1940 (1940) Fair Value & Analysis

Utilities · Market cap HK$1.2B

1 1940 1940 · HK

PriceHK$0.9900

Fair ValueHK$1.91

Upside+92.9%

Quality57/100

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Evidence: High Range HK$1.29 – HK$2.67

Fair value as of: Jul 2, 2026

From 23 valuation models · updated today

Share price −16.8% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$0.4550 – HK$1.75 · fair‑value band HK$1.29 – HK$2.67 · the HK$0.9900 price screens below the HK$1.91 fair value. As of Jul 2, 2026.

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Analysis

1940 (1940) currently trades at HK$0.9900, while our model-based Fair Value estimate is HK$1.91 — implying the stock looks roughly 92.9% undervalued today. We read business quality at 57/100 (solid quality), in the Utilities 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: high) — always confirm before acting.

Over the trailing twelve months, 1940 generated revenue of HK$1.5B at a net margin of 10.2%. Revenue grew 22.9% year over year. It earns a return on equity of 9.1%. Net debt stands at HK$127M. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$1.5B

Revenue growth (YoY) +22.9%

Net margin 10.2%

Return on equity 9.1%

Free cash flow HK$129M FY2025

P/E ratio 6.6

More key figures

Operating margin 18.7%

EPS (TTM) HK$0.0600

EPS growth (YoY) +4.4%

Net debt HK$127M FY2025

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

1940 reported revenue of HK$1.5B in FY2025 versus HK$1.2B in FY2021, a compound +5.3%/yr. Reported net income was HK$152M in FY2025.

Revenue +5.3%/yr

FY21 HK$1.2B

FY22 HK$1.5B

FY23 HK$1.5B

FY24 HK$1.3B

FY25 HK$1.5B

Net income

FY21 −HK$26.8M

FY22 HK$113M

FY23 HK$128M

FY24 HK$130M

FY25 HK$152M

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Similar stocks

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

Stock	Price	Fair Value	vs Fair Value
Naturgy Energy Group GASNY	$6.36	$7.15	+12%
Atmos Energy Corporation ATO	$169.59	$78.59	-54%
Snam S.p.A SRG	€6.37	€3.37	-47%
Uniper SE UN0	€45.45	€33.83	-26%
NiSource Inc NI	$46.61	$34.64	-26%
The Hong Kong and China Gas Company HOKCY	$0.8100	$0.5500	-32%

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Frequently asked questions

Is 1940 (1940) undervalued?

As of Jul 2, 2026, our model estimates a fair value of HK$1.91 versus a price of HK$0.9900 — about +93% (undervalued). Model-based estimate, not financial advice.

What is the fair value of 1940?

Our model-based fair value for 1940 is HK$1.91 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$0.9900.

What is the quality score of 1940?

1940 has a Quality Score of 57/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 1940 (1940)?

1940 reported trailing-twelve-month revenue of about HK$1.5B (latest available figure, as of Jul 2, 2026).

What is the net profit margin of 1940?

The net profit margin of 1940 is about 10.2%, meaning it keeps roughly 10.2% 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.