is the fair value of 6038?
Our model-based fair value for G & M Holdings Ltd is HK$1.04 (as of Aug 13, 2026), built from audited fundamentals. The current price: HK$0.3500.
What is the quality score of 6038?
G & M Holdings Ltd has a Quality Score of 74/100. 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 G & M Holdings Ltd (6038)?
G & M Holdings Ltd reported trailing-twelve-month revenue of about HK$380M (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 6038?
The net profit margin of G & M Holdings Ltd is about 14.6%, meaning it keeps roughly 14.6% 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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