1866 (1866) Fair Value & Analysis

Basic Materials · Market cap HK$11.2B

1 1866 1866 · HK

PriceHK$8.76

Fair ValueHK$14.35

Upside+63.8%

Quality46/100

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Evidence: Medium Range HK$10.76 – HK$17.93

Fair value as of: Jul 2, 2026

From 16 valuation models · updated today

Share price −14.1% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$5.39 – HK$12.73 · fair‑value band HK$10.76 – HK$17.93 · the HK$8.76 price screens below the HK$14.35 fair value. As of Jul 2, 2026.

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Analysis

1866 (1866) currently trades at HK$8.76, while our model-based Fair Value estimate is HK$14.35 — implying the stock looks roughly 63.8% undervalued today. We read business quality at 46/100 (below-average quality), in the Basic Materials 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.

Over the trailing twelve months, 1866 generated revenue of HK$25.4B at a net margin of 3.7%. Revenue grew 14.6% year over year. It earns a return on equity of 10.1%. Net debt stands at HK$16.4B. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$25.4B

Revenue growth (YoY) +14.6%

Net margin 3.7%

Return on equity 10.1%

Free cash flow −HK$2.6B FY2025

P/E ratio 10.2

More key figures

Operating margin 5.9%

EPS (TTM) HK$0.4900

EPS growth (YoY) -56.5%

Net debt HK$16.4B FY2025

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

1866 reported revenue of HK$25.4B in FY2025 versus HK$17.0B in FY2021, a compound +10.5%/yr. Reported net income was HK$932M in FY2025, compounding −7.9%/yr from FY2021.

Revenue +10.5%/yr

FY21 HK$17.0B

FY22 HK$23.1B

FY23 HK$23.5B

FY24 HK$23.1B

FY25 HK$25.4B

Net income −7.9%/yr

FY21 HK$1.3B

FY22 HK$1.3B

FY23 HK$1.2B

FY24 HK$1.5B

FY25 HK$932M

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Frequently asked questions

Is 1866 (1866) undervalued?

As of Jul 2, 2026, our model estimates a fair value of HK$14.35 versus a price of HK$8.76 — about +64% (undervalued). Model-based estimate, not financial advice.

What is the fair value of 1866?

Our model-based fair value for 1866 is HK$14.35 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$8.76.

What is the quality score of 1866?

1866 has a Quality Score of 46/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 1866 (1866)?

1866 reported trailing-twelve-month revenue of about HK$25.4B (latest available figure, as of Jul 2, 2026).

What is the net profit margin of 1866?

The net profit margin of 1866 is about 3.7%, meaning it keeps roughly 3.7% 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.