<h3>關鍵洞察</h3>
<ul>
<li>使用股息折現模型，偉仕佳傑的公允價值估計為 7.02 港元</li>
<li>偉仕佳傑的 8.02 港元股價表明其交易水平與公允價值估計相似</li>
<li>分析師對 856 的目標股價為 12.75 港元，比我們的公允價值估計高出 82%</li>
</ul>
<p>偉仕佳傑有限公司（HKG:856）的內在價值與市場價格相差多少？根據最新的財務數據，我們將通過將預期未來現金流折現到現值來查看該股票是否被合理定價。我們將利用折現現金流（DCF）模型來實現這一目的。儘管這看起來可能相當複雜，但實際上並沒有那麼複雜。</p>
<p>不過請記住，估算公司價值的方法有很多，而 DCF 只是其中一種方法。如果您對這種估值類型還有一些迫切的問題，請查看 Simply Wall St 的分析模型。</p>
<p>人工智能即將改變醫療保健。這 20 只股票正在從早期診斷到藥物發現等各個方面進行工作。最棒的是——它們的市值都在 100 億美元以下——現在仍然有機會提前佈局。</p>
<h2>數據分析</h2>
<p>由於偉仕佳傑在電子行業運營，我們需要稍微不同地計算內在價值。在這種方法中，使用每股股息（DPS），因為自由現金流難以估算且通常不被分析師報告。除非公司將大部分自由現金流作為股息支付，否則這種方法通常會低估股票的價值。使用的是 “戈登增長模型”，該模型簡單地假設股息支付將以可持續的增長率永遠增長。預計股息將以與 10 年期國債收益率 5 年平均值 2.8% 相等的年增長率增長。然後，我們以 9.3% 的股本成本將該數字折現到今天的價值。相對於當前的 8.0 港元股價，該公司在撰寫時似乎處於公允價值附近。不過，估值是一個不精確的工具，就像望遠鏡一樣——移動幾個度就會進入不同的星系。請記住這一點。</p>
<p>每股價值 = 預期每股股息 / (折現率 - 永續增長率)</p>
<p>= 0.5 港元 / (9.3% – 2.8%)</p>
<p>= 7.0 港元</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/7657321-dcf-1-dark-2/1766528403313?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1706" height="760" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/7657321-dcf-1-dark-2/1766528403313"/></p>
<p>SEHK:856 折現現金流 2025 年 12 月 23 日</p>
<h2>重要假設</h2>
<p>上述計算非常依賴於兩個假設。第一個是折現率，另一個是現金流。您不必同意這些輸入，我建議您自己重新計算並進行調整。DCF 也沒有考慮行業的可能週期性或公司的未來資本需求，因此並不能全面反映公司的潛在表現。鑑於我們將偉仕佳傑視為潛在股東，使用股本成本作為折現率，而不是資本成本（或加權平均資本成本，WACC），後者考慮了債務。在此計算中，我們使用了 9.3%，這是基於 1.261 的槓桿貝塔。貝塔是衡量股票相對於整體市場波動性的指標。我們從全球可比公司的行業平均貝塔中獲得我們的貝塔，並在 0.8 到 2.0 之間施加限制，這是穩定企業的合理範圍。</p>
<p>查看我們對偉仕佳傑的最新分析</p>
<h3>偉仕佳傑的 SWOT 分析</h3>
<p><strong>優勢</strong></p>
<ul>
<li>去年盈利增長超過行業水平。</li>
</ul>
<ul>
<li>債務由盈利良好覆蓋。</li>
</ul>
<ul>
<li>股息由盈利和現金流覆蓋。</li>
</ul>
<p>856 的股息信息。</p>
<p><strong>劣勢</strong></p>
<ul>
<li>與電子市場前 25% 的股息支付者相比，股息較低。</li>
</ul>
<p><strong>機會</strong></p>
<ul>
<li>年度盈利預計將比香港市場增長更快。</li>
</ul>
<ul>
<li>根據市盈率與估計的公允市盈率相比，價值良好。</li>
</ul>
<p><strong>威脅</strong></p>
<ul>
<li>債務未能由經營現金流良好覆蓋。</li>
</ul>
<ul>
<li>收入預計每年增長低於 20%。</li>
</ul>
<p>856 是否具備應對威脅的能力？</p>
<h2>下一步：</h2>
<p>估值只是構建投資論點的一方面，在研究公司時不應是唯一的指標。使用 DCF 模型無法獲得萬無一失的估值。最好是應用不同的案例和假設，看看它們如何影響公司的估值。例如，公司的股本成本或無風險利率的變化可能會顯著影響估值。對於偉仕佳傑，我們整理了您應該考慮的三個關鍵要素：</p>
<ol>
<li><strong>風險</strong>：請注意，偉仕佳傑在我們的投資分析中顯示出 <strong>1 個警告信號</strong>，您應該瞭解...</li>
<li><strong>未來盈利</strong>：856 的增長率與其同行和更廣泛市場相比如何？通過與我們的免費分析師增長預期圖表互動，深入瞭解即將到來的年份的分析師共識數字。</li>
<li><strong>其他高質量替代品</strong>：您喜歡全能型股票嗎？探索我們的高質量股票互動列表，瞭解您可能錯過的其他投資機會！</li>
</ol>
<p>附言：Simply Wall St 應用程序每天對 SEHK 上的每隻股票進行折現現金流估值。如果您想查找其他股票的計算，請在此搜索。</p>
<p>移動基礎設施用於國防和災難</p>
<p>下一波機器人技術不是類人型的。它是完全自主的塔，在 30 分鐘內提供 5G、ISR 和雷達，隨時隨地。</p>
<p>在下一輪合同之前獲取投資者簡報</p>
<p>由 CiTech 贊助</p>

偉仕佳傑

<p>VSTECS Holdings Limited（港股代碼：856）的公允價值估計為 7.02 港元，當前股價為 8.02 港元。分析師的目標價為 12.75 港元，比公允價值估計高出 82%。該估值使用了 9.3% 的折現率和 2.8% 的永續增長率。分析強調了盈利增長和股息覆蓋等優勢，但也指出了低股息收益率等劣勢，以及收入增長緩慢等威脅</p>

<h3>Key Insights</h3>
<div class="lb-trans"><h3>關鍵洞察</h3>
</div><ul>
<li>Using the Dividend Discount Model, VSTECS Holdings fair value estimate is HK$7.02</li>
<li>VSTECS Holdings' HK$8.02 share price indicates it is trading at similar levels as its fair value estimate</li>
<li>Analyst price target for 856 is HK$12.75, which is 82% above our fair value estimate</li>
</ul>
<div class="lb-trans"><ul>
<li>使用股息折現模型，偉仕佳傑的公允價值估計為 7.02 港元</li>
<li>偉仕佳傑的 8.02 港元股價表明其交易水平與公允價值估計相似</li>
<li>分析師對 856 的目標股價為 12.75 港元，比我們的公允價值估計高出 82%</li>
</ul>
</div><p>How far off is VSTECS Holdings Limited (HKG:856) from its intrinsic value? Using the most recent financial data, we'll take a look at whether the stock is fairly priced by taking the expected future cash flows and discounting them to their present value. We will take advantage of the Discounted Cash Flow (DCF) model for this purpose. There's really not all that much to it, even though it might appear quite complex.</p>
<div class="lb-trans"><p>偉仕佳傑有限公司（HKG:856）的內在價值與市場價格相差多少？根據最新的財務數據，我們將通過將預期未來現金流折現到現值來查看該股票是否被合理定價。我們將利用折現現金流（DCF）模型來實現這一目的。儘管這看起來可能相當複雜，但實際上並沒有那麼複雜。</p>
</div><p>Remember though, that there are many ways to estimate a company's value, and a DCF is just one method. If you still have some burning questions about this type of valuation, take a look at the Simply Wall St analysis model.</p>
<div class="lb-trans"><p>不過請記住，估算公司價值的方法有很多，而 DCF 只是其中一種方法。如果您對這種估值類型還有一些迫切的問題，請查看 Simply Wall St 的分析模型。</p>
</div><p>AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early.</p>
<div class="lb-trans"><p>人工智能即將改變醫療保健。這 20 只股票正在從早期診斷到藥物發現等各個方面進行工作。最棒的是——它們的市值都在 100 億美元以下——現在仍然有機會提前佈局。</p>
</div><h2>Crunching The Numbers</h2>
<div class="lb-trans"><h2>數據分析</h2>
</div><p>As VSTECS Holdings operates in the electronic sector, we need to calculate the intrinsic value slightly differently. In this approach dividends per share (DPS) are used, as free cash flow is difficult to estimate and often not reported by analysts. Unless a company pays out the majority of its FCF as a dividend, this method will typically underestimate the value of the stock. The 'Gordon Growth Model' is used, which simply assumes that dividend payments will continue to increase at a sustainable growth rate forever. The dividend is expected to grow at an annual growth rate equal to the 5-year average of the 10-year government bond yield of 2.8%. We then discount this figure to today's value at a cost of equity of 9.3%. Relative to the current share price of HK$8.0, the company appears around fair value at the time of writing. Valuations are imprecise instruments though, rather like a telescope - move a few degrees and end up in a different galaxy. Do keep this in mind.</p>
<div class="lb-trans"><p>由於偉仕佳傑在電子行業運營，我們需要稍微不同地計算內在價值。在這種方法中，使用每股股息（DPS），因為自由現金流難以估算且通常不被分析師報告。除非公司將大部分自由現金流作為股息支付，否則這種方法通常會低估股票的價值。使用的是 “戈登增長模型”，該模型簡單地假設股息支付將以可持續的增長率永遠增長。預計股息將以與 10 年期國債收益率 5 年平均值 2.8% 相等的年增長率增長。然後，我們以 9.3% 的股本成本將該數字折現到今天的價值。相對於當前的 8.0 港元股價，該公司在撰寫時似乎處於公允價值附近。不過，估值是一個不精確的工具，就像望遠鏡一樣——移動幾個度就會進入不同的星系。請記住這一點。</p>
</div><p>Value Per Share = Expected Dividend Per Share / (Discount Rate - Perpetual Growth Rate)</p>
<div class="lb-trans"><p>每股價值 = 預期每股股息 / (折現率 - 永續增長率)</p>
</div><p>= HK$0.5 / (9.3% – 2.8%)</p>
<div class="lb-trans"><p>= 0.5 港元 / (9.3% – 2.8%)</p>
</div><p>= HK$7.0</p>
<div class="lb-trans"><p>= 7.0 港元</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/7657321-dcf-1-dark-2/1766528403313" alt="" original-src="https://images.simplywall.st/asset/chart/7657321-dcf-1-dark-2/1766528403313"/></p>
<p>SEHK:856 Discounted Cash Flow December 23rd 2025</p>
<div class="lb-trans"><p>SEHK:856 折現現金流 2025 年 12 月 23 日</p>
</div><h2>Important Assumptions</h2>
<div class="lb-trans"><h2>重要假設</h2>
</div><p>The calculation above is very dependent on two assumptions. The first is the discount rate and the other is the cash flows. You don't have to agree with these inputs, I recommend redoing the calculations yourself and playing with them. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at VSTECS Holdings as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 9.3%, which is based on a levered beta of 1.261. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business.</p>
<div class="lb-trans"><p>上述計算非常依賴於兩個假設。第一個是折現率，另一個是現金流。您不必同意這些輸入，我建議您自己重新計算並進行調整。DCF 也沒有考慮行業的可能週期性或公司的未來資本需求，因此並不能全面反映公司的潛在表現。鑑於我們將偉仕佳傑視為潛在股東，使用股本成本作為折現率，而不是資本成本（或加權平均資本成本，WACC），後者考慮了債務。在此計算中，我們使用了 9.3%，這是基於 1.261 的槓桿貝塔。貝塔是衡量股票相對於整體市場波動性的指標。我們從全球可比公司的行業平均貝塔中獲得我們的貝塔，並在 0.8 到 2.0 之間施加限制，這是穩定企業的合理範圍。</p>
</div><p>View our latest analysis for VSTECS Holdings</p>
<div class="lb-trans"><p>查看我們對偉仕佳傑的最新分析</p>
</div><h3>SWOT Analysis for VSTECS Holdings</h3>
<div class="lb-trans"><h3>偉仕佳傑的 SWOT 分析</h3>
</div><p><strong>Strength</strong></p>
<div class="lb-trans"><p><strong>優勢</strong></p>
</div><ul>
<li>Earnings growth over the past year exceeded the industry.</li>
</ul>
<div class="lb-trans"><ul>
<li>去年盈利增長超過行業水平。</li>
</ul>
</div><ul>
<li>Debt is well covered by earnings.</li>
</ul>
<div class="lb-trans"><ul>
<li>債務由盈利良好覆蓋。</li>
</ul>
</div><ul>
<li>Dividends are covered by earnings and cash flows.</li>
</ul>
<div class="lb-trans"><ul>
<li>股息由盈利和現金流覆蓋。</li>
</ul>
</div><p>Dividend information for 856.</p>
<div class="lb-trans"><p>856 的股息信息。</p>
</div><p><strong>Weakness</strong></p>
<div class="lb-trans"><p><strong>劣勢</strong></p>
</div><ul>
<li>Dividend is low compared to the top 25% of dividend payers in the Electronic market.</li>
</ul>
<div class="lb-trans"><ul>
<li>與電子市場前 25% 的股息支付者相比，股息較低。</li>
</ul>
</div><p><strong>Opportunity</strong></p>
<div class="lb-trans"><p><strong>機會</strong></p>
</div><ul>
<li>Annual earnings are forecast to grow faster than the Hong Kong market.</li>
</ul>
<div class="lb-trans"><ul>
<li>年度盈利預計將比香港市場增長更快。</li>
</ul>
</div><ul>
<li>Good value based on P/E ratio compared to estimated Fair P/E ratio.</li>
</ul>
<div class="lb-trans"><ul>
<li>根據市盈率與估計的公允市盈率相比，價值良好。</li>
</ul>
</div><p><strong>Threat</strong></p>
<div class="lb-trans"><p><strong>威脅</strong></p>
</div><ul>
<li>Debt is not well covered by operating cash flow.</li>
</ul>
<div class="lb-trans"><ul>
<li>債務未能由經營現金流良好覆蓋。</li>
</ul>
</div><ul>
<li>Revenue is forecast to grow slower than 20% per year.</li>
</ul>
<div class="lb-trans"><ul>
<li>收入預計每年增長低於 20%。</li>
</ul>
</div><p>Is 856 well equipped to handle threats?</p>
<div class="lb-trans"><p>856 是否具備應對威脅的能力？</p>
</div><h2>Next Steps:</h2>
<div class="lb-trans"><h2>下一步：</h2>
</div><p>Valuation is only one side of the coin in terms of building your investment thesis, and it shouldn't be the only metric you look at when researching a company. It's not possible to obtain a foolproof valuation with a DCF model. Preferably you'd apply different cases and assumptions and see how they would impact the company's valuation. For example, changes in the company's cost of equity or the risk free rate can significantly impact the valuation. For VSTECS Holdings, we've put together three essential elements you should consider:</p>
<div class="lb-trans"><p>估值只是構建投資論點的一方面，在研究公司時不應是唯一的指標。使用 DCF 模型無法獲得萬無一失的估值。最好是應用不同的案例和假設，看看它們如何影響公司的估值。例如，公司的股本成本或無風險利率的變化可能會顯著影響估值。對於偉仕佳傑，我們整理了您應該考慮的三個關鍵要素：</p>
</div><ol>
<li><strong>Risks</strong>: Be aware that VSTECS Holdings is showing <strong>1 warning sign in our investment analysis</strong> , you should know about...</li>
<li><strong>Future Earnings</strong>: How does 856's growth rate compare to its peers and the wider market? Dig deeper into the analyst consensus number for the upcoming years by interacting with our free analyst growth expectation chart.</li>
<li><strong>Other High Quality Alternatives</strong>: Do you like a good all-rounder? Explore our interactive list of high quality stocks to get an idea of what else is out there you may be missing!</li>
</ol>
<div class="lb-trans"><ol>
<li><strong>風險</strong>：請注意，偉仕佳傑在我們的投資分析中顯示出 <strong>1 個警告信號</strong>，您應該瞭解...</li>
<li><strong>未來盈利</strong>：856 的增長率與其同行和更廣泛市場相比如何？通過與我們的免費分析師增長預期圖表互動，深入瞭解即將到來的年份的分析師共識數字。</li>
<li><strong>其他高質量替代品</strong>：您喜歡全能型股票嗎？探索我們的高質量股票互動列表，瞭解您可能錯過的其他投資機會！</li>
</ol>
</div><p>PS. The Simply Wall St app conducts a discounted cash flow valuation for every stock on the SEHK every day. If you want to find the calculation for other stocks just search here.</p>
<div class="lb-trans"><p>附言：Simply Wall St 應用程序每天對 SEHK 上的每隻股票進行折現現金流估值。如果您想查找其他股票的計算，請在此搜索。</p>
</div><p>Mobile Infrastructure for Defense and Disaster</p>
<div class="lb-trans"><p>移動基礎設施用於國防和災難</p>
</div><p>The next wave in robotics isn't humanoid. Its fully autonomous towers delivering 5G, ISR, and radar in under 30 minutes, anywhere.</p>
<div class="lb-trans"><p>下一波機器人技術不是類人型的。它是完全自主的塔，在 30 分鐘內提供 5G、ISR 和雷達，隨時隨地。</p>
</div><p>Get the investor briefing before the next round of contracts</p>
<div class="lb-trans"><p>在下一輪合同之前獲取投資者簡報</p>
</div><p>Sponsored On Behalf of CiTech</p>
<div class="lb-trans"><p>由 CiTech 贊助</p>
</div>

估算偉仕佳傑控股有限公司（HKG:856）的合理價值