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← CockpitCompetitor Analysis › 3887.HK HashKey Holdings LimitedOpen in the cockpit ↗

HashKey Holdings Limited3887.HKCompetitor analysis, valuation and peers

Hong Kong · HKD·Financials›Investment Managers
Momentum laggard 14
Mkt cap
$660M
US dollars, full cap
Free float
25%
of shares outstanding
$/day
$620,865
20-day average traded
P/B
2.16×
price to book
ROE
-311.1%
delivered
Implied ROE
26.5%
what the price asks
Next earnings
143 days
29 Mar 2027
Close · HKDHK$1.89
1D-7.1%
1W+2.7%
1M-18.2%
3M-19.8%
6M-55.8%
YTD-71.8%
1Yn/a
ATR %8.3%
52w lowhigh76.4% off high

What HashKey does

Employees: 340

HashKey at a glance

Size HashKey (3887.HK) is a Hong Kong Financials company (Investment Managers) with a market value of $660M, the 692nd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$1.89 on 6 Nov 2026.

Performance Over six months the shares fell 55.8%, against -3.8% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — lowest of 21 in its peer set.

Growth Revenue grew 33.5% over the last twelve months (peer median +7.9%); the operating margin is -130.1% (peer median 59.1%).

Valuation It trades at 2.16× book value against a peer median of 0.89× (4th most expensive of 21).

Price implies The share price implies a return on equity of about 26.5%; HashKey delivers -311.1%, so the price asks more than the business earns today.

Next results Next results expected around 29 Mar 2027 (exchange calendar; dates can move).

Relative performance

40608010011 May 202611 Aug 20266 Nov 2026Peer median 973887.HK 46
Six months, rebased to 100: HashKey against the median of its 20 peers (local-currency closes).

HashKey financials

Reported figures in HKD; fiscal year ends 2025-12-31. TTM = trailing twelve months.
TTMFY2025FY2024FY2023FY2022
RevenueHK$844MHK$758MHK$734MHK$192MHK$180M
Revenue growth—+3%+283%+7%—
Gross profitHK$449MHK$399MHK$515MHK$150MHK$151M
EBITDA-HK$1.05B-HK$798M-HK$977M-HK$476M-HK$524M
Net income-HK$1.27B-HK$1.09B-HK$1.19B-HK$580M-HK$585M
Free cash flow-HK$928M-HK$629M-HK$190M-HK$241M-HK$239M
Capital expenditureHK$1.61MHK$3.51MHK$5.62MHK$16.0MHK$8.05M
Total debtn/aHK$603MHK$2.05BHK$1.61BHK$893M

Quarterly statements and history in the cockpit →

HashKey competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

-40%-20%0%-20%-10%0%+10%MAFAGF-BRPLLFGEVLIORES8595POLNQALVINPAD-UNTAMYF8CVGIDIP4765KBDC5842HAN3887.HK6-month return →1-month return →
Up and to the right = strong over both horizons. HashKey is the large dot.

Fundamentals: return on equity against price-to-book

-300%-200%-100%0%10×20×30×MAFAGF-BRPLLFGEVLIORESQALMUXVINPTAMYF847653887.HKReturn on equity →Price / book →
A bank or insurer earning more on its equity usually trades at a higher multiple of book; points far above the trend are priced for more. HashKey is the large dot.

Capital: ROE delivered against the ROE the price implies

-300%-200%-100%0%-300%-200%-100%0%MAFAGF-BRPLMUXYF83887.HKROE delivered →ROE the price implies →
Above the diagonal = the price asks for a higher return on equity than the business earns today. HashKey is the large dot.

HashKey competitors and peer comparison

How HashKey compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

HashKey against its 20 peers (data as of 6 Nov 2026)
Measure3887.HKPeer medianRank in peer set
1-month return-18.2%0.0%2nd lowest of 21
6-month return-55.8%-3.8%lowest of 21
Return on equity-311.1%11.8%lowest of 21
Price / book2.16×0.89×4th most expensive of 21
ROE the price implies26.5%7.8%2nd most demanding of 21
ROE delivered-311.1%11.8%lowest of 21

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
CompanyMarketMarket cap6M returnRevenue growthROEPrice / bookImplied ROEDelivered ROE
HashKey 3887.HKHong Kong$660M-56%+34%-311%2.16×26.5%-311.1%
MA Financial MAF.AXAustralia$661M-23%+42%4%1.82×24.6%4.5%
AGF Management AGF-B.TOCanada$662M-13%+12%12%0.74×8.3%11.6%
Regal Partners RPL.AXAustralia$626M-15%+97%22%0.91×16.1%21.6%
Liberty Financial LFG.AXAustralia$705M+3%-3%12%0.86×7.7%12.1%
Evli EVLI.HEFinland$614M-7%+13%27%3.65×16.9%26.7%
Investment AB Oresund ORES.STSweden$712M+8%-8%23%1.18×7.7%23.3%
JAFCO 8595.TJapan$713M-1%-38%5%0.83×5.5%4.5%
Pollen Street POLN.LUnited Kingdom$741M+11%-5%8%0.94×6.6%8.3%
Qualitas QAL.AXAustralia$572M-3%+12%11%2.03×16.5%10.7%
Mutares SE & Co. KGaA MUX.DEGermany$769M+2%+17%-23%0.85×6.3%-22.6%
Vinci Compass Investments VINPUnited States$564M-21%+38%12%1.43×7.8%12.5%
Alaris Equity Partners Income Trust Trust Units Reg S 3c7 AD-UN.TOCanada$780M-5%+4%6%0.87×9.7%6.3%
Tatton Asset Management TAM.LUnited Kingdom$545M+8%+20%36%7.37×54.2%35.7%
Yangzijiang Financial YF8.SISingapore$545M-22%-74%-5%0.38×3.1%-5.2%
Clairvest CVG.TOCanada$808M+15%-94%11%0.86×4.9%10.7%
Institut de Developpement Industriel SCA IDIP.PAFrance$537M-8%-12%14%0.61×6.1%13.7%
SBI Global Asset Management 4765.TJapan$535M+2%+263%19%2.45×11.8%19.3%
Kayne Anderson BDC KBDCUnited States$820M-17%-3%7%0.78×6.2%6.7%
Integral 5842.TJapan$530M-31%-18%20%1.22×12.3%20.4%
Hansa Investment HAN.LUnited Kingdom$830M+12%+27%18%0.65×5.5%18.1%

Questions

Which companies are HashKey's closest peers?
The cockpit's peer set: MA Financial (MAF.AX), AGF Management (AGF-B.TO), Regal Partners (RPL.AX), Liberty Financial (LFG.AX), Evli (EVLI.HE), Investment AB Oresund (ORES.ST), JAFCO (8595.T), Pollen Street (POLN.L).
Is HashKey expensive compared with its peers?
On price / book it trades at 2.16× against a peer median of 0.89×, 4th most expensive of 21 in its peer set. The share price implies a return on equity of about 26.5%; HashKey delivers -311.1%, so the price asks more than the business earns today.
How has HashKey stock performed?
Over six months to 6 Nov 2026 the shares returned -55.8% against -3.8% for the median peer.

How these numbers are made. Returns are close-to-close in local currency. Revenue growth and margins are trailing twelve months. Req g is the revenue growth that today's enterprise value requires for seven years at the company's own cost of capital; Delivered g is what it actually grew; the gap is the hurdle (honest precision about ±8 points, so read the ranking more than the decimal). No fair values, price targets or analyst ratings are shown, by design. Method and validation.