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Boltek Holdings Ltd (8601) Fair Value & Analysis

Industrials · HK · Market cap HK$186M

BH Boltek Holdings Ltd 8601 · HK
PriceHK$0.2470
Fair ValueHK$0.4900
Upside+98.4%
Quality69/100
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Mixed Growth
Solidly profitable · 12.1% net margin
Low debt · generates free cash flow
5.60% dividend yield
Ranks above peers (11/14)
Moderate moat 54/100
Evidence: High Range HK$0.3100 – HK$0.6700 Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated 3 days ago

Share price −3.1% over the past month.

A solid business, screening 98% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (HK$0.3100). The market is more pessimistic than our downside scenario.
  • Solid quality (69/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (HK$0.3100 to HK$0.6700) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

HK$0.4198 HK$0.1348 Fair Value HK$0.4900 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$0.1348 – HK$0.4198 · fair‑value band HK$0.3100 – HK$0.6700 · the HK$0.2470 price screens below the HK$0.4900 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Boltek Holdings Ltd (8601) currently trades at HK$0.2470, while our model-based Fair Value estimate is HK$0.4900, implying the stock looks roughly 98.4% undervalued today. The Quality Score stands at 69/100 (solid quality), in the Industrials 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: high), always confirm before acting.

Over the trailing twelve months, Boltek Holdings Ltd generated revenue of HK$187M at a net margin of 12.1%. Revenue declined 1.6% year over year. It earns a return on equity of 15.9%. The balance sheet holds a net cash position of HK$40.7M. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$0.3100 (bear case) to HK$0.6700 (bull case); at HK$0.2470, 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 10% below its 52-week high and 24% 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 98%, 8601 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.

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$0.2700 HK$0.3700 HK$0.4900 80
Residual Income HK$0.1700 HK$0.2000 HK$0.3400 76
Rev-Margin DCF HK$0.3100 HK$0.4700 HK$0.6800 74
All 26 models by family
DCF Models
FCF DCF HK$0.2700 HK$0.3800 HK$0.5300 38
Owner Earnings HK$0.3500 HK$0.4900 HK$0.6900 31
5Y Revenue Exit HK$0.3100 HK$0.4700 HK$0.7000 39
5Y EBITDA Exit HK$0.3300 HK$0.5300 HK$0.7700 41
5Y P/E Exit HK$0.3700 HK$0.6100 HK$0.8700 38
10Y Revenue Exit HK$0.2800 HK$0.4200 HK$0.6200 36
10Y EBITDA Exit HK$0.3000 HK$0.4500 HK$0.6700 37
10Y P/E Exit HK$0.3300 HK$0.5000 HK$0.7300 35
Earnings-Based
Graham-Dodd HK$0.1900 HK$0.7500 HK$1.02 54
Lynch FV HK$0.1800 HK$0.2600 HK$0.3400 50
PEG = 1.0 HK$0.1800 HK$0.2600 HK$0.3400 46
EPV HK$0.2400 HK$0.2600 HK$0.2800 59
Dividend Discount
Gordon GGM HK$0.0900 HK$0.1500 HK$0.1900 70
DDM Multi-Stage HK$0.0900 HK$0.1400 HK$0.1600 61
Multiples
P/E Multiple HK$0.4400 HK$0.5900 HK$0.7400 63
P/S Multiple HK$0.3500 HK$0.4700 HK$0.5800 58
P/B Multiple HK$0.3600 HK$0.4800 HK$0.6000 55
EV/EBIT HK$0.4600 HK$0.5900 HK$0.7300 53
EV/EBITDA HK$0.4200 HK$0.5400 HK$0.6700 54
EV/Revenue HK$0.3400 HK$0.4700 HK$0.5900 43
Asset-Based
NCAV (Graham) HK$0.0900 HK$0.1200 HK$0.1900 50
Growth DCF
Growth DCF HK$0.2700 HK$0.3700 HK$0.4900 80
Rev-Margin DCF HK$0.3100 HK$0.4700 HK$0.6800 74
Economic Profit
Residual Income HK$0.1700 HK$0.2000 HK$0.3400 76
ROIC Compounder HK$0.2500 HK$0.3000 HK$0.3500 72
Growth Earnings
Growth-Adj P/E HK$0.3300 HK$0.4700 HK$0.6100 68

Widest divergence: Multiples (HK$0.4800) versus Asset-Based (HK$0.1200). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$187M
Revenue growth (YoY) -1.6%
Net margin 12.1%
Return on equity 15.9%
Free cash flow HK$20.1M FY2025
P/E ratio 7.7 as of Jul 3, 2026
More key figures
Operating margin 10.4%
EPS (TTM) HK$0.0200
Dividend yield 5.6%
EPS growth (YoY) -43.0%
Net cash HK$40.7M FY2025

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

Quality Score breakdown

Overall quality 69/100

Of which business quality 68 · Market factors (momentum, volatility) 56

Profitability 64
Margins and returns on capital today
Quality Growth 11
Are margins and returns improving?
Cashflow 56
Earnings quality: real cash, not paper profit
Fin. Strength 94
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 84
Calm price path (market factor)
Momentum 45
Price trend over the last 3–12 months (market factor)
52W Momentum 45
Distance to the 52-week high (market factor)
Net Issuance 82
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

Boltek Holdings Limited, an investment holding company, provides engineering design, landscape architecture, and consultancy services in Hong Kong.

Full company description

Boltek Holdings Limited, an investment holding company, provides engineering design, landscape architecture, and consultancy services in Hong Kong. The company offers engineering consultancy services comprising civil engineering services, such as roads, bridges, noise barriers, barrier-free access facilities, slope improvement, foundation works, drainage, and river walls; structural, geotechnical, and building engineering; and traffic engineering, including the collection of traffic flow data, preparation of layout plans, detailed drawings for the design of roads and related road facilities, and temporary traffic management schemes. It also provides ancillary services consisting of the deployment of engineering and related staff to government authorities by recruiting, employing, and remunerating individuals on a contract basis; advisory services on the implementation of contract administration procedures in infrastructure development projects; and landscape architecture services. Boltek Holdings Limited was founded in 2005 and is headquartered in Tsim Sha Tsui, Hong Kong. Boltek Holdings Limited operates as a subsidiary of Waywin Investment Holding Limited.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Boltek Holdings Ltd reported revenue of HK$187M in FY2025 versus HK$130M in FY2021, a compound +9.5%/yr. Reported net income was HK$22.6M in FY2025, compounding +2.8%/yr from FY2021.

Growth Quality 87/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
HK$187M
Latest YoY
−0.2%
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.
+7.8%
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.
+10.8%
Avg. growth/yr (11Y) 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.
+3.5%
Revenue +9.5%/yr
FY21 HK$130M
FY22 HK$149M
FY23 HK$170M
FY24 HK$187M
FY25 HK$187M
Net income +2.8%/yr
FY21 HK$20.2M
FY22 HK$18.5M
FY23 HK$28.2M
FY24 HK$28.1M
FY25 HK$22.6M

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Cite: Fair Value Calculator (2026). "Boltek Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/8601

Peer Group

Engineering & Construction · 837 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 69 · Top 25%
Fair Value upside +98% · Top 25%
Return on equity (TTM) 16% · Top 25%
Return on assets 9% · Top 25%
Net margin (TTM) 12% · Top 25%
Operating margin (TTM) 10% · Top 25%
Revenue growth -2% · Below median
Dividend yield (TTM) 5.6% · Top 25%
Debt / equity 0.02× · Lower than median

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 7.7× · Cheaper than 75% of peers
P/B 1.25× · Pricier than median
P/S (TTM) 0.99× · Pricier than median
P/FCF 1.2× · Cheaper than median
EV/EBITDA 5.4× · Cheaper than median

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 14
FUTURE 0 · sector 15
PAST 63 · sector 26
HEALTH 99 · sector 94
DIVIDEND 100 · sector 43

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 Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Larsen & Toubro Limited LT ₹4,020 ₹1,994 -50%
Samsung C&T Corporation 028260 357,500 KRW 261,411 KRW -27%
Hyundai Engineering & Construction Co 000720 113,700 KRW 61,453 KRW -46%
Samsung E&A Co 028050 49,300 KRW 43,624 KRW -12%
Rail Vikas Nigam Limited RVNL ₹230.00 ₹48.92 -79%
Daewoo Engineering & Construction Co 047040 18,400 KRW 6,507 KRW -65%
KEPCO Engineering & Construction Company 052690 99,800 KRW 19,346 KRW -81%
GS Engineering & Construction Corporation 006360 35,200 KRW 23,135 KRW -34%
DL E&C Co 375500 73,500 KRW 148,433 KRW +102%
KEPCO Plant Service & Engineering Co 051600 46,350 KRW 43,924 KRW -5%

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Frequently asked questions

Is Boltek Holdings Ltd (8601) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$0.4900 versus a price of HK$0.2470, about +98% (undervalued).
What is the fair value of 8601?
Our model-based fair value for Boltek Holdings Ltd is HK$0.4900 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$0.2470.
What is the quality score of 8601?
Boltek Holdings Ltd has a Quality Score of 69/100. 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 Boltek Holdings Ltd (8601)?
Boltek Holdings Ltd reported trailing-twelve-month revenue of about HK$187M (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 8601?
The net profit margin of Boltek Holdings Ltd is about 12.1%, meaning it keeps roughly 12.1% of revenue as net income. Based on the latest reported figures.
Does Boltek Holdings Ltd pay a dividend?
Boltek Holdings Ltd currently shows a dividend yield of about 5.60% relative to its recent price (as of Aug 13, 2026).

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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