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.)* |
-3.38% |
| Risk / Std Dev (Ann.)* |
96.54% |
| 1-Year Price Return* |
-16.90% |
Latest Market Data (as of 2026-08-14, Hong Kong time):
| Metric |
Value |
| Last Price |
HK$39.72 |
| 52-Week Range |
HK$27.96 – HK$57 |
| Observation Count |
97 trading days |
The return and risk statistics use daily adjusted closes from the retrieved one-year price series and annualise daily moments using 252 trading days. The last price is the latest regular-market price reported for the stated date. Source: Yahoo Finance market data.
DuPont Model Analysis
The DuPont model decomposes return on equity (ROE) into three operating and capital-structure drivers:
ROE = Net Margin × Asset Turnover × Equity Multiplier
The comparison uses the latest two comparable annual periods available for the issuer, with reported statement amounts shown in HK$. 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$2.97B |
HK$2.61B |
| Net income |
Reported net income |
HK$601.47M |
HK$397.26M |
| Total assets |
Year-end reported balance |
HK$3.95B |
HK$3.55B |
| Shareholders’ equity |
Year-end reported balance |
HK$2.16B |
HK$2.40B |
| Net margin |
Net income ÷ revenue |
20.28% |
15.21% |
| Asset turnover |
Revenue ÷ total assets |
0.7500x |
0.7356x |
| Equity multiplier |
Total assets ÷ shareholders’ equity |
1.8307x |
1.4789x |
| ROE |
Net margin × asset turnover × equity multiplier |
27.85% |
16.55% |
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$2.97B |
| Prior annual revenue |
HK$2.61B |
| EBIT |
HK$713.38M |
| Tax rate |
12.23% |
| NOPAT = EBIT × (1 − tax rate) |
HK$626.15M |
| Forecast start-growth basis |
13.55% |
| Forecast policy |
latest reported annual revenue growth, bounded to -10.00% / 15.00% |
Step 2 — Calculate FCFF
| Current FCFF building block |
Value |
| NOPAT |
HK$626.15M |
| Add: depreciation & amortisation |
HK$130.80M |
| Less: capital expenditure |
-HK$83.16M |
| Less/(add): working-capital cash-flow movement |
HK$62.71M |
| Current unlevered FCFF |
HK$736.49M |
Explicit FCFF forecast
| Forecast year |
Revenue growth |
NOPAT |
D&A |
Capex |
Change in NWC |
FCFF |
Present value |
| 1 |
13.55% |
HK$710.99M |
HK$148.52M |
-HK$94.43M |
HK$71.21M |
HK$836.28M |
HK$797.48M |
| 2 |
10.79% |
HK$787.68M |
HK$164.54M |
-HK$119.59M |
HK$78.89M |
HK$911.51M |
HK$790.43M |
| 3 |
8.02% |
HK$850.88M |
HK$177.74M |
-HK$145.37M |
HK$85.22M |
HK$968.47M |
HK$763.71M |
| 4 |
5.26% |
HK$895.66M |
HK$187.09M |
-HK$170.06M |
HK$89.70M |
HK$1.00B |
HK$718.82M |
| 5 |
2.50% |
HK$918.05M |
HK$191.77M |
-HK$191.77M |
HK$91.94M |
HK$1.01B |
HK$658.62M |
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 |
4.20% |
| WACC |
9.97% |
| WACC validation |
within standard range |
Step 4 — Estimate Terminal Value
| Terminal-value input |
Value |
| Perpetuity growth rate |
2.50% |
| Terminal value |
HK$13.86B |
| Implied terminal EV / EBITDA |
11.20x |
| Terminal value as % of enterprise value |
69.81% |
Step 5 — Discount Cash Flows to Enterprise Value
| Enterprise-value component |
Value |
| Present value of explicit FCFF |
HK$3.73B |
| Present value of terminal value |
HK$8.62B |
| Indicated enterprise value |
HK$12.35B |
| 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$12.35B |
| Less: gross interest-bearing debt |
HK$635.93M |
| Add: cash and equivalents |
HK$1.57B |
| Add: affiliate investments |
HK$0.00 |
| Less: minority interests |
HK$0.00 |
| Indicated common equity value |
HK$13.28B |
Step 7 — Calculate Indicative Value Per Share
| Per-share output |
Value |
| Shares used |
400,000,000.00 |
| Share-count basis |
reported diluted weighted-average shares |
| Current market price |
HK$39.90 |
| DCF indicative value per share |
HK$33.20 |
| Indicative value vs. market price |
-16.80% |
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% |
within review band |
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 17:06:20.406909 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.