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CNC Holdings Ltd (8356) fair value: what the stock is really worth

As of Oct 9, 2026: fair value of CNC Holdings Ltd HK$0.71, price HK$0.28, upside +155.0%, quality 51 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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Industrials · HK · ISIN KYG2238D1043

CH Thin data Oct 4, 2026

CNC Holdings Ltd

8356 · HK

Clearly undervaluedStrong Fair Value upside, but quality is only moderate.

Fair value HK$0.7140 · Strongly undervalued (+155.0%)
Ranks above peers (8/9)
Quality 51/100
Thin margins · 1.9% net margin (TTM)
Negative equity (buybacks among others)
Weak Growth (revenue 5y +11.4 %/yr in HKD)
Negative free cash flow
Narrow moat 29/100
Thin data
⚠ Dilution
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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 →

Price vs Fair Value

HK$2.00 HK$0.2650 Fair Value HK$0.7140 May 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 4, 2026.

How to read this chart

60‑month range HK$0.2650 – HK$2.00 · fair‑value band HK$0.5333 – HK$0.9432 · the HK$0.2800 price screens below the HK$0.7140 fair value. Dashed = 300-day average. As of Oct 4, 2026.

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Company profile

Tsun Yip Holdings Limited, an investment holding company, primarily engages in the provision of civil engineering services. The company provides waterworks engineering, road works and drainage services, and site formation works for the public sector in Hong Kong. It also engages in motor vehicles holding and water pipes laying businesses.

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Tsun Yip Holdings Limited, an investment holding company, primarily engages in the provision of civil engineering services. The company provides waterworks engineering, road works and drainage services, and site formation works for the public sector in Hong Kong. It also engages in motor vehicles holding and water pipes laying businesses. The company was formerly known as CNC Holdings Limited and changed its name to Tsun Yip Holdings Limited in July 2024. The company was founded in 1989 and is headquartered in Fanling, Hong Kong.

Stock analysis

CNC Holdings Ltd (8356) currently trades at HK$0.2800, while our model-based Fair Value estimate is HK$0.7140, implying the stock looks roughly 60.8% undervalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of HK$3.44 per share, and 11 of the 11 models we run sit above the HK$0.2800 price.

Bear case: the Earnings-Based group reads lowest at HK$1.17, and 0 of the 11 models stay below the price. Evidence for this calculation is low.

Scenario range: HK$0.5333 (bear) to HK$0.9432 (bull), the price of HK$0.2800 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 51/100 (solid quality), in the Industrials sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

CNC Holdings Ltd reported revenue of HK$410M in FY2026 versus HK$408M in FY2022, a compound +0.1%/yr. Reported net income was HK$7.6M in FY2026.

Key figures

Market cap HK$21.3M (≈ $2.7M) · P/E ratio 2.4 · P/S ratio 0.04 · Net margin 1.9% · Return on assets (EBIT) −1.4% · Operating margin 9.5% · Revenue (TTM) HK$410M · Revenue growth (YoY) +3.8%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (medium confidence).

What moves the price

The share trades about 42% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −35% fair-value upside, at 155%, 8356 screens cheaper than that median.

Fair Value models

Bear HK$0.5333 Fair Value HK$0.7140 Bull HK$0.9432
Price HK$0.2800 · Upside +155.0%
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. 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.
Highest evidence
Owner Earnings HK$2.47 HK$3.44 HK$4.76 75
EPV HK$1.03 HK$1.17 HK$1.30 74
ROIC Compounder HK$1.03 HK$1.17 HK$1.30 70
All 11 models by family
DCF Models
Owner Earnings HK$2.47 HK$3.44 HK$4.76 75
Earnings-Based
Graham-Dodd HK$0.6900 HK$1.61 HK$2.07 63
PEG = 1.0 HK$0.2700 HK$0.3900 HK$0.5100 55
EPV HK$1.03 HK$1.17 HK$1.30 74
Multiples
P/E Multiple HK$1.60 HK$2.13 HK$2.66 63
P/S Multiple HK$1.29 HK$1.73 HK$2.16 58
EV/EBIT HK$1.53 HK$2.00 HK$2.47 66
EV/EBITDA HK$2.48 HK$3.27 HK$4.06 67
EV/Revenue HK$1.13 HK$1.56 HK$1.99 54
Economic Profit
ROIC Compounder HK$1.03 HK$1.17 HK$1.30 70
Growth Earnings
Growth-Adj P/E HK$1.21 HK$1.72 HK$2.24 65

Open the full fair value analysis →

Quality Score breakdown

Overall quality 51/100

Of which business quality 48 · Market factors (momentum, volatility) 24

Profitability 47
Margins and returns on capital today
Quality Growth 82
Are margins and returns improving?
Cashflow 8
Earnings quality: real cash, not paper profit
Fin. Strength 37
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 18
Price trend over the last 3–12 months (market factor)
52W Momentum 3
Distance to the 52-week high (market factor)
Net Issuance 50
Share count: buybacks or dilution?

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Revenue & earnings trend

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
+12.0%
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.
−6.2%
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.
+11.4%
Start year 2021 (pandemic). Over 10 years: +1.0% a year
Revenue growth 17 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.
+9.5%
Profit margin (trend) ⓘ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.
−29.3% (2021) → 2.0% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no profitable base year
not computed

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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.Engineering & Construction · 795 stocks

Beats the industry median on 8/9 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 51 · Above median
Fair Value upside +200.0% · Top 25%
Profitability
Return on equity (TTM) Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets 5.3% · Above median
Net margin (TTM) 1.9% · Below median
Operating margin (TTM) 9.5% · Above median
Growth and dividend
Revenue growth 3.8% · Above median
Balance sheet
Debt / equity Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.

Valuation Multiplesvs Engineering & Construction median · lower = cheaper

P/E (TTM) 2.4× · Cheapest 25%
P/B Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
P/S (TTM) 0.05× · Cheapest 25%
EV/EBITDA 0.6× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 31
FUTURE (revenue growth)19 · sector 18
PAST (return on equity)0 · sector 30
HEALTH (low debt)0 · sector 94
DIVIDEND (yield)0 · sector 43

PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.

Context: sector, industry, market

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

Similar stocks

10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Vinci SA DG €108.00 €186.22 +72% vs 8356
Bouygues SA EN €43.14 €66.31 +54% vs 8356
ACS, Actividades de Construcción y Servicios, S.A ACS €90.85 €62.20 −32% vs 8356
EMCOR Group EME $778.24 $525.05 −33% vs 8356
Comfort Systems USA, Inc FIX $1,728 $1,116 −35% vs 8356
HOCHTIEF Aktiengesellschaft HOT €390.20 €203.86 −48% vs 8356
Larsen & Toubro Limited LT ₹3,876 ₹1,994 −49% vs 8356
Samsung C&T Corporation 028260 367,000 KRW 159,718 KRW −56% vs 8356
Ferrovial N.V FER $55.77 $21.74 −61% vs 8356
Quanta Services, Inc PWR $719.56 $162.77 −77% vs 8356

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CNC Holdings Ltd · Fair Value
HK$0.7140 +61%Fair Value
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Cite: Fair Value Calculator (2026). "CNC Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/8356

Frequently asked questions

Is CNC Holdings Ltd (8356) overvalued or undervalued?
As of Oct 4, 2026, our model estimates a fair value of HK$0.7140 versus a price of HK$0.2800, about +155% upside (undervalued).
What is the fair value of 8356?
Our model-based fair value for CNC Holdings Ltd is HK$0.7140 (as of Oct 4, 2026), built from audited fundamentals. The current price: HK$0.2800.
What is the quality score of 8356?
CNC Holdings Ltd has a Quality Score of 51/100. 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 CNC Holdings Ltd (8356)?
Our model-based price target is the fair value of HK$0.7140 (as of Oct 4, 2026) from 11 valuation models. Cautious scenario HK$0.5333, optimistic scenario HK$0.9432. It is a calculation from audited fundamentals, not an analyst target.
What is the CNC Holdings Ltd stock forecast for 2026?
Our models put fair value at HK$0.7140, about +155% upside versus a price of HK$0.2800 (undervalued). Cautious scenario HK$0.5333, optimistic scenario HK$0.9432. The calculation is refreshed regularly with new filings.
What is the revenue of CNC Holdings Ltd (8356)?
CNC Holdings Ltd reported trailing-twelve-month revenue of about HK$410M (latest available figure, as of Oct 4, 2026).
What is the intrinsic value of CNC Holdings Ltd (8356)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For CNC Holdings Ltd it is HK$0.7140 per share (as of Oct 4, 2026), against a price of HK$0.2800. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is CNC Holdings Ltd stock overvalued or undervalued in 2026?
As of Oct 4, 2026, 8356 trades below its calculated fair value: price HK$0.2800, fair value HK$0.7140, a gap of about +155% (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 8356?
No. The price is what the market pays today (HK$0.2800); the fair value is what the company's own numbers justify (HK$0.7140). For CNC Holdings Ltd the two are HK$0.4340 per share apart. That gap is exactly why we show both numbers side by side.
How much is CNC Holdings Ltd worth?
The market values CNC Holdings Ltd at about HK$21.3M (market capitalisation, as of Oct 4, 2026). Per share that is HK$0.2800; our models calculate a fair value of HK$0.7140 per share.
What do the bullish and bearish scenarios say about 8356?
Our models span a range for CNC Holdings Ltd: cautious scenario HK$0.5333, base HK$0.7140, optimistic HK$0.9432 per share (as of Oct 4, 2026, price HK$0.2800). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 8356?
CNC Holdings Ltd trades at a price-to-earnings ratio of 2.4 (as of Oct 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of HK$0.7140 is built from several models across several years. Other multiples: P/S 0.1, EV/EBITDA 0.6.
How solid is the balance sheet of CNC Holdings Ltd (8356)?
Balance-sheet figures for CNC Holdings Ltd (as of Oct 4, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is 8356 from its 52-week high?
CNC Holdings Ltd trades at HK$0.2800, about 42% below its 52-week high of HK$0.4850 and 6% above the low of HK$0.2650 (as of Oct 9, 2026). Distance from the high says nothing about value: that is what the fair value of HK$0.7140 is for.
Which stocks are comparable to CNC Holdings Ltd?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, 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 CNC Holdings Ltd stock attractive at the current price?
The data as of Oct 4, 2026: price HK$0.2800, calculated fair value HK$0.7140 (+155%), Quality Score 51/100, from 11 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 8356 calculated?
We run CNC Holdings Ltd through 11 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$0.7140, 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 14.6 % above its aggregate fair value. CNC Holdings Ltd currently trades 61 % 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 CNC Holdings Ltd (8356)?
The closing price on Oct 9, 2026 was HK$0.2800. Our model-based fair value is HK$0.7140, about +155% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with CNC Holdings Ltd right now?
The price is below even our cautious bear case (HK$0.5333). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (51/100) at a price below fair value, the discount is the argument here, not the business quality.

Key figures of CNC Holdings Ltd

How large is the market capitalisation of CNC Holdings Ltd (8356)?
The market capitalisation of CNC Holdings Ltd is HK$21.3M (≈ $2.7M). 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 CNC Holdings Ltd (8356)?
The price-to-sales ratio of CNC Holdings Ltd is 0.04 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of CNC Holdings Ltd (8356)?
The net margin of CNC Holdings Ltd is 1.9% (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 EBIT return on assets of CNC Holdings Ltd (8356)?
On an EBIT basis the return on assets of CNC Holdings Ltd is −1.4% (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 CNC Holdings Ltd (8356)?
The operating margin of CNC Holdings Ltd is 9.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at CNC Holdings Ltd (8356)?
Revenue at CNC Holdings Ltd is growing +3.8% versus a year earlier (3y avg −6.2%). 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 CNC Holdings Ltd (8356)?
Earnings per share at CNC Holdings Ltd are growing +6.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does CNC Holdings Ltd (8356) generate?
The free cash flow of CNC Holdings Ltd is −HK$1.5M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does CNC Holdings Ltd (8356) hold?
CNC Holdings Ltd holds more cash than debt, HK$8.1M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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