2128 (2128) Fair Value & Analysis

Industrials · Market cap HK$11.0B

2 2128 2128 · HK

PriceHK$3.74

Fair ValueHK$8.77

Upside+134.5%

Quality47/100

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Evidence: High Range HK$6.03 – HK$12.41

Fair value as of: Jul 2, 2026

From 26 valuation models · updated today

Share price −13.7% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$3.56 – HK$6.61 · fair‑value band HK$6.03 – HK$12.41 · the HK$3.74 price screens below the HK$8.77 fair value. As of Jul 2, 2026.

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Analysis

2128 (2128) currently trades at HK$3.74, while our model-based Fair Value estimate is HK$8.77 — implying the stock looks roughly 134.5% undervalued today. We read business quality at 47/100 (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: high) — always confirm before acting.

Over the trailing twelve months, 2128 generated revenue of HK$24.3B at a net margin of 5.2%. Revenue declined 12.1% year over year. It earns a return on equity of 4.9%. Net debt stands at HK$16.4B. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$24.3B

Revenue growth (YoY) -12.1%

Net margin 5.2%

Return on equity 4.9%

Free cash flow HK$1.6B FY2025

P/E ratio 7.6

More key figures

Operating margin 12.0%

EPS (TTM) HK$0.3400

Dividend yield 5.0%

EPS growth (YoY) -66.4%

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

2128 reported revenue of HK$24.3B in FY2025 versus HK$32.1B in FY2021, a compound −6.7%/yr. Reported net income was HK$1.3B in FY2025, compounding −19.8%/yr from FY2021.

Revenue −6.7%/yr

FY21 HK$32.1B

FY22 HK$30.8B

FY23 HK$30.9B

FY24 HK$27.0B

FY25 HK$24.3B

Net income −19.8%/yr

FY21 HK$3.0B

FY22 HK$2.5B

FY23 HK$2.4B

FY24 HK$1.7B

FY25 HK$1.3B

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Similar stocks

6 more Building Products & Equipment stocks, each showing price versus our Fair Value estimate (as of Jul 2, 2026).

Stock	Price	Fair Value	vs Fair Value
Trane Technologies plc TT	$491.59	$210.11	-57%
Johnson Controls International plc JCI	$148.21	$39.05	-74%
Carrier Global Corporation CARR	$67.97	$16.28	-76%
Compagnie de Saint-Gobain S.A CODGF	$91.30	$94.11	+3%
Daikin Industries,Ltd. DKILF	$149.65	$113.38	-24%
Geberit AG GBERF	$661.46	$368.56	-44%

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Frequently asked questions

Is 2128 (2128) undervalued?

As of Jul 2, 2026, our model estimates a fair value of HK$8.77 versus a price of HK$3.74 — about +134% (undervalued). Model-based estimate, not financial advice.

What is the fair value of 2128?

Our model-based fair value for 2128 is HK$8.77 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$3.74.

What is the quality score of 2128?

2128 has a Quality Score of 47/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 2128 (2128)?

2128 reported trailing-twelve-month revenue of about HK$24.3B (latest available figure, as of Jul 2, 2026).

What is the net profit margin of 2128?

The net profit margin of 2128 is about 5.2%, meaning it keeps roughly 5.2% of revenue as net income. Based on the latest reported figures.

Does 2128 pay a dividend?

2128 currently shows a dividend yield of about 4.95% relative to its recent price (as of Jul 2, 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.

Educational research only · not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.