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Zhejiang United Investment Holdings Group Limited (8366) fair value: what the stock is really worth

As of Sep 30, 2026: fair value of Zhejiang United Investment Holdings Group Limited HK$0.03, price HK$0.04, upside -27.4%, quality 43 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
  3. Add to watchlist

Industrials · HK · ISIN KYG9897T1067

ZU Thin data Sep 27, 2026

Zhejiang United Investment Holdings Group Limited

8366 · HK

Weak valuationQuality is weak on top of the rich price.

!Fair value HK$0.0305 · Overvalued (−27.4%)
!Quality 43/100
!Weak Growth (revenue 5y +7.3 %/yr)
!Loss-making · -3.3% net margin (TTM)
✓Negative equity (buybacks among others) · generates free cash flow
!Trails peers (1/8)
!Narrow moat 8/100
!Evidence only low, so the estimate is less certain
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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$0.2300 HK$0.0120 Fair Value HK$0.0305 Oct 2020 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.

How to read this chart

60‑month range HK$0.0120 – HK$0.2300 · the HK$0.0420 price screens above the HK$0.0305 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.

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Company profile

Zhejiang United Investment Holdings Group Limited, an investment holding company, engages in the undertaking slope works, foundation works, and other general building works in Hong Kong.

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Zhejiang United Investment Holdings Group Limited, an investment holding company, engages in the undertaking slope works, foundation works, and other general building works in Hong Kong. It serves public sector projects, civil engineering and development and lands department; statutory bodies, including the Hong Kong housing authority; and private corporations and other entities in the private sector. The company was formerly known as Fraser Holdings Limited and changed its name to Zhejiang United Investment Holdings Group Limited in September 2017. Zhejiang United Investment Holdings Group Limited was incorporated in 2015 and is headquartered in Lai Chi Kok, Hong Kong. Zhejiang United Investment Holdings Group Limited is a subsidiary of Emperor Securities Limited.

Stock analysis

Zhejiang United Investment Holdings Group Limited (8366) currently trades at HK$0.0420, while our model-based Fair Value estimate is HK$0.0305, 27.4% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Growth DCF group reads highest at a median of HK$0.0500 per share, and 1 of the 5 models we run sit above the HK$0.0420 price.

Bear case: the Multiples group reads lowest at HK$0.0300, and 4 of the 5 models stay below the price. Evidence for this calculation is low.

Quality & growth

The Quality Score stands at 43/100 (below-average 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.

Zhejiang United Investment Holdings Group Limited reported revenue of HK$156M in FY2026 versus HK$133M in FY2022, a compound +4.1%/yr. Reported net income was −HK$5.2M in FY2026.

Key figures

Market cap HK$65.7M (≈ $8.4M) · P/S ratio 0.31 · Net margin −3.3% · Return on assets (EBIT) −5.3% · Operating margin −2.5% · Revenue (TTM) HK$156M · Revenue growth (YoY) −31.7% · EPS growth (YoY) −7.2%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 24 out of 100 (medium confidence).

What moves the price

The share trades at its 52-week high and 110% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −34% fair-value upside, at −27%, 8366 screens cheaper than that median.

Fair Value models

Bear HK$0.0305 Fair Value HK$0.0305 Bull HK$0.0305
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
FCF DCF HK$0.0400 HK$0.0400 HK$0.0500 78
Growth DCF HK$0.0400 HK$0.0500 HK$0.0500 75
5Y Revenue Exit HK$0.0400 HK$0.0400 HK$0.0400 69
All 5 models by family
DCF Models
FCF DCF HK$0.0400 HK$0.0400 HK$0.0500 78
5Y Revenue Exit HK$0.0400 HK$0.0400 HK$0.0400 69
10Y Revenue Exit HK$0.0400 HK$0.0400 HK$0.0400 64
Multiples
EV/Revenue HK$0.0300 HK$0.0300 HK$0.0400 52
Growth DCF
Growth DCF HK$0.0400 HK$0.0500 HK$0.0500 75

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Quality Score breakdown

Overall quality 43/100

Of which business quality 44 · Market factors (momentum, volatility) 59

Profitability 27
Margins and returns on capital today
Quality Growth 13
Are margins and returns improving?
Cashflow 45
Earnings quality: real cash, not paper profit
Fin. Strength 33
Balance sheet, leverage, solvency risk
Investment 81
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 57
Price trend over the last 3–12 months (market factor)
52W Momentum 74
Distance to the 52-week high (market factor)
Net Issuance 87
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
−44.1%
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.
−7.7%
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.
+7.3%
Start year 2021 (pandemic). Over 10 years: −1.4% a year
Revenue growth 12 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.
+1.7%
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.
−11.1% (2021) → −2.8% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
not computed

Growth Forecast

A lot of optimism in the price
The price assumes more 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).
+35.2%
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 +32.4% a year for the price.

8366 screens overvalued: fair value 27% below the price. Compare with Quanta Services, Inc →

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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 · 798 stocks

Beats the industry median on 1/8 measures
Overall it trails its industry peers.
Valuation
Quality Score 43 · Below median
Fair Value upside −27.4% · Below median
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 −4.2% · Bottom 25%
Net margin (TTM) −3.3% · Bottom 25%
Operating margin (TTM) −2.5% · Bottom 25%
Growth and dividend
Revenue growth −31.7% · Bottom 25%
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/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%
P/FCF 13.8× · Pricier than median

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

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HK$0.0305 −27%Fair Value
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Cite: Fair Value Calculator (2026). "Zhejiang United Investment Holdings Group Limited Fair Value". https://www.fairvalue-calculator.com/stock/8366

Frequently asked questions

Is Zhejiang United Investment Holdings Group Limited (8366) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of HK$0.0305 versus a price of HK$0.0420, about −27% upside (overvalued).
What is the fair value of 8366?
Our model-based fair value for Zhejiang United Investment Holdings Group Limited is HK$0.0305 (as of Sep 27, 2026), built from audited fundamentals. The current price: HK$0.0420.
What is the quality score of 8366?
Zhejiang United Investment Holdings Group Limited has a Quality Score of 43/100. 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 Zhejiang United Investment Holdings Group Limited (8366)?
Our model-based price target is the fair value of HK$0.0305 (as of Sep 27, 2026) from 5 valuation models. It is a calculation from audited fundamentals, not an analyst target.
What is the Zhejiang United Investment Holdings Group Limited stock forecast for 2026?
Our models put fair value at HK$0.0305, about −27% upside versus a price of HK$0.0420 (overvalued). The calculation is refreshed regularly with new filings.
What is the revenue of Zhejiang United Investment Holdings Group Limited (8366)?
Zhejiang United Investment Holdings Group Limited reported trailing-twelve-month revenue of about HK$156M (latest available figure, as of Sep 27, 2026).
What growth is priced into Zhejiang United Investment Holdings Group Limited (8366)?
For today's price to be fair in a discounted-cash-flow model, Zhejiang United Investment Holdings Group Limited would have to grow free cash flow by +35.2 % 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 +7.3 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of 8366 use?
Our models discount Zhejiang United Investment Holdings Group Limited 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 Zhejiang United Investment Holdings Group Limited that is +35.2 % 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 Zhejiang United Investment Holdings Group Limited (8366) delivered so far?
Over the past 5 years revenue at Zhejiang United Investment Holdings Group Limited grew +7.3 % a year. The price currently implies +35.2 % 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 Zhejiang United Investment Holdings Group Limited (8366) growing?
The median revenue growth in the sector is +5.7 % a year. That is the yardstick for the growth priced into Zhejiang United Investment Holdings Group Limited (+35.2 % 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 Zhejiang United Investment Holdings Group Limited (8366)?
The free-cash-flow yield on the price is 0.93 %: that much free cash flow Zhejiang United Investment Holdings Group Limited 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 Zhejiang United Investment Holdings Group Limited (8366)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Zhejiang United Investment Holdings Group Limited it is HK$0.0305 per share (as of Sep 27, 2026), against a price of HK$0.0420. It is the blended result of 5 valuation models (cash flow, earnings, asset, dividend).
Is Zhejiang United Investment Holdings Group Limited stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 8366 trades above its calculated fair value: price HK$0.0420, fair value HK$0.0305, a gap of about −27% (overvalued). 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 8366?
No. The price is what the market pays today (HK$0.0420); the fair value is what the company's own numbers justify (HK$0.0305). For Zhejiang United Investment Holdings Group Limited the two are HK$0.0115 per share apart. That gap is exactly why we show both numbers side by side.
How much is Zhejiang United Investment Holdings Group Limited worth?
The market values Zhejiang United Investment Holdings Group Limited at about HK$65.7M (market capitalisation, as of Sep 27, 2026). Per share that is HK$0.0420; our models calculate a fair value of HK$0.0305 per share.
How solid is the balance sheet of Zhejiang United Investment Holdings Group Limited (8366)?
Balance-sheet figures for Zhejiang United Investment Holdings Group Limited (as of Sep 27, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 43/100, which measures business quality independently of the share price.
How far is 8366 from its 52-week high?
Zhejiang United Investment Holdings Group Limited trades at HK$0.0420, at its 52-week high of HK$0.0420 and 110% above the low of HK$0.0200 (as of Sep 30, 2026). Distance from the high says nothing about value: that is what the fair value of HK$0.0305 is for.
Which stocks are comparable to Zhejiang United Investment Holdings Group Limited?
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 Zhejiang United Investment Holdings Group Limited stock attractive at the current price?
The data as of Sep 27, 2026: price HK$0.0420, calculated fair value HK$0.0305 (−27%), Quality Score 43/100, from 5 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 8366 calculated?
We run Zhejiang United Investment Holdings Group Limited through 5 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$0.0305, 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 14.7 % above its aggregate fair value. Zhejiang United Investment Holdings Group Limited itself currently trades above fair value. 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 Zhejiang United Investment Holdings Group Limited (8366)?
The closing price on Sep 30, 2026 was HK$0.0420. Our model-based fair value is HK$0.0305, about −27% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Zhejiang United Investment Holdings Group Limited right now?
The price sits above even our optimistic bull case (HK$0.0305). The favourable scenario is already priced in. Weak quality (43/100) and above fair value at the same time, the margin of safety is missing on both counts. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Zhejiang United Investment Holdings Group Limited

How large is the market capitalisation of Zhejiang United Investment Holdings Group Limited (8366)?
The market capitalisation of Zhejiang United Investment Holdings Group Limited is HK$65.7M (≈ $8.4M). 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 Zhejiang United Investment Holdings Group Limited (8366)?
The price-to-sales ratio of Zhejiang United Investment Holdings Group Limited is 0.31 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of Zhejiang United Investment Holdings Group Limited (8366)?
The net margin of Zhejiang United Investment Holdings Group Limited is −3.3% (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 Zhejiang United Investment Holdings Group Limited (8366)?
On an EBIT basis the return on assets of Zhejiang United Investment Holdings Group Limited is −5.3% (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 Zhejiang United Investment Holdings Group Limited (8366)?
The operating margin of Zhejiang United Investment Holdings Group Limited is −2.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Zhejiang United Investment Holdings Group Limited (8366)?
Revenue at Zhejiang United Investment Holdings Group Limited is growing −31.7% versus a year earlier (3y avg −7.7%). 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 Zhejiang United Investment Holdings Group Limited (8366)?
Earnings per share at Zhejiang United Investment Holdings Group Limited are growing −7.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Zhejiang United Investment Holdings Group Limited (8366) hold?
Zhejiang United Investment Holdings Group Limited holds more cash than debt, HK$23.5M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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