IAG Holdings Ltd (8513) fair value: what the stock is really worth
As of Sep 30, 2026: fair value of IAG Holdings Ltd HK$0.48, price HK$0.36, upside +34.1%, quality 42 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 Sep 27, 2026.
How to read this chart
60‑month range HK$0.2900 – HK$5.40 · fair‑value band HK$0.3655 – HK$0.6460 · the HK$0.3550 price screens below the HK$0.4760 fair value. Dashed = 300-day average. As of Sep 27, 2026.
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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.
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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.
Stock analysis
IAG Holdings Ltd (8513) currently trades at HK$0.3550, while our model-based Fair Value estimate is HK$0.4760, implying the stock looks roughly 25.4% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of HK$0.4900 per share, and 9 of the 11 models we run sit above the HK$0.3550 price.
Bear case: the Asset-Based group reads lowest at HK$0.0800, and 2 of the 11 models stay below the price. Evidence for this calculation is low.
Scenario range: HK$0.3655 (bear) to HK$0.6460 (bull), the price of HK$0.3550 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 42/100 (below-average quality), in the Healthcare sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
IAG Holdings Ltd reported revenue of 18.6M SGD in FY2025 versus 19.8M SGD in FY2021, a compound −1.5%/yr. Reported net income was −612K SGD in FY2025.
Key figures
Market cap HK$34.8M (≈ $4.4M) · P/S ratio 1.87 · Net margin −3.3% · Return on equity −33.7% · Return on assets (EBIT) −25.3% · Operating margin 3.4% · Revenue (TTM) 18.6M SGD · Revenue growth (YoY) +106%.
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 76% below its 52-week high and 22% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −38% fair-value upside, at 34%, 8513 screens cheaper than that median.
Fair Value models
Bear HK$0.3655Fair Value HK$0.4760Bull HK$0.6460
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.
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.24/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+77.7%
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.
+10.2%
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.
−4.3%
Start year 2020 (pandemic). Over 10 years: +0.5% a year
Revenue growth 10 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.
+0.5%
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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.
8.6% (2020) → −1.7% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 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).
+13.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in SGD, Singapore: IMF forecast 2.0% a year to 2030, 1.7% from 2016 to 2025) that is about +11.1% a year for the price.
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.Medical Instruments & Supplies · 201 stocks
Beats the industry median on 6/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score42 · Bottom 25%
Fair Value upside+34.1% · Top 25%
Profitability
Return on assets1.9% · Below median
Net margin (TTM)−3.3% · Bottom 25%
Operating margin (TTM)3.4% · Bottom 25%
Growth and dividend
Revenue growth106.2% · Top 25%
Balance sheet
Debt / equity0.01× · Below median
Valuation Multiplesvs Medical Instruments & Supplies median · lower = cheaper
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Is IAG Holdings Ltd (8513) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of HK$0.4760 versus a price of HK$0.3550, about +34% upside (undervalued).
What is the fair value of 8513?
Our model-based fair value for IAG Holdings Ltd is HK$0.4760 (as of Sep 27, 2026), built from audited fundamentals. The current price: HK$0.3550.
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 price target for IAG Holdings Ltd (8513)?
Our model-based price target is the fair value of HK$0.4760 (as of Sep 27, 2026) from 11 valuation models. Cautious scenario HK$0.3655, optimistic scenario HK$0.6460. It is a calculation from audited fundamentals, not an analyst target.
What is the IAG Holdings Ltd stock forecast for 2026?
Our models put fair value at HK$0.4760, about +34% upside versus a price of HK$0.3550 (undervalued). Cautious scenario HK$0.3655, optimistic scenario HK$0.6460. The calculation is refreshed regularly with new filings.
What is the revenue of IAG Holdings Ltd (8513)?
IAG Holdings Ltd reported trailing-twelve-month revenue of about 18.6M SGD (latest available figure, as of Sep 27, 2026).
What growth is priced into IAG Holdings Ltd (8513)?
For today's price to be fair in a discounted-cash-flow model, IAG Holdings Ltd would have to grow free cash flow by +13.4 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -4.3 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of 8513 use?
Our models discount IAG Holdings Ltd at 9.0 %: a base by market capitalisation (nano), damped by beta 0.14, 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 IAG Holdings Ltd that is +13.4 % per year a year over ten years, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has IAG Holdings Ltd (8513) delivered so far?
Over the past 5 years revenue at IAG Holdings Ltd grew -4.3 % a year. The price currently implies +13.4 % 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 IAG Holdings Ltd (8513) growing?
The median revenue growth in the sector is +4.3 % a year. That is the yardstick for the growth priced into IAG Holdings Ltd (+13.4 % 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 IAG Holdings Ltd (8513)?
The free-cash-flow yield on the price is 5.08 %: that much free cash flow IAG Holdings Ltd produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of IAG Holdings Ltd (8513)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For IAG Holdings Ltd it is HK$0.4760 per share (as of Sep 27, 2026), against a price of HK$0.3550. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is IAG Holdings Ltd stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 8513 trades below its calculated fair value: price HK$0.3550, fair value HK$0.4760, a gap of about +34% (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 8513?
No. The price is what the market pays today (HK$0.3550); the fair value is what the company's own numbers justify (HK$0.4760). For IAG Holdings Ltd the two are HK$0.1210 per share apart. That gap is exactly why we show both numbers side by side.
How much is IAG Holdings Ltd worth?
The market values IAG Holdings Ltd at about HK$34.8M (market capitalisation, as of Sep 27, 2026). Per share that is HK$0.3550; our models calculate a fair value of HK$0.4760 per share.
What do the bullish and bearish scenarios say about 8513?
Our models span a range for IAG Holdings Ltd: cautious scenario HK$0.3655, base HK$0.4760, optimistic HK$0.6460 per share (as of Sep 27, 2026, price HK$0.3550). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of IAG Holdings Ltd (8513)?
Balance-sheet figures for IAG Holdings Ltd (as of Sep 27, 2026): return on equity −33.7%, debt of 0.01 per unit of equity. They feed the Quality Score of 42/100, which measures business quality independently of the share price.
How far is 8513 from its 52-week high?
IAG Holdings Ltd trades at HK$0.3550, about 76% below its 52-week high of HK$1.49 and 22% above the low of HK$0.2900 (as of Sep 30, 2026). Distance from the high says nothing about value: that is what the fair value of HK$0.4760 is for.
Which stocks are comparable to IAG Holdings Ltd?
From the same area (Healthcare) we also value Intuitive Surgical, Inc, EssilorLuxottica Société anonyme, Becton, Dickinson and Company, Medline Inc, 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 IAG Holdings Ltd stock attractive at the current price?
The data as of Sep 27, 2026: price HK$0.3550, calculated fair value HK$0.4760 (+34%), Quality Score 42/100, 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 8513 calculated?
We run IAG 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$0.4760, 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. IAG Holdings Ltd currently trades 25 % 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 IAG Holdings Ltd (8513)?
The closing price on Sep 30, 2026 was HK$0.3550. Our model-based fair value is HK$0.4760, about +34% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with IAG Holdings Ltd right 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$0.3655). 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.
Key figures of IAG Holdings Ltd
How large is the market capitalisation of IAG Holdings Ltd (8513)?
The market capitalisation of IAG Holdings Ltd is HK$34.8M (≈ $4.4M). 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 IAG Holdings Ltd (8513)?
The price-to-sales ratio of IAG Holdings Ltd is 1.87 (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 IAG Holdings Ltd (8513)?
The net margin of IAG Holdings Ltd is −3.3% (fiscal year 2025). 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 IAG Holdings Ltd (8513)?
The return on equity (ROE) of IAG Holdings Ltd is −33.7% (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 IAG Holdings Ltd (8513)?
On an EBIT basis the return on assets of IAG Holdings Ltd is −25.3% (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 IAG Holdings Ltd (8513)?
The operating margin of IAG Holdings Ltd is 3.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at IAG Holdings Ltd (8513)?
Revenue at IAG Holdings Ltd is growing +106% versus a year earlier (3y avg +10.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net debt does IAG Holdings Ltd (8513) carry?
The net debt of IAG Holdings Ltd is 1.5M SGD (fiscal year 2025, ≈ 6.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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