Wing Lee Dvlp Constr Hldg Ltd (9639) fair value: what the stock is really worth
As of Sep 30, 2026: fair value of Wing Lee Dvlp Constr Hldg Ltd HK$0.37, price HK$0.92, upside -59.8%, quality 46 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
24‑month range HK$0.4050 – HK$1.47 · fair‑value band HK$0.3200 – HK$0.4900 · the HK$0.9200 price screens above the HK$0.3700 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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Wing Lee Development Construction Holdings Limited, an investment holding company, provides civil and electrical cable engineering, and solar photovoltaic (PV) system contracting services in Hong Kong. The company operates through Civil Engineering, Electrical and Mechanical Engineering, and New Energy segments.
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Wing Lee Development Construction Holdings Limited, an investment holding company, provides civil and electrical cable engineering, and solar photovoltaic (PV) system contracting services in Hong Kong. The company operates through Civil Engineering, Electrical and Mechanical Engineering, and New Energy segments. It engages in the road and drainage works, such as construction and modification of roads, carriageways, and pavements; construction of covered walkways; renovation of subways and footbridges; provision of facilities at footbridges, elevated walkways, and subways; construction of drainage systems, manholes, and cable trenches; and installation of water mains and sewerage pipes, as well as site formation works, which includes earthworks, excavation, and installation of steel structures. The company also provides electrical cable engineering works, which includes cable trenching, laying, and jointing; excavation, reinstatement, and miscellaneous construction works; and traffic impact assessment, underground cable laying and connection project, as well as emergency and cable fault repair services. In addition, it is involved in the designing, installation, and maintenance of solar PV systems, as well as provides annual maintenance services of solar PV systems. Further, it leases machinery; and engages in the trading of construction materials. The company was founded in 2005 and is headquartered in Tsuen Wan, Hong Kong. Wing Lee Development Construction Holdings Limited operates as a subsidiary of Wing Lee Green Development Limited.
Stock analysis
Wing Lee Dvlp Constr Hldg Ltd (9639) currently trades at HK$0.9200, while our model-based Fair Value estimate is HK$0.3700, 59.8% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of HK$1.01 per share, and 4 of the 9 models we run sit above the HK$0.9200 price.
Bear case: the Asset-Based group reads lowest at HK$0.2400, and 5 of the 9 models stay below the price. Evidence for this calculation is low.
Scenario range: HK$0.3200 (bear) to HK$0.4900 (bull), the price of HK$0.9200 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 46/100 (below-average quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Wing Lee Dvlp Constr Hldg Ltd reported revenue of HK$717M in FY2025 versus HK$520M in FY2022, a compound +11.3%/yr. Reported net income was HK$55.5M in FY2025, compounding −2.1%/yr from FY2022.
Key figures
Market cap HK$920M (≈ $117M) · P/E ratio 47.0 · P/S ratio 3.64 · EPS (TTM) HK$0.0400 · Dividend yield 2.5% · Net margin 7.7% · Return on equity 13.9% · Return on assets (EBIT) 21.1%.
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 35% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −34% fair-value upside, at −60%, 9639 screens richer than that median.
Fair Value models
Bear HK$0.3200Fair Value HK$0.3700Bull HK$0.4900
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. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (HK$0.0400 per share) are deliberately not added.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.57/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+36.2%
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.
+11.3%
’22
’23
’24
’25
What shareholders gained per year (last 3 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+6.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+3.6%
Dividend (yield on the price)2.5%
Profit margin 2022 to 2025 ⓘ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.14% → 10%
Compare Wing Lee Dvlp Constr Hldg Ltd with another stock
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.Engineering & Construction · 802 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score45 · Below median
Fair Value upside−59.8% · Bottom 25%
Profitability
Return on equity (TTM)13.9% · Above median
Return on assets6.4% · Top 25%
Net margin (TTM)6.5% · Above median
Operating margin (TTM)10.1% · Above median
Growth and dividend
Revenue growth−37.0% · Bottom 25%
Dividend yield (TTM)2.5% · Above median
Balance sheet
Debt / equity0.01× · Lowest 25%
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
P/E (TTM)47.0× · Priciest 25%
P/B2.62× · Pricier than median
P/S (TTM)1.62× · Pricier than median
EV/EBITDA11.8× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 27
FUTURE (revenue growth)0· sector 13
PAST (return on equity)56· sector 27
HEALTH (low debt)99· sector 94
DIVIDEND (yield)50· sector 40
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Wing Lee Dvlp Constr Hldg Ltd Fair Value". https://www.fairvalue-calculator.com/stock/9639
Frequently asked questions
Is Wing Lee Dvlp Constr Hldg Ltd (9639) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of HK$0.3700 versus a price of HK$0.9200, about −60% upside (overvalued).
What is the fair value of 9639?
Our model-based fair value for Wing Lee Dvlp Constr Hldg Ltd is HK$0.3700 (as of Sep 27, 2026), built from audited fundamentals. The current price: HK$0.9200.
What is the quality score of 9639?
Wing Lee Dvlp Constr Hldg Ltd has a Quality Score of 46/100. 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 Wing Lee Dvlp Constr Hldg Ltd (9639)?
Our model-based price target is the fair value of HK$0.3700 (as of Sep 27, 2026) from 9 valuation models. Cautious scenario HK$0.3200, optimistic scenario HK$0.4900. It is a calculation from audited fundamentals, not an analyst target.
What is the Wing Lee Dvlp Constr Hldg Ltd stock forecast for 2026?
Our models put fair value at HK$0.3700, about −60% upside versus a price of HK$0.9200 (overvalued). Cautious scenario HK$0.3200, optimistic scenario HK$0.4900. The calculation is refreshed regularly with new filings.
What is the revenue of Wing Lee Dvlp Constr Hldg Ltd (9639)?
Wing Lee Dvlp Constr Hldg Ltd reported trailing-twelve-month revenue of about HK$568M (latest available figure, as of Sep 27, 2026).
Does Wing Lee Dvlp Constr Hldg Ltd pay a dividend?
Wing Lee Dvlp Constr Hldg Ltd currently shows a dividend yield of about 2.51% relative to its recent price (as of Sep 27, 2026).
What is the intrinsic value of Wing Lee Dvlp Constr Hldg Ltd (9639)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Wing Lee Dvlp Constr Hldg Ltd it is HK$0.3700 per share (as of Sep 27, 2026), against a price of HK$0.9200. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is Wing Lee Dvlp Constr Hldg Ltd stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 9639 trades above its calculated fair value: price HK$0.9200, fair value HK$0.3700, a gap of about −60% (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 9639?
No. The price is what the market pays today (HK$0.9200); the fair value is what the company's own numbers justify (HK$0.3700). For Wing Lee Dvlp Constr Hldg Ltd the two are HK$0.5500 per share apart. That gap is exactly why we show both numbers side by side.
How much is Wing Lee Dvlp Constr Hldg Ltd worth?
The market values Wing Lee Dvlp Constr Hldg Ltd at about HK$920M (market capitalisation, as of Sep 27, 2026). Per share that is HK$0.9200; our models calculate a fair value of HK$0.3700 per share.
What do the bullish and bearish scenarios say about 9639?
Our models span a range for Wing Lee Dvlp Constr Hldg Ltd: cautious scenario HK$0.3200, base HK$0.3700, optimistic HK$0.4900 per share (as of Sep 27, 2026, price HK$0.9200). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 9639?
Wing Lee Dvlp Constr Hldg Ltd trades at a price-to-earnings ratio of 47.0 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of HK$0.3700 is built from several models across several years. Other multiples: P/B 2.6, P/S 1.6, EV/EBITDA 11.8.
How solid is the balance sheet of Wing Lee Dvlp Constr Hldg Ltd (9639)?
Balance-sheet figures for Wing Lee Dvlp Constr Hldg Ltd (as of Sep 27, 2026): return on equity 13.9%, debt of 0.01 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is 9639 from its 52-week high?
Wing Lee Dvlp Constr Hldg Ltd trades at HK$0.9200, about 35% below its 52-week high of HK$1.42 and 6% above the low of HK$0.8700 (as of Sep 30, 2026). Distance from the high says nothing about value: that is what the fair value of HK$0.3700 is for.
Which stocks are comparable to Wing Lee Dvlp Constr Hldg Ltd?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, 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 Wing Lee Dvlp Constr Hldg Ltd stock attractive at the current price?
The data as of Sep 27, 2026: price HK$0.9200, calculated fair value HK$0.3700 (−60%), Quality Score 46/100, from 9 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 9639 calculated?
We run Wing Lee Dvlp Constr Hldg Ltd through 9 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$0.3700, 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. Wing Lee Dvlp Constr Hldg Ltd 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 Wing Lee Dvlp Constr Hldg Ltd (9639)?
The closing price on Sep 30, 2026 was HK$0.9200. Our model-based fair value is HK$0.3700, about −60% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Wing Lee Dvlp Constr Hldg Ltd right now?
The price sits above even our optimistic bull case (HK$0.4900). 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 (46/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Wing Lee Dvlp Constr Hldg Ltd
How large is the market capitalisation of Wing Lee Dvlp Constr Hldg Ltd (9639)?
The market capitalisation of Wing Lee Dvlp Constr Hldg Ltd is HK$920M (≈ $117M). 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 Wing Lee Dvlp Constr Hldg Ltd (9639)?
The price-to-sales ratio of Wing Lee Dvlp Constr Hldg Ltd is 3.64 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Wing Lee Dvlp Constr Hldg Ltd (9639)?
Earnings per share at Wing Lee Dvlp Constr Hldg Ltd are HK$0.0400 (price ÷ EPS = P/E 47.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Wing Lee Dvlp Constr Hldg Ltd (9639)?
The dividend yield of Wing Lee Dvlp Constr Hldg Ltd is 2.5% (payout 57.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Wing Lee Dvlp Constr Hldg Ltd (9639)?
The net margin of Wing Lee Dvlp Constr Hldg Ltd is 7.7% (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 Wing Lee Dvlp Constr Hldg Ltd (9639)?
The return on equity (ROE) of Wing Lee Dvlp Constr Hldg Ltd is 13.9% (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 Wing Lee Dvlp Constr Hldg Ltd (9639)?
On an EBIT basis the return on assets of Wing Lee Dvlp Constr Hldg Ltd is 21.1% (avg 4y). 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 Wing Lee Dvlp Constr Hldg Ltd (9639)?
The operating margin of Wing Lee Dvlp Constr Hldg Ltd is 10.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Wing Lee Dvlp Constr Hldg Ltd (9639)?
Revenue at Wing Lee Dvlp Constr Hldg Ltd is growing −37.0% versus a year earlier (3y avg +11.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Wing Lee Dvlp Constr Hldg Ltd (9639)?
Earnings per share at Wing Lee Dvlp Constr Hldg Ltd are growing −61.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Wing Lee Dvlp Constr Hldg Ltd (9639) generate?
The free cash flow of Wing Lee Dvlp Constr Hldg Ltd is −HK$60.1M (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 Wing Lee Dvlp Constr Hldg Ltd (9639) hold?
Wing Lee Dvlp Constr Hldg Ltd holds more cash than debt, HK$21.5M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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