Legend Holdings (HKSE:03396) Cyclically Adjusted PB Ratio: (As of Sep. 20, 2026)

Author: Vera Yuan Vera Yuan
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Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
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Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

HKSE:03396 Legend Holdings Ltd HKSE:03396
69 GF Score
Price HK$22.10
GF Value HK$11.54
Valuation Significantly Overvalued
! 8 Warning Signs
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What is Legend Holdings Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation

Legend Holdings  (HKSE:03396) Cyclically Adjusted PB Ratio Explanation

Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.

Legend Holdings Cyclically Adjusted PB Ratio Related Terms

Legend Holdings Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Legend Holdings's Cyclically Adjusted PB Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Legend Holdings Cyclically Adjusted PB Ratio Chart

Legend Holdings Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted PB Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.31 0.21 0.18 0.19 0.20

Legend Holdings Semi-Annual Data
Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25 Jun26
Cyclically Adjusted PB Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.14 0.19 0.21 0.20 0.31

HKSE:03396 vs DELL, ANET, SNDK: Cyclically Adjusted PB Ratio Comparison

For the Computer Hardware subindustry, Legend Holdings's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Legend Holdings Cyclically Adjusted PB Ratio vs Hardware Industry

For the Hardware industry and Technology sector, Legend Holdings's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where Legend Holdings's Cyclically Adjusted PB Ratio falls into.


HKSE:03396
69GF Score
Legend Holdings Ltd HKSE:03396
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Legend Holdings Cyclically Adjusted PB Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.

Legend Holdings's Cyclically Adjusted Book per Share for the fiscal year that ended in Dec25 is calculated as:

For example, Legend Holdings's adjusted Book Value per Share data for the fiscal year that ended in Dec25 was:

Adj_Book=Book Value per Share/CPI of Dec25 (Change)*Current CPI (Dec25)
=50.354/115.8323*115.8323
=50.354

Current CPI (Dec25) = 115.8323.

Legend Holdings Annual Data

Book Value per Share CPI Adj_Book
201612 32.788 102.600 37.017
201712 36.771 104.500 40.759
201812 36.884 106.500 40.116
201912 39.718 111.200 41.373
202012 42.831 111.500 44.495
202112 47.375 113.108 48.516
202212 48.029 115.116 48.328
202312 46.147 114.781 46.570
202412 43.487 114.893 43.843
202512 50.354 115.832 50.354

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

Is Legend Holdings (HKSE:03396) Overvalued in 2026?

Based on GuruFocus' analysis, Legend Holdings stock appears to be overvalued. The current stock price of HK$22.10 is trading 91.5% above its estimated GF Value™ of HK$11.54. GuruFocus considers Legend Holdings to be Significantly Overvalued.

Key valuation signals for HKSE:03396:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: HK$11.54 vs. price of HK$22.10 (91.5% above fair value)
  • GF Score™: 69/100 with 8 warning signs

No single metric tells the full story. See the HKSE:03396 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Legend Holdings Business Description

Other Exchanges 1PC:Germany
Address Court No. 2, Ke Xue Yuan Nanlu, Room 1701, 17th Floor, Block 1, Haidian District, Beinjing, CHN, 100190
Legend Holdings Ltd is a diversified industrial and investment group in China. It operates businesses through two segments: diversified industries operation, and industrial incubations and investments. The Industrial operations segment includes Lenovo, which is engaged in providing intelligent devices and infrastructure, and creates intelligent solutions, services and software; Levima Group, which is engaged in the research and development, production and sales of material products; Joyvio Group, which operates mainly to engaged in modern agriculture and food related business; and BIL, which mainly offers integrated banking services, including corporate and institutional banking, retail banking, private banking, capital markets, etc. It derives the majority of its revenue from Lenovo.
69GF Score

Get the complete analysis for HKSE:03396

Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

HK$22.10
Price
HK$11.54
GF Value