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Fineland Real Estate Services Group Ltd (9978) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Fineland Real Estate Services Group Ltd HK$0.50, price HK$2.53, upside -80.2%, quality 56 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? Yes
  3. Add to watchlist

Real Estate · HK · ISIN KYG3446A1067

FR Thin data Sep 27, 2026

Fineland Real Estate Services Group Ltd

9978 · HK

Stretched ValuationStrong overvaluation with only moderate quality.

!Fair value HK$0.5000 · Strongly overvalued (−80.2%)
!Quality 56/100
!Weak Growth (revenue 5y +4.3 %/yr)
!Loss-making · -15.0% net margin (TTM)
✓Negative equity (buybacks among others) · generates free cash flow
!Trails peers (1/6)
!Narrow moat 2/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

HK$3.40 HK$0.0450 Fair Value HK$0.5000 May 2021 Oct 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

60‑month range HK$0.0450 – HK$3.40 · fair‑value band HK$0.4100 – HK$0.6200 · the HK$2.53 price screens above the HK$0.5000 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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Company profile

Fineland Living Services Group Limited, together with its subsidiaries, provides real estate agency, professional property management, and value-added services in the People's Republic of China. It operates through Provision of Comprehensive Real Estate Agency Services; and Provision of Professional Property Management Services segments.

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Fineland Living Services Group Limited, together with its subsidiaries, provides real estate agency, professional property management, and value-added services in the People's Republic of China. It operates through Provision of Comprehensive Real Estate Agency Services; and Provision of Professional Property Management Services segments. The company offers standard property management services and ancillary services, such as cleaning, gardening, security, repair and maintenance, and butler services for residential and non-residential properties, including public facilities, office buildings, industry parks, schools; cleaning, security, and maintenance services for pre-sale display units and sales offices; and community value-added services comprising common area value-added services, community retail, community media, furnishing services, and other community convenience services to property owners. It also provides real estate consultation, market analysis, marketing, and online property referral services; intelligent community cloud platform; and IT services. The company was formerly known as Fineland Real Estate Services Group Limited and changed its name to Fineland Living Services Group Limited in June 2021. The company was founded in 1996 and is headquartered in Guangzhou, the People's Republic of China.

Stock analysis

Fineland Real Estate Services Group Ltd (9978) currently trades at HK$2.53, while our model-based Fair Value estimate is HK$0.5000, 80.2% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Growth DCF group reads highest at a median of HK$0.5000 per share, and 0 of the 6 models we run sit above the HK$2.53 price.

Bear case: the Multiples group reads lowest at HK$0.4900, and 6 of the 6 models stay below the price. Evidence for this calculation is low.

Scenario range: HK$0.4100 (bear) to HK$0.6200 (bull), the price of HK$2.53 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 56/100 (solid quality), in the Real Estate sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Fineland Real Estate Services Group Ltd reported revenue of 342M CNY in FY2025 versus 571M CNY in FY2021, a compound −12.1%/yr. Reported net income was −51.1M CNY in FY2025.

Key figures

Market cap HK$90.4M (≈ $11.5M) · P/S ratio 0.26 · EPS (TTM) HK$−0.0200 · Net margin −15.0% · Return on equity −155% · Return on assets (EBIT) −3.3% · Revenue (TTM) 351M CNY · Revenue growth (YoY) −0.4%.

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 25% below its 52-week high and 4,585% above its 52-week low.

For context, the median of 10 Real Estate peers we cover trades at −10% fair-value upside, at −80%, 9978 screens richer than that median.

Fair Value models

Bear HK$0.4100 Fair Value HK$0.5000 Bull HK$0.6200
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$0.4300 HK$0.5100 HK$0.6200 78
Growth DCF HK$0.4300 HK$0.5100 HK$0.6100 75
5Y Revenue Exit HK$0.4100 HK$0.5000 HK$0.6100 69
All 6 models by family
DCF Models
FCF DCF HK$0.4300 HK$0.5100 HK$0.6200 78
5Y Revenue Exit HK$0.4100 HK$0.5000 HK$0.6100 69
10Y Revenue Exit HK$0.4100 HK$0.4900 HK$0.5800 64
Multiples
EV/Revenue HK$0.4100 HK$0.4900 HK$0.5800 52
Growth DCF
Growth DCF HK$0.4300 HK$0.5100 HK$0.6100 75
Rev-Margin DCF HK$0.4100 HK$0.5000 HK$0.6000 69

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Quality Score breakdown

Overall quality 56/100

Of which business quality 59 · Market factors (momentum, volatility) 82

Profitability 30
Margins and returns on capital today
Quality Growth 67
Are margins and returns improving?
Cashflow 48
Earnings quality: real cash, not paper profit
Fin. Strength 60
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 100
Price trend over the last 3–12 months (market factor)
52W Momentum 87
Distance to the 52-week high (market factor)
Net Issuance 82
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. 33/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
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.
−12.6%
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.
+4.3%
Start year 2020 (pandemic). Over 10 years: +14.3% a year
Revenue growth 10 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.
+14.3%
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.
6.8% (2020) → −13.7% (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).
+39.5%
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 +37.2% a year for the price.

9978 screens overvalued: fair value 80% below the price. Compare with Vingroup Joint Stock Company →

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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.Real Estate Services · 530 stocks

Beats the industry median on 1/6 measures
Overall it trails its industry peers.
Valuation
Quality Score 59 · Above median
Fair Value upside −80.2% · Bottom 25%
Profitability
Return on equity (TTM) Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets −1.7% · Bottom 25%
Net margin (TTM) −15.0% · Bottom 25%
Operating margin (TTM) 0.0% · Bottom 25%
Growth and dividend
Revenue growth −0.4% · Below median
Balance sheet
Debt / equity Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.

Valuation Multiplesvs Real Estate Services median · lower = cheaper

P/B Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.

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 Real Estate Services stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Vingroup Joint Stock Company VIC 232,000 VND 25,731 VND −89%
CBRE Group CBRE $134.55 $91.06 −32%
KE Holdings 2423 HK$42.92 HK$17.16 −60%
Swire Properties Limited 1972 HK$24.32 HK$13.39 −45%
Cellnex Telecom, S.A CLNX €23.99 €23.94 +0%
Vonovia SE VNA €16.82 €36.55 +117%
Jones Lang LaSalle Incorporated JLL $308.07 $540.65 +75%
Wharf Real Estate Investment Company 1997 HK$30.54 HK$27.42 −10%
CoStar Group CSGP $26.95 $6.19 −77%
China Resources Mixc Lifestyle Services Limited 1209 HK$37.00 HK$56.36 +52%

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Cite: Fair Value Calculator (2026). "Fineland Real Estate Services Group Ltd Fair Value". https://www.fairvalue-calculator.com/stock/9978

Frequently asked questions

Is Fineland Real Estate Services Group Ltd (9978) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of HK$0.5000 versus a price of HK$2.53, about −80% upside (overvalued).
What is the fair value of 9978?
Our model-based fair value for Fineland Real Estate Services Group Ltd is HK$0.5000 (as of Sep 27, 2026), built from audited fundamentals. The current price: HK$2.53.
What is the quality score of 9978?
Fineland Real Estate Services Group Ltd has a Quality Score of 56/100. 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 Fineland Real Estate Services Group Ltd (9978)?
Our model-based price target is the fair value of HK$0.5000 (as of Sep 27, 2026) from 6 valuation models. Cautious scenario HK$0.4100, optimistic scenario HK$0.6200. It is a calculation from audited fundamentals, not an analyst target.
What is the Fineland Real Estate Services Group Ltd stock forecast for 2026?
Our models put fair value at HK$0.5000, about −80% upside versus a price of HK$2.53 (overvalued). Cautious scenario HK$0.4100, optimistic scenario HK$0.6200. The calculation is refreshed regularly with new filings.
What is the revenue of Fineland Real Estate Services Group Ltd (9978)?
Fineland Real Estate Services Group Ltd reported trailing-twelve-month revenue of about 351M CNY (latest available figure, as of Sep 27, 2026).
What growth is priced into Fineland Real Estate Services Group Ltd (9978)?
For today's price to be fair in a discounted-cash-flow model, Fineland Real Estate Services Group Ltd would have to grow free cash flow by +39.5 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.3 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of 9978 use?
Our models discount Fineland Real Estate Services Group Ltd at 9.0 %: a base by market capitalisation (nano), damped by beta 0.41, 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 Fineland Real Estate Services Group Ltd that is +39.5 % per year a year over ten years, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has Fineland Real Estate Services Group Ltd (9978) delivered so far?
Over the past 5 years revenue at Fineland Real Estate Services Group Ltd grew +4.3 % a year. The price currently implies +39.5 % 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 Fineland Real Estate Services Group Ltd (9978) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Fineland Real Estate Services Group Ltd (+39.5 % 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 Fineland Real Estate Services Group Ltd (9978)?
The free-cash-flow yield on the price is 0.88 %: that much free cash flow Fineland Real Estate Services Group Ltd produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Fineland Real Estate Services Group Ltd (9978)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Fineland Real Estate Services Group Ltd it is HK$0.5000 per share (as of Sep 27, 2026), against a price of HK$2.53. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Fineland Real Estate Services Group Ltd stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 9978 trades above its calculated fair value: price HK$2.53, fair value HK$0.5000, a gap of about −80% (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 9978?
No. The price is what the market pays today (HK$2.53); the fair value is what the company's own numbers justify (HK$0.5000). For Fineland Real Estate Services Group Ltd the two are HK$2.03 per share apart. That gap is exactly why we show both numbers side by side.
How much is Fineland Real Estate Services Group Ltd worth?
The market values Fineland Real Estate Services Group Ltd at about HK$90.4M (market capitalisation, as of Sep 27, 2026). Per share that is HK$2.53; our models calculate a fair value of HK$0.5000 per share.
What do the bullish and bearish scenarios say about 9978?
Our models span a range for Fineland Real Estate Services Group Ltd: cautious scenario HK$0.4100, base HK$0.5000, optimistic HK$0.6200 per share (as of Sep 27, 2026, price HK$2.53). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Fineland Real Estate Services Group Ltd (9978)?
Balance-sheet figures for Fineland Real Estate Services Group Ltd (as of Sep 27, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is 9978 from its 52-week high?
Fineland Real Estate Services Group Ltd trades at HK$2.53, about 25% below its 52-week high of HK$3.40 and 4,585% above the low of HK$0.0540 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of HK$0.5000 is for.
Which stocks are comparable to Fineland Real Estate Services Group Ltd?
From the same area (Real Estate) we also value Vingroup Joint Stock Company, CBRE Group, KE Holdings, Swire Properties 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 Fineland Real Estate Services Group Ltd stock attractive at the current price?
The data as of Sep 27, 2026: price HK$2.53, calculated fair value HK$0.5000 (−80%), Quality Score 56/100, from 6 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 9978 calculated?
We run Fineland Real Estate Services Group Ltd through 6 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$0.5000, 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 14.5 % above its aggregate fair value. Fineland Real Estate Services Group 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 Fineland Real Estate Services Group Ltd (9978)?
The closing price on Oct 2, 2026 was HK$2.53. Our model-based fair value is HK$0.5000, about −80% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Fineland Real Estate Services Group Ltd right now?
The price sits above even our optimistic bull case (HK$0.6200). 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 (56/100) and above fair value, neither a clear bargain nor a standout compounder. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Key figures of Fineland Real Estate Services Group Ltd

How large is the market capitalisation of Fineland Real Estate Services Group Ltd (9978)?
The market capitalisation of Fineland Real Estate Services Group Ltd is HK$90.4M (≈ $11.5M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Fineland Real Estate Services Group Ltd (9978)?
The price-to-sales ratio of Fineland Real Estate Services Group Ltd is 0.26 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Fineland Real Estate Services Group Ltd (9978)?
Earnings per share at Fineland Real Estate Services Group Ltd are HK$−0.0200. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Fineland Real Estate Services Group Ltd (9978)?
The net margin of Fineland Real Estate Services Group Ltd is −15.0% (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 Fineland Real Estate Services Group Ltd (9978)?
The return on equity (ROE) of Fineland Real Estate Services Group Ltd is −155% (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 Fineland Real Estate Services Group Ltd (9978)?
On an EBIT basis the return on assets of Fineland Real Estate Services Group Ltd is −3.3% (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.
How fast is revenue growing at Fineland Real Estate Services Group Ltd (9978)?
Revenue at Fineland Real Estate Services Group Ltd is growing −0.4% versus a year earlier (3y avg −12.6%). 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 Fineland Real Estate Services Group Ltd (9978)?
Earnings per share at Fineland Real Estate Services Group Ltd are growing −7.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Fineland Real Estate Services Group Ltd (9978) hold?
Fineland Real Estate Services Group Ltd holds more cash than debt, 69.9M CNY net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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