0438 (0438) Fair Value & Analysis

Technology · Market cap HK$224M

0 0438 0438 · HK

PriceHK$1.27

Fair ValueHK$3.30

Upside+159.6%

Quality26/100

Evidence: Low Range HK$3.00 – HK$3.66

Fair value as of: Jul 1, 2026

From 3 valuation models · updated today

Share price −14.8% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$1.18 – HK$3.00 · fair‑value band HK$3.00 – HK$3.66 · the HK$1.27 price screens below the HK$3.30 fair value. As of Jul 1, 2026.

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Analysis

0438 (0438) currently trades at HK$1.27, while our model-based Fair Value estimate is HK$3.30 — implying the stock looks roughly 159.6% undervalued today. We read business quality at 26/100 (below-average quality), in the Technology 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.

Over the trailing twelve months, 0438 generated revenue of HK$2.9B at a net margin of -19.3%. Revenue grew 12.1% year over year. It earns a return on equity of -48.3%. Net debt stands at HK$6.4B. Fundamentals as of Jul 1, 2026

Key figures & financial health

Revenue (TTM) HK$2.9B

Revenue growth (YoY) +12.1%

Net margin -19.3%

Return on equity -48.3%

Free cash flow −HK$240M FY2025

Operating margin -17.7%

More key figures

EPS (TTM) HK$-1.68

EPS growth (YoY) -71.6%

Net debt HK$6.4B FY2025

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

0438 reported revenue of HK$2.9B in FY2025 versus HK$2.1B in FY2021, a compound +8.9%/yr. Reported net income was −HK$560M in FY2025.

Revenue +8.9%/yr

FY21 HK$2.1B

FY22 HK$2.5B

FY23 HK$3.1B

FY24 HK$3.3B

FY25 HK$2.9B

Net income

FY21 HK$164M

FY22 HK$89.2M

FY23 −HK$231M

FY24 −HK$376M

FY25 −HK$560M

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Frequently asked questions

Is 0438 (0438) undervalued?

As of Jul 1, 2026, our model estimates a fair value of HK$3.30 versus a price of HK$1.27 — about +160% (undervalued). Model-based estimate, not financial advice.

What is the fair value of 0438?

Our model-based fair value for 0438 is HK$3.30 (as of Jul 1, 2026), built from audited fundamentals. The current price is HK$1.27.

What is the quality score of 0438?

0438 has a Quality Score of 26/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 0438 (0438)?

0438 reported trailing-twelve-month revenue of about HK$2.9B (latest available figure, as of Jul 1, 2026).

What is the net profit margin of 0438?

The net profit margin of 0438 is about -19.3%, meaning it is currently running at a net loss. 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.