Beijing Enterprises Holdings Ltd (0392) Fair Value & Analysis
Industrials · HK · Market cap HK$33.8B (≈ $4.3B) · ISIN HK0392044647
What is Beijing Enterprises Holdings Ltd really worth?
Below-average quality, trading 50% below our fair value of HK$61.72.
Strengths
Risks
For context
Fair value as of: Aug 21, 2026
From 13 valuation models · updated 15 days ago
Fair value updated Aug 21, 2026, revised from HK$59.60 to HK$61.72 (+3.6%) since Aug 13, 2026. Share price +0.4% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price is below even our cautious bear case (HK$58.05). The market is more pessimistic than our downside scenario.
- Solid quality (47/100) at a price below fair value, the discount is the argument here, not the business quality.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 21, 2026.
How to read this chart
60‑month range HK$16.18 – HK$35.58 · fair‑value band HK$58.05 – HK$96.75 · the HK$31.06 price screens below the HK$61.72 fair value. Dashed = 300-day average. As of Aug 21, 2026.
Analysis
Beijing Enterprises Holdings Ltd (0392) currently trades at HK$31.06, while our model-based Fair Value estimate is HK$61.72, implying the stock looks roughly 49.7% undervalued today. The Quality Score stands at 47/100 (below-average quality), in the Industrials sector. Bull case: the Multiples group reads highest at a median of HK$76.04 per share, and 10 of the 13 models we run sit above the HK$31.06 price. Bear case: the Growth DCF group reads lowest at HK$16.91, and 3 of the 13 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, Beijing Enterprises Holdings Ltd generated revenue of HK$87.2B at a net margin of 5.8%. Revenue grew 2.3% year over year. It earns a return on equity of 6.6%. Net debt stands at HK$53.8B. Fundamentals as of Aug 21, 2026
Our scenario range runs from HK$58.05 (bear case) to HK$96.75 (bull case); at HK$31.06, the current price sits below 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 14% below its 52-week high and 16% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at 11% fair-value upside, at 99%, 0392 screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly HK$0.7376 per share, which is 1.2 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
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.
All 13 models by family
Widest divergence: Multiples (HK$76.04) versus Growth DCF (HK$16.91). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 21, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 44 · Market factors (momentum, volatility) 53
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
Beijing Enterprises Holdings Limited, through its subsidiaries, engages in the gas, water, environmental, brewery, and other businesses in Mainland China, Germany, and internationally. It operates through four segments: Gas Operation, Water Operation, Environmental Operation, and Brewery Operation.
Full company description
Beijing Enterprises Holdings Limited, through its subsidiaries, engages in the gas, water, environmental, brewery, and other businesses in Mainland China, Germany, and internationally. It operates through four segments: Gas Operation, Water Operation, Environmental Operation, and Brewery Operation. The Gas operations segment encompasses natural gas storage, transmission, and sales; urban gas pipeline construction and management; gas for vehicles and vessels and refuelling stations; distributed energy; liquefied petroleum gas; new energy-related technology and product development; natural gas trade; and value-added services, with a full industrial chain presence in upstream, midstream, and downstream markets. The Water Operations segment focuses on water recycling and water-related environmental protection, integrating industrial investment, design, construction, operation, technical services, and capital operation, and operates a network of water and sewage treatment. The Environmental Operations segment covers household waste incineration and power generation, hazardous and medical waste treatment, sludge disposal, and garbage collection and transportation. The Brewery operation segment produces and sells beer and beverage products. The company was incorporated in 1997 and is based in Wan Chai, Hong Kong.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Beijing Enterprises Holdings Ltd reported revenue of 97.1B CNY in FY2025 versus 80.5B CNY in FY2021, a compound +4.8%/yr. Reported net income was 5.6B CNY in FY2025, compounding −13.2%/yr from FY2021.
of which total revenue +6.1 % · buybacks/dilution +0.2 %
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).
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Peer Group
Conglomerates · 375 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.
Valuation Multiples vs Conglomerates median · lower = cheaper
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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Conglomerates stocks, each showing price versus our Fair Value estimate (as of Aug 21, 2026).
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|---|---|---|---|
| ITOCHU Corporation ITOCHU19 | 7.20 THB | 14.40 THB | +100% |
| 3M Company MMM | $178.83 | $76.87 | −57% |
| Honeywell International Inc HON | $217.43 | $218.95 | +1% |
| CITIC Limited 0267 | HK$13.02 | HK$26.04 | +100% |
| Poste Italiane S.p.A PST | €26.90 | €7.65 | −72% |
| Swire Pacific Limited 0019 | HK$106.30 | HK$36.88 | −65% |
| SK Inc 034730 | 553,000 KRW | 615,077 KRW | +11% |
| PT Astra International Tbk, ASII | 4,800 IDR | 9,600 IDR | +100% |
| Jardine Matheson Holdings J36 | $59.10 | $79.11 | +34% |
| Kingboard Holdings 0148 | HK$45.52 | HK$32.91 | −28% |
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