0384 (0384) Fair Value & Analysis

Utilities · Market cap HK$28.2B

0 0384 0384 · HK

PriceHK$5.18

Fair ValueHK$8.48

Upside+63.7%

Quality44/100

Evidence: Medium Range HK$6.36 – HK$10.61

Fair value as of: Jul 1, 2026

From 25 valuation models · updated today

Share price −25.3% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$5.18 – HK$8.74 · fair‑value band HK$6.36 – HK$10.61 · the HK$5.18 price screens below the HK$8.48 fair value. As of Jul 1, 2026.

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Analysis

0384 (0384) currently trades at HK$5.18, while our model-based Fair Value estimate is HK$8.48 — implying the stock looks roughly 63.7% undervalued today. We read business quality at 44/100 (below-average quality), in the Utilities 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: medium) — always confirm before acting.

Over the trailing twelve months, 0384 generated revenue of HK$73.6B at a net margin of 3.7%. Revenue declined 11.4% year over year. It earns a return on equity of 5.6%. Net debt stands at HK$54.1B. Fundamentals as of Jul 1, 2026

Key figures & financial health

Revenue (TTM) HK$73.6B

Revenue growth (YoY) -11.4%

Net margin 3.7%

Return on equity 5.6%

Free cash flow HK$1.8B FY2025

P/E ratio 10.4

More key figures

Operating margin 6.9%

EPS (TTM) HK$0.2500

EPS growth (YoY) -7.4%

Net debt HK$54.1B FY2026

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

0384 reported revenue of HK$73.6B in FY2026 versus HK$88.2B in FY2022, a compound −4.4%/yr. Reported net income was HK$2.7B in FY2026, compounding −22.8%/yr from FY2022.

Revenue −4.4%/yr

FY22 HK$88.2B

FY23 HK$92.0B

FY24 HK$81.4B

FY25 HK$79.3B

FY26 HK$73.6B

Net income −22.8%/yr

FY22 HK$7.7B

FY23 HK$4.3B

FY24 HK$3.2B

FY25 HK$3.3B

FY26 HK$2.7B

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Similar stocks

6 more Utilities - Regulated Gas stocks, each showing price versus our Fair Value estimate (as of Jul 1, 2026).

Stock	Price	Fair Value	vs Fair Value
Naturgy Energy Group GASNY	$6.50	$7.20	+11%
Atmos Energy Corporation ATO	$169.27	$87.09	-49%
Snam S.p.A SRG	€6.37	€3.37	-47%
Uniper SE UN0	€45.45	€33.83	-26%
NiSource Inc NI	$46.61	$34.64	-26%
The Hong Kong and China Gas Company HOKCY	$0.8100	$0.5500	-32%

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Frequently asked questions

Is 0384 (0384) undervalued?

As of Jul 1, 2026, our model estimates a fair value of HK$8.48 versus a price of HK$5.18 — about +64% (undervalued). Model-based estimate, not financial advice.

What is the fair value of 0384?

Our model-based fair value for 0384 is HK$8.48 (as of Jul 1, 2026), built from audited fundamentals. The current price is HK$5.18.

What is the quality score of 0384?

0384 has a Quality Score of 44/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 0384 (0384)?

0384 reported trailing-twelve-month revenue of about HK$73.6B (latest available figure, as of Jul 1, 2026).

What is the net profit margin of 0384?

The net profit margin of 0384 is about 3.7%, meaning it keeps roughly 3.7% 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.