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.)* |
-94.77% |
| Risk / Std Dev (Ann.)* |
93.36% |
| 1-Year Price Return* |
-35.79% |
Latest Market Data (as of 2026-08-14, Hong Kong time):
| Metric |
Value |
| Last Price |
HK$6.41 |
| 52-Week Range |
HK$6.11 – HK$11.8 |
| Observation Count |
34 trading days |
The return and risk statistics use daily adjusted closes from the retrieved one-year price series and annualise daily moments using 252 trading days. The last price is the latest regular-market price reported for the stated date. Source: Yahoo Finance market data.
DuPont Model Analysis
The DuPont model decomposes return on equity (ROE) into three operating and capital-structure drivers:
ROE = Net Margin × Asset Turnover × Equity Multiplier
The comparison uses the latest two comparable annual periods available for the issuer, with reported statement amounts shown in HK$. 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$51.43B |
HK$44.26B |
| Net income |
Reported net income |
HK$2.29B |
HK$1.76B |
| Total assets |
Year-end reported balance |
HK$57.90B |
HK$45.19B |
| Shareholders’ equity |
Year-end reported balance |
HK$24.04B |
HK$19.79B |
| Net margin |
Net income ÷ revenue |
4.45% |
3.97% |
| Asset turnover |
Revenue ÷ total assets |
0.8882x |
0.9793x |
| Equity multiplier |
Total assets ÷ shareholders’ equity |
2.4085x |
2.2841x |
| ROE |
Net margin × asset turnover × equity multiplier |
9.52% |
8.87% |
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$51.43B |
| Prior annual revenue |
HK$44.26B |
| EBIT |
HK$3.11B |
| Tax rate |
14.87% |
| NOPAT = EBIT × (1 − tax rate) |
HK$2.65B |
| Forecast start-growth basis |
15.00% |
| Forecast policy |
latest reported annual revenue growth, bounded to -10.00% / 15.00% |
Step 2 — Calculate FCFF
| Current FCFF building block |
Value |
| NOPAT |
HK$2.65B |
| Add: depreciation & amortisation |
HK$2.34B |
| Less: capital expenditure |
-HK$4.83B |
| Less/(add): working-capital cash-flow movement |
-HK$1.48B |
| Current unlevered FCFF |
-HK$1.32B |
Explicit FCFF forecast
| Forecast year |
Revenue growth |
NOPAT |
D&A |
Capex |
Change in NWC |
FCFF |
Present value |
| 1 |
15.00% |
HK$3.05B |
HK$2.69B |
-HK$5.56B |
-HK$1.70B |
-HK$1.52B |
-HK$1.46B |
| 2 |
11.88% |
HK$3.41B |
HK$3.01B |
-HK$5.42B |
-HK$1.90B |
-HK$895.21M |
-HK$798.42M |
| 3 |
8.75% |
HK$3.71B |
HK$3.27B |
-HK$5.02B |
-HK$2.06B |
-HK$101.03M |
-HK$83.49M |
| 4 |
5.62% |
HK$3.92B |
HK$3.46B |
-HK$4.38B |
-HK$2.18B |
HK$814.88M |
HK$623.95M |
| 5 |
2.50% |
HK$4.01B |
HK$3.54B |
-HK$3.54B |
-HK$2.24B |
HK$1.78B |
HK$1.26B |
Step 3 — Determine the Discount Rate (WACC)
| WACC input |
Value |
| Risk-free rate |
4.71% |
| Equity risk premium assumption |
5.50% |
| Beta |
0.86 |
| Cost of equity |
9.45% |
| Pre-tax cost of debt |
2.82% |
| WACC |
7.93% |
| WACC validation |
within standard range |
Step 4 — Estimate Terminal Value
| Terminal-value input |
Value |
| Perpetuity growth rate |
2.50% |
| Terminal value |
HK$33.62B |
| Implied terminal EV / EBITDA |
4.07x |
| Terminal value as % of enterprise value |
102.03% |
Step 5 — Discount Cash Flows to Enterprise Value
| Enterprise-value component |
Value |
| Present value of explicit FCFF |
-HK$455.75M |
| Present value of terminal value |
HK$22.96B |
| Indicated enterprise value |
HK$22.51B |
| 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$22.51B |
| Less: gross interest-bearing debt |
HK$15.07B |
| Add: cash and equivalents |
HK$7.71B |
| Add: affiliate investments |
HK$0.00 |
| Less: minority interests |
HK$317.81M |
| Indicated common equity value |
HK$14.83B |
Step 7 — Calculate Indicative Value Per Share
| Per-share output |
Value |
| Shares used |
7,149,136,201.00 |
| Share-count basis |
reported diluted weighted-average shares |
| Current market price |
HK$6.73 |
| DCF indicative value per share |
HK$2.07 |
| Indicative value vs. market price |
-69.17% |
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 |
review required |
| 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 |
1/4 evidenced checks |
| Lynch-inspired balance-and-growth checks |
2/4 evidenced checks |
Data lineage: Yahoo Finance public market and reported-statement data; retrieval timestamp: 2026-08-18 16:53:53.696945 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.