Far East Horizon Limited

3360.HK · Financial Services · Credit Services · Valued as of 2026-11-05 · Statements 2024-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

88.28B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

7.19B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

9.01B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

34.83B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

3.80B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

9.16×

the ratio the screener ranks by

Margin of Safety

+89.1%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 88.28B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)88.28B USD
−②Net Debt Today0 USD
+③Growth Value0 USD
=Value88.28B USD

EPV of the Operations (NOPAT over WACC)

88.28B USD

Net debt today

0 USD

Growth Value

0 USD

Value

88.28B USD

①EPV (Earnings Power Value)

88.28B USD

②Net Debt Today

0 USD

③Growth Value

0 USD

Market value

Market Cap3.80B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+95.7%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 7.19B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE3.48B USD
+②Equity at Year 15, Today3.71B USD
=Value7.19B USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROE on new investment falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

3.48B USD

②Equity at Year 15, Today

3.71B USD

Market value

Market Cap3.80B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+47.1%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 9.01B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (an FCFF at or below zero in the latest three years), so the value is the book value today, 9.01B USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Debt Today

Not in the value

Market value

Market Cap3.80B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+57.8%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 0.98%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.70×Market Risk Premium 6.00%= 8.71%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 480.35M USDPretax Income 1.10B USD= 43.66%

The tax the interest saves.

Interest Expense =EBIT 1,266.58M USD−Pretax Income 1,100.20M USD= 166.38M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 166.38M USDTotal Debt 39.34B USD×(1 − Tax Rate for WACC 43.66%)= 0.24%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 39.34B USDMarket Cap + Total Debt 3.80B USD + 39.34B USD= 91.19%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 8.81%×Cost of Equity 8.71%+Debt Weight 91.19%×Cost of Debt 0.24%= 0.98%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-06-30.

Total Assets 54.99B USD − Total Liabilities 45.99B USD = Book Value Today 9.01B USD

Net debt today 0: a bank's debt is the money it lends on, not how the business is financed.

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 110.0%at most 5%does not pass4,748,320,997 / 4,315,509,601
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets1.5%at least -10.0%passes(1.37B USD − 534.19M USD) ÷ 54.99B USD
Price to bookMarket Cap ÷ Book Value Today0.42×at most 3×passes3.80B USD ÷ 9.01B USD
Operating marginOperating Income ÷ Revenue23.6%above 10.0%passes1.23B USD ÷ 5.20B USD
Revenue growthRevenue ÷ Revenue a Year Before − 1-3.2%above 10.0%does not pass5.20B USD / 5.37B USD
Net cash(Cash − Total Debt) ÷ Market Cap-972.4%above -30%does not pass(2.39B USD − 39.34B USD) ÷ 3.80B USD
Operating efficiencyOperating Income ÷ Gross Profit52.1%above 25.0%passes1.23B USD ÷ 2.35B USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

6.29 HKD

Enterprise value

289.92B HKD

the provider's own figure

EV / EBITDA

—

Price / book

0.49×

the provider's book

Price / earnings

6.41×

Return on equity

6.7%

the provider's figure, not this page's

Profit margin

11.7%

Revenue growth

-0.5%

Analyst target, mean

9.01 HKD

Analysts

7

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

Income statement (USD)20212022202320242025

Revenue

—5.28B5.37B5.20B—

Gross profit

—2.67B2.56B2.35B—

Operating income

—1.63B1.42B1.23B—

EBITDA

operating income before depreciation and amortisation

—2.08B2.03B1.76B—

Pretax income

—1.48B1.47B1.10B—

Net income

—916.99M887.32M534.19M—

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

—960.08M819.20M521.46M—

R&D

—————
Balance sheet, year end (USD)20212022202320242025

Total assets

52.76B49.88B49.51B49.43B—

Total liabilities

44.43B42.34B41.40B41.55B—

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

7.70B6.95B7.28B6.72B—

Total debt

36.26B36.20B36.14B36.47B—

Cash and equivalents

2.78B2.58B2.66B2.71B—

Net PP&E

fixed assets after depreciation

4.15B3.86B3.65B3.97B—

Working capital

current assets less current liabilities

987.49M3.27B5.87B2.72B—
Cash flow (USD)20212022202320242025

Operating cash flow

-2.34B-1.10B524.87M1.37B—

Capital expenditure

paid out, so below zero

-1.64B-568.99M-360.42M-1.15B—

Depreciation and amortisation

361.66M442.38M417.40M490.92M—

Free cash flow

operating cash flow plus capital expenditure

-3.98B-1.67B164.45M213.16M—