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.)* | -78.64% |
| Risk / Std Dev (Ann.)* | 74.58% |
| 1-Year Price Return* | -37.50% |
Latest Market Data (as of 2026-08-14, Hong Kong time):
| Metric | Value |
|---|---|
| Last Price | HK$37.66 |
| 52-Week Range | HK$30.04 – HK$66 |
| Observation Count | 66 trading days |
The return and risk statistics use daily adjusted closes from the retrieved one-year price series and annualise daily moments using 252 trading days. The last price is the latest regular-market price reported for the stated date. Source: Yahoo Finance market data.
DuPont Model Analysis
The DuPont model decomposes return on equity (ROE) into three operating and capital-structure drivers:
ROE = Net Margin × Asset Turnover × Equity Multiplier
The comparison uses the latest two comparable annual periods available for the issuer, with reported statement amounts shown in HK$. 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$747.77M | HK$467.35M |
| Net income | Reported net income | HK$-62.50M | HK$-56.48M |
| Total assets | Year-end reported balance | HK$675.00M | HK$652.64M |
| Shareholders’ equity | Year-end reported balance | HK$368.04M | HK$407.55M |
| Net margin | Net income ÷ revenue | -8.36% | -12.09% |
| Asset turnover | Revenue ÷ total assets | 1.1078x | 0.7161x |
| Equity multiplier | Total assets ÷ shareholders’ equity | 1.8340x | 1.6014x |
| ROE | Net margin × asset turnover × equity multiplier | -16.98% | -13.86% |
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: Reported operating inputs do not support a stable FCFF DCF. 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$39.30 |
| Market capitalisation | HK$13.10B |
| Revenue | HK$747.77M |
| EBIT | -HK$62.16M |
| Reported free cash flow | -HK$146.88M |
| FCF yield | -1.12% |
| Net debt / EBITDA | 5.23x |
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 16:50:21.595900 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
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.