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Neusoft Xikang Holdings Inc (9686) fair value: what the stock is really worth

As of Sep 30, 2026: fair value of Neusoft Xikang Holdings Inc HK$1.10, price HK$0.99, upside +11.1%, quality 39 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
  3. Add to watchlist

Healthcare · HK

NX Thin data Sep 27, 2026

Neusoft Xikang Holdings Inc

9686 · HK

SpeculativeUpside exists, but weak quality makes the signal speculative.

✓Fair value HK$1.10 · Undervalued (+11.1%)
!Quality 39/100
!Weak Growth (revenue 5y −1.6 %/yr)
!Loss-making · -8.4% net margin (TTM)
✓Low debt · generates free cash flow
!Mixed vs. peers (6/11)
!Narrow moat 9/100
!Evidence only low, so the estimate is less certain
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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$2.72 HK$0.6000 Fair Value HK$1.10 Sep 2023 Sep 2026

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

36‑month range HK$0.6000 – HK$2.72 · fair‑value band HK$1.04 – HK$1.20 · the HK$0.9900 price screens below the HK$1.10 fair value. Dashed = 300-day average. As of Sep 27, 2026.

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Company profile

Xikang Cloud Hospital Holdings Inc., an investment holding company, primarily provides cloud hospital platform services in the People's Republic of China and internationally. It operates through Medical Services, Nursing Services, and Health Management Services segments.

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Xikang Cloud Hospital Holdings Inc., an investment holding company, primarily provides cloud hospital platform services in the People's Republic of China and internationally. It operates through Medical Services, Nursing Services, and Health Management Services segments. The company offers platform construction and connection services; and internet medical services, such as online hospital services and remote medical services through the cloud-based information infrastructure to the medical institutions, individual customers, and enterprises. It also provides integrated health management services, which include offline health check-ups; and nursing platform construction services and platform connection services. Further, the company engages in the research and development of computer technology; and sales of medical devices, as well as provision of technology service. The company was formerly known as Neusoft Xikang Holdings Inc. and changed its name to Xikang Cloud Hospital Holdings Inc. in May 2024. Xikang Cloud Hospital Holdings Inc. was incorporated in 2011 and is headquartered in Ningbo, the People's Republic of China.

Stock analysis

Neusoft Xikang Holdings Inc (9686) currently trades at HK$0.9900, while our model-based Fair Value estimate is HK$1.10, implying the stock looks roughly 10.0% undervalued today.

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Valuation

Bull case: the Growth DCF group reads highest at a median of HK$1.09 per share, and 6 of the 7 models we run sit above the HK$0.9900 price.

Bear case: the Asset-Based group reads lowest at HK$0.2900, and 1 of the 7 models stay below the price. Evidence for this calculation is low.

Scenario range: HK$1.04 (bear) to HK$1.20 (bull), the price of HK$0.9900 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 39/100 (below-average quality), in the Healthcare sector.

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

Neusoft Xikang Holdings Inc reported revenue of 464M CNY in FY2025 versus 614M CNY in FY2021, a compound −6.8%/yr. Reported net income was −38.9M CNY in FY2025.

Key figures

Market cap HK$833M (≈ $106M) · P/S ratio 1.69 · EPS (TTM) HK$−0.0600 · Net margin −8.4% · Return on equity −11.3% · Return on assets (EBIT) −12.5% · Operating margin 4.6% · Revenue (TTM) 464M CNY.

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 3% below its 52-week high and 24% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at 6% fair-value upside, at 11%, 9686 screens cheaper than that median.

Fair Value models

Bear HK$1.04 Fair Value HK$1.10 Bull HK$1.20
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
FCF DCF HK$1.08 HK$1.17 HK$1.30 82
Growth DCF HK$1.09 HK$1.17 HK$1.29 80
5Y Revenue Exit HK$1.00 HK$1.08 HK$1.19 74
All 7 models by family
DCF Models
FCF DCF HK$1.08 HK$1.17 HK$1.30 82
5Y Revenue Exit HK$1.00 HK$1.08 HK$1.19 74
10Y Revenue Exit HK$1.03 HK$1.09 HK$1.14 68
Multiples
EV/Revenue HK$0.9500 HK$1.03 HK$1.11 54
Asset-Based
NCAV (Graham) HK$0.2200 HK$0.2900 HK$0.4400 54
Growth DCF
Growth DCF HK$1.09 HK$1.17 HK$1.29 80
Rev-Margin DCF HK$1.00 HK$1.09 HK$1.20 74

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Quality Score breakdown

Overall quality 39/100

Of which business quality 40 · Market factors (momentum, volatility) 60

Profitability 10
Margins and returns on capital today
Quality Growth 53
Are margins and returns improving?
Cashflow 40
Earnings quality: real cash, not paper profit
Fin. Strength 40
Balance sheet, leverage, solvency risk
Investment 83
Disciplined investing over empire-building
Low Volatility 79
Calm price path (market factor)
Momentum 46
Price trend over the last 3–12 months (market factor)
52W Momentum 62
Distance to the 52-week high (market factor)
Net Issuance 40
Share count: buybacks or dilution?

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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. 19/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−7.4%
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.
−12.3%
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.
−1.6%
Start year 2020 (pandemic)
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.
−31.0% (2020) → −8.7% (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).
+21.0%
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 CNY, China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about +19.0% a year for the price.

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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.Health Information Services · 129 stocks

Beats the industry median on 5/9 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 39 · Bottom 25%
Fair Value upside +11.1% · Top 25%
Profitability
Return on assets −1.7% · Below median
Net margin (TTM) −8.4% · Below median
Operating margin (TTM) 4.6% · Above median
Growth and dividend
Revenue growth −11.4% · Bottom 25%

Valuation Multiplesvs Health Information Services median · lower = cheaper

P/B 0.34× · Cheapest 25%
P/S (TTM) 0.23× · Cheapest 25%
P/FCF 7.1× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)48 · sector 0
FUTURE (revenue growth)0 · sector 36
PAST (return on equity)0 · sector 7
HEALTH (low debt)100 · sector 98
DIVIDEND (yield)0 · sector 45

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 Health Information Services stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Veeva Systems Inc VEEV $278.57 $306.43 +10%
Pro Medicus Limited PME A$161.00 A$84.62 −47%
BrightSpring Health Services, Inc BTSG $56.54 $25.86 −54%
Hinge Health, Inc HNGE $95.57 $51.25 −46%
HealthEquity, Inc HQY $88.44 $97.28 +10%
Waystar Holding WAY $24.70 $27.17 +10%
Doximity, Inc DOCS $26.35 $31.41 +19%
Inventurus Knowledge Solutions Limited IKS ₹1,779 ₹1,883 +6%
Privia Health Group PRVA $19.62 $5.02 −74%
Winning Health Technology Group 300253 ¥6.98 ¥3.44 −51%

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Cite: Fair Value Calculator (2026). "Neusoft Xikang Holdings Inc Fair Value". https://www.fairvalue-calculator.com/stock/9686

Frequently asked questions

Is Neusoft Xikang Holdings Inc (9686) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of HK$1.10 versus a price of HK$0.9900, about +11% upside (undervalued).
What is the fair value of 9686?
Our model-based fair value for Neusoft Xikang Holdings Inc is HK$1.10 (as of Sep 27, 2026), built from audited fundamentals. The current price: HK$0.9900.
What is the quality score of 9686?
Neusoft Xikang Holdings Inc has a Quality Score of 39/100. 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 Neusoft Xikang Holdings Inc (9686)?
Our model-based price target is the fair value of HK$1.10 (as of Sep 27, 2026) from 7 valuation models. Cautious scenario HK$1.04, optimistic scenario HK$1.20. It is a calculation from audited fundamentals, not an analyst target.
What is the Neusoft Xikang Holdings Inc stock forecast for 2026?
Our models put fair value at HK$1.10, about +11% upside versus a price of HK$0.9900 (undervalued). Cautious scenario HK$1.04, optimistic scenario HK$1.20. The calculation is refreshed regularly with new filings.
What is the revenue of Neusoft Xikang Holdings Inc (9686)?
Neusoft Xikang Holdings Inc reported trailing-twelve-month revenue of about 464M CNY (latest available figure, as of Sep 27, 2026).
What growth is priced into Neusoft Xikang Holdings Inc (9686)?
For today's price to be fair in a discounted-cash-flow model, Neusoft Xikang Holdings Inc would have to grow free cash flow by +21.0 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -1.6 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of 9686 use?
Our models discount Neusoft Xikang Holdings Inc at 11.8 %: a base by market capitalisation (micro), damped by beta 0.27, 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 Neusoft Xikang Holdings Inc that is +21.0 % per year a year over ten years, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has Neusoft Xikang Holdings Inc (9686) delivered so far?
Over the past 5 years revenue at Neusoft Xikang Holdings Inc grew -1.6 % a year. The price currently implies +21.0 % 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 Neusoft Xikang Holdings Inc (9686) growing?
The median revenue growth in the sector is +4.4 % a year. That is the yardstick for the growth priced into Neusoft Xikang Holdings Inc (+21.0 % 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 Neusoft Xikang Holdings Inc (9686)?
The free-cash-flow yield on the price is 2.09 %: that much free cash flow Neusoft Xikang Holdings Inc produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Neusoft Xikang Holdings Inc (9686)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Neusoft Xikang Holdings Inc it is HK$1.10 per share (as of Sep 27, 2026), against a price of HK$0.9900. It is the blended result of 7 valuation models (cash flow, earnings, asset, dividend).
Is Neusoft Xikang Holdings Inc stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 9686 trades below its calculated fair value: price HK$0.9900, fair value HK$1.10, a gap of about +11% (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 9686?
No. The price is what the market pays today (HK$0.9900); the fair value is what the company's own numbers justify (HK$1.10). For Neusoft Xikang Holdings Inc the two are HK$0.1100 per share apart. That gap is exactly why we show both numbers side by side.
How much is Neusoft Xikang Holdings Inc worth?
The market values Neusoft Xikang Holdings Inc at about HK$833M (market capitalisation, as of Sep 27, 2026). Per share that is HK$0.9900; our models calculate a fair value of HK$1.10 per share.
What do the bullish and bearish scenarios say about 9686?
Our models span a range for Neusoft Xikang Holdings Inc: cautious scenario HK$1.04, base HK$1.10, optimistic HK$1.20 per share (as of Sep 27, 2026, price HK$0.9900). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Neusoft Xikang Holdings Inc (9686)?
Balance-sheet figures for Neusoft Xikang Holdings Inc (as of Sep 27, 2026): return on equity −11.3%. They feed the Quality Score of 39/100, which measures business quality independently of the share price.
How far is 9686 from its 52-week high?
Neusoft Xikang Holdings Inc trades at HK$0.9900, about 3% below its 52-week high of HK$1.02 and 24% above the low of HK$0.8000 (as of Sep 30, 2026). Distance from the high says nothing about value: that is what the fair value of HK$1.10 is for.
Which stocks are comparable to Neusoft Xikang Holdings Inc?
From the same area (Healthcare) we also value Veeva Systems Inc, Pro Medicus Limited, BrightSpring Health Services, Inc, Hinge Health, 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 Neusoft Xikang Holdings Inc stock attractive at the current price?
The data as of Sep 27, 2026: price HK$0.9900, calculated fair value HK$1.10 (+11%), Quality Score 39/100, from 7 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 9686 calculated?
We run Neusoft Xikang Holdings Inc through 7 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$1.10, 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. Neusoft Xikang Holdings Inc currently trades 10 % 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 Neusoft Xikang Holdings Inc (9686)?
The closing price on Sep 30, 2026 was HK$0.9900. Our model-based fair value is HK$1.10, about +11% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Neusoft Xikang Holdings Inc right now?
The price is below even our cautious bear case (HK$1.04). The market is more pessimistic than our downside scenario. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Neusoft Xikang Holdings Inc

How large is the market capitalisation of Neusoft Xikang Holdings Inc (9686)?
The market capitalisation of Neusoft Xikang Holdings Inc is HK$833M (≈ $106M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Neusoft Xikang Holdings Inc (9686)?
The price-to-sales ratio of Neusoft Xikang Holdings Inc is 1.69 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Neusoft Xikang Holdings Inc (9686)?
Earnings per share at Neusoft Xikang Holdings Inc are HK$−0.0600. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Neusoft Xikang Holdings Inc (9686)?
The net margin of Neusoft Xikang Holdings Inc is −8.4% (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 Neusoft Xikang Holdings Inc (9686)?
The return on equity (ROE) of Neusoft Xikang Holdings Inc is −11.3% (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 Neusoft Xikang Holdings Inc (9686)?
On an EBIT basis the return on assets of Neusoft Xikang Holdings Inc is −12.5% (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 Neusoft Xikang Holdings Inc (9686)?
The operating margin of Neusoft Xikang Holdings Inc is 4.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Neusoft Xikang Holdings Inc (9686)?
Revenue at Neusoft Xikang Holdings Inc is growing −11.4% versus a year earlier (3y avg −12.3%). 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 cash does Neusoft Xikang Holdings Inc (9686) hold?
Neusoft Xikang Holdings Inc holds more cash than debt, 27.0M CNY net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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