ADICON Holdings Ltd (9860) fair value: what the stock is really worth
As of Sep 30, 2026: fair value of ADICON Holdings Ltd HK$0.66, price HK$4.65, upside -85.8%, quality 43 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Watch ADICON Holdings Ltd for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for freePro now: $1 first month
69 individual criteria per stock, every one traceableSee the method →
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
39‑month range HK$3.17 – HK$18.12 · fair‑value band HK$0.5000 – HK$0.8300 · the HK$4.65 price screens above the HK$0.6600 fair value. Dashed = 300-day average. As of Sep 27, 2026.
Follow ADICON Holdings in your weekly email
Every Wednesday you see whether ADICON Holdings is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Adicon Holdings Limited, an investment holding company, provides medical testing services in the People's Republic of China. The company offers testing services primarily to hospitals and health check centers through an integrated network of self-operated laboratories; and research and clinical trial services.
Show more
Adicon Holdings Limited, an investment holding company, provides medical testing services in the People's Republic of China. The company offers testing services primarily to hospitals and health check centers through an integrated network of self-operated laboratories; and research and clinical trial services. It is also involved in the trading of medical testing equipment. The company was founded in 2004 and is headquartered in Hangzhou, the People's Republic of China.
Stock analysis
ADICON Holdings Ltd (9860) currently trades at HK$4.65, while our model-based Fair Value estimate is HK$0.6600, 85.8% below the price, so the stock looks overvalued today.
Show more
Valuation
Bull case: the Asset-Based group reads highest at a median of HK$1.88 per share, and 1 of the 22 models we run sit above the HK$4.65 price.
Bear case: the Earnings-Based group reads lowest at HK$0.2500, and 21 of the 22 models stay below the price. Evidence for this calculation is low.
Scenario range: HK$0.5000 (bear) to HK$0.8300 (bull), the price of HK$4.65 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 43/100 (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.
ADICON Holdings Ltd reported revenue of 2.6B CNY in FY2025 versus 3.4B CNY in FY2021, a compound −6.0%/yr. Reported net income was 18.4M CNY in FY2025, compounding −50.8%/yr from FY2021.
Key figures
Market cap HK$3.3B (≈ $425M) · P/E ratio 154.7 · P/S ratio 1.08 · EPS (TTM) HK$0.0301 · Net margin 0.7% · Return on equity 1.3% · Return on assets (EBIT) 9.4% · Operating margin 6.4%.
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 33% below its 52-week high and 47% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −7% fair-value upside, at −86%, 9860 screens richer than that median.
Fair Value models
Bear HK$0.5000Fair Value HK$0.6600Bull HK$0.8300
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 9 months old). Earnings retained since then (HK$0.0300 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.40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−9.5%
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.
−18.4%
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.
−0.8%
Start year 2020 (pandemic)
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 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 5 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.
−42.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−42.7%
Dividend (yield on the price)0.0%
Profit margin 2020 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% → 4%
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).
+17.3%
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 +15.4% a year for the price.
Price, fair value, quality and upside side by side.
Free, no sign-up
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.Diagnostics & Research · 138 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score43 · Below median
Fair Value upside−85.8% · Bottom 25%
Profitability
Return on equity (TTM)1.3% · Below median
Return on assets1.9% · Above median
Net margin (TTM)0.7% · Below median
Operating margin (TTM)6.4% · Below median
Growth and dividend
Revenue growth−5.6% · Below median
Balance sheet
Debt / equity0.41× · Highest 25%
Valuation Multiplesvs Diagnostics & Research median · lower = cheaper
P/E (TTM)154.7× · Priciest 25%
P/B1.66× · Cheaper than median
P/S (TTM)1.08× · Cheaper than median
P/FCF24.3× · Cheaper than median
EV/EBITDA12.9× · Cheaper than median
PEG0.42× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)0· sector 22
PAST (return on equity)5· sector 8
HEALTH (low debt)80· sector 94
DIVIDEND (yield)0· sector 30
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.
Is ADICON Holdings Ltd (9860) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of HK$0.6600 versus a price of HK$4.65, about −86% upside (overvalued).
What is the fair value of 9860?
Our model-based fair value for ADICON Holdings Ltd is HK$0.6600 (as of Sep 27, 2026), built from audited fundamentals. The current price: HK$4.65.
What is the quality score of 9860?
ADICON Holdings Ltd has a Quality Score of 43/100. 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 ADICON Holdings Ltd (9860)?
Our model-based price target is the fair value of HK$0.6600 (as of Sep 27, 2026) from 22 valuation models. Cautious scenario HK$0.5000, optimistic scenario HK$0.8300. It is a calculation from audited fundamentals, not an analyst target.
What is the ADICON Holdings Ltd stock forecast for 2026?
Our models put fair value at HK$0.6600, about −86% upside versus a price of HK$4.65 (overvalued). Cautious scenario HK$0.5000, optimistic scenario HK$0.8300. The calculation is refreshed regularly with new filings.
What is the revenue of ADICON Holdings Ltd (9860)?
ADICON Holdings Ltd reported trailing-twelve-month revenue of about 2.6B CNY (latest available figure, as of Sep 27, 2026).
What growth is priced into ADICON Holdings Ltd (9860)?
For today's price to be fair in a discounted-cash-flow model, ADICON Holdings Ltd would have to grow free cash flow by +17.3 % per year for five years (discount rate 10.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -0.8 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of 9860 use?
Our models discount ADICON Holdings Ltd at 10.3 %: a base by market capitalisation (small), damped by beta 0.26, 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 ADICON Holdings Ltd that is +17.3 % per year a year over ten years, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has ADICON Holdings Ltd (9860) delivered so far?
Over the past 5 years revenue at ADICON Holdings Ltd grew -0.8 % a year. The price currently implies +17.3 % 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 ADICON Holdings Ltd (9860) growing?
The median revenue growth in the sector is +4.3 % a year. That is the yardstick for the growth priced into ADICON Holdings Ltd (+17.3 % 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 ADICON Holdings Ltd (9860)?
The free-cash-flow yield on the price is 4.12 %: that much free cash flow ADICON Holdings Ltd produces per unit of market value. When it exceeds the discount rate of our models (10.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of ADICON Holdings Ltd (9860)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For ADICON Holdings Ltd it is HK$0.6600 per share (as of Sep 27, 2026), against a price of HK$4.65. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is ADICON Holdings Ltd stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 9860 trades above its calculated fair value: price HK$4.65, fair value HK$0.6600, a gap of about −86% (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 9860?
No. The price is what the market pays today (HK$4.65); the fair value is what the company's own numbers justify (HK$0.6600). For ADICON Holdings Ltd the two are HK$3.99 per share apart. That gap is exactly why we show both numbers side by side.
How much is ADICON Holdings Ltd worth?
The market values ADICON Holdings Ltd at about HK$3.3B (market capitalisation, as of Sep 27, 2026). Per share that is HK$4.65; our models calculate a fair value of HK$0.6600 per share.
What do the bullish and bearish scenarios say about 9860?
Our models span a range for ADICON Holdings Ltd: cautious scenario HK$0.5000, base HK$0.6600, optimistic HK$0.8300 per share (as of Sep 27, 2026, price HK$4.65). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 9860?
ADICON Holdings Ltd trades at a price-to-earnings ratio of 154.7 (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$0.6600 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 132.5 (reported 154.7). Other multiples: PEG 0.4, P/B 1.7, P/S 1.1, EV/EBITDA 12.9.
What is the PEG ratio of 9860?
The PEG ratio of ADICON Holdings Ltd is 0.42 (P/E divided by earnings growth, as of Sep 27, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of ADICON Holdings Ltd (9860)?
Balance-sheet figures for ADICON Holdings Ltd (as of Sep 27, 2026): return on equity 1.3%, debt of 0.41 per unit of equity. They feed the Quality Score of 43/100, which measures business quality independently of the share price.
How far is 9860 from its 52-week high?
ADICON Holdings Ltd trades at HK$4.65, about 33% below its 52-week high of HK$6.98 and 47% above the low of HK$3.17 (as of Sep 30, 2026). Distance from the high says nothing about value: that is what the fair value of HK$0.6600 is for.
Which stocks are comparable to ADICON Holdings Ltd?
From the same area (Healthcare) we also value Thermo Fisher Scientific Inc, Danaher Corporation, WuXi AppTec Co, Agilent Technologies, 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 ADICON Holdings Ltd stock attractive at the current price?
The data as of Sep 27, 2026: price HK$4.65, calculated fair value HK$0.6600 (−86%), Quality Score 43/100, from 22 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 9860 calculated?
We run ADICON Holdings Ltd through 22 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$0.6600, 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. ADICON Holdings 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 ADICON Holdings Ltd (9860)?
The closing price on Sep 30, 2026 was HK$4.65. Our model-based fair value is HK$0.6600, about −86% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with ADICON Holdings Ltd right now?
The price sits above even our optimistic bull case (HK$0.8300). The favourable scenario is already priced in. Weak quality (43/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of ADICON Holdings Ltd
How large is the market capitalisation of ADICON Holdings Ltd (9860)?
The market capitalisation of ADICON Holdings Ltd is HK$3.3B (≈ $425M). 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 ADICON Holdings Ltd (9860)?
The price-to-sales ratio of ADICON Holdings Ltd is 1.08 (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 ADICON Holdings Ltd (9860)?
Earnings per share at ADICON Holdings Ltd are HK$0.0301 (price ÷ EPS = P/E 154.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of ADICON Holdings Ltd (9860)?
The net margin of ADICON Holdings Ltd is 0.7% (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 ADICON Holdings Ltd (9860)?
The return on equity (ROE) of ADICON Holdings Ltd is 1.3% (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 ADICON Holdings Ltd (9860)?
On an EBIT basis the return on assets of ADICON Holdings Ltd is 9.4% (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 ADICON Holdings Ltd (9860)?
The operating margin of ADICON Holdings Ltd is 6.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at ADICON Holdings Ltd (9860)?
Revenue at ADICON Holdings Ltd is growing −5.6% versus a year earlier (3y avg −18.4%). 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 ADICON Holdings Ltd (9860)?
Earnings per share at ADICON Holdings Ltd are growing −72.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does ADICON Holdings Ltd (9860) carry?
The net debt of ADICON Holdings Ltd is 1.3B CNY (fiscal year 2025, ≈ 11.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch ADICON Holdings Ltd in the live analysis
One click puts ADICON Holdings Ltd on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
Thin data
Sep 27, 2026