Evidence and analysis
Research evidence pack
Source-backed valuation visuals
2. Company Fundamentals
2.3 Management
| Role | Metric |
|---|---|
| Consensus Rating | N/A |
2.4 Return
| Metric | Value |
|---|---|
| Expected Return (Ann.)* | -16.76% |
| Risk / Std Dev (Ann.)* | 38.26% |
| 1-Year Price Return* | -21.95% |
Latest Market Data (as of 2026-08-14, Hong Kong time):
| Metric | Value |
|---|---|
| Last Price | HK$88.25 |
| 52-Week Range | HK$71.4 – HK$120.8 |
| Observation Count | 245 trading days |
The return and risk statistics use daily adjusted closes from the retrieved one-year price series and annualise daily moments using 252 trading days. The last price is the latest regular-market price reported for the stated date. Source: Yahoo Finance market data.
DuPont Model Analysis
The DuPont model decomposes return on equity (ROE) into three operating and capital-structure drivers:
ROE = Net Margin × Asset Turnover × Equity Multiplier
The comparison uses the latest two comparable annual periods available for the issuer, with reported statement amounts shown in HK$. 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$803.96B | HK$777.10B |
| Net income | Reported net income | HK$32.62B | HK$40.25B |
| Total assets | Year-end reported balance | HK$883.73B | HK$783.36B |
| Shareholders’ equity | Year-end reported balance | HK$246.27B | HK$185.25B |
| Net margin | Net income ÷ revenue | 4.06% | 5.18% |
| Asset turnover | Revenue ÷ total assets | 0.9097x | 0.9920x |
| Equity multiplier | Total assets ÷ shareholders’ equity | 3.5884x | 4.2286x |
| ROE | Net margin × asset turnover × equity multiplier | 13.24% | 21.73% |
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
FCFF DCF exception: The modelled terminal-year FCFF is non-positive, so a perpetuity valuation would not be reliable. This post deliberately does not publish a mechanical enterprise value or implied per-share value on an unsuitable basis.
| Available valuation input | Value |
|---|---|
| Last market price | HK$90.00 |
| Market capitalisation | HK$820.55B |
| Revenue | HK$803.96B |
| EBIT | HK$42.30B |
| Reported free cash flow | -HK$97.67B |
| FCF yield | -11.90% |
| Net debt / EBITDA | -0.09x |
2.6 Investor-Style Research Screen
| Educational screen | Result |
|---|---|
| Buffett-inspired cash-quality checks | not rated — FCFF DCF suitability or data-integrity condition not met |
| Lynch-inspired balance-and-growth checks | not rated — FCFF DCF suitability or data-integrity condition not met |
Data lineage: Yahoo Finance public market and reported-statement data; retrieval timestamp: 2026-08-18 16:49:08.647430 UTC; latest reported fiscal period: 2025-12-31 00:00:00. Financial institutions and REITs require sector-specific methods rather than a mechanical FCFF DCF. This is research and analysis only, not personalized financial advice.
2.7 Quantitative Factor Diagnostics
Model basis: Daily issuer USD excess returns are regressed in-sample using ordinary least squares on matching regional Fama–French factors. FF3 estimates market, size, and value loadings; FF5 adds profitability and investment. Coefficients are descriptive historical exposures, not predictions.
| Estimation input | Value |
|---|---|
| Regional factor set | Asia Pacific ex Japan |
| Factor-return currency | USD |
| Issuer-return basis | USD adjusted total return |
| Estimation window | 2025-08-20 to 2026-06-30 |
| Aligned daily observations | 210 |
| Minimum observation requirement | 120 |
| Currency conversion for HK listings | HKD adjusted close divided by daily USD/HKD close before simple daily return calculation |
Fama–French Three-Factor and Five-Factor Results
| Diagnostic | FF3 | FF5 |
|---|---|---|
| Annualised alpha | -49.03% | -49.92% |
| Adjusted R² | 0.10 | 0.10 |
| Annualised residual volatility | 35.06% | 34.95% |
| Factor loading (t-statistic) | FF3 | FF5 |
|---|---|---|
| Market excess return (Mkt-RF) | 0.88 (4.39) | 0.85 (3.95) |
| Size (SMB) | 0.61 (2.10) | 0.60 (1.63) |
| Value (HML) | 0.79 (2.84) | 0.94 (3.05) |
| Profitability (RMW) | NM | 0.43 (1.08) |
| Investment (CMA) | NM | -0.15 (-0.35) |