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Netjoy Holdings Ltd (2131) Fair Value & Analysis

Communication Services · HK · Market cap HK$362M

NH Netjoy Holdings Ltd 2131 · HK
PriceHK$0.4550
Fair ValueHK$0.5100
Upside+12.1%
Quality58/100
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Mixed Growth
Loss-making · -14.6% net margin
generates free cash flow
Ranks above peers (6/10)
Narrow moat 6/100
Evidence: Medium Range HK$0.2100 – HK$0.6300 Share as image

Fair value as of: Aug 13, 2026

From 25 valuation models · updated 3 days ago

A solid business, screening 12% undervalued on our models.

What matters now

  • The model range is unusually wide (HK$0.2100 to HK$0.6300). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Our model range runs from HK$0.2100 (bear) to HK$0.6300 (bull), base HK$0.5100. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 58/100 (solid quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

HK$7.60 HK$0.4100 Fair Value HK$0.5100 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range HK$0.4100 – HK$7.60 · fair‑value band HK$0.2100 – HK$0.6300 · the HK$0.4550 price screens below the HK$0.5100 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Netjoy Holdings Ltd (2131) currently trades at HK$0.4550, while our model-based Fair Value estimate is HK$0.5100, implying the stock looks roughly 12.1% undervalued today. The Quality Score stands at 58/100 (solid quality), in the Communication Services 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, Netjoy Holdings Ltd generated revenue of HK$3.1B at a net margin of -14.6%. Revenue declined 3.8% year over year. It earns a return on equity of -39.7%. Net debt stands at HK$57.6M. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$0.2100 (bear case) to HK$0.6300 (bull case); at HK$0.4550, the current price sits within 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 near its 52-week high, currently above its 200-day average. For context, the median of 10 Communication Services peers we cover trades at -13% fair-value upside, at 12%, 2131 screens cheaper 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$1.11 HK$1.02 HK$0.6600 76
Growth DCF HK$2.42 HK$3.94 HK$6.48 72
Gordon GGM HK$0.3300 HK$0.6000 HK$0.8200 70
All 25 models by family
DCF Models
FCF DCF HK$2.53 HK$3.72 HK$6.80 38
5Y Revenue Exit HK$1.71 HK$2.53 HK$4.02 39
5Y EBITDA Exit HK$1.80 HK$2.73 HK$4.31 41
5Y P/E Exit HK$1.26 HK$1.61 HK$1.99 38
10Y Revenue Exit HK$1.94 HK$2.99 HK$4.20 36
10Y EBITDA Exit HK$2.03 HK$3.14 HK$5.00 37
10Y P/E Exit HK$1.68 HK$2.23 HK$2.99 35
Earnings-Based
Graham-Dodd HK$0.0800 HK$0.5100 HK$0.7200 54
Lynch FV HK$0.1500 HK$0.2200 HK$0.2800 50
PEG = 1.0 HK$0.1500 HK$0.2200 HK$0.2800 46
EPV HK$1.11 HK$1.20 HK$1.27 59
Dividend Discount
Gordon GGM HK$0.3300 HK$0.6000 HK$0.8200 70
DDM Multi-Stage HK$0.3300 HK$0.5400 HK$0.6400 61
Multiples
P/E Multiple HK$0.1800 HK$0.2400 HK$0.3000 63
P/S Multiple HK$0.1400 HK$0.1900 HK$0.2300 58
P/B Multiple HK$0.1400 HK$0.1900 HK$0.2300 55
EV/EBIT HK$1.54 HK$1.91 HK$2.27 53
EV/EBITDA HK$1.48 HK$1.82 HK$2.16 54
EV/Revenue HK$1.28 HK$1.64 HK$1.99 43
Asset-Based
NCAV (Graham) HK$0.8700 HK$1.17 HK$1.74 50
Growth DCF
Growth DCF HK$2.42 HK$3.94 HK$6.48 72
Rev-Margin DCF HK$1.71 HK$2.64 HK$4.01 67
Economic Profit
Residual Income HK$1.11 HK$1.02 HK$0.6600 76
ROIC Compounder HK$1.11 HK$1.20 HK$1.27 67
Growth Earnings
Growth-Adj P/E HK$0.2100 HK$0.3000 HK$0.3900 68

Widest divergence: DCF Models (HK$2.73) versus Earnings-Based (HK$0.2200). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) HK$3.1B
Revenue growth (YoY) -3.8%
Net margin -14.6%
Return on equity -39.7%
Free cash flow HK$131M FY2023
Operating margin 2.5%
More key figures
EPS growth (YoY) -25.9%
Net debt HK$57.6M FY2023

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 58/100

Of which business quality 60 · Market factors (momentum, volatility) 52

Profitability 31
Margins and returns on capital today
Quality Growth 60
Are margins and returns improving?
Cashflow 59
Earnings quality: real cash, not paper profit
Fin. Strength 55
Balance sheet, leverage, solvency risk
Investment 85
Disciplined investing over empire-building
Low Volatility 84
Calm price path (market factor)
Momentum 40
Price trend over the last 3–12 months (market factor)
52W Momentum 33
Distance to the 52-week high (market factor)
Net Issuance 90
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

Netjoy Holdings Limited, an investment holding company, provides online advertising services in the People's Republic of China. It operates through three segments: Online Marketing Solutions Business, Software as a Service (SaaS), and Other Business.

Full company description

Netjoy Holdings Limited, an investment holding company, provides online advertising services in the People's Republic of China. It operates through three segments: Online Marketing Solutions Business, Software as a Service (SaaS), and Other Business. The company provides short video marketing and content service solutions; integrated and advertising distribution services for advertisers and advertising agencies; and platform subscription and advertising services through Tradeplus, a one-stop short video programmatic advertising and data management platform. It is also involved in live broadcasting, pan-entertainment, and exhibition businesses. In addition, the company engages in operating Huabian Platform, a pan entertainment-oriented content platform; and planning and production of short videos. Further, it provides integrated services comprising mobile short video marketing content creation; programmatic and cross-platform delivery; and performance tracking and data analysis. Additionally, it offers technical and consultation, as well as marketing services; and operates an entertainment-oriented content platform. The company's customers primarily include advertisers and advertising agencies for its online marketing solutions; and individuals for short plays and e-commerce distribution. It serves an advertiser base operating in a range of industry verticals, including online gaming, financial services, e-commerce, internet services, advertising, and culture and media. Netjoy Holdings Limited was founded in 2012 and is headquartered in Shanghai, China.

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

Revenue & earnings trend

FY2019 – FY2023 · reported fiscal years

Netjoy Holdings Ltd reported revenue of HK$3.0B in FY2023 versus HK$2.3B in FY2019, a compound +6.8%/yr. Reported net income was HK$8.8M in FY2023, compounding −41.1%/yr from FY2019.

Growth Quality 71/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2023)
HK$3.0B
Latest YoY
−9.1%
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.
+5.3%
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.
+20.5%
Avg. growth/yr (6Y) ⓘ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.
+52.9%
Revenue +6.8%/yr
FY19 HK$2.3B
FY20 HK$2.6B
FY21 HK$3.1B
FY22 HK$3.3B
FY23 HK$3.0B
Net income −41.1%/yr
FY19 HK$72.9M
FY20 HK$104M
FY21 HK$117M
FY22 −HK$179M
FY23 HK$8.8M

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Netjoy Holdings Ltd · Fair Value
HK$0.5100 +12%Fair Value
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Cite: Fair Value Calculator (2026). "Netjoy Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2131

Peer Group

Advertising Agencies · 200 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 58 · Above median
Fair Value upside +12% · Above median
Return on assets -2% · Below median
Net margin (TTM) -15% · Bottom 25%
Operating margin (TTM) 2% · Above median
Revenue growth -4% · Below median
Dividend yield (TTM) 9.4% · Top 25%

Valuation Multiples vs Advertising Agencies median · lower = cheaper

P/S (TTM) 0.02× · Cheaper than 75% of peers
P/FCF 0.4× · Cheaper than 75% of peers

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 49 · sector 24
FUTURE 0 · sector 6
PAST 0 · sector 5
HEALTH 0 · sector 98
DIVIDEND 100 · sector 62

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 Advertising Agencies stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
AppLovin Corporation APP $303.76 $252.45 -17%
Publicis Groupe S.A PUB €99.98 €146.36 +46%
Omnicom Group OMC $85.51 $99.84 +17%
Focus Media Information Technology Co 002027 ¥5.29 ¥5.71 +8%
The Trade Desk, Inc TTD $13.49 $29.07 +115%
JCDecaux SE DEC €24.00 €20.99 -13%
Easy Click Worldwide Network Technology Co 301171 ¥37.40 ¥5.62 -85%
Mobvista Inc 1860 HK$11.04 HK$6.43 -42%
Affle 3i Limited AFFLE ₹1,643 ₹611.48 -63%
Guangdong Advertising Group 002400 ¥7.33 ¥1.14 -84%

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Frequently asked questions

Is Netjoy Holdings Ltd (2131) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$0.5100 versus a price of HK$0.4550, about +12% (undervalued).
What is the fair value of 2131?
Our model-based fair value for Netjoy Holdings Ltd is HK$0.5100 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$0.4550.
What is the quality score of 2131?
Netjoy Holdings Ltd has a Quality Score of 58/100. 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 Netjoy Holdings Ltd (2131)?
Netjoy Holdings Ltd reported trailing-twelve-month revenue of about HK$3.1B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 2131?
The net profit margin of Netjoy Holdings Ltd is about -14.6%, 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.

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