1104 (1104) Fair Value & Analysis

Financial Services · Market cap HK$2.0B

1 1104 1104 · HK

PriceHK$1.37

Fair ValueHK$2.74

Upside+100.0%

Quality44/100

Evidence: Medium Range HK$2.06 – HK$3.43

Fair value as of: Jul 2, 2026

From 12 valuation models · updated today

Share price −18.0% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$1.09 – HK$3.87 · fair‑value band HK$2.06 – HK$3.43 · the HK$1.37 price screens below the HK$2.74 fair value. As of Jul 2, 2026.

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Analysis

1104 (1104) currently trades at HK$1.37, while our model-based Fair Value estimate is HK$2.74 — implying the stock looks roughly 100.0% undervalued today. We read business quality at 44/100 (below-average quality), in the Financial Services 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.

Trailing-twelve-month revenue stands at HK$672M. Revenue grew 215.8% year over year. It earns a return on equity of 53.0%. The balance sheet holds a net cash position of HK$2.1B. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$672M

Revenue growth (YoY) +216%

Net margin 359%

Return on equity 53.0%

Free cash flow −HK$211M FY2025

P/E ratio 0.8

More key figures

Operating margin -54.2%

EPS (TTM) HK$0.3900

Dividend yield 8.3%

EPS growth (YoY) +2,409%

Net cash HK$2.1B FY2025

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

1104 reported revenue of HK$353M in FY2025 versus HK$1.1B in FY2021, a compound −24.8%/yr. Reported net income was HK$244M in FY2025, compounding −34.9%/yr from FY2021.

Revenue −24.8%/yr

FY21 HK$1.1B

FY22 HK$555M

FY23 HK$540M

FY24 HK$1.2B

FY25 HK$353M

Net income −34.9%/yr

FY21 HK$1.4B

FY22 −HK$466M

FY23 −HK$319M

FY24 HK$390M

FY25 HK$244M

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Similar stocks

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

Stock	Price	Fair Value	vs Fair Value
Huatai Securities Co HTSC	$27.00	$47.45	+76%
Morgan Stanley, a financial holding company, MS	$206.66	$138.97	-33%
The Goldman Sachs Group GS	$1,106	$390.09	-65%
CITIC Securities Company 600030	¥25.66	¥32.02	+25%
Mirae Asset Securities Co 006800	56,400 KRW	92,987 KRW	+65%
Meritz Financial Group 138040	108,200 KRW	138,347 KRW	+28%

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Frequently asked questions

Is 1104 (1104) undervalued?

As of Jul 2, 2026, our model estimates a fair value of HK$2.74 versus a price of HK$1.37 — about +100% (undervalued). Model-based estimate, not financial advice.

What is the fair value of 1104?

Our model-based fair value for 1104 is HK$2.74 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$1.37.

What is the quality score of 1104?

1104 has a Quality Score of 44/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 1104 (1104)?

1104 reported trailing-twelve-month revenue of about HK$672M (latest available figure, as of Jul 2, 2026).

Does 1104 pay a dividend?

1104 currently shows a dividend yield of about 8.27% relative to its recent price (as of Jul 2, 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.