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.) | N/A |
| Risk / Std Dev (Ann.) | N/A |
Price Snapshot:
| Metric | Value |
|---|---|
| Last Price | 3.230 HKD |
| Day Change | +0.020 (+0.62%) |
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 | FY2026 | FY2025 |
|---|---|---|---|
| Revenue | Reported revenue | HK$123.53B | HK$127.54B |
| Net income | Reported net income | HK$2.60B | HK$4.01B |
| Total assets | Year-end reported balance | HK$382.25B | HK$349.39B |
| Shareholders’ equity | Year-end reported balance | HK$132.75B | HK$131.32B |
| Net margin | Net income ÷ revenue | 2.11% | 3.14% |
| Asset turnover | Revenue ÷ total assets | 0.3232x | 0.3651x |
| Equity multiplier | Total assets ÷ shareholders’ equity | 2.8794x | 2.6605x |
| ROE | Net margin × asset turnover × equity multiplier | 1.96% | 3.05% |
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: WACC is outside the permitted 5.00%–30.00% model range. 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$3.05 |
| Market capitalisation | HK$2.10B |
| Revenue | HK$123.53B |
| EBIT | HK$9.55B |
| Reported free cash flow | HK$17.85B |
| FCF yield | 848.81% |
| Net debt / EBITDA | 2.92x |
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 17:11:15.826580 UTC; latest reported fiscal period: 2026-03-31 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 | -24.99% | -25.80% |
| Adjusted R² | -0.01 | -0.02 |
| Annualised residual volatility | 28.38% | 28.34% |
| Factor loading (t-statistic) | FF3 | FF5 |
|---|---|---|
| Market excess return (Mkt-RF) | 0.12 (0.77) | 0.17 (0.97) |
| Size (SMB) | -0.05 (-0.20) | 0.07 (0.23) |
| Value (HML) | 0.05 (0.23) | 0.00 (0.01) |
| Profitability (RMW) | NM | -0.04 (-0.12) |
| Investment (CMA) | NM | 0.25 (0.70) |