COMBINE WILL INTL HLDGS LTD (N0Z) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of COMBINE WILL INTL HLDGS LTD S$3.18, price S$1.30, upside +144.6%, quality 44 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Combine Will International Holdings Limited, an investment holding company, operates as an original design manufacturer, original equipment manufacturer supplier of toys, plush, corporate premiums, and consumer products.
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Combine Will International Holdings Limited, an investment holding company, operates as an original design manufacturer, original equipment manufacturer supplier of toys, plush, corporate premiums, and consumer products. The company also manufactures and trades in plastic toys, die castings, and premium items; trading of electronics parts for the toys; manufacturing of electronics parts; and leasing activities. It operates in the People's Republic of China, Hong Kong, Macau, Taiwan, Germany, and internationally. The company was founded in 1992 and is based in Tai Po, Hong Kong. Combine Will International Holdings Limited is a subsidiary of DJKS Holdings Limited.
Stock analysis
COMBINE WILL INTL HLDGS LTD (N0Z) currently trades at 1.30 SGD, while our model-based Fair Value estimate is 3.18 SGD, implying the stock looks roughly 59.1% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 3.65 SGD per share, and 15 of the 17 models we run sit above the 1.30 SGD price.
Bear case: the Earnings-Based group reads lowest at 1.83 SGD, and 2 of the 17 models stay below the price. Evidence for this calculation is high.
Scenario range: 2.39 SGD (bear) to 3.98 SGD (bull), the price of 1.30 SGD 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 44/100 (below-average quality), in the Consumer Cyclical sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
COMBINE WILL INTL HLDGS LTD reported revenue of HK$1.8B in FY2025 versus HK$1.1B in FY2021, a compound +12.3%/yr. Reported net income was HK$37.1M in FY2025, compounding −2.3%/yr from FY2021.
Key figures
Market cap 42.0M SGD (≈ $32.9M) · P/E ratio 6.8 · P/S ratio 0.14 · EPS (TTM) 0.1900 SGD · Dividend yield 6.6% · Net margin 2.1% · Return on equity 4.8% · Return on assets (EBIT) 2.8%.
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 4% below its 52-week high and 11% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 39% fair-value upside, at 145%, N0Z screens cheaper than that median.
Fair Value models
Bear 2.39 SGDFair Value 3.18 SGDBull 3.98 SGD
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 (0.1437 SGD 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
+23.1%
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.
+10.5%
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.
+13.6%
Start year 2020 (pandemic). Over 10 years: −0.8% a year
Revenue growth 12 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.
+2.0%
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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.
+4.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−1.9%
Dividend (yield on the price)6.6%
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.6% → 3%
Compare COMBINE WILL INTL HLDGS LTD with another stock
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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.Leisure · 174 stocks
Beats the industry median on 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score44 · Below median
Fair Value upside+144.6% · Top 25%
Profitability
Return on equity (TTM)4.8% · Below median
Return on assets2.5% · Below median
Net margin (TTM)2.1% · Below median
Operating margin (TTM)4.3% · Below median
Growth and dividend
Revenue growth15.9% · Top 25%
Dividend yield (TTM)6.6% · Top 25%
Valuation Multiplesvs Leisure median · lower = cheaper
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). "COMBINE WILL INTL HLDGS LTD Fair Value". https://www.fairvalue-calculator.com/stock/N0Z
Frequently asked questions
Is COMBINE WILL INTL HLDGS LTD (N0Z) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of 3.18 SGD versus a price of 1.30 SGD, about +145% upside (undervalued).
What is the fair value of N0Z?
Our model-based fair value for COMBINE WILL INTL HLDGS LTD is 3.18 SGD (as of Oct 3, 2026), built from audited fundamentals. The current price: 1.30 SGD.
What is the quality score of N0Z?
COMBINE WILL INTL HLDGS LTD has a Quality Score of 44/100. 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 COMBINE WILL INTL HLDGS LTD (N0Z)?
Our model-based price target is the fair value of 3.18 SGD (as of Oct 3, 2026) from 17 valuation models. Cautious scenario 2.39 SGD, optimistic scenario 3.98 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the COMBINE WILL INTL HLDGS LTD stock forecast for 2026?
Our models put fair value at 3.18 SGD, about +145% upside versus a price of 1.30 SGD (undervalued). Cautious scenario 2.39 SGD, optimistic scenario 3.98 SGD. The calculation is refreshed regularly with new filings.
What is the revenue of COMBINE WILL INTL HLDGS LTD (N0Z)?
COMBINE WILL INTL HLDGS LTD reported trailing-twelve-month revenue of about HK$1.8B (latest available figure, as of Oct 3, 2026).
Does COMBINE WILL INTL HLDGS LTD pay a dividend?
COMBINE WILL INTL HLDGS LTD currently shows a dividend yield of about 6.56% relative to its recent price (as of Oct 3, 2026).
What is the intrinsic value of COMBINE WILL INTL HLDGS LTD (N0Z)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For COMBINE WILL INTL HLDGS LTD it is 3.18 SGD per share (as of Oct 3, 2026), against a price of 1.30 SGD. It is the blended result of 17 valuation models (cash flow, earnings, asset, dividend).
Is COMBINE WILL INTL HLDGS LTD stock overvalued or undervalued in 2026?
As of Oct 3, 2026, N0Z trades below its calculated fair value: price 1.30 SGD, fair value 3.18 SGD, a gap of about +145% (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 N0Z?
No. The price is what the market pays today (1.30 SGD); the fair value is what the company's own numbers justify (3.18 SGD). For COMBINE WILL INTL HLDGS LTD the two are 1.88 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is COMBINE WILL INTL HLDGS LTD worth?
The market values COMBINE WILL INTL HLDGS LTD at about 42.0M SGD (market capitalisation, as of Oct 3, 2026). Per share that is 1.30 SGD; our models calculate a fair value of 3.18 SGD per share.
What do the bullish and bearish scenarios say about N0Z?
Our models span a range for COMBINE WILL INTL HLDGS LTD: cautious scenario 2.39 SGD, base 3.18 SGD, optimistic 3.98 SGD per share (as of Oct 3, 2026, price 1.30 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of N0Z?
COMBINE WILL INTL HLDGS LTD trades at a price-to-earnings ratio of 6.8 (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 3.18 SGD is built from several models across several years. Other multiples: P/B 0.3, P/S 0.1, EV/EBITDA 1.0.
How solid is the balance sheet of COMBINE WILL INTL HLDGS LTD (N0Z)?
Balance-sheet figures for COMBINE WILL INTL HLDGS LTD (as of Oct 3, 2026): return on equity 4.8%. They feed the Quality Score of 44/100, which measures business quality independently of the share price.
How far is N0Z from its 52-week high?
COMBINE WILL INTL HLDGS LTD trades at 1.30 SGD, about 4% below its 52-week high of 1.36 SGD and 11% above the low of 1.17 SGD (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of 3.18 SGD is for.
Which stocks are comparable to COMBINE WILL INTL HLDGS LTD?
From the same area (Consumer Cyclical) we also value Pop Mart International Group, ANTA Sports Products Limited, Amer Sports, Inc, Hasbro, 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 COMBINE WILL INTL HLDGS LTD stock attractive at the current price?
The data as of Oct 3, 2026: price 1.30 SGD, calculated fair value 3.18 SGD (+145%), Quality Score 44/100, from 17 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 N0Z calculated?
We run COMBINE WILL INTL HLDGS LTD through 17 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 3.18 SGD, 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. COMBINE WILL INTL HLDGS LTD currently trades 59 % 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 COMBINE WILL INTL HLDGS LTD (N0Z)?
The closing price on Oct 1, 2026 was 1.30 SGD. Our model-based fair value is 3.18 SGD, about +145% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with COMBINE WILL INTL HLDGS LTD right now?
The large discount to fair value meets weak quality (44/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (2.39 SGD). The market is more pessimistic than our downside scenario.
Key figures of COMBINE WILL INTL HLDGS LTD
How large is the market capitalisation of COMBINE WILL INTL HLDGS LTD (N0Z)?
The market capitalisation of COMBINE WILL INTL HLDGS LTD is 42.0M SGD (≈ $32.9M). 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 COMBINE WILL INTL HLDGS LTD (N0Z)?
The price-to-sales ratio of COMBINE WILL INTL HLDGS LTD is 0.14 (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 COMBINE WILL INTL HLDGS LTD (N0Z)?
Earnings per share at COMBINE WILL INTL HLDGS LTD are 0.1900 SGD (price ÷ EPS = P/E 6.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of COMBINE WILL INTL HLDGS LTD (N0Z)?
The dividend yield of COMBINE WILL INTL HLDGS LTD is 6.6% (payout 44.9%). 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 COMBINE WILL INTL HLDGS LTD (N0Z)?
The net margin of COMBINE WILL INTL HLDGS LTD is 2.1% (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 COMBINE WILL INTL HLDGS LTD (N0Z)?
The return on equity (ROE) of COMBINE WILL INTL HLDGS LTD is 4.8% (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 COMBINE WILL INTL HLDGS LTD (N0Z)?
On an EBIT basis the return on assets of COMBINE WILL INTL HLDGS LTD is 2.8% (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 COMBINE WILL INTL HLDGS LTD (N0Z)?
The operating margin of COMBINE WILL INTL HLDGS LTD is 4.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at COMBINE WILL INTL HLDGS LTD (N0Z)?
Revenue at COMBINE WILL INTL HLDGS LTD is growing +15.9% versus a year earlier (3y avg +10.5%). 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 COMBINE WILL INTL HLDGS LTD (N0Z)?
Earnings per share at COMBINE WILL INTL HLDGS LTD are growing −13.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does COMBINE WILL INTL HLDGS LTD (N0Z) generate?
The free cash flow of COMBINE WILL INTL HLDGS LTD is −HK$172M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does COMBINE WILL INTL HLDGS LTD (N0Z) carry?
The net debt of COMBINE WILL INTL HLDGS LTD is HK$513M (fiscal year 2025). 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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