2191 (2191) Fair Value & Analysis

Real Estate · Market cap HK$2.1B

2 2191 2191 · HK

PriceHK$2.50

Fair ValueHK$0.9300

Upside-62.8%

Quality56/100

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Evidence: High Range HK$0.9300 – HK$1.46

Fair value as of: Jul 2, 2026

From 15 valuation models · updated today

Share price −3.5% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$2.47 – HK$2.82 · fair‑value band HK$0.9300 – HK$1.46 · the HK$2.50 price screens above the HK$0.9300 fair value. As of Jul 2, 2026.

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Analysis

2191 (2191) currently trades at HK$2.50, while our model-based Fair Value estimate is HK$0.9300 — implying the stock looks roughly 62.8% overvalued today. We read business quality at 56/100 (solid quality), in the Real Estate 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: high).

Over the trailing twelve months, 2191 generated revenue of HK$445M at a net margin of -74.6%. Revenue declined 1.5% year over year. It earns a return on equity of -9.7%. Net debt stands at HK$2.3B. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$445M

Revenue growth (YoY) -1.5%

Net margin -74.6%

Return on equity -9.7%

Free cash flow HK$258M FY2025

Operating margin 76.5%

More key figures

EPS (TTM) HK$-0.4400

Dividend yield 10.7%

EPS growth (YoY) -91.9%

Net debt HK$2.3B FY2025

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

2191 reported revenue of HK$420M in FY2025 versus HK$253M in FY2021, a compound +13.6%/yr. Reported net income was −HK$332M in FY2025.

Revenue +13.6%/yr

FY21 HK$253M

FY22 HK$421M

FY23 HK$445M

FY24 HK$446M

FY25 HK$420M

Net income

FY21 HK$174M

FY22 HK$440M

FY23 HK$219M

FY24 −HK$295M

FY25 −HK$332M

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Similar stocks

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

Stock	Price	Fair Value	vs Fair Value
Prologis, Inc PLD	$145.77	$64.23	-56%
Public Storage, a member of the S&P 500, PSA	$321.29	$225.92	-30%
Extra Space Storage Inc EXR	$147.76	$107.16	-27%
SEGRO Plc SEGXF	$10.37	$6.25	-40%
EastGroup Properties, Inc EGP	$203.22	$126.92	-38%
Lineage, Inc LINE	$40.82	$72.44	+77%

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Frequently asked questions

Is 2191 (2191) undervalued?

As of Jul 2, 2026, our model estimates a fair value of HK$0.9300 versus a price of HK$2.50 — about −63% (overvalued). Model-based estimate, not financial advice.

What is the fair value of 2191?

Our model-based fair value for 2191 is HK$0.9300 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$2.50.

What is the quality score of 2191?

2191 has a Quality Score of 56/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 2191 (2191)?

2191 reported trailing-twelve-month revenue of about HK$445M (latest available figure, as of Jul 2, 2026).

What is the net profit margin of 2191?

The net profit margin of 2191 is about -74.6%, meaning it is currently running at a net loss. Based on the latest reported figures.

Does 2191 pay a dividend?

2191 currently shows a dividend yield of about 10.65% 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.