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3688.HK$0.28+0.00%
Fair $0.28+0.0%

3688.HK

Top Spring International Holdings Limited

Real Estate / Real Estate - DevelopmentHKSE

$0.28

+0.00 (+0.00%)

Fairly Valued+0.0%Fair Value $0.28Fund rank 25/100 · Data gapFallback financials|
SA 6/F
F-Score: 3/9
Low Profitability

Book/ROE base 3Y

n/d

n/d CAGR · P/B n/d

Book/ROE base 5Y

n/d

n/d base · n/d expected

Precio de entrada

n/d

MOS 100% · confianza 20%

Book/ROE escenarios

weak_data · book/share n/d · quality 0.0/100

Data gap 25/100
Bear 5Yn/dn/d
Base 5Yn/dn/d
Bull 5Yn/dn/d
Return 0/100Downside 20/100Model quality 46/100Data QA 20/100

Ranking barato/determinista: CAGR esperado 5Y + downside bear + calidad del modelo + balance + capital allocation + data gate. No entra en buy-candidate si la data es débil o el CAGR 5Y no compensa.

Quality + valuation scorecard

SA Score

6/100

F

Piotroski

3/9

balance/quality

Valuation

50/100

+0.0% upside

5Y CAGR

+0.0%

50/100

Data QA

16/100

SEC 0%

Latest source: unknownPeriods: 4Warnings: 1unknown: 4
No SEC-backed annual rows; valuation uses fallback financial data. Sector-specific NAV/AFFO model required: REIT/real-estate targets are disabled until FFO/AFFO/NAV/cap-rate data exists. REIT NAV/AFFO valuation requires positive AFFO/share history or TTM AFFO/share; generic FCF remains disabled. ROE is -88.1%, below the 5% threshold
Thesis & Journal · 3688.HKLocal privado en este navegador · Top Spring International Holdings Limited
Plantilla tipo buy-side: tesis, bull/base/bear, catalizadores, riesgos, kill criteria y fecha de revisión. Esto no gasta GPT-5.5; luego lo usamos como contexto del memo.

Sin guardar todavía.

Market Cap

$403M

P/E

N/A

•

EV/EBITDA

N/A

•

ROE

-88.1%

↓

Gross Margin

-49.9%

↓

Debt/Equity

1.57

↑
52-Week Range$0
$0$1

TradingView lightweight chart

3688.HK price, volumen y niveles de valoración

Último $0.285Periodo -92.5%
Fair value: $0.285

Price & Ratios

Absolute Values (Left Axis)

Ratios / Percentages (Right Axis)

Financial statement dashboard

Crecimiento, márgenes y provenance

2022–2025 · 3 años de histórico normalizado

Revenue CAGR

-28.2%

FCF CAGR

-24.6%

FCF margin

7.6%

FCF / Net income

-0.04x

Latest source

Provider fallback

Margin decomposition

Último año: revenue $1.36B · net income $-2.91B · FCF $102.9M

2022-FY → 2025-FY

Gross margin

-49.9%-66.1% pts

Operating margin

-78.7%-83.6% pts

Net margin

-213.7%-208.6% pts

FCF margin

7.6%+1.0% pts
MetricTTM
2025
2024
2023
2022
Income Statement
Revenue$1.36B$1.36B$1.37B$954.3M$3.67B
Net Income$-2.91B$-2.91B$-1.83B$-876.9M$-185.1M
EBITDA$-3.03B$-3.03B$-1.85B$-512.8M$249.5M
EPS——-1.20-0.57-0.12
Gross Margin-49.9%-49.9%-8.5%-26.6%16.2%
Operating Margin-78.7%-78.7%-41.7%-43.5%5.0%
Net Margin-213.7%-213.7%-133.8%-91.9%-5.0%
Balance Sheet
Debt/Equity1.571.571.070.900.84
Current Ratio1.351.35———
Cash Flow
Free Cash Flow$102.9M$102.9M$538.6M$349.2M$240.5M
Returns
ROE-88.1%-88.1%-30.2%-10.8%-2.0%
Valuation
EV/EBITDA————34.11
P/B0.120.120.120.110.15
Growth & Yield
Revenue Growth-0.7%-0.7%43.5%-74.0%—
EPS Growth——-110.5%-375.0%—

Revenue, Net Income & Free Cash Flow ($B)

Margins (%)

Returns (%)

Leverage & Liquidity

Reverse DCF · market-implied EPS growthterminal P/E 15.0x · COE 10.0%
Reverse DCF requires positive EPS; loss-making or zero-EPS companies cannot produce a clean EPS hurdle.

Qué te dice: cuánto EPS CAGR está descontando el precio si sales al múltiplo terminal indicado. Si el growth observado queda por debajo, el mercado está pidiendo una ejecución muy fina.

Return attribution · 1Y approxreconcilia total -16.2%

Total return

-16.2%

Start / end P/E

n/dx → n/dx

EPS bridge

-1.20 → n/d

Residual

-16.2%

EPS growthn/d
Multiple reratingn/d
Dividend+0.0%
Residual / FX / buybacks / cross-term-16.2%

EPS/multiple decomposition requires positive EPS at both endpoints; residual absorbs price move not explained by dividends.

Simple additive decomposition: total return = EPS growth contribution + P/E multiple contribution + dividend contribution + explicit residual. The residual captures cross-terms, buybacks/share-count effects, FX, special dividends, data noise and methodology mismatch so the bridge always reconciles.