1046 (1046) Fair Value & Analysis

Communication Services · Market cap HK$335M

1 1046 1046 · HK

PriceHK$0.3700

Fair ValueHK$0.2800

Upside-24.3%

Quality58/100

Evidence: Medium Range HK$0.2500 – HK$0.3200

Fair value as of: Jul 2, 2026

From 14 valuation models · updated today

Share price +7.2% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$0.2800 – HK$0.5200 · fair‑value band HK$0.2500 – HK$0.3200 · the HK$0.3700 price screens above the HK$0.2800 fair value. As of Jul 2, 2026.

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Analysis

1046 (1046) currently trades at HK$0.3700, while our model-based Fair Value estimate is HK$0.2800 — implying the stock looks roughly 24.3% overvalued today. We read business quality at 58/100 (solid quality), in the Communication Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium — the entry price still matters most (evidence: medium).

Over the trailing twelve months, 1046 generated revenue of HK$281M at a net margin of 0.4%. Revenue declined 76.8% year over year. It earns a return on equity of 0.6%. The balance sheet holds a net cash position of HK$128M. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$281M

Revenue growth (YoY) -76.8%

Net margin 0.4%

Return on equity 0.6%

Free cash flow HK$32.3M FY2025

Operating margin -16.9%

More key figures

EPS (TTM) HK$0.0200

EPS growth (YoY) +10.4%

Net cash HK$128M FY2025

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

1046 reported revenue of HK$473M in FY2025 versus HK$603M in FY2021, a compound −5.9%/yr. Reported net income was −HK$63.2M in FY2025.

Revenue −5.9%/yr

FY21 HK$603M

FY22 HK$128M

FY23 HK$198M

FY24 HK$365M

FY25 HK$473M

Net income

FY21 HK$154M

FY22 −HK$76.6M

FY23 −HK$92.8M

FY24 −HK$30.4M

FY25 −HK$63.2M

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Similar stocks

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

Stock	Price	Fair Value	vs Fair Value
Netflix, Inc NFC	€74.03	€35.48	-52%
NFLX NFLX	1,422 MXN	58.64 MXN	-96%
The Walt Disney Company DIS	C$11.30	C$7.61	-33%
Warner Bros. Discovery, Inc WBD	$26.95	$10.35	-62%
Universal Music Group UMG	€18.38	€14.73	-20%
TKO Group TKO	$197.26	$48.15	-76%

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Frequently asked questions

Is 1046 (1046) undervalued?

As of Jul 2, 2026, our model estimates a fair value of HK$0.2800 versus a price of HK$0.3700 — about −24% (overvalued). Model-based estimate, not financial advice.

What is the fair value of 1046?

Our model-based fair value for 1046 is HK$0.2800 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$0.3700.

What is the quality score of 1046?

1046 has a Quality Score of 58/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 1046 (1046)?

1046 reported trailing-twelve-month revenue of about HK$281M (latest available figure, as of Jul 2, 2026).

What is the net profit margin of 1046?

The net profit margin of 1046 is about 0.4%, meaning it keeps roughly 0.4% 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.