2132 (2132) Fair Value & Analysis

Industrials · Market cap HK$218M

2 2132 2132 · HK

PriceHK$0.1360

Fair ValueHK$0.1700

Upside+25.0%

Quality57/100

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Evidence: High Range HK$0.1300 – HK$0.2200

Fair value as of: Jul 2, 2026

From 24 valuation models · updated today

Share price −6.2% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$0.0880 – HK$0.2700 · fair‑value band HK$0.1300 – HK$0.2200 · the HK$0.1360 price screens below the HK$0.1700 fair value. As of Jul 2, 2026.

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Analysis

2132 (2132) currently trades at HK$0.1360, while our model-based Fair Value estimate is HK$0.1700 — implying the stock looks roughly 25.0% undervalued today. We read business quality at 57/100 (solid 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, 2132 generated revenue of HK$1.1B at a net margin of 1.1%. Revenue grew 2.8% year over year. It earns a return on equity of 3.7%. The stock trades on a trailing P/E of 13.6. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$1.1B

Revenue growth (YoY) +2.8%

Net margin 1.1%

Return on equity 3.7%

Free cash flow HK$94.8M FY2025

P/E ratio 13.6

More key figures

Operating margin 1.1%

EPS (TTM) HK$0.0100

EPS growth (YoY) -10.2%

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

2132 reported revenue of HK$1.3B in FY2025 versus HK$634M in FY2021, a compound +19.2%/yr. Reported net income was HK$13.3M in FY2025, compounding −27.5%/yr from FY2021.

Revenue +19.2%/yr

FY21 HK$634M

FY22 HK$994M

FY23 HK$956M

FY24 HK$1.4B

FY25 HK$1.3B

Net income −27.5%/yr

FY21 HK$47.9M

FY22 HK$41.2M

FY23 HK$32.8M

FY24 HK$26.1M

FY25 HK$13.3M

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Similar stocks

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

Stock	Price	Fair Value	vs Fair Value
Larsen & Toubro Limited LTOD	$0.4415	$0.5700	+29%
Samsung C&T Corporation 028260	520,000 KRW	268,469 KRW	-48%
China State Construction Engineering Corporation 601668	¥4.65	¥17.35	+273%
TopBuild Corp BLD	7,547 MXN	324.01 MXN	-96%
000720 000720	115,100 KRW	64,227 KRW	-44%
United Integrated Services Co 2404	1,195 TWD	1,681 TWD	+41%

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Frequently asked questions

Is 2132 (2132) undervalued?

As of Jul 2, 2026, our model estimates a fair value of HK$0.1700 versus a price of HK$0.1360 — about +25% (undervalued). Model-based estimate, not financial advice.

What is the fair value of 2132?

Our model-based fair value for 2132 is HK$0.1700 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$0.1360.

What is the quality score of 2132?

2132 has a Quality Score of 57/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 2132 (2132)?

2132 reported trailing-twelve-month revenue of about HK$1.1B (latest available figure, as of Jul 2, 2026).

What is the net profit margin of 2132?

The net profit margin of 2132 is about 1.1%, meaning it keeps roughly 1.1% 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.