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2138 (2138) Fair Value & Analysis

Healthcare · Market cap HK$476M

2 2138 2138 · HK
PriceHK$0.4000
Fair ValueHK$0.5254
Upside+31.4%
Quality44/100
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Evidence: Medium Range HK$0.3854 – HK$0.5254

Fair value as of: Jul 2, 2026

From 16 valuation models · updated today

Share price −2.4% over the past month.

Price vs Fair Value (12 months)

HK$1.14 HK$0.3650 Fair Value HK$0.5254 Jun 2025 Jul 2026

12‑month range HK$0.3650 – HK$1.14 · fair‑value band HK$0.3854 – HK$0.5254 · the HK$0.4000 price screens below the HK$0.5254 fair value. As of Jul 2, 2026.

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Analysis

2138 (2138) currently trades at HK$0.4000, while our model-based Fair Value estimate is HK$0.5254 — implying the stock looks roughly 31.4% undervalued today. We read business quality at 44/100 (below-average quality), in the Healthcare 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, 2138 generated revenue of HK$4.0B at a net margin of -4.8%. Revenue declined 6.4% year over year. It earns a return on equity of -6.2%. Net debt stands at HK$491M. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$4.0B
Revenue growth (YoY) -6.4%
Net margin -4.8%
Return on equity -6.2%
Free cash flow HK$686M FY2025
Operating margin 2.1%
More key figures
EPS (TTM) HK$-0.1600
EPS growth (YoY) +112%
Net debt HK$491M FY2026

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

2138 reported revenue of HK$3.8B in FY2026 versus HK$2.9B in FY2022, a compound +6.6%/yr. Reported net income was −HK$403M in FY2026.

Revenue +6.6%/yr
FY22 HK$2.9B
FY23 HK$3.9B
FY24 HK$4.2B
FY25 HK$4.1B
FY26 HK$3.8B
Net income
FY22 HK$198M
FY23 HK$69.7M
FY24 −HK$18.9M
FY25 −HK$167M
FY26 −HK$403M

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Similar stocks

6 more Medical Care Facilities stocks, each showing price versus our Fair Value estimate (as of Jul 2, 2026).

Stock Price Fair Value vs Fair Value
HCA Healthcare, Inc H1CA34 R$95.75 R$123.65 +29%
Fresenius SE FSNUY $11.30 $8.61 -24%
5225 5225 8.67 MYR 3.08 MYR -64%
IHHHF IHHHF $1.71 $0.7400 -57%
Tenet Healthcare Corporation THC $162.06 $282.55 +74%
Rede D'Or São Luiz S.A RDOR3 R$32.76 R$30.33 -7%

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Frequently asked questions

Is 2138 (2138) undervalued?
As of Jul 2, 2026, our model estimates a fair value of HK$0.5254 versus a price of HK$0.4000 — about +31% (undervalued). Model-based estimate, not financial advice.
What is the fair value of 2138?
Our model-based fair value for 2138 is HK$0.5254 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$0.4000.
What is the quality score of 2138?
2138 has a Quality Score of 44/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of 2138 (2138)?
2138 reported trailing-twelve-month revenue of about HK$4.0B (latest available figure, as of Jul 2, 2026).
What is the net profit margin of 2138?
The net profit margin of 2138 is about -4.8%, 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.