Tonking New Energy Group Holdings Ltd (8326) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Tonking New Energy Group Holdings Ltd HK$0.16, price HK$0.14, upside +16.8%, quality 38 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 3, 2026.
How to read this chart
60‑month range HK$0.0695 – HK$0.4635 · fair‑value band HK$0.1500 – HK$0.1700 · the HK$0.1370 price screens below the HK$0.1600 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 3, 2026.
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Tonking New Energy Group Holdings Limited, an investment holding company, engages in the renewable energy business in the People's Republic of China. The company offers one-stop value added solution for photovoltaic power stations. It also sells patented photovoltaic tracking mounting bracket systems.
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Tonking New Energy Group Holdings Limited, an investment holding company, engages in the renewable energy business in the People's Republic of China. The company offers one-stop value added solution for photovoltaic power stations. It also sells patented photovoltaic tracking mounting bracket systems. In addition, the company researches and develops solar power technology; provides EPC, maintenance and support, and testing services; and sells electricity. The company was formerly known as JC Group Holdings Limited and changed its name to Tonking New Energy Group Holdings Limited in May 2016. Tonking New Energy Group Holdings Limited was founded in 2004 and is headquartered in Central, Hong Kong.
Stock analysis
Tonking New Energy Group Holdings Ltd (8326) currently trades at HK$0.1370, while our model-based Fair Value estimate is HK$0.1600, implying the stock looks roughly 14.4% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of HK$0.4800 per share, and 18 of the 24 models we run sit above the HK$0.1370 price.
Bear case: the Earnings-Based group reads lowest at HK$0.0500, and 6 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: HK$0.1500 (bear) to HK$0.1700 (bull), the price of HK$0.1370 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 38/100 (below-average quality), in the Utilities sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Tonking New Energy Group Holdings Ltd reported revenue of HK$364M in FY2026 versus HK$241M in FY2022, a compound +10.9%/yr. Reported net income was HK$5.9M in FY2026, compounding +1.6%/yr from FY2022. FY2022 was a trough year, so the rate overstates the trend.
Key figures
Market cap HK$157M (≈ $20.0M) · P/E ratio 27.4 · P/S ratio 0.44 · EPS (TTM) HK$0.0050 · Net margin 1.6% · Return on equity 2.0% · Return on assets (EBIT) 5.7% · Operating margin 1.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 19% below its 52-week high and 19% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −40% fair-value upside, at 17%, 8326 screens cheaper than that median.
Fair Value models
Bear HK$0.1500Fair Value HK$0.1600Bull HK$0.1700
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (HK$0.0102 per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−64.7%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−19.2%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+12.9%
Start year 2021 (pandemic). Over 10 years: −1.0% a year
Revenue growth 14 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+2.4%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−6.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−6.7%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−6.7% vs −2.1%, slowing
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−3% → 3%
Start year 2021 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−27.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Hong Kong: IMF forecast 2.1% a year to 2030, 1.8% from 2016 to 2025) that is about −29.0% a year for the price.
Compare Tonking New Energy Group Holdings Ltd with another stock
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Utilities - Renewable · 199 stocks
Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score39 · Below median
Fair Value upside+9.5% · Above median
Profitability
Return on equity (TTM)2.0% · Below median
Return on assets1.9% · Above median
Net margin (TTM)1.6% · Below median
Operating margin (TTM)1.8% · Bottom 25%
Growth and dividend
Revenue growth−66.6% · Bottom 25%
Balance sheet
Debt / equity0.16× · Below median
Valuation Multiplesvs Utilities - Renewable median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Tonking New Energy Group Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/8326
Frequently asked questions
Is Tonking New Energy Group Holdings Ltd (8326) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of HK$0.1600 versus a price of HK$0.1370, about +17% upside (undervalued).
What is the fair value of 8326?
Our model-based fair value for Tonking New Energy Group Holdings Ltd is HK$0.1600 (as of Oct 3, 2026), built from audited fundamentals. The current price: HK$0.1370.
What is the quality score of 8326?
Tonking New Energy Group Holdings Ltd has a Quality Score of 38/100. 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 price target for Tonking New Energy Group Holdings Ltd (8326)?
Our model-based price target is the fair value of HK$0.1600 (as of Oct 3, 2026) from 24 valuation models. Cautious scenario HK$0.1500, optimistic scenario HK$0.1700. It is a calculation from audited fundamentals, not an analyst target.
What is the Tonking New Energy Group Holdings Ltd stock forecast for 2026?
Our models put fair value at HK$0.1600, about +17% upside versus a price of HK$0.1370 (undervalued). Cautious scenario HK$0.1500, optimistic scenario HK$0.1700. The calculation is refreshed regularly with new filings.
What is the revenue of Tonking New Energy Group Holdings Ltd (8326)?
Tonking New Energy Group Holdings Ltd reported trailing-twelve-month revenue of about HK$364M (latest available figure, as of Oct 3, 2026).
What growth is priced into Tonking New Energy Group Holdings Ltd (8326)?
For today's price to be fair in a discounted-cash-flow model, Tonking New Energy Group Holdings Ltd would have to grow free cash flow by -27.4 % per year for five years (discount rate 10.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.9 % per year. As of Oct 3, 2026.
What discount rate (WACC) does the fair value of 8326 use?
Our models discount Tonking New Energy Group Holdings Ltd at 10.3 %: a base by market capitalisation (nano), country premium for Hong Kong. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Tonking New Energy Group Holdings Ltd that is -27.4 % per year a year over ten years, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has Tonking New Energy Group Holdings Ltd (8326) delivered so far?
Over the past 5 years revenue at Tonking New Energy Group Holdings Ltd grew +12.9 % a year. The price currently implies -27.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Tonking New Energy Group Holdings Ltd (8326) growing?
The median revenue growth in the sector is +3.9 % a year. That is the yardstick for the growth priced into Tonking New Energy Group Holdings Ltd (-27.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Tonking New Energy Group Holdings Ltd (8326)?
The free-cash-flow yield on the price is 30.06 %: that much free cash flow Tonking New Energy Group Holdings Ltd produces per unit of market value. When it exceeds the discount rate of our models (10.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Tonking New Energy Group Holdings Ltd (8326)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Tonking New Energy Group Holdings Ltd it is HK$0.1600 per share (as of Oct 3, 2026), against a price of HK$0.1370. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Tonking New Energy Group Holdings Ltd stock overvalued or undervalued in 2026?
As of Oct 3, 2026, 8326 trades below its calculated fair value: price HK$0.1370, fair value HK$0.1600, a gap of about +17% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 8326?
No. The price is what the market pays today (HK$0.1370); the fair value is what the company's own numbers justify (HK$0.1600). For Tonking New Energy Group Holdings Ltd the two are HK$0.0230 per share apart. That gap is exactly why we show both numbers side by side.
How much is Tonking New Energy Group Holdings Ltd worth?
The market values Tonking New Energy Group Holdings Ltd at about HK$157M (market capitalisation, as of Oct 3, 2026). Per share that is HK$0.1370; our models calculate a fair value of HK$0.1600 per share.
What do the bullish and bearish scenarios say about 8326?
Our models span a range for Tonking New Energy Group Holdings Ltd: cautious scenario HK$0.1500, base HK$0.1600, optimistic HK$0.1700 per share (as of Oct 3, 2026, price HK$0.1370). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 8326?
Tonking New Energy Group Holdings Ltd trades at a price-to-earnings ratio of 27.4 (as of Oct 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of HK$0.1600 is built from several models across several years. Other multiples: P/B 0.4, P/S 0.4, EV/EBITDA 2.3.
How solid is the balance sheet of Tonking New Energy Group Holdings Ltd (8326)?
Balance-sheet figures for Tonking New Energy Group Holdings Ltd (as of Oct 3, 2026): return on equity 2.0%, debt of 0.16 per unit of equity. They feed the Quality Score of 38/100, which measures business quality independently of the share price.
How far is 8326 from its 52-week high?
Tonking New Energy Group Holdings Ltd trades at HK$0.1370, about 19% below its 52-week high of HK$0.1700 and 19% above the low of HK$0.1150 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of HK$0.1600 is for.
Which stocks are comparable to Tonking New Energy Group Holdings Ltd?
From the same area (Utilities) we also value China Yangtze Power Co, Ørsted A/S, Huaneng Lancang River Hydropower Inc, Fortum Oyj, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Tonking New Energy Group Holdings Ltd stock attractive at the current price?
The data as of Oct 3, 2026: price HK$0.1370, calculated fair value HK$0.1600 (+17%), Quality Score 38/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 8326 calculated?
We run Tonking New Energy Group Holdings Ltd through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of HK$0.1600, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Tonking New Energy Group Holdings Ltd currently trades 14 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Tonking New Energy Group Holdings Ltd (8326)?
The closing price on Oct 2, 2026 was HK$0.1370. Our model-based fair value is HK$0.1600, about +17% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Tonking New Energy Group Holdings Ltd right now?
The price is below even our cautious bear case (HK$0.1500). The market is more pessimistic than our downside scenario. The models converge in a tight band (HK$0.1500 to HK$0.1700), unusually little disagreement for a valuation. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Where does the earnings growth of Tonking New Energy Group Holdings Ltd (8326) come from?
Earnings per share at Tonking New Energy Group Holdings Ltd grew +11.9 % a year from 2015 to 2026. Broken into its drivers: revenue per share +1.5 %, EBIT margin +6.0 %, tax rate +4.6 %, residual (interest, one-offs) −0.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Tonking New Energy Group Holdings Ltd
How large is the market capitalisation of Tonking New Energy Group Holdings Ltd (8326)?
The market capitalisation of Tonking New Energy Group Holdings Ltd is HK$157M (≈ $20.0M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Tonking New Energy Group Holdings Ltd (8326)?
The price-to-sales ratio of Tonking New Energy Group Holdings Ltd is 0.44 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Tonking New Energy Group Holdings Ltd (8326)?
Earnings per share at Tonking New Energy Group Holdings Ltd are HK$0.0050 (price ÷ EPS = P/E 27.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Tonking New Energy Group Holdings Ltd (8326)?
The net margin of Tonking New Energy Group Holdings Ltd is 1.6% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Tonking New Energy Group Holdings Ltd (8326)?
The return on equity (ROE) of Tonking New Energy Group Holdings Ltd is 2.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Tonking New Energy Group Holdings Ltd (8326)?
On an EBIT basis the return on assets of Tonking New Energy Group Holdings Ltd is 5.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Tonking New Energy Group Holdings Ltd (8326)?
The operating margin of Tonking New Energy Group Holdings Ltd is 1.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Tonking New Energy Group Holdings Ltd (8326)?
Revenue at Tonking New Energy Group Holdings Ltd is growing −66.6% versus a year earlier (3y avg −19.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Tonking New Energy Group Holdings Ltd (8326)?
Earnings per share at Tonking New Energy Group Holdings Ltd are growing −71.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Tonking New Energy Group Holdings Ltd (8326) hold?
Tonking New Energy Group Holdings Ltd holds more cash than debt, HK$35.1M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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