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.)* |
18.89% |
| Risk / Std Dev (Ann.)* |
63.46% |
| 1-Year Price Return* |
-1.25% |
Latest Market Data (as of 2026-08-14, Hong Kong time):
| Metric |
Value |
| Last Price |
HK$399.8 |
| 52-Week Range |
HK$289 – HK$465.6 |
| Observation Count |
132 trading days |
The return and risk statistics use daily adjusted closes from the retrieved one-year price series and annualise daily moments using 252 trading days. The last price is the latest regular-market price reported for the stated date. Source: Yahoo Finance market data.
DuPont Model Analysis
The DuPont model decomposes return on equity (ROE) into three operating and capital-structure drivers:
ROE = Net Margin × Asset Turnover × Equity Multiplier
The comparison uses the latest two comparable annual periods available for the issuer, with reported statement amounts shown in HK$. 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$66.17B |
HK$39.34B |
| Net income |
Reported net income |
HK$2.33B |
HK$833.70M |
| Total assets |
Year-end reported balance |
HK$12.60B |
HK$10.17B |
| Shareholders’ equity |
Year-end reported balance |
HK$8.08B |
HK$5.73B |
| Net margin |
Net income ÷ revenue |
3.52% |
2.12% |
| Asset turnover |
Revenue ÷ total assets |
5.2513x |
3.8693x |
| Equity multiplier |
Total assets ÷ shareholders’ equity |
1.5587x |
1.7752x |
| ROE |
Net margin × asset turnover × equity multiplier |
28.81% |
14.56% |
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$66.17B |
| Prior annual revenue |
HK$39.34B |
| EBIT |
HK$3.27B |
| Tax rate |
28.42% |
| NOPAT = EBIT × (1 − tax rate) |
HK$2.34B |
| 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$2.34B |
| Add: depreciation & amortisation |
HK$256.13M |
| Less: capital expenditure |
-HK$334.05M |
| Less/(add): working-capital cash-flow movement |
-HK$13.13M |
| Current unlevered FCFF |
HK$2.25B |
Explicit FCFF forecast
| Forecast year |
Revenue growth |
NOPAT |
D&A |
Capex |
Change in NWC |
FCFF |
Present value |
| 1 |
15.00% |
HK$2.69B |
HK$294.55M |
-HK$384.16M |
-HK$15.10M |
HK$2.59B |
HK$2.46B |
| 2 |
11.88% |
HK$3.01B |
HK$329.53M |
-HK$404.72M |
-HK$16.89M |
HK$2.92B |
HK$2.52B |
| 3 |
8.75% |
HK$3.27B |
HK$358.36M |
-HK$412.87M |
-HK$18.37M |
HK$3.20B |
HK$2.51B |
| 4 |
5.62% |
HK$3.46B |
HK$378.52M |
-HK$407.31M |
-HK$19.40M |
HK$3.41B |
HK$2.43B |
| 5 |
2.50% |
HK$3.54B |
HK$387.98M |
-HK$387.98M |
-HK$19.89M |
HK$3.52B |
HK$2.28B |
Step 3 — Determine the Discount Rate (WACC)
| WACC input |
Value |
| Risk-free rate |
4.71% |
| Equity risk premium assumption |
5.50% |
| Beta |
1.00 |
| Cost of equity |
10.21% |
| Pre-tax cost of debt |
2.52% |
| WACC |
10.18% |
| WACC validation |
within standard range |
Step 4 — Estimate Terminal Value
| Terminal-value input |
Value |
| Perpetuity growth rate |
2.50% |
| Terminal value |
HK$47.04B |
| Implied terminal EV / EBITDA |
8.81x |
| Terminal value as % of enterprise value |
70.36% |
Step 5 — Discount Cash Flows to Enterprise Value
| Enterprise-value component |
Value |
| Present value of explicit FCFF |
HK$12.20B |
| Present value of terminal value |
HK$28.97B |
| Indicated enterprise value |
HK$41.18B |
| 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$41.18B |
| Less: gross interest-bearing debt |
HK$378.85M |
| Add: cash and equivalents |
HK$3.74B |
| Add: affiliate investments |
HK$0.00 |
| Less: minority interests |
HK$0.00 |
| Indicated common equity value |
HK$44.54B |
Step 7 — Calculate Indicative Value Per Share
| Per-share output |
Value |
| Shares used |
215,917,351.00 |
| Share-count basis |
reported shares outstanding; option/RSU dilution data not separately available |
| Current market price |
HK$401.60 |
| DCF indicative value per share |
HK$206.26 |
| Indicative value vs. market price |
-48.64% |
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 16:54:23.573999 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.