2232 (2232) Fair Value & Analysis

Consumer Cyclical · Market cap HK$16.5B

2 2232 2232 · HK

PriceHK$5.82

Fair ValueHK$1.32

Upside-77.3%

Quality66/100

Watch 2232 for free — get notified when fair value or trend changes. Watch for free

Evidence: High Range HK$0.8600 – HK$1.91

Fair value as of: Jul 2, 2026

From 25 valuation models · updated today

Share price −1.6% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$4.10 – HK$7.53 · fair‑value band HK$0.8600 – HK$1.91 · the HK$5.82 price screens above the HK$1.32 fair value. As of Jul 2, 2026.

✦ Which stocks are undervalued right now? Check free Discover now →

Analysis

2232 (2232) currently trades at HK$5.82, while our model-based Fair Value estimate is HK$1.32 — implying the stock looks roughly 77.3% overvalued today. We read business quality at 66/100 (solid quality), in the Consumer Cyclical 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, 2232 generated revenue of HK$2.6B at a net margin of 8.5%. Revenue grew 2.6% year over year. It earns a return on equity of 14.3%. The balance sheet holds a net cash position of HK$342M. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$2.6B

Revenue growth (YoY) +2.6%

Net margin 8.5%

Return on equity 14.3%

Free cash flow HK$124M FY2025

P/E ratio 9.3

More key figures

Operating margin 10.8%

EPS (TTM) HK$0.0300

Dividend yield 0.9%

EPS growth (YoY) +8.5%

Net cash HK$342M FY2025

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

2232 reported revenue of HK$2.6B in FY2025 versus HK$2.3B in FY2021, a compound +3.1%/yr. Reported net income was HK$225M in FY2025, compounding +8.3%/yr from FY2021.

Revenue +3.1%/yr

FY21 HK$2.3B

FY22 HK$2.5B

FY23 HK$2.2B

FY24 HK$2.5B

FY25 HK$2.6B

Net income +8.3%/yr

FY21 HK$163M

FY22 HK$173M

FY23 HK$163M

FY24 HK$200M

FY25 HK$225M

Is 2232 fairly valued? → Check now

Similar stocks

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

Stock	Price	Fair Value	vs Fair Value
H & M Hennes & Mauritz AB HNNMY	$3.58	$3.95	+10%
Ralph Lauren Corporation RL	$376.43	$423.69	+13%
Moncler S.p.A MONC	€50.90	€50.69	-0%
Gildan Activewear Inc GIL	$57.04	$34.84	-39%
LPP SA LPP	21,720 PLN	18,670 PLN	-14%
Levi Strauss & Co LEVI	$22.53	$56.56	+151%

Explore undervalued stocks

More undervalued Consumer Cyclical stocks →

All undervalued stocks Technology Financial Services Healthcare Consumer Cyclical Consumer Defensive Communication Services Industrials Energy Basic Materials Real Estate Utilities Deeply Undervalued Stocks Undervalued Blue-Chip Stocks Undervalued Small-Cap Stocks

Frequently asked questions

Is 2232 (2232) undervalued?

As of Jul 2, 2026, our model estimates a fair value of HK$1.32 versus a price of HK$5.82 — about −77% (overvalued). Model-based estimate, not financial advice.

What is the fair value of 2232?

Our model-based fair value for 2232 is HK$1.32 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$5.82.

What is the quality score of 2232?

2232 has a Quality Score of 66/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 2232 (2232)?

2232 reported trailing-twelve-month revenue of about HK$2.6B (latest available figure, as of Jul 2, 2026).

What is the net profit margin of 2232?

The net profit margin of 2232 is about 8.5%, meaning it keeps roughly 8.5% of revenue as net income. Based on the latest reported figures.

Does 2232 pay a dividend?

2232 currently shows a dividend yield of about 0.92% 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.