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Legend Holdings Corp (3396) Fair Value & Analysis

Technology · HK · Market cap HK$32.1B (≈ $4.1B) · ISIN CNE100001ZT0

What is Legend Holdings Corp really worth?

LH Legend Holdings Corp 3396 · HK
PriceHK$18.93
Fair ValueHK$34.10
Upside+80.1%
Quality45/100

Below-average quality, trading 44% below our fair value of HK$34.10.

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Risks

!Expensive Growth (revenue 5y +8.0 %/yr)
!Thin margins · 1.3% net margin
!High debt · negative free cash flow
!Mixed vs. peers (6/13)
!Narrow moat 42/100
!Evidence only medium, so the estimate is less certain
!Weak on balance sheet: 23 out of 100
!Weak on dividend: 12 out of 100
Evidence: Medium Range HK$34.10 – HK$34.10

Fair value as of: Aug 27, 2026

From 16 valuation models · updated 9 days ago

Fair value updated Aug 27, 2026, revised from HK$34.04 to HK$34.10 (+0.2%) since Aug 13, 2026. Share price +27.9% 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 is below even our cautious bear case (HK$34.10). The market is more pessimistic than our downside scenario.
  • Solid quality (45/100) at a price below fair value, the discount is the argument here, not the business quality.

Price vs Fair Value (5 years)

HK$20.10 HK$5.10 Fair Value HK$34.10 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.

How to read this chart

60‑month range HK$5.10 – HK$20.10 · the HK$18.93 price screens below the HK$34.10 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 27, 2026.

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Analysis

Legend Holdings Corp (3396) currently trades at HK$18.93, while our model-based Fair Value estimate is HK$34.10, implying the stock looks roughly 44.5% undervalued today. The Quality Score stands at 45/100 (below-average quality), in the Technology sector. Bull case: the Asset-Based group reads highest at a median of HK$29.41 per share, and 9 of the 16 models we run sit above the HK$18.93 price. Bear case: the Earnings-Based group reads lowest at HK$7.45, and 7 of the 16 models stay below the price. Evidence for this calculation is medium.

Revenue declined 9.7% year over year. It earns a return on equity of 186.4%. Net debt stands at HK$125B. The stock trades on a trailing P/E of 36.8 (as of Jul 2, 2026). Fundamentals as of Aug 27, 2026

The share trades near its 52-week high and 146% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at −53% fair-value upside, at 80%, 3396 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$0.1692 per share, which is 0.5 % 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.

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
Residual Income best evidence HK$30.68 HK$28.84 HK$22.43 76
EPV HK$165.24 HK$194.07 HK$219.30 74
ROIC Compounder HK$180.34 HK$231.25 HK$290.56 72
All 16 models by family
Earnings-Based
Graham-Dodd HK$5.67 HK$21.50 HK$29.10 64
Lynch FV HK$5.21 HK$7.45 HK$9.68 61
PEG = 1.0 HK$5.21 HK$7.45 HK$9.68 57
EPV HK$165.24 HK$194.07 HK$219.30 74
Dividend Discount
Gordon GGM HK$0.9900 HK$2.05 HK$3.26 66
DDM Multi-Stage HK$0.9900 HK$1.73 HK$2.16 66
Multiples
P/E Multiple HK$17.52 HK$23.35 HK$29.19 63
P/S Multiple HK$10.63 HK$14.18 HK$17.72 58
P/B Multiple HK$10.63 HK$14.18 HK$17.72 55
EV/EBIT HK$371.76 HK$498.26 HK$624.77 66
EV/EBITDA HK$403.37 HK$540.41 HK$677.45 67
EV/Revenue HK$184.11 HK$266.34 HK$348.57 53
Asset-Based
NCAV (Graham) HK$21.95 HK$29.41 HK$43.89 54
Economic Profit
Residual Income best evidence HK$30.68 HK$28.84 HK$22.43 76
ROIC Compounder HK$180.34 HK$231.25 HK$290.56 72
Growth Earnings
Growth-Adj P/E HK$11.46 HK$16.37 HK$21.28 67

Widest divergence: Asset-Based (HK$29.41) versus Dividend Discount (HK$1.73). Highest evidence: Residual Income (76).

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Key figures & financial health

P/E ratio 36.8 as of Jul 2, 2026
P/S ratio 0.06 P/E × margin
EPS (TTM) HK$0.2500 price ÷ EPS = P/E 36.8
Net margin 0.2% FY2025
Return on equity 186% TTM
Return on assets (EBIT) 3.1% avg 5y
More key figures
Profitability
Operating margin 1.6% TTM
Growth
Revenue growth (YoY) −9.7% 3y avg +8.2%
EPS growth (YoY) −63.5%
Balance sheet & cash flow
Free cash flow −HK$17.3B FY2025
Net debt HK$125B FY2025

Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 45/100

Of which business quality 39 · Market factors (momentum, volatility) 77

Profitability 27
Margins and returns on capital today
Quality Growth 53
Are margins and returns improving?
Cashflow 11
Earnings quality: real cash, not paper profit
Fin. Strength 13
Balance sheet, leverage, solvency risk
Investment 91
Disciplined investing over empire-building
Low Volatility 53
Calm price path (market factor)
Momentum 81
Price trend over the last 3–12 months (market factor)
52W Momentum 99
Distance to the 52-week high (market factor)
Net Issuance 81
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

Legend Holdings Corporation, along with its subsidiaries, operates in the industrial operations and industrial incubations and investments sectors in the People's Republic of China and internationally.

Full company description

Legend Holdings Corporation, along with its subsidiaries, operates in the industrial operations and industrial incubations and investments sectors in the People's Republic of China and internationally. The company provides intelligent devices and infrastructure, creates intelligent solutions, services, and software; research, develops, produces, and sells advanced material products; engages in agriculture and food-related businesses; and offers integrated banking services, including corporate and institutional banking, retail banking, private banking, and capital markets. It also invests in private equity and venture capital funds as a limited partner; holds interest in the general partners of various funds; and makes angel investments in technology start-ups, as well as minority investments in other entities. In addition, it engages in aviation logistics, financial services, medical and healthcare, and office leasing-related businesses. Further, it develops car management software, chemicals, and energy materials; provides car services, information consulting, cold chain, insurance, investment management, and medical consultation services; and engages in real estate investment, asset management, enterprise management, and project investment. Additionally, the company is involved in agriculture product planting and trading, agricultural investment, logistics, and food investment activities; trades in, processes, and sells seafood and other animal protein-related products; offers office building rental and services; develops and manufactures new energy technologies; provides financial services; engages in banking and insurance; and produces and sells salmon. Legend Holdings Corporation was incorporated in 1984 and is headquartered in Beijing, the People's Republic of China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Legend Holdings Corp reported revenue of 613B CNY in FY2025 versus 490B CNY in FY2021, a compound +5.8%/yr. Reported net income was 1.1B CNY in FY2025, compounding −34.5%/yr from FY2021.

Growth Quality 49/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
HK$613B
Latest YoY
+17.4%
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.
+8.2%
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.
+8.0%
Avg. revenue growth/yr (17Y) ⓘ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.
+10.3%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years, EBIT basis) plus dividend yield: value created per share and year.
+12.7% (12.7 + 0.0)
Revenue +5.8%/yr
FY21 490B CNY
FY22 484B CNY
FY23 443B CNY
FY24 522B CNY
FY25 613B CNY
Net income −34.5%/yr
FY21 5.8B CNY
FY22 1.2B CNY
FY23 −3.9B CNY
FY24 133M CNY
FY25 1.1B CNY

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Legend Holdings Corp · Fair Value
HK$34.10 +44%Fair Value
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Cite: Fair Value Calculator (2026). "Legend Holdings Corp Fair Value". https://www.fairvalue-calculator.com/stock/3396

Peer Group

Computer Hardware · 222 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 45 · Below median
Fair Value upside +80% · Top 25%
Return on equity (TTM) 186% · Top 25%
Return on assets 2% · Above median
Net margin (TTM) 1% · Below median
Operating margin (TTM) 2% · Below median
Revenue growth −10% · Bottom 25%
Dividend yield (TTM) 0.6% · Below median
Debt / equity 1.53× · Higher than 75% of peers

Valuation Multiples vs Computer Hardware median · lower = cheaper

P/E (TTM) 36.8× · Pricier than median
P/B 0.58× · Cheaper than 75% of peers
P/S (TTM) 0.63× · Cheaper than median
EV/EBITDA 1.2× · Cheaper 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
VALUE100 · sector 0
FUTURE0 · sector 59
PAST100 · sector 24
HEALTH23 · sector 97
DIVIDEND12 · sector 37

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 Computer Hardware stocks, each showing price versus our Fair Value estimate (as of Aug 27, 2026).

Stock Price Fair Value vs Fair Value
Dell Technologies Inc DELL $456.24 $187.75 −59%
Arista Networks, Inc ANET $201.09 $57.72 −71%
Western Digital Corporation WDC $441.57 $47.49 −89%
Hygon Information Technology Co 688041 ¥246.21 ¥30.66 −88%
Hangzhou Hikvision Digital Technology Co 002415 ¥35.18 ¥40.44 +15%
Shenzhen Longsys Electronics Co 301308 ¥376.88 ¥91.67 −76%
Lenovo Group 0992 HK$30.12 HK$33.70 +12%
Dawning Information Industry Co 603019 ¥83.19 ¥39.38 −53%
HP Inc HPQ $30.52 $48.62 +59%
Inspur Electronic Information Industry Co 000977 ¥73.79 ¥44.02 −40%

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Frequently asked questions

Is Legend Holdings Corp (3396) overvalued or undervalued?
As of Aug 27, 2026, our model estimates a fair value of HK$34.10 versus a price of HK$18.93, about +80% upside (undervalued).
What is the fair value of 3396?
Our model-based fair value for Legend Holdings Corp is HK$34.10 (as of Aug 27, 2026), built from audited fundamentals. The current price: HK$18.93.
What is the quality score of 3396?
Legend Holdings Corp has a Quality Score of 45/100. 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 net profit margin of 3396?
The net profit margin of Legend Holdings Corp is about 1.3%, meaning it keeps roughly 1.3% of revenue as net income. Based on the latest reported figures.
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