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Return-on-Tangible-Equity is calculated as Net Income divided by its average total shareholder tangible equity. Total shareholder tangible equity equals to Total Stockholders Equity minus Intangible Assets. First Service Holding's annualized net income for the quarter that ended in Dec. 2025 was HK$-178 Mil. First Service Holding's average shareholder tangible equity for the quarter that ended in Dec. 2025 was HK$439 Mil. Therefore, First Service Holding's annualized Return-on-Tangible-Equity for the quarter that ended in Dec. 2025 was -40.55%.
The historical rank and industry rank for First Service Holding's Return-on-Tangible-Equity or its related term are showing as below:
HKSE:02107'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: -13.43 Med: 13.32 Max: 28.13
Current: -13.43
During the past 9 years, First Service Holding's highest Return-on-Tangible-Equity was 28.13%. The lowest was -13.43%. And the median was 13.32%.
HKSE:02107's Return-on-Tangible-Equity is ranked worse than 88.1% of 1715
companies
in the Real Estate industry
Industry Median: 4.51
vs HKSE:02107: -13.43
First Service Holding (HKSE:02107) Return-on-Tangible-Equity Explanation
Return-on-Tangible-Equity measures the rate of return on the ownership interest (shareholder's tangible equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' tangible equity (shareholders equity minus intangibles). Return-on-Tangible-Equity shows how well a company uses investment funds to generate earnings growth. Return-on-Tangible-Equitys between 15% and 20% are considered desirable.
Be Aware
Net Income is used.
Because a company can increase its Return-on-Tangible-Equity by having more financial leverage, it is important to watch the leverage ratio when investing in high Return-on-Tangible-Equity companies. Like Return-on-Tangible-Asset, Return-on-Tangible-Equity is calculated with only 12 months data. Fluctuations in company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Asset light businesses require very few assets to generate very high earnings. Their Return-on-Tangible-Equitys can be extremely high.
First Service Holding Return-on-Tangible-Equity Related Terms
First Service Holding Return-on-Tangible-Equity Historical Data
* Premium members only.
The historical data trend for First Service Holding's Return-on-Tangible-Equity 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.
First Service Holding Return-on-Tangible-Equity Chart
HKSE:02107 vs CBRE, BEKE, JLL: Return-on-Tangible-Equity Comparison
For the Real Estate Services subindustry, First Service Holding's Return-on-Tangible-Equity, along with its competitors' market caps and Return-on-Tangible-Equity 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.
First Service Holding Return-on-Tangible-Equity vs Real Estate Industry
For the Real Estate industry and Real Estate sector, First Service Holding's Return-on-Tangible-Equity distribution charts can be found below:
* The bar in red indicates where First Service Holding's Return-on-Tangible-Equity falls into.
* 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.
In the calculation of annual Return-on-Tangible-Equity, the net income of the last fiscal year and the average total shareholder tangible equity over the fiscal year are used. In calculating the quarterly data,
the net income data used here is two times the semi-annual (Dec. 2025) net income data.
Return-on-Tangible-Equity is displayed in the 10-year financial page.
What does a Return-on-Tangible-Equity of -40.55% mean?
First Service Holding (HKSE:02107) has a Return-on-Tangible-Equity of -40.55% as of Dec. 2025. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on First Service Holding and its competitors. According to the industry distribution chart, First Service Holding ranks #1511 out of 1715 companies in the Real Estate industry, placing it in the top 88.1%.
Is First Service Holding's Return-on-Tangible-Equity too high?
First Service Holding's current Return-on-Tangible-Equity is -40.55%. Based on the distribution chart, First Service Holding ranks #1511 out of 1715 companies in the Real Estate industry, which is in the bottom quartile relative to peers. Overall, First Service Holding has a GF Score™ of 61/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does First Service Holding's Return-on-Tangible-Equity compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, First Service Holding ranks #1511 out of 1715 companies for Return-on-Tangible-Equity. This places First Service Holding in the lower half of its industry. The industry median Return-on-Tangible-Equity is 4.51. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Return-on-Tangible-Equity for a Real Estate company?
The median Return-on-Tangible-Equity among Real Estate companies is 4.51, based on 1,715 companies in the industry. Companies in the top quartile (top 25%) have a Return-on-Tangible-Equity significantly above this median, while those in the bottom quartile fall well below. However, Return-on-Tangible-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Return-on-Tangible-Equity mean?
A high Return-on-Tangible-Equity can signal that a stock is expensive relative to its fundamentals. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on First Service Holding and its competitors. For the Real Estate industry, the median Return-on-Tangible-Equity is 4.51 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. First Service Holding's current Return-on-Tangible-Equity is -40.55%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is First Service Holding stock overvalued right now?
Based on GuruFocus' analysis, First Service Holding (HKSE:02107) is currently considered Fairly Valued. The stock's GF Value™ is HK$0.40, compared to a current price of HK$0.44 — trading 8.8% above its estimated fair value. The current Return-on-Tangible-Equity is -40.55%. First Service Holding's overall GF Score™ is 61/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Return-on-Tangible-Equity calculated?
Return-on-Tangible-Equity is calculated from a company's financial statements. For First Service Holding (HKSE:02107), the current Return-on-Tangible-Equity is -40.55% as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is First Service Holding (HKSE:02107) Overvalued in 2026?
Based on GuruFocus' analysis, First Service Holding stock appears to be overvalued.
The current stock price of HK$0.44 is trading 8.8% above its estimated GF Value™ of HK$0.40.
GuruFocus considers First Service Holding to be Fairly Valued.
Key valuation signals for HKSE:02107:
Return-on-Tangible-Equity: -40.55%
GF Value™: HK$0.40 vs. price of HK$0.44 (8.8% above fair value)
No single metric tells the full story. See the HKSE:02107 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
First Service Holding Ltd is a provider of property management services and green living solutions that cover the full property life cycle. The company's service portfolio is segregated into two segments: First Property management services comprising of property management services, energy operation services under the service line of green living solutions and value-added services; and First Living segment provides green technology consulting service, system installation services, sale of goods, and energy operation services under the service line of green living solutions. It derives maximum revenue from First Property Management.
61GF Score
Get the complete analysis for HKSE:02107
Return-on-Tangible-Equity is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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