Loading verified market, valuation, and statement data.
2. Company Fundamentals
2.3 Management
| Role |
Metric |
| Consensus Rating |
N/A |
2.4 Return
| Metric |
Value |
| Expected Return (Ann.)* |
-45.31% |
| Risk / Std Dev (Ann.)* |
54.66% |
| 1-Year Price Return* |
-18.30% |
Latest Market Data (as of 2026-08-14, Hong Kong time):
| Metric |
Value |
| Last Price |
HK$31.36 |
| 52-Week Range |
HK$25.88 – HK$41 |
| Observation Count |
69 trading days |
The return and risk statistics use daily adjusted closes from the retrieved one-year price series and annualise daily moments using 252 trading days. The last price is the latest regular-market price reported for the stated date. Source: Yahoo Finance market data.
DuPont Model Analysis
The DuPont model decomposes return on equity (ROE) into three operating and capital-structure drivers:
ROE = Net Margin × Asset Turnover × Equity Multiplier
The comparison uses the latest two comparable annual periods available for the issuer, with reported statement amounts shown in HK$. Revenue and net income are income-statement flows; total assets and shareholders’ equity are year-end balance-sheet figures. This is a simplified year-end-balance DuPont comparison rather than an average-balance ROE calculation.
| DuPont component |
Calculation |
FY2025 |
FY2024 |
| Revenue |
Reported revenue |
HK$3.39B |
HK$2.98B |
| Net income |
Reported net income |
HK$371.61M |
HK$311.75M |
| Total assets |
Year-end reported balance |
HK$6.63B |
HK$6.42B |
| Shareholders’ equity |
Year-end reported balance |
HK$4.87B |
HK$4.80B |
| Net margin |
Net income ÷ revenue |
10.97% |
10.45% |
| Asset turnover |
Revenue ÷ total assets |
0.5110x |
0.4644x |
| Equity multiplier |
Total assets ÷ shareholders’ equity |
1.3621x |
1.3390x |
| ROE |
Net margin × asset turnover × equity multiplier |
7.64% |
6.50% |
Source: Yahoo Finance annual statements. Values are based on the two latest comparable annual periods returned by the source; fiscal period labels use the statement period-end year.
2.5 FCFF DCF Valuation
Valuation basis: This research model follows a five-year, unlevered FCFF DCF. It starts from reported annual operating inputs, forecasts revenue and operating cash conversion under an explicit mechanical policy, discounts FCFF at WACC, applies a Gordon-growth terminal value, and bridges enterprise value to an indicative common-equity value per share. It is an analytical estimate rather than a recommendation or personalised target price.
Step 1 — Forecast Operating Profit and NOPAT
| Reported operating input |
Value |
| Revenue |
HK$3.39B |
| Prior annual revenue |
HK$2.98B |
| EBIT |
HK$441.91M |
| Tax rate |
13.04% |
| NOPAT = EBIT × (1 − tax rate) |
HK$384.29M |
| Forecast start-growth basis |
13.56% |
| Forecast policy |
latest reported annual revenue growth, bounded to -10.00% / 15.00% |
Step 2 — Calculate FCFF
| Current FCFF building block |
Value |
| NOPAT |
HK$384.29M |
| Add: depreciation & amortisation |
HK$183.97M |
| Less: capital expenditure |
-HK$178.10M |
| Less/(add): working-capital cash-flow movement |
HK$96.14M |
| Current unlevered FCFF |
HK$486.30M |
Explicit FCFF forecast
| Forecast year |
Revenue growth |
NOPAT |
D&A |
Capex |
Change in NWC |
FCFF |
Present value |
| 1 |
13.56% |
HK$436.41M |
HK$208.92M |
-HK$202.25M |
HK$109.18M |
HK$552.26M |
HK$532.74M |
| 2 |
10.80% |
HK$483.53M |
HK$231.48M |
-HK$225.94M |
HK$120.97M |
HK$610.04M |
HK$547.62M |
| 3 |
8.03% |
HK$522.36M |
HK$250.07M |
-HK$246.08M |
HK$130.68M |
HK$657.04M |
HK$548.85M |
| 4 |
5.27% |
HK$549.87M |
HK$263.24M |
-HK$261.14M |
HK$137.56M |
HK$689.53M |
HK$536.00M |
| 5 |
2.50% |
HK$563.61M |
HK$269.82M |
-HK$269.82M |
HK$141.00M |
HK$704.62M |
HK$509.70M |
Step 3 — Determine the Discount Rate (WACC)
| WACC input |
Value |
| Risk-free rate |
4.71% |
| Equity risk premium assumption |
5.50% |
| Beta |
0.62 |
| Cost of equity |
8.11% |
| Pre-tax cost of debt |
1.86% |
| WACC |
7.46% |
| WACC validation |
within standard range |
Step 4 — Estimate Terminal Value
| Terminal-value input |
Value |
| Perpetuity growth rate |
2.50% |
| Terminal value |
HK$14.56B |
| Implied terminal EV / EBITDA |
15.86x |
| Terminal value as % of enterprise value |
79.16% |
Step 5 — Discount Cash Flows to Enterprise Value
| Enterprise-value component |
Value |
| Present value of explicit FCFF |
HK$2.67B |
| Present value of terminal value |
HK$10.16B |
| Indicated enterprise value |
HK$12.83B |
| Discounting convention |
mid-year for explicit FCFF; terminal value discounted at year-end five |
Step 6 — Convert Enterprise Value to Equity Value
| Equity bridge |
Value |
| Indicated enterprise value |
HK$12.83B |
| Less: gross interest-bearing debt |
HK$826.18M |
| Add: cash and equivalents |
HK$2.44B |
| Add: affiliate investments |
HK$0.00 |
| Less: minority interests |
HK$36.03M |
| Indicated common equity value |
HK$14.41B |
Step 7 — Calculate Indicative Value Per Share
| Per-share output |
Value |
| Shares used |
205,308,622.00 |
| Share-count basis |
reported diluted weighted-average shares |
| Current market price |
HK$31.70 |
| DCF indicative value per share |
HK$70.18 |
| Indicative value vs. market price |
121.39% |
Model Integrity Checks
| Check |
Result |
| Perpetuity growth is below the risk-free rate |
pass |
| Perpetuity growth is below WACC |
pass |
| WACC is within the configured operating-company range |
pass |
| Terminal-year FCFF is positive |
pass |
| Terminal capex converges to D&A |
pass |
| Terminal-value concentration |
within review band |
| Implied price differs from spot by more than 30% |
review required |
2.6 Investor-Style Research Screen
| Educational screen |
Result |
| Buffett-inspired cash-quality checks |
4/4 evidenced checks |
| Lynch-inspired balance-and-growth checks |
4/4 evidenced checks |
Data lineage: Yahoo Finance public market and reported-statement data; retrieval timestamp: 2026-08-18 16:48:05.697043 UTC; latest reported fiscal period: 2025-12-31 00:00:00. Default assumptions: five-year forecast, mid-year discounting for explicit FCFF, a maximum 2.50% perpetuity-growth rate below both WACC and the risk-free rate, historical operating-ratio persistence, and capex convergence to D&A by year five. No sell-side consensus or management guidance is substituted for reported inputs. This is research and analysis only, not personalized financial advice.
2.7 Quantitative Factor Diagnostics
Factor-model exception: No sufficiently aligned issuer-return and regional factor-return sample is available. No Fama–French loading or alpha estimate is published on an incomplete basis.
Factor models are descriptive in-sample exposure diagnostics, not forecasts, investment recommendations, or estimates of future returns. This is research and analysis only, not personalized financial advice.