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Power Assets (0006) Fair Value & Analysis

Utilities · HK · Market cap HK$125B (≈ $15.9B) · ISIN HK0006000050

What is Power Assets really worth?

PA Power Assets 0006 · HK
PriceHK$60.30
Fair ValueHK$30.74
Upside−49.0%
Quality63/100

A solid business, but trading 96% above our fair value of HK$30.74.

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Strengths

✓Low debt · generates free cash flow

Risks

!Mixed Growth (revenue 5y −9.5 %/yr)
!Trails peers (5/14)
!Moderate moat 56/100
!Weak on past: 28 out of 100

For context

·4.68% dividend yield
Evidence: High Range HK$26.19 – HK$35.28

Fair value as of: Sep 3, 2026

From 21 valuation models · updated yesterday

Fair value updated Sep 3, 2026, revised from HK$30.76 to HK$30.74 (−0.1%) since Aug 13, 2026. Share price +3.6% over the past month.

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 →

What matters now

  • The price sits above even our optimistic bull case (HK$35.28). The favourable scenario is already priced in.
  • Solid but not exceptional quality (63/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (5 years)

HK$64.10 HK$28.82 Fair Value HK$30.74 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 3, 2026.

How to read this chart

60‑month range HK$28.82 – HK$64.10 · fair‑value band HK$26.19 – HK$35.28 · the HK$60.30 price screens above the HK$30.74 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 3, 2026.

Full chart & analysis →

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Analysis

Power Assets (0006) currently trades at HK$60.30, while our model-based Fair Value estimate is HK$30.74, implying the stock looks roughly 96.2% overvalued today. The Quality Score stands at 63/100 (solid quality), in the Utilities sector. Bull case: the Growth Earnings group reads highest at a median of HK$40.10 per share, and 0 of the 21 models we run sit above the HK$60.30 price. Bear case: the DCF Models group reads lowest at HK$3.89, and 21 of the 21 models stay below the price. Evidence for this calculation is high.

Trailing-twelve-month revenue stands at HK$771M. Revenue declined 9.9% year over year. It earns a return on equity of 7.0%. Net debt stands at HK$789M. Fundamentals as of Sep 3, 2026

Our scenario range runs from HK$26.19 (bear case) to HK$35.28 (bull case); at HK$60.30, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat. The share trades about 7% below its 52-week high and 28% above its 52-week low, currently above its 200-day average. For context, the median of 10 Utilities peers we cover trades at −51% fair-value upside, at −49%, 0006 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (HK$0.9000 to HK$52.67). Read the values as a conservative anchor, not as a price target.
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. Evidence
Highest evidence
FCF DCF HK$4.31 HK$5.89 HK$8.82 80
Growth DCF HK$4.50 HK$6.04 HK$8.66 79
5Y EBITDA Exit HK$2.72 HK$3.48 HK$4.48 77
All 21 models by family
DCF Models
FCF DCF HK$4.31 HK$5.89 HK$8.82 80
Owner Earnings HK$28.74 HK$39.91 HK$60.60 76
5Y Revenue Exit HK$2.19 HK$2.56 HK$3.09 74
5Y EBITDA Exit HK$2.72 HK$3.48 HK$4.48 77
5Y P/E Exit HK$22.62 HK$37.92 HK$56.11 70
10Y Revenue Exit HK$2.98 HK$3.33 HK$3.65 68
10Y EBITDA Exit HK$3.32 HK$3.89 HK$4.47 70
10Y P/E Exit HK$15.39 HK$25.19 HK$34.78 64
Earnings-Based
Graham-Dodd HK$19.90 HK$24.32 HK$27.36 67
EPV HK$1.43 HK$1.62 HK$1.79 74
Multiples
P/E Multiple HK$39.50 HK$52.67 HK$65.84 63
P/S Multiple HK$0.6800 HK$0.9000 HK$1.13 58
P/B Multiple HK$37.31 HK$49.75 HK$62.18 55
EV/EBIT HK$2.79 HK$3.62 HK$4.46 66
EV/EBITDA HK$1.97 HK$2.53 HK$3.09 67
EV/Revenue HK$0.9200 HK$1.19 HK$1.46 54
Asset-Based
NCAV (Graham) HK$21.29 HK$28.52 HK$42.57 54
Growth DCF
Growth DCF HK$4.50 HK$6.04 HK$8.66 79
Economic Profit
Residual Income HK$34.39 HK$36.08 HK$38.39 76
ROIC Compounder HK$1.43 HK$1.62 HK$1.79 72
Growth Earnings
Growth-Adj P/E HK$28.07 HK$40.10 HK$52.13 67

Widest divergence: Growth Earnings (HK$40.10) versus Earnings-Based (HK$1.62). Highest evidence: FCF DCF (80).

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Key figures & financial health

P/E ratio 19.2 as of Jun 7, 2026
EPS (TTM) HK$1.43 price ÷ EPS = P/E 19.2
Dividend yield 4.7% payout 197%
Net margin 809% TTM
Return on equity 7.0% TTM
Return on assets (EBIT) 2.2% avg 5y
More key figures
Profitability
Operating margin 52.0% TTM
Growth
Revenue (TTM) HK$771M TTM
Revenue growth (YoY) −9.9% 3y avg −15.2%
EPS growth (YoY) +2.6%
Balance sheet & cash flow
Free cash flow HK$883M FY2025
Net debt HK$789M FY2025 · ≈ 0.9 yrs of FCF

Figures from reported company fundamentals · as of Sep 3, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 63/100

Of which business quality 61 · Market factors (momentum, volatility) 68

Profitability 37
Margins and returns on capital today
Quality Growth 20
Are margins and returns improving?
Cashflow 75
Earnings quality: real cash, not paper profit
Fin. Strength 65
Balance sheet, leverage, solvency risk
Investment 95
Disciplined investing over empire-building
Low Volatility 93
Calm price path (market factor)
Momentum 50
Price trend over the last 3–12 months (market factor)
52W Momentum 68
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

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.

Full company description

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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Power Assets reported revenue of HK$771M in FY2025 versus HK$1.3B in FY2021, a compound −11.8%/yr. Reported net income was HK$6.2B in FY2025, compounding +0.4%/yr from FY2021.

Growth Quality 55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
HK$771M
Latest YoY
−16.1%
Avg. revenue growth/yr (3Y) ⓘ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.
−15.2%
Avg. revenue growth/yr (5Y) ⓘ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.
−9.5%
Avg. revenue growth/yr (25Y) ⓘ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.
−10.0%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+5.0% (0.3 + 4.7)
Revenue −11.8%/yr
FY21 HK$1.3B
FY22 HK$1.3B
FY23 HK$1.3B
FY24 HK$919M
FY25 HK$771M
Net income +0.4%/yr
FY21 HK$6.1B
FY22 HK$5.6B
FY23 HK$6.0B
FY24 HK$6.1B
FY25 HK$6.2B
Character of growth · EPS growth decomposed (2014-2025) −14.5 % p.a.
Revenue per share −5.0 %

of which total revenue −5.0 % · buybacks/dilution +0.0 %

EBIT margin +17.9 %
Tax rate −0.4 %
Residual (interest, one-offs) −23.4 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

0006 screens 96% overvalued. Compare with Constellation Energy Corporation →

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Power Assets · Fair Value
HK$30.74 −96%Fair Value
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Cite: Fair Value Calculator (2026). "Power Assets Fair Value". https://www.fairvalue-calculator.com/stock/0006

Peer Group

Utilities - Independent Power Producers · 77 stocks

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.

Quality Score 63 · Top 25%
Fair Value upside −49% · Below median
Return on equity (TTM) 7% · Below median
Return on assets 0% · Bottom 25%
Operating margin (TTM) 52% · Top 25%
Revenue growth −10% · Below median
Dividend yield (TTM) 4.7% · Above median
Debt / equity 0.02× · Lower than 75% of peers

Valuation Multiples vs Utilities - Independent Power Producers median · lower = cheaper

P/E (TTM) 19.2× · Pricier than median
P/B 0.18× · Cheaper than 75% of peers
P/S (TTM) 20.60× · Pricier than 75% of peers
P/FCF 18.0× · Pricier than 75% of peers
EV/EBITDA 36.4× · Pricier than 75% of peers
PEG 45.09× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 17
FUTURE0 · sector 0
PAST28 · sector 30
HEALTH99 · sector 70
DIVIDEND94 · sector 52

VALUE 0: the price sits above our fair-value range.

Insider activity: 45/100

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 Utilities - Independent Power Producers stocks, each showing price versus our Fair Value estimate (as of Sep 3, 2026).

Stock Price Fair Value vs Fair Value
Constellation Energy Corporation CEG $285.05 $88.09 −69%
Vistra Corp VST $144.22 $50.39 −65%
Adani Power Limited ADANIPOWER ₹206.10 ₹75.57 −63%
CGN Power Co 003816 ¥4.33 ¥3.62 −16%
Gulf Development Public Company GULF 63.25 THB 39.25 THB −38%
NRG Energy, Inc NRG $109.51 $53.91 −51%
Adani Energy Solutions Limited ADANIENSOL ₹1,583 ₹342.02 −78%
Talen Energy Corporation TLN $365.07 $43.55 −88%
Datang International Power Generation Co 601991 ¥5.89 ¥4.95 −16%
Huaneng Power International, Inc 600011 ¥6.92 ¥9.14 +32%

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Frequently asked questions

Is Power Assets (0006) overvalued or undervalued?
As of Sep 3, 2026, our model estimates a fair value of HK$30.74 versus a price of HK$60.30, about −49% upside (overvalued).
What is the fair value of 0006?
Our model-based fair value for Power Assets is HK$30.74 (as of Sep 3, 2026), built from audited fundamentals. The current price: HK$60.30.
What is the quality score of 0006?
Power Assets has a Quality Score of 63/100. 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 revenue of Power Assets (0006)?
Power Assets reported trailing-twelve-month revenue of about HK$771M (latest available figure, as of Sep 3, 2026).
Does Power Assets pay a dividend?
Power Assets currently shows a dividend yield of about 4.68% relative to its recent price (as of Sep 3, 2026).
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