0978 (0978) Fair Value & Analysis

Real Estate · Market cap HK$1.2B

0 0978 0978 · HK

PriceHK$0.2360

Fair ValueHK$0.5900

Upside+150.0%

Quality49/100

Evidence: Low Range HK$0.4460 – HK$0.8850

Fair value as of: Jul 2, 2026

From 6 valuation models · updated today

Share price −14.2% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$0.2200 – HK$0.3150 · fair‑value band HK$0.4460 – HK$0.8850 · the HK$0.2360 price screens below the HK$0.5900 fair value. As of Jul 2, 2026.

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Analysis

0978 (0978) currently trades at HK$0.2360, while our model-based Fair Value estimate is HK$0.5900 — implying the stock looks roughly 150.0% undervalued today. We read business quality at 49/100 (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: low) — always confirm before acting.

Over the trailing twelve months, 0978 generated revenue of HK$26.3B at a net margin of -8.4%. Revenue grew 38.5% year over year. It earns a return on equity of -6.7%. Net debt stands at HK$20.6B. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$26.3B

Revenue growth (YoY) +38.5%

Net margin -8.4%

Return on equity -6.7%

Free cash flow −HK$2.7B FY2025

Operating margin 2.4%

More key figures

EPS (TTM) HK$-0.0500

EPS growth (YoY) -38.3%

Net debt HK$20.6B FY2025

Figures from reported company fundamentals (EODHD) · as of Jul 2, 2026. TTM = trailing twelve months.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

0978 reported revenue of HK$26.3B in FY2025 versus HK$25.9B in FY2021, a compound +0.3%/yr. Reported net income was −HK$2.2B in FY2025.

Revenue +0.3%/yr

FY21 HK$25.9B

FY22 HK$29.9B

FY23 HK$28.8B

FY24 HK$20.7B

FY25 HK$26.3B

Net income

FY21 HK$561M

FY22 HK$330M

FY23 HK$133M

FY24 −HK$1.9B

FY25 −HK$2.2B

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Similar stocks

6 more Real Estate - Diversified stocks, each showing price versus our Fair Value estimate (as of Jul 2, 2026).

Stock	Price	Fair Value	vs Fair Value
Mitsubishi Estate Co MITEY	$24.70	$13.49	-45%
Mitsui Fudosan Co MTSFF	$9.20	$13.56	+47%
Henderson Land Development Company HLDVF	$3.70	$2.19	-41%
Swiss Prime Site AG SPSN	CHF 130.90	CHF 71.28	-46%
Central Pattana Public Company CPN	64.00 THB	84.32 THB	+32%
SM Prime Holdings SPHXF	$0.2801	$0.4700	+68%

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Frequently asked questions

Is 0978 (0978) undervalued?

As of Jul 2, 2026, our model estimates a fair value of HK$0.5900 versus a price of HK$0.2360 — about +150% (undervalued). Model-based estimate, not financial advice.

What is the fair value of 0978?

Our model-based fair value for 0978 is HK$0.5900 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$0.2360.

What is the quality score of 0978?

0978 has a Quality Score of 49/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 0978 (0978)?

0978 reported trailing-twelve-month revenue of about HK$26.3B (latest available figure, as of Jul 2, 2026).

What is the net profit margin of 0978?

The net profit margin of 0978 is about -8.4%, 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.