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True Partner Capital Holding (8657) fair value: what the stock is really worth

As of Oct 9, 2026: fair value of True Partner Capital Holding HK$0.03, price HK$0.34, upside -89.9%, quality 49 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
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Financial Services · HK · ISIN KYG9112G1038

TP Thin data Oct 11, 2026

True Partner Capital Holding

8657 · HK

Weakest SetupStrongly overvalued and low quality.

Quality 49/100
Fair value HK$0.0340 · Strongly overvalued (−89.9%)
Weak Growth (revenue 5y −41.1 %/yr in HKD)
Negative free cash flow
Trails peers (0/7)
Narrow moat 0/100
Thin data
⚠ Dilution
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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$1.17 HK$0.2600 Fair Value HK$0.0340 May 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 11, 2026.

How to read this chart

60‑month range HK$0.2600 – HK$1.17 · fair‑value band HK$0.0255 – HK$0.0425 · the HK$0.3350 price screens above the HK$0.0340 fair value. Dashed = 300-day average. As of Oct 11, 2026.

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Company profile

True Partner Capital Holding Limited engages in the fund management business in Hong Kong and the United States. It operates through the Asset Management and Consultancy Services, and Derivative Trading segments. The company is involved in asset management on a discretionary basis; and limited trading of proprietary capital through derivatives.

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True Partner Capital Holding Limited engages in the fund management business in Hong Kong and the United States. It operates through the Asset Management and Consultancy Services, and Derivative Trading segments. The company is involved in asset management on a discretionary basis; and limited trading of proprietary capital through derivatives. It also offers business consultancy services; software sublicence; investment management services; software development and supporting services; training courses and seminars services; market research services; and technology services. The company was founded in 2010 and is based in Kwun Tong, Hong Kong.

Stock analysis

True Partner Capital Holding (8657) currently trades at HK$0.3350, while our model-based Fair Value estimate is HK$0.0340, 89.9% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 96/100, which puts the evidence level at low.

Scenario range: HK$0.0255 (bear) to HK$0.0425 (bull), the price of HK$0.3350 sits above 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 49/100 (below-average quality), in the Financial Services sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

True Partner Capital Holding reported revenue of HK$9.4M in FY2025 versus HK$58.9M in FY2021, a compound −36.8%/yr. Reported net income was −HK$33.9M in FY2025.

Key figures

Market cap HK$160M (≈ $20.4M) · P/S ratio 32.9 · Return on equity −112% · Return on assets (EBIT) −63.5% · Operating margin −4,926% · Revenue (TTM) HK$4.3M · Revenue growth (YoY) −94.1% · Free cash flow −HK$22.6M.

What moves the price

The share trades about 33% below its 52-week high and 29% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −12% fair-value upside, at −90%, 8657 screens richer than that median.

Fair Value models

Bear HK$0.0255 Fair Value HK$0.0340 Bull HK$0.0425
Price HK$0.3350 · Upside -89.9%
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
NCAV (Graham) HK$0.0200 HK$0.0300 HK$0.0500 50
All 1 models by family
Asset-Based
NCAV (Graham) HK$0.0200 HK$0.0300 HK$0.0500 50

Open the full fair value analysis →

Quality Score breakdown

Overall quality 49/100

Of which business quality 49 · Market factors (momentum, volatility) 32

Profitability 17
Margins and returns on capital today
Quality Growth 54
Are margins and returns improving?
Cashflow 28
Earnings quality: real cash, not paper profit
Fin. Strength 100
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 32
Price trend over the last 3–12 months (market factor)
52W Momentum 13
Distance to the 52-week high (market factor)
Net Issuance 9
Share count: buybacks or dilution?

Open the full quality analysis →

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. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−14.1%
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.
−40.6%
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.
−41.1%
Start year 2020 (pandemic)
Revenue growth 7 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.
−33.2%
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.
27.7% (2020) → −353.3% (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

8657 screens overvalued: fair value 90% below the price. Compare with Blackstone 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.Asset Management · 664 stocks

Beats the industry median on 0/6 measures
Overall it trails its industry peers.
Valuation
Quality Score 49 · Below median
Fair Value upside −89.9% · Bottom 25%
Profitability
Return on assets −61.7% · Bottom 25%
Growth and dividend
Revenue growth −94.1% · Bottom 25%

Valuation Multiplesvs Asset Management median · lower = cheaper

P/B 0.99× · Pricier than median
P/S (TTM) 4.78× · 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

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Raymond James Financial, Inc RJF $158.21 $316.42 +100% vs 8657
Exor N.V EXO €69.80 €139.37 +100% vs 8657
Apollo Global Management, Inc APO $115.95 $197.23 +70% vs 8657
Ameriprise Financial, Inc AMP $490.56 $595.40 +21% vs 8657
Ares Management Corporation ARES $117.22 $103.68 −12% vs 8657
State Street Corporation STT $175.96 $139.37 −21% vs 8657
Northern Trust Corporation NTRS $168.21 $123.42 −27% vs 8657
Blackstone Inc BX $111.65 $52.29 −53% vs 8657
Brookfield Corporation BN $37.09 $13.45 −64% vs 8657
KKR & Co KKR $90.29 $29.26 −68% vs 8657

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True Partner Capital Holding · Fair Value
HK$0.0340 −90%Fair Value
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Cite: Fair Value Calculator (2026). "True Partner Capital Holding Fair Value". https://www.fairvalue-calculator.com/stock/8657

Frequently asked questions

Is True Partner Capital Holding (8657) overvalued or undervalued?
As of Oct 11, 2026, our model estimates a fair value of HK$0.0340 versus a price of HK$0.3350, about −90% upside (overvalued).
What is the fair value of 8657?
Our model-based fair value for True Partner Capital Holding is HK$0.0340 (as of Oct 11, 2026), built from audited fundamentals. The current price: HK$0.3350.
What is the quality score of 8657?
True Partner Capital Holding has a Quality Score of 49/100. 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 True Partner Capital Holding (8657)?
Our model-based price target is the fair value of HK$0.0340 (as of Oct 11, 2026) from 1 valuation models. Cautious scenario HK$0.0255, optimistic scenario HK$0.0425. It is a calculation from audited fundamentals, not an analyst target.
What is the True Partner Capital Holding stock forecast for 2026?
Our models put fair value at HK$0.0340, about −90% upside versus a price of HK$0.3350 (overvalued). Cautious scenario HK$0.0255, optimistic scenario HK$0.0425. The calculation is refreshed regularly with new filings.
What is the revenue of True Partner Capital Holding (8657)?
True Partner Capital Holding reported trailing-twelve-month revenue of about HK$4.3M (latest available figure, as of Oct 11, 2026).
What is the intrinsic value of True Partner Capital Holding (8657)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For True Partner Capital Holding it is HK$0.0340 per share (as of Oct 11, 2026), against a price of HK$0.3350. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is True Partner Capital Holding stock overvalued or undervalued in 2026?
As of Oct 11, 2026, 8657 trades above its calculated fair value: price HK$0.3350, fair value HK$0.0340, a gap of about −90% (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 8657?
No. The price is what the market pays today (HK$0.3350); the fair value is what the company's own numbers justify (HK$0.0340). For True Partner Capital Holding the two are HK$0.3010 per share apart. That gap is exactly why we show both numbers side by side.
How much is True Partner Capital Holding worth?
The market values True Partner Capital Holding at about HK$160M (market capitalisation, as of Oct 11, 2026). Per share that is HK$0.3350; our models calculate a fair value of HK$0.0340 per share.
What do the bullish and bearish scenarios say about 8657?
Our models span a range for True Partner Capital Holding: cautious scenario HK$0.0255, base HK$0.0340, optimistic HK$0.0425 per share (as of Oct 11, 2026, price HK$0.3350). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of True Partner Capital Holding (8657)?
Balance-sheet figures for True Partner Capital Holding (as of Oct 11, 2026): return on equity −112.0%. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is 8657 from its 52-week high?
True Partner Capital Holding trades at HK$0.3350, about 33% below its 52-week high of HK$0.5000 and 29% above the low of HK$0.2600 (as of Oct 9, 2026). Distance from the high says nothing about value: that is what the fair value of HK$0.0340 is for.
Which stocks are comparable to True Partner Capital Holding?
From the same area (Financial Services) we also value Blackstone Inc, KKR & Co, Brookfield Corporation, Apollo Global Management, 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 True Partner Capital Holding stock attractive at the current price?
The data as of Oct 11, 2026: price HK$0.3350, calculated fair value HK$0.0340 (−90%), Quality Score 49/100, from 1 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 8657 calculated?
We run True Partner Capital Holding through 1 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$0.0340, 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 14.9 % above its aggregate fair value. True Partner Capital Holding 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 True Partner Capital Holding (8657)?
The closing price on Oct 9, 2026 was HK$0.3350. Our model-based fair value is HK$0.0340, about −90% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with True Partner Capital Holding right now?
The price sits above even our optimistic bull case (HK$0.0425). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (49/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of True Partner Capital Holding

How large is the market capitalisation of True Partner Capital Holding (8657)?
The market capitalisation of True Partner Capital Holding is HK$160M (≈ $20.4M). 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 True Partner Capital Holding (8657)?
The price-to-sales ratio of True Partner Capital Holding is 32.9 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the return on equity of True Partner Capital Holding (8657)?
The return on equity (ROE) of True Partner Capital Holding is −112% (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 True Partner Capital Holding (8657)?
On an EBIT basis the return on assets of True Partner Capital Holding is −63.5% (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 True Partner Capital Holding (8657)?
The operating margin of True Partner Capital Holding is −4,926% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at True Partner Capital Holding (8657)?
Revenue at True Partner Capital Holding is growing −94.1% versus a year earlier (3y avg −40.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does True Partner Capital Holding (8657) generate?
The free cash flow of True Partner Capital Holding is −HK$22.6M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does True Partner Capital Holding (8657) hold?
True Partner Capital Holding holds more cash than debt, HK$18.3M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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