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Polyfair Holdings Ltd (8532) Fair Value & Analysis

Industrials · HK · Market cap HK$5.5M (≈ $703K) · ISIN KYG715921022

What is Polyfair Holdings Ltd really worth?

PH Polyfair Holdings Ltd 8532 · HK
PriceHK$0.0710
Fair ValueHK$0.0531
Upside−25.2%
Quality38/100

Below-average quality, and trading another 34% above our fair value of HK$0.0531.

As of Aug 24, 2026, the fair value of Polyfair Holdings Ltd is HK$0.0531 per share against a price of HK$0.0710, so the fair value sits 25% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Risks

!Weak Growth (revenue 5y −19.9 %/yr)
!Loss-making · -50.2% net margin
!Negative equity (buybacks among others) · negative free cash flow
!Trails peers (1/7)
!Narrow moat 9/100
!Evidence only low, so the estimate is less certain
Evidence: Low Range HK$0.0504 – HK$0.0558

Fair value as of: Aug 24, 2026

From 6 valuation models · updated 13 days ago

Fair value updated Aug 24, 2026, revised from HK$0.0532 to HK$0.0531 (−0.3%) since Aug 13, 2026. Share price +7.6% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (HK$0.0558). The favourable scenario is already priced in.
  • Weak quality (38/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • The models converge in a tight band (HK$0.0504 to HK$0.0558), unusually little disagreement for a valuation.
  • Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Price vs Fair Value (5 years)

HK$1.02 HK$0.0600 Fair Value HK$0.0531 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 24, 2026.

How to read this chart

60‑month range HK$0.0600 – HK$1.02 · fair‑value band HK$0.0504 – HK$0.0558 · the HK$0.0710 price screens above the HK$0.0531 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 24, 2026.

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Analysis

Polyfair Holdings Ltd (8532) currently trades at HK$0.0710, while our model-based Fair Value estimate is HK$0.0531, implying the stock looks roughly 33.7% overvalued today. The Quality Score stands at 38/100 (below-average quality), in the Industrials sector. How firm this estimate is: it rests on 6 models at a data quality of 95/100, which puts the evidence level at low.

Trailing-twelve-month revenue stands at HK$103M. Revenue declined 72.4% year over year. Net debt stands at HK$92.8M. Fundamentals as of Aug 24, 2026

Our scenario range runs from HK$0.0504 (bear case) to HK$0.0558 (bull case); at HK$0.0710, the current price sits above 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. For context, the median of 10 Industrials peers we cover trades at −46% fair-value upside, at −25%, 8532 screens cheaper than that median.

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Key figures & financial health

P/S ratio 0.06 TTM
EPS (TTM) HK$−0.1600
Net margin −50.2% FY2026
Return on equity −3,127% TTM
Return on assets (EBIT) −16.8% avg 5y
Operating margin −81.7% TTM
More key figures
Growth
Revenue (TTM) HK$98.8M TTM
Revenue growth (YoY) −8.6% 3y avg −33.2%
EPS growth (YoY) −82.1%
Balance sheet & cash flow
Free cash flow −HK$3.7M FY2026
Net debt HK$92.8M FY2026

Figures from reported company fundamentals · as of Aug 24, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 38/100

Of which business quality 35 · Market factors (momentum, volatility) 27

Profitability 14
Margins and returns on capital today
Quality Growth 60
Are margins and returns improving?
Cashflow 27
Earnings quality: real cash, not paper profit
Fin. Strength 0
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 40
Calm price path (market factor)
Momentum 34
Price trend over the last 3–12 months (market factor)
52W Momentum 2
Distance to the 52-week high (market factor)
Net Issuance 56
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Polyfair Holdings Limited, an investment holding company, engages in the construction business in Hong Kong. The company offers designs and project management services to façade systems and curtain wall work solutions for residential and commercial buildings.

Full company description

Polyfair Holdings Limited, an investment holding company, engages in the construction business in Hong Kong. The company offers designs and project management services to façade systems and curtain wall work solutions for residential and commercial buildings. It also provides various design and build services for various projects, such as developing designs, conducting structural calculations, preparing shop drawings, sourcing and procuring building materials for building material logistics and installation works, project management, and post-project completion services. It serves material suppliers and subcontractors. Polyfair Holdings Limited was founded in 2006 and is headquartered in Cheung Sha Wan, Hong Kong. Polyfair Holdings Limited operates as a subsidiary of C.N.Y. Holdings Limited.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Polyfair Holdings Ltd reported revenue of HK$98.8M in FY2026 versus HK$362M in FY2022, a compound −27.7%/yr. Reported net income was −HK$49.6M in FY2026.

Growth Quality 0/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2026)
HK$98.8M
Latest YoY
−58.4%
Avg. revenue 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.
−33.2%
Avg. revenue 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.
−19.9%
Avg. revenue 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.
−5.4%
EBIT 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.
2.3% (2021) → −45.6% (2026)
Value creation/yr 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
Revenue −27.7%/yr
FY22 HK$362M
FY23 HK$331M
FY24 HK$427M
FY25 HK$238M
FY26 HK$98.8M
Net income
FY22 HK$2.7M
FY23 HK$3.0M
FY24 HK$1.2M
FY25 −HK$133M
FY26 −HK$49.6M

8532 screens 34% overvalued. Compare with Quanta Services, Inc →

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Cite: Fair Value Calculator (2026). "Polyfair Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/8532.HK

Peer Group

Engineering & Construction · 817 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 38 · Bottom 25%
Fair Value upside −30% · Below median
Return on assets −16% · Bottom 25%
Net margin (TTM) −50% · Bottom 25%
Operating margin (TTM) −82% · Bottom 25%
Revenue growth −9% · Below median

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 17
FUTURE0 · sector 12
PAST0 · sector 26
HEALTH100 · sector 94
DIVIDEND0 · sector 39

VALUE 0: the price sits above our fair-value range.

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

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 (as of Aug 24, 2026).

Stock Price Fair Value vs Fair Value
Quanta Services, Inc PWR $620.06 $143.92 −77%
Vinci SA DG €113.95 €185.62 +63%
Comfort Systems USA, Inc FIX $1,610 $519.97 −68%
Larsen & Toubro Limited LT ₹4,072 ₹2,196 −46%
Ferrovial N.V FER €57.28 €19.17 −67%
HOCHTIEF Aktiengesellschaft HOT €426.00 €203.87 −52%
Samsung C&T Corporation 028260 373,000 KRW 261,411 KRW −30%
EMCOR Group EME $754.16 $549.47 −27%
MasTec, Inc MTZ $241.00 $100.00 −59%
Bouygues SA EN €46.65 €65.67 +41%

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Frequently asked questions

Is Polyfair Holdings Ltd (8532) overvalued or undervalued?
As of Aug 24, 2026, our model estimates a fair value of HK$0.0531 versus a price of HK$0.0710, about −25% upside (overvalued).
What is the fair value of 8532?
Our model-based fair value for Polyfair Holdings Ltd is HK$0.0531 (as of Aug 24, 2026), built from audited fundamentals. The current price: HK$0.0710.
What is the quality score of 8532?
Polyfair 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 Polyfair Holdings Ltd (8532)?
Our model-based price target is the fair value of HK$0.0531 (as of Aug 24, 2026) from 6 valuation models. Cautious scenario HK$0.0504, optimistic scenario HK$0.0558. It is a calculation from audited fundamentals, not an analyst target.
What is the Polyfair Holdings Ltd stock forecast for 2026?
Our models put fair value at HK$0.0531, about −25% upside versus a price of HK$0.0710 (overvalued). Cautious scenario HK$0.0504, optimistic scenario HK$0.0558. The calculation is refreshed regularly with new filings.
What is the revenue of Polyfair Holdings Ltd (8532)?
Polyfair Holdings Ltd reported trailing-twelve-month revenue of about HK$103M (latest available figure, as of Aug 24, 2026).
What is the net profit margin of 8532?
The net profit margin of Polyfair Holdings Ltd is about −138.9%, meaning it is currently running at a net loss. Based on the latest reported figures.
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