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FIH Mobile Limited (2038) Fair Value & Analysis

Technology · HK · Market cap HK$13.9B

FM FIH Mobile Limited 2038 · HK
PriceHK$18.90
Fair ValueHK$10.59
Upside-44.0%
Quality61/100
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Weak Growth
Thin margins · 0.8% net margin
Low debt · negative free cash flow
0.19% dividend yield
Mixed vs. peers (8/14)
Narrow moat 19/100
Evidence: Medium Range HK$7.92 – HK$13.26 Share as image

Fair value as of: Aug 5, 2026

From 14 valuation models · updated 5 days ago

Share price +2.1% over the past month.

A solid business, but screening 44% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (HK$13.26). The favourable scenario is already priced in.
  • Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

HK$30.53 HK$4.55 Fair Value HK$10.59 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 5, 2026.

How to read this chart

60‑month range HK$4.55 – HK$30.53 · fair‑value band HK$7.92 – HK$13.26 · the HK$18.90 price screens above the HK$10.59 fair value. Dashed = 300-day average. As of Aug 5, 2026.

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Analysis

FIH Mobile Limited (2038) currently trades at HK$18.90, while our model-based Fair Value estimate is HK$10.59, implying the stock looks roughly 44.0% overvalued today. The Quality Score stands at 61/100 (solid quality), in the Technology 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, FIH Mobile Limited generated revenue of HK$6.7B at a net margin of 0.8%. Revenue grew 20.7% year over year. It earns a return on equity of 3.6%. The balance sheet holds a net cash position of HK$888M. Fundamentals as of Aug 5, 2026

Our scenario range runs from HK$7.92 (bear case) to HK$13.26 (bull case); at HK$18.90, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 39% below its 52-week high and 87% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -16% fair-value upside, at -44%, 2038 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income HK$1.44 HK$1.43 HK$1.27 76
ROIC Compounder HK$1.62 HK$1.68 HK$1.73 72
Gordon GGM HK$1.67 HK$1.82 HK$2.07 70
All 14 models by family
Earnings-Based
Graham-Dodd HK$0.4600 HK$0.5600 HK$0.6300 54
EPV HK$1.62 HK$1.68 HK$1.73 59
Dividend Discount
Gordon GGM HK$1.67 HK$1.82 HK$2.07 70
DDM Multi-Stage HK$1.67 HK$2.09 HK$2.69 61
Multiples
P/E Multiple HK$1.01 HK$1.35 HK$1.69 63
P/S Multiple HK$0.8600 HK$1.15 HK$1.43 58
P/B Multiple HK$0.8600 HK$1.15 HK$1.43 55
EV/EBIT HK$2.23 HK$2.55 HK$2.87 53
EV/EBITDA HK$3.55 HK$4.30 HK$5.05 54
EV/Revenue HK$1.93 HK$2.20 HK$2.47 43
Asset-Based
NCAV (Graham) HK$0.9700 HK$1.30 HK$1.94 50
Economic Profit
Residual Income HK$1.44 HK$1.43 HK$1.27 76
ROIC Compounder HK$1.62 HK$1.68 HK$1.73 72
Growth Earnings
Growth-Adj P/E HK$0.7200 HK$1.02 HK$1.33 68

Widest divergence: Dividend Discount (HK$1.82) versus Earnings-Based (HK$0.5600). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) HK$6.7B
Revenue growth (YoY) +20.7%
Net margin 0.8%
Return on equity 3.6%
Free cash flow −HK$78.8M FY2025
P/E ratio 33.5
More key figures
Operating margin 1.1%
EPS (TTM) HK$0.0100
Dividend yield 0.2%
EPS growth (YoY) +320%
Net cash HK$888M FY2025

Figures from reported company fundamentals · as of Aug 5, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 61/100

Of which business quality 60 · Market factors (momentum, volatility) 51

Profitability 35
Margins and returns on capital today
Quality Growth 71
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 70
Balance sheet, leverage, solvency risk
Investment 99
Disciplined investing over empire-building
Low Volatility 51
Calm price path (market factor)
Momentum 45
Price trend over the last 3–12 months (market factor)
52W Momentum 61
Distance to the 52-week high (market factor)
Net Issuance 81
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

FIH Mobile Limited, an investment holding company, designs, manufactures, trades in, and repairs handsets worldwide. The company offers mobile/IoT devices; smart manufacturing services; intelligent automotive; software engineering; and vertical solutions.

Full company description

FIH Mobile Limited, an investment holding company, designs, manufactures, trades in, and repairs handsets worldwide. The company offers mobile/IoT devices; smart manufacturing services; intelligent automotive; software engineering; and vertical solutions. It also engages in research and development activities; manufacture and sale of electronic products; and import and export activities. The company was formerly known as Foxconn International Holdings Limited and changed its name to FIH Mobile Limited in May 2013. FIH Mobile Limited was incorporated in 2000 and is headquartered in New Taipei City, Taiwan. FIH Mobile Limited operates as a subsidiary of Foxconn (Far East) Limited.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

FIH Mobile Limited reported revenue of HK$6.7B in FY2025 versus HK$8.6B in FY2021, a compound −6.2%/yr. Reported net income was HK$52.7M in FY2025, compounding −1.6%/yr from FY2021.

Growth Quality 20/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
HK$6.7B
Latest YoY
+16.7%
Avg. growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−10.8%
Avg. growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−5.7%
Avg. growth/yr (22Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.6%
Revenue −6.2%/yr
FY21 HK$8.6B
FY22 HK$9.4B
FY23 HK$6.4B
FY24 HK$5.7B
FY25 HK$6.7B
Net income −1.6%/yr
FY21 HK$56.3M
FY22 −HK$72.1M
FY23 −HK$121M
FY24 −HK$20.3M
FY25 HK$52.7M

2038 screens 44% overvalued. Compare with Apple Inc →

Run the numbers yourself: free valuation calculators
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FIH Mobile Limited · Fair Value
HK$10.59 −44%Fair Value
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Cite: Fair Value Calculator (2026). "FIH Mobile Limited Fair Value". https://www.fairvalue-calculator.com/stock/2038

Peer Group

Consumer Electronics · 129 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 61 · Top 25%
Fair Value upside −44% · Below median
Return on equity (TTM) 4% · Above median
Return on assets 1% · Below median
Net margin (TTM) 1% · Below median
Operating margin (TTM) 1% · Below median
Revenue growth 21% · Top 25%
Dividend yield (TTM) 0.2% · Bottom 25%

Valuation Multiples vs Consumer Electronics median · lower = cheaper

P/E (TTM) 33.5× · Pricier than median
P/B 1.17× · Cheaper than median
P/S (TTM) 0.27× · Cheaper than median
EV/EBITDA 4.3× · Cheaper than 75% of peers
PEG 0.94× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 8
FUTURE 100 · sector 13
PAST 15 · sector 10
HEALTH 100 · sector 97
DIVIDEND 4 · sector 29

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Consumer Electronics stocks, each showing price versus our Fair Value estimate (as of Aug 5, 2026).

Stock Price Fair Value vs Fair Value
Apple Inc AAPL $313.33 $122.91 -61%
Samsung Electronics Co 005930 255,000 KRW 138,019 KRW -46%
Sony Group SONYN 366.00 MXN 468.94 MXN +28%
Xiaomi Corporation 1810 HK$26.88 HK$39.84 +48%
LG Electronics Inc 066570 179,000 KRW 101,531 KRW -43%
Sharetronic Data Technology Co 300857 ¥277.96 ¥35.89 -87%
Huaqin Co 603296 ¥78.20 ¥65.69 -16%
Goertek Inc 002241 ¥22.25 ¥18.86 -15%
LG Corp 003550 102,400 KRW 93,881 KRW -8%
Anker Innovations Limited 300866 ¥105.92 ¥78.52 -26%

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Frequently asked questions

Is FIH Mobile Limited (2038) overvalued or undervalued?
As of Aug 5, 2026, our model estimates a fair value of HK$10.59 versus a price of HK$18.90, about −44% (overvalued).
What is the fair value of 2038?
Our model-based fair value for FIH Mobile Limited is HK$10.59 (as of Aug 5, 2026), built from audited fundamentals. The current price is HK$18.90.
What is the quality score of 2038?
FIH Mobile Limited has a Quality Score of 61/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of FIH Mobile Limited (2038)?
FIH Mobile Limited reported trailing-twelve-month revenue of about HK$6.7B (latest available figure, as of Aug 5, 2026).
What is the net profit margin of 2038?
The net profit margin of FIH Mobile Limited is about 0.8%, meaning it keeps roughly 0.8% of revenue as net income. Based on the latest reported figures.
Does FIH Mobile Limited pay a dividend?
FIH Mobile Limited currently shows a dividend yield of about 0.19% relative to its recent price (as of Aug 5, 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.

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