1823 (1823) Fair Value & Analysis

Industrials · Market cap HK$674M

1 1823 1823 · HK

PriceHK$1.43

Fair ValueHK$1.61

Upside+12.6%

Quality46/100

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Evidence: Low Range HK$0.8300 – HK$2.38

Fair value as of: Jul 2, 2026

From 4 valuation models · updated today

Share price −0.7% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$0.4050 – HK$1.95 · fair‑value band HK$0.8300 – HK$2.38 · the HK$1.43 price screens below the HK$1.61 fair value. As of Jul 2, 2026.

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Analysis

1823 (1823) currently trades at HK$1.43, while our model-based Fair Value estimate is HK$1.61 — implying the stock looks roughly 12.6% undervalued today. We read business quality at 46/100 (below-average quality), in the Industrials 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, 1823 generated revenue of HK$140M at a net margin of -25.7%. Revenue declined 6.8% year over year. It earns a return on equity of -3.8%. Net debt stands at HK$169M. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$140M

Revenue growth (YoY) -6.8%

Net margin -25.7%

Return on equity -3.8%

Free cash flow −HK$101M FY2025

Operating margin -23.2%

More key figures

EPS (TTM) HK$-0.0600

EPS growth (YoY) -96.5%

Net debt HK$169M FY2025

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

1823 reported revenue of HK$137M in FY2025 versus HK$688M in FY2021, a compound −33.2%/yr. Reported net income was −HK$35.2M in FY2025.

Revenue −33.2%/yr

FY21 HK$688M

FY22 HK$410M

FY23 HK$407M

FY24 HK$198M

FY25 HK$137M

Net income

FY21 HK$86.4M

FY22 HK$49.0M

FY23 HK$329M

FY24 −HK$8.5M

FY25 −HK$35.2M

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Similar stocks

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

Stock	Price	Fair Value	vs Fair Value
China Merchants Expressway Network & Technology Holdings 001965	¥9.50	¥7.25	-24%
Jiangsu Expressway Company 600377	¥11.93	¥20.23	+70%
Shandong Hi-speed Company 600350	¥10.07	¥8.68	-14%
Impulsora del Desarrollo y el Empleo en América Latina, S.A. IDEALB1	43.00 MXN	28.56 MXN	-34%
Promotora y Operadora de Infraestructura, S. A. B. de C. V. PUODY	$315.00	$744.49	+136%
0177 0177	HK$9.17	HK$17.60	+92%

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Frequently asked questions

Is 1823 (1823) undervalued?

As of Jul 2, 2026, our model estimates a fair value of HK$1.61 versus a price of HK$1.43 — about +13% (undervalued). Model-based estimate, not financial advice.

What is the fair value of 1823?

Our model-based fair value for 1823 is HK$1.61 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$1.43.

What is the quality score of 1823?

1823 has a Quality Score of 46/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 1823 (1823)?

1823 reported trailing-twelve-month revenue of about HK$140M (latest available figure, as of Jul 2, 2026).

What is the net profit margin of 1823?

The net profit margin of 1823 is about -25.7%, 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.