0204 (0204) Fair Value & Analysis

Financial Services · Market cap HK$22.4M

0 0204 0204 · HK

PriceHK$0.0900

Fair ValueHK$0.1710

Upside+90.0%

Quality27/100

Evidence: Low Range HK$0.1170 – HK$0.2115

Fair value as of: Jul 1, 2026

From 1 valuation models · updated today

Share price −54.5% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$0.0900 – HK$1.35 · fair‑value band HK$0.1170 – HK$0.2115 · the HK$0.0900 price screens below the HK$0.1710 fair value. As of Jul 1, 2026.

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Analysis

0204 (0204) currently trades at HK$0.0900, while our model-based Fair Value estimate is HK$0.1710 — implying the stock looks roughly 90.0% undervalued today. We read business quality at 27/100 (below-average quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: low) — always confirm before acting.

Trailing-twelve-month revenue stands at HK$11.0M. Revenue grew 14.5% year over year. It earns a return on equity of -53.2%. Net debt stands at HK$36.1M. Fundamentals as of Jul 1, 2026

Key figures & financial health

Revenue (TTM) HK$11.0M

Revenue growth (YoY) +14.5%

Return on equity -53.2%

Free cash flow −HK$168M FY2025

Operating margin -50.4%

Net debt HK$36.1M FY2025

Figures from reported company fundamentals (EODHD) · as of Jul 1, 2026. TTM = trailing twelve months.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

0204 reported revenue of HK$10.5M in FY2025 versus −HK$3.8M in FY2021. Reported net income was −HK$156M in FY2025.

Revenue

FY21 −HK$3.8M

FY22 −HK$6.0M

FY23 HK$3.3M

FY24 HK$8.1M

FY25 HK$10.5M

Net income

FY21 −HK$15.5M

FY22 −HK$20.0M

FY23 −HK$22.8M

FY24 −HK$28.7M

FY25 −HK$156M

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Similar stocks

6 more Asset Management stocks, each showing price versus our Fair Value estimate (as of Jul 1, 2026).

Stock	Price	Fair Value	vs Fair Value
Fondul Proprietatea SA FP	$0.0420	$0.0800	+90%
The Schiehallion Fund Limited MNTN	$2.27	$4.54	+100%
BlackRock, Inc BLK	17,417 MXN	11,340 MXN	-35%
BH Macro Limited BHMU	$4.42	$8.84	+100%
Blackstone Inc BX	$123.26	$52.88	-57%
Investor AB IVSBF	$40.08	$80.15	+100%

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Frequently asked questions

Is 0204 (0204) undervalued?

As of Jul 1, 2026, our model estimates a fair value of HK$0.1710 versus a price of HK$0.0900 — about +90% (undervalued). Model-based estimate, not financial advice.

What is the fair value of 0204?

Our model-based fair value for 0204 is HK$0.1710 (as of Jul 1, 2026), built from audited fundamentals. The current price is HK$0.0900.

What is the quality score of 0204?

0204 has a Quality Score of 27/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 0204 (0204)?

0204 reported trailing-twelve-month revenue of about HK$11.0M (latest available figure, as of Jul 1, 2026).

What is the net profit margin of 0204?

The net profit margin of 0204 is about 0.0%, meaning it keeps roughly 0.0% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data — nothing guessed.

Educational research only · not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.