Power Assets Holdings Ltd (HGKGY) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Power Assets Holdings Ltd $4.12, price $7.60, upside -45.8%, quality 60 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 Oct 3, 2026.
How to read this chart
60‑month range $3.66 – $8.34 · fair‑value band $1.92 – $7.98 · the $7.60 price screens above the $4.12 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 3, 2026.
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Power Assets Holdings Limited, an investment holding company, engages in the generation, transmission, and distribution of electricity in Hong Kong, the United Kingdom, Australia, Canada, mainland China, Netherlands, New Zealand, Thailand, the United States, and internationally. It generates energy from thermal, renewable energy, and waste sources.
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Power Assets Holdings Limited, an investment holding company, engages in the generation, transmission, and distribution of electricity in Hong Kong, the United Kingdom, Australia, Canada, mainland China, Netherlands, New Zealand, Thailand, the United States, and internationally. It generates energy from thermal, renewable energy, and waste sources. The company also develops green energy; distributes oil and gas; and provides trust administration and management services. Power Assets Holdings Limited was formerly known as Hongkong Electric Holdings Limited and changed its name to Power Assets Holdings Limited in February 2011. The company was founded in 1889 and is based in Central, Hong Kong.
Stock analysis
Power Assets Holdings Ltd (HGKGY) currently trades at $7.60, while our model-based Fair Value estimate is $4.12, 45.8% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $8.61 per share, and 4 of the 26 models we run sit above the $7.60 price.
Bear case: the Multiples group reads lowest at $0.4600, and 22 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: $1.92 (bear) to $7.98 (bull), the price of $7.60 sits inside 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 60/100 (solid quality), in the Utilities sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Power Assets Holdings Ltd reported revenue of HK$6.9B in FY2025 versus HK$1.3B in FY2021, a compound +52.6%/yr. Reported net income was HK$6.2B in FY2025, compounding +0.3%/yr from FY2021.
Key figures
Market cap $16.2B · P/E ratio 20.5 · P/S ratio 18.5 · EPS (TTM) $0.3700 · Dividend yield 5.0% · Net margin 90.1% · Return on equity 7.0% · Return on assets (EBIT) 2.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 9% below its 52-week high and 26% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −32% fair-value upside, at −46%, HGKGY screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely ($0.2100 to $15.65). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear $1.92Fair Value $4.12Bull $7.98
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.
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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+2.1%
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.
+76.1%
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.
+40.3%
Start year 2020 (pandemic). Over 10 years: +18.1% a year
Revenue growth 25 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.
+6.7%
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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.
+5.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+0.3%
Dividend (yield on the price)5.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.0.3% vs −2.1%, steady
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.93% → 7%
Start year 2020 (pandemic)
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).
+43.8%
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 HKD, Hong Kong: IMF forecast 2.1% a year to 2030, 1.8% from 2016 to 2025) that is about +40.8% a year for the price.
News mood ⓘNews mood, the average tone of recent news (4 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
Compare Power Assets Holdings 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.Utilities - Independent Power Producers · 72 stocks
Beats the industry median on 6/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score61 · Top 25%
Fair Value upside−43.3% · Below median
Profitability
Return on equity (TTM)7.0% · Below median
Return on assets0.3% · Bottom 25%
Net margin (TTM)90.1% · Top 25%
Operating margin (TTM)52.0% · Top 25%
Growth and dividend
Revenue growth−9.9% · Below median
Dividend yield (TTM)5.0% · Top 25%
Balance sheet
Debt / equity0.02× · Lowest 25%
Valuation Multiplesvs Utilities - Independent Power Producers median · lower = cheaper
P/E (TTM)20.5× · Pricier than median
P/B0.18× · Cheapest 25%
P/S (TTM)21.01× · Priciest 25%
P/FCF18.3× · Priciest 25%
EV/EBITDA37.1× · Priciest 25%
PEG43.65× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 28
FUTURE (revenue growth)0· sector 0
PAST (return on equity)28· sector 34
HEALTH (low debt)99· sector 71
DIVIDEND (yield)100· sector 53
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 Power Assets Holdings Ltd (HGKGY) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of $4.12 versus a price of $7.60, about −46% upside (overvalued).
What is the fair value of HGKGY?
Our model-based fair value for Power Assets Holdings Ltd is $4.12 (as of Oct 3, 2026), built from audited fundamentals. The current price: $7.60.
What is the quality score of HGKGY?
Power Assets Holdings Ltd has a Quality Score of 60/100. 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 Power Assets Holdings Ltd (HGKGY)?
Our model-based price target is the fair value of $4.12 (as of Oct 3, 2026) from 26 valuation models. Cautious scenario $1.92, optimistic scenario $7.98. It is a calculation from audited fundamentals, not an analyst target.
What is the Power Assets Holdings Ltd stock forecast for 2026?
Our models put fair value at $4.12, about −46% upside versus a price of $7.60 (overvalued). Cautious scenario $1.92, optimistic scenario $7.98. The calculation is refreshed regularly with new filings.
Does Power Assets Holdings Ltd pay a dividend?
Power Assets Holdings Ltd currently shows a dividend yield of about 5.04% relative to its recent price (as of Oct 3, 2026).
What growth is priced into Power Assets Holdings Ltd (HGKGY)?
For today's price to be fair in a discounted-cash-flow model, Power Assets Holdings Ltd would have to grow free cash flow by +43.8 % per year for five years (discount rate 8.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +40.3 % per year. As of Oct 3, 2026.
What discount rate (WACC) does the fair value of HGKGY use?
Our models discount Power Assets Holdings Ltd at 8.4 %: a base by market capitalisation (large), damped by beta 0.62, country premium for USA. 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 Power Assets Holdings Ltd that is +43.8 % per year a year over ten years, using the same discount rate (8.4 %) and the same formula as our fair value.
How much growth has Power Assets Holdings Ltd (HGKGY) delivered so far?
Over the past 5 years revenue at Power Assets Holdings Ltd grew +40.3 % a year. The price currently implies +43.8 % 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 Power Assets Holdings Ltd (HGKGY) growing?
The median revenue growth in the sector is +3.2 % a year. That is the yardstick for the growth priced into Power Assets Holdings Ltd (+43.8 % 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 Power Assets Holdings Ltd (HGKGY)?
The free-cash-flow yield on the price is 0.69 %: that much free cash flow Power Assets Holdings Ltd produces per unit of market value. When it exceeds the discount rate of our models (8.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Power Assets Holdings Ltd (HGKGY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Power Assets Holdings Ltd it is $4.12 per share (as of Oct 3, 2026), against a price of $7.60. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Power Assets Holdings Ltd stock overvalued or undervalued in 2026?
As of Oct 3, 2026, HGKGY trades above its calculated fair value: price $7.60, fair value $4.12, a gap of about −46% (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 HGKGY?
No. The price is what the market pays today ($7.60); the fair value is what the company's own numbers justify ($4.12). For Power Assets Holdings Ltd the two are $3.48 per share apart. That gap is exactly why we show both numbers side by side.
How much is Power Assets Holdings Ltd worth?
The market values Power Assets Holdings Ltd at about $16.2B (market capitalisation, as of Oct 3, 2026). Per share that is $7.60; our models calculate a fair value of $4.12 per share.
What do the bullish and bearish scenarios say about HGKGY?
Our models span a range for Power Assets Holdings Ltd: cautious scenario $1.92, base $4.12, optimistic $7.98 per share (as of Oct 3, 2026, price $7.60). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HGKGY?
Power Assets Holdings Ltd trades at a price-to-earnings ratio of 20.5 (as of Oct 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $4.12 is built from several models across several years. Other multiples: PEG 43.6, P/B 0.2, P/S 21.0, EV/EBITDA 37.1.
What is the PEG ratio of HGKGY?
The PEG ratio of Power Assets Holdings Ltd is 43.65 (P/E divided by earnings growth, as of Oct 3, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Power Assets Holdings Ltd (HGKGY)?
Balance-sheet figures for Power Assets Holdings Ltd (as of Oct 3, 2026): return on equity 7.0%, debt of 0.02 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is HGKGY from its 52-week high?
Power Assets Holdings Ltd trades at $7.60, about 9% below its 52-week high of $8.34 and 26% above the low of $6.03 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $4.12 is for.
Which stocks are comparable to Power Assets Holdings Ltd?
From the same area (Utilities) we also value Constellation Energy Corporation, Vistra Corp, Adani Power Limited, CGN Power Co, 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 Power Assets Holdings Ltd stock attractive at the current price?
The data as of Oct 3, 2026: price $7.60, calculated fair value $4.12 (−46%), Quality Score 60/100, from 26 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 HGKGY calculated?
We run Power Assets Holdings Ltd through 26 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 $4.12, 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. Power Assets 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 Power Assets Holdings Ltd (HGKGY)?
The closing price on Oct 2, 2026 was $7.60. Our model-based fair value is $4.12, about −46% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Power Assets Holdings Ltd right now?
The model range is unusually wide ($1.92 to $7.98). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Power Assets Holdings Ltd (HGKGY) come from?
Earnings per share at Power Assets Holdings Ltd grew −14.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +13.7 %, EBIT margin −1.5 %, tax rate −0.4 %, residual (interest, one-offs) −23.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Power Assets Holdings Ltd
How large is the market capitalisation of Power Assets Holdings Ltd (HGKGY)?
The market capitalisation of Power Assets Holdings Ltd is $16.2B. 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 Power Assets Holdings Ltd (HGKGY)?
The price-to-sales ratio of Power Assets Holdings Ltd is 18.5 (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 Power Assets Holdings Ltd (HGKGY)?
Earnings per share at Power Assets Holdings Ltd are $0.3700 (price ÷ EPS = P/E 20.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Power Assets Holdings Ltd (HGKGY)?
The dividend yield of Power Assets Holdings Ltd is 5.0% (payout 104%). 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 Power Assets Holdings Ltd (HGKGY)?
The net margin of Power Assets Holdings Ltd is 90.1% (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 Power Assets Holdings Ltd (HGKGY)?
The return on equity (ROE) of Power Assets Holdings Ltd is 7.0% (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 Power Assets Holdings Ltd (HGKGY)?
On an EBIT basis the return on assets of Power Assets Holdings Ltd is 2.2% (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 Power Assets Holdings Ltd (HGKGY)?
The operating margin of Power Assets Holdings Ltd is 52.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Power Assets Holdings Ltd (HGKGY)?
Revenue at Power Assets Holdings Ltd is growing −9.9% versus a year earlier (3y avg +76.1%). 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 Power Assets Holdings Ltd (HGKGY)?
Earnings per share at Power Assets Holdings Ltd are growing +2.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Power Assets Holdings Ltd (HGKGY) carry?
The net debt of Power Assets Holdings Ltd is HK$789M (fiscal year 2025, ≈ 0.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Oct 3, 2026