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Altus Holdings Ltd (8149) Fair Value & Analysis

Industrials · HK · Market cap HK$94.3M

AH Altus Holdings Ltd 8149 · HK
PriceHK$0.1190
Fair ValueHK$0.1500
Upside+26.1%
Quality60/100
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Weak Growth
Loss-making · -10.6% net margin
Low debt · generates free cash flow
1.67% dividend yield
Mixed vs. peers (5/12)
Narrow moat 22/100
Evidence: High Range HK$0.1100 – HK$0.1700 Share as image

Fair value as of: Aug 13, 2026

From 12 valuation models · updated 3 days ago

Fair value updated Aug 13, 2026, revised from HK$0.1200 to HK$0.1500 (+25.0%) since Aug 6, 2026. Share price +0.8% over the past month.

A solid business, screening 26% undervalued on our models.

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What matters now

  • Solid quality (60/100) at a price below fair value, the discount is the argument here, not the business quality.
  • Our model range runs from HK$0.1100 (bear) to HK$0.1700 (bull), base HK$0.1500. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 60/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

HK$0.2329 HK$0.0970 Fair Value HK$0.1500 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$0.0970 – HK$0.2329 · fair‑value band HK$0.1100 – HK$0.1700 · the HK$0.1190 price screens below the HK$0.1500 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Altus Holdings Ltd (8149) currently trades at HK$0.1190, while our model-based Fair Value estimate is HK$0.1500, implying the stock looks roughly 26.1% undervalued today. The Quality Score stands at 60/100 (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, Altus Holdings Ltd generated revenue of HK$44.7M at a net margin of -10.6%. Revenue grew 2.5% year over year. It earns a return on equity of -1.0%. Net debt stands at HK$105M. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$0.1100 (bear case) to HK$0.1700 (bull case); at HK$0.1190, the current price sits within 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 15% below its 52-week high and 18% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at 11% fair-value upside, at 26%, 8149 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$0.0100 HK$0.0300 HK$0.0700 80
Residual Income HK$0.2700 HK$0.2500 HK$0.1600 76
Rev-Margin DCF HK$0.0100 HK$0.0400 HK$0.0800 74
All 12 models by family
DCF Models
Owner Earnings HK$0.0100 HK$0.0300 31
5Y P/E Exit HK$0.0200 HK$0.0600 HK$0.1100 38
10Y P/E Exit HK$0.0200 HK$0.0400 HK$0.0600 35
Earnings-Based
Graham-Dodd HK$0.0500 HK$0.0600 HK$0.0700 54
Dividend Discount
Gordon GGM HK$0.0200 HK$0.0200 HK$0.0200 70
DDM Multi-Stage HK$0.0200 HK$0.0200 HK$0.0200 61
Multiples
P/E Multiple HK$0.1100 HK$0.1500 HK$0.1900 63
P/B Multiple HK$0.0900 HK$0.1200 HK$0.1500 55
Asset-Based
NCAV (Graham) HK$0.2200 HK$0.2900 HK$0.4300 50
Growth DCF
Growth DCF HK$0.0100 HK$0.0300 HK$0.0700 80
Rev-Margin DCF HK$0.0100 HK$0.0400 HK$0.0800 74
Economic Profit
Residual Income HK$0.2700 HK$0.2500 HK$0.1600 76

Widest divergence: Asset-Based (HK$0.2900) versus Dividend Discount (HK$0.0200). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$44.7M
Revenue growth (YoY) +2.5%
Net margin -10.6%
Return on equity -1.0%
Free cash flow HK$9.7M FY2025
Operating margin 16.1%
More key figures
Dividend yield 1.7%
EPS growth (YoY) -6.3%
Net debt HK$105M FY2026

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

Quality Score breakdown

Overall quality 60/100

Of which business quality 60 · Market factors (momentum, volatility) 52

Profitability 22
Margins and returns on capital today
Quality Growth 60
Are margins and returns improving?
Cashflow 80
Earnings quality: real cash, not paper profit
Fin. Strength 46
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 67
Calm price path (market factor)
Momentum 45
Price trend over the last 3–12 months (market factor)
52W Momentum 47
Distance to the 52-week high (market factor)
Net Issuance 73
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

Altus Holdings Limited, an investment holding company, provides corporate finance, asset management, proprietary investment, and other consultancy services in Hong Kong and Japan. It operates through Advisory, Consulting, and Asset Management; and Proprietary Investments segments.

Full company description

Altus Holdings Limited, an investment holding company, provides corporate finance, asset management, proprietary investment, and other consultancy services in Hong Kong and Japan. It operates through Advisory, Consulting, and Asset Management; and Proprietary Investments segments. The company offers sponsorship, financial advisory, compliance advisory, equity capital market consulting. It also engages in the leasing of investment properties for residential and commercial use; holds portfolio of securities; and provides administrative services. The company was founded in 2000 and is headquartered in Central, Hong Kong. Altus Holdings Limited is a subsidiary of Kinley-Hecico Holdings Limited.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Altus Holdings Ltd reported revenue of HK$51.4M in FY2026 versus HK$55.7M in FY2022, a compound −2.0%/yr. Reported net income was HK$6.1M in FY2026, compounding −3.4%/yr from FY2022.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2026)
HK$51.4M
Latest YoY
+6.5%
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.
+2.8%
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.
−2.8%
Avg. 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.
+3.7%
Revenue −2.0%/yr
FY22 HK$55.7M
FY23 HK$47.3M
FY24 HK$52.6M
FY25 HK$48.3M
FY26 HK$51.4M
Net income −3.4%/yr
FY22 HK$7.0M
FY23 HK$9.9M
FY24 HK$12.6M
FY25 −HK$8.5M
FY26 HK$6.1M
Character of growth · EPS growth decomposed (2015-2026) −8.0 % p.a.
Revenue per share −0.5 pp

of which total revenue +0.3 pp · buybacks/dilution −0.8 pp

EBIT margin +0.2 pp
Tax rate +1.0 pp
Residual (interest, one-offs) −8.7 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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Cite: Fair Value Calculator (2026). "Altus Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/8149

Peer Group

Conglomerates · 384 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 60 · Top 25%
Fair Value upside +26% · Above median
Return on assets -1% · Bottom 25%
Net margin (TTM) -11% · Bottom 25%
Operating margin (TTM) 16% · Top 25%
Revenue growth 3% · Below median
Dividend yield (TTM) 1.7% · Below median
Debt / equity 0.27× · Higher than median

Valuation Multiples vs Conglomerates median · lower = cheaper

P/S (TTM) 0.27× · Cheaper than median
P/FCF 1.2× · Pricier than median
EV/EBITDA 4.4× · 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.

VALUE 68 · sector 27
FUTURE 13 · sector 16
PAST 0 · sector 18
HEALTH 86 · sector 88
DIVIDEND 33 · sector 46

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.

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Frequently asked questions

Is Altus Holdings Ltd (8149) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$0.1500 versus a price of HK$0.1190, about +26% (undervalued).
What is the fair value of 8149?
Our model-based fair value for Altus Holdings Ltd is HK$0.1500 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$0.1190.
What is the quality score of 8149?
Altus Holdings Ltd has a Quality Score of 60/100. 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 Altus Holdings Ltd (8149)?
Altus Holdings Ltd reported trailing-twelve-month revenue of about HK$44.7M (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 8149?
The net profit margin of Altus Holdings Ltd is about -10.6%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does Altus Holdings Ltd pay a dividend?
Altus Holdings Ltd currently shows a dividend yield of about 1.67% relative to its recent price (as of Aug 13, 2026).

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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