2121 (2121) Fair Value & Analysis

Technology · Market cap HK$2.2B

2 2121 2121 · HK

PriceHK$4.20

Fair ValueHK$0.5700

Upside-86.4%

Quality51/100

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Evidence: Low Range HK$0.2700 – HK$0.9200

Fair value as of: Jul 2, 2026

From 3 valuation models · updated today

Share price −5.4% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$3.65 – HK$9.00 · fair‑value band HK$0.2700 – HK$0.9200 · the HK$4.20 price screens above the HK$0.5700 fair value. As of Jul 2, 2026.

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Analysis

2121 (2121) currently trades at HK$4.20, while our model-based Fair Value estimate is HK$0.5700 — implying the stock looks roughly 86.4% overvalued today. We read business quality at 51/100 (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: low).

Over the trailing twelve months, 2121 generated revenue of HK$1.5B at a net margin of -16.5%. Revenue grew 25.2% year over year. It earns a return on equity of -16.1%. The balance sheet holds a net cash position of HK$692M. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$1.5B

Revenue growth (YoY) +25.2%

Net margin -16.5%

Return on equity -16.1%

Free cash flow −HK$64.5M FY2025

Operating margin -17.9%

More key figures

EPS (TTM) HK$-0.1000

Net cash HK$692M FY2025

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

2121 reported revenue of HK$1.5B in FY2025 versus HK$861M in FY2021, a compound +15.1%/yr. Reported net income was −HK$250M in FY2025.

Revenue +15.1%/yr

FY21 HK$861M

FY22 HK$1.6B

FY23 HK$1.8B

FY24 HK$1.2B

FY25 HK$1.5B

Net income

FY21 −HK$635M

FY22 −HK$363M

FY23 −HK$582M

FY24 −HK$594M

FY25 −HK$250M

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Similar stocks

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

Stock	Price	Fair Value	vs Fair Value
Microsoft Corporation MSF	€347.50	€211.04	-39%
MSFT MSFT	7,019 MXN	4,222 MXN	-40%
Oracle Corporation ORCL	$165.16	$68.15	-59%
Palantir Technologies Inc PTX	€134.20	€19.01	-86%
Palo Alto Networks, Inc 5AP	€231.80	€35.85	-85%
CrowdStrike Holdings CRWD	C$53.33	C$13.07	-75%

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Frequently asked questions

Is 2121 (2121) undervalued?

As of Jul 2, 2026, our model estimates a fair value of HK$0.5700 versus a price of HK$4.20 — about −86% (overvalued). Model-based estimate, not financial advice.

What is the fair value of 2121?

Our model-based fair value for 2121 is HK$0.5700 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$4.20.

What is the quality score of 2121?

2121 has a Quality Score of 51/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 2121 (2121)?

2121 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 2121?

The net profit margin of 2121 is about -16.5%, 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.