0405 (0405) Fair Value & Analysis

Real Estate · Market cap HK$3.4B

0 0405 0405 · HK

PriceHK$0.6500

Fair ValueHK$1.34

Upside+106.2%

Quality45/100

Evidence: High Range HK$0.3800 – HK$2.53

Fair value as of: Jul 1, 2026

From 15 valuation models · updated today

Share price −7.1% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$0.6500 – HK$0.9337 · fair‑value band HK$0.3800 – HK$2.53 · the HK$0.6500 price screens below the HK$1.34 fair value. As of Jul 1, 2026.

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Analysis

0405 (0405) currently trades at HK$0.6500, while our model-based Fair Value estimate is HK$1.34 — implying the stock looks roughly 106.2% undervalued today. We read business quality at 45/100 (below-average quality), in the Real Estate 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: high) — always confirm before acting.

Over the trailing twelve months, 0405 generated revenue of HK$1.8B at a net margin of -38.0%. Revenue declined 13.5% year over year. It earns a return on equity of -4.4%. Net debt stands at HK$18.2B. Fundamentals as of Jul 1, 2026

Key figures & financial health

Revenue (TTM) HK$1.8B

Revenue growth (YoY) -13.5%

Net margin -38.0%

Return on equity -4.4%

Free cash flow HK$398M FY2025

Operating margin 46.5%

More key figures

EPS (TTM) HK$-0.0600

Dividend yield 8.0%

EPS growth (YoY) -98.9%

Net debt HK$18.2B FY2025

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

0405 reported revenue of HK$1.8B in FY2025 versus HK$1.8B in FY2021, a compound +0.4%/yr. Reported net income was −HK$694M in FY2025.

Revenue +0.4%/yr

FY21 HK$1.8B

FY22 HK$1.9B

FY23 HK$2.1B

FY24 HK$2.0B

FY25 HK$1.8B

Net income

FY21 HK$645M

FY22 −HK$529M

FY23 HK$4.6M

FY24 −HK$321M

FY25 −HK$694M

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Similar stocks

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

Stock	Price	Fair Value	vs Fair Value
BXP, Inc BXP	$64.34	$60.75	-6%
MERLIN Properties SOCIMI, S.A MRL	€15.23	€7.92	-48%
Alexandria Real Estate Equities, Inc A1RE34	R$65.59	R$10.30	-84%
Vornado Realty Trust VNORP	$51.75	$47.22	-9%
Gecina GECFF	$87.89	$126.77	+44%
Hudson Pacific Properties, Inc HPP	$14.54	$3.95	-73%

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Frequently asked questions

Is 0405 (0405) undervalued?

As of Jul 1, 2026, our model estimates a fair value of HK$1.34 versus a price of HK$0.6500 — about +106% (undervalued). Model-based estimate, not financial advice.

What is the fair value of 0405?

Our model-based fair value for 0405 is HK$1.34 (as of Jul 1, 2026), built from audited fundamentals. The current price is HK$0.6500.

What is the quality score of 0405?

0405 has a Quality Score of 45/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 0405 (0405)?

0405 reported trailing-twelve-month revenue of about HK$1.8B (latest available figure, as of Jul 1, 2026).

What is the net profit margin of 0405?

The net profit margin of 0405 is about -38.0%, meaning it is currently running at a net loss. Based on the latest reported figures.

Does 0405 pay a dividend?

0405 currently shows a dividend yield of about 8.00% relative to its recent price (as of Jul 1, 2026).

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.