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IAG Holdings Ltd (8513) Fair Value & Analysis

Healthcare · HK · Market cap HK$34.8M

IH IAG Holdings Ltd 8513 · HK
PriceHK$0.3200
Fair ValueHK$0.5015
Upside+56.7%
Quality42/100
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Weak Growth
Loss-making · -3.3% net margin
Low debt · generates free cash flow
Mixed vs. peers (5/12)
Narrow moat 12/100
Evidence: Medium Range HK$0.3740 – HK$0.6375 Share as image

Fair value as of: Aug 13, 2026

From 11 valuation models · updated 3 days ago

Share price +1.6% over the past month.

Below-average quality, screening 57% undervalued on our models.

What matters now

  • The large discount to fair value meets weak quality (42/100). That raises the risk this is a value trap rather than a bargain.
  • The price is below even our cautious bear case (HK$0.3740). The market is more pessimistic than our downside scenario.
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Price vs Fair Value (5 years)

HK$5.40 HK$0.3150 Fair Value HK$0.5015 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$0.3150 – HK$5.40 · fair‑value band HK$0.3740 – HK$0.6375 · the HK$0.3200 price screens below the HK$0.5015 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

IAG Holdings Ltd (8513) currently trades at HK$0.3200, while our model-based Fair Value estimate is HK$0.5015, implying the stock looks roughly 56.7% undervalued today. The Quality Score stands at 42/100 (below-average quality), in the Healthcare 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: medium), always confirm before acting.

Over the trailing twelve months, IAG Holdings Ltd generated revenue of HK$18.6M at a net margin of -3.3%. Revenue grew 106.2% year over year. It earns a return on equity of -33.7%. Net debt stands at HK$1.5M. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$0.3740 (bear case) to HK$0.6375 (bull case); at HK$0.3200, 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 80% below its 52-week high, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -46% fair-value upside, at 57%, 8513 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.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (HK$0.0100 to HK$0.1100). Read the values as a conservative anchor, not as a price target.
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$0.0400 HK$0.0400 HK$0.0500 80
Rev-Margin DCF HK$0.0400 HK$0.0500 HK$0.0600 74
EV/EBITDA HK$0.0900 HK$0.1100 HK$0.1400 54
All 11 models by family
DCF Models
FCF DCF HK$0.0400 HK$0.0400 HK$0.0500 38
Owner Earnings HK$0.0300 HK$0.0400 HK$0.0400 31
5Y Revenue Exit HK$0.0400 HK$0.0500 HK$0.0600 39
5Y EBITDA Exit HK$0.0600 HK$0.0800 HK$0.1200 41
10Y Revenue Exit HK$0.0400 HK$0.0400 HK$0.0500 36
10Y EBITDA Exit HK$0.0500 HK$0.0600 HK$0.0800 37
Multiples
EV/EBITDA HK$0.0900 HK$0.1100 HK$0.1400 54
EV/Revenue HK$0.0400 HK$0.0500 HK$0.0600 43
Asset-Based
NCAV (Graham) HK$0.0100 HK$0.0100 HK$0.0200 50
Growth DCF
Growth DCF HK$0.0400 HK$0.0400 HK$0.0500 80
Rev-Margin DCF HK$0.0400 HK$0.0500 HK$0.0600 74

Widest divergence: Multiples (HK$0.0500) versus Asset-Based (HK$0.0100). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$18.6M
Revenue growth (YoY) +106%
Net margin -3.3%
Return on equity -33.7%
Free cash flow HK$241K FY2025
Operating margin 3.4%
More key figures
Net debt HK$1.5M FY2025

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

Quality Score breakdown

Overall quality 42/100

Of which business quality 41 · Market factors (momentum, volatility) 18

Profitability 33
Margins and returns on capital today
Quality Growth 100
Are margins and returns improving?
Cashflow 35
Earnings quality: real cash, not paper profit
Fin. Strength 14
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 7
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 0
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

MaxWin International Holdings Limited, an investment holding company, engages in the manufacture and sale of injection molded plastic parts for disposable medical devices in Asia. It operates through Component Parts, Sub-Assembly Parts, Data Solutions and Services, and Hospitality segments.

Full company description

MaxWin International Holdings Limited, an investment holding company, engages in the manufacture and sale of injection molded plastic parts for disposable medical devices in Asia. It operates through Component Parts, Sub-Assembly Parts, Data Solutions and Services, and Hospitality segments. It is also involved in manufacturing and trading of medical component parts and sub-assembly parts; sales of IT related products and rendering of maintenance services; provision of hotel accommodation hospitality services; and tooling services. In addition, the company manufactures plastics articles and products; provides technology and consulting services; trades in various goods; and offers big data solutions, and technical support and data services. MaxWin International Holdings Limited was formerly known as IAG Holdings Limited and changed its name to MaxWin International Holdings Limited in October 2023. The company was founded in 1981 and is headquartered in Singapore.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

IAG Holdings Ltd reported revenue of HK$18.6M in FY2025 versus HK$19.8M in FY2021, a compound −1.5%/yr. Reported net income was −HK$612K in FY2025.

Growth Quality 24/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
HK$18.6M
Latest YoY
+77.7%
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.
+10.2%
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.
−4.3%
Avg. growth/yr (10Y) 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.
+0.5%
Revenue −1.5%/yr
FY21 HK$19.8M
FY22 HK$13.9M
FY23 HK$9.1M
FY24 HK$10.5M
FY25 HK$18.6M
Net income
FY21 −HK$7.1M
FY22 −HK$3.1M
FY23 −HK$6.7M
FY24 −HK$2.6M
FY25 −HK$612K

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Cite: Fair Value Calculator (2026). "IAG Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/8513

Peer Group

Medical Instruments & Supplies · 202 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 42 · Bottom 25%
Fair Value upside +57% · Top 25%
Return on assets 2% · Below median
Net margin (TTM) -3% · Bottom 25%
Operating margin (TTM) 3% · Below median
Revenue growth 106% · Top 25%
Debt / equity 0.01× · Lower than median

Valuation Multiples vs Medical Instruments & Supplies median · lower = cheaper

P/B 2.91× · Pricier than median
P/S (TTM) 0.24× · Cheaper than 75% of peers
P/FCF 18.4× · Pricier than median
EV/EBITDA 7.3× · Cheaper than 75% of peers

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 100 · sector 0
FUTURE 100 · sector 26
PAST 0 · sector 25
HEALTH 99 · sector 96
DIVIDEND 0 · sector 36

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.

Similar stocks

10 more Medical Instruments & Supplies stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Intuitive Surgical, Inc ISRG $401.27 $150.04 -63%
EssilorLuxottica Société anonyme 1EL €164.40 €68.55 -58%
Medline Inc MDLN $35.50 $30.15 -15%
Becton, Dickinson and Company BDX $181.41 $100.46 -45%
Alcon Inc ALC $73.58 $39.78 -46%
ResMed Inc RMD $226.00 $187.89 -17%
West Pharmaceutical Services, Inc WST $352.29 $141.58 -60%
Sartorius Stedim Biotech S.A DIM €180.30 €48.88 -73%
Coloplast A/S COLOB kr 429.70 kr 382.22 -11%
Gan & Lee Pharmaceuticals., a biopharmaceutical company, 603087 ¥77.48 ¥27.22 -65%

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Frequently asked questions

Is IAG Holdings Ltd (8513) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$0.5015 versus a price of HK$0.3200, about +57% (undervalued).
What is the fair value of 8513?
Our model-based fair value for IAG Holdings Ltd is HK$0.5015 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$0.3200.
What is the quality score of 8513?
IAG Holdings Ltd has a Quality Score of 42/100. 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 IAG Holdings Ltd (8513)?
IAG Holdings Ltd reported trailing-twelve-month revenue of about HK$18.6M (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 8513?
The net profit margin of IAG Holdings Ltd is about -3.3%, meaning it is currently running at a net loss. 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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