2236 (2236) Fair Value & Analysis

Industrials · Market cap HK$1.9B

2 2236 2236 · HK

PriceHK$0.4500

Fair ValueHK$0.5800

Upside+28.9%

Quality50/100

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Evidence: High Range HK$0.4600 – HK$0.7100

Fair value as of: Jul 2, 2026

From 15 valuation models · updated today

Share price −6.3% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$0.3350 – HK$0.7400 · fair‑value band HK$0.4600 – HK$0.7100 · the HK$0.4500 price screens below the HK$0.5800 fair value. As of Jul 2, 2026.

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Analysis

2236 (2236) currently trades at HK$0.4500, while our model-based Fair Value estimate is HK$0.5800 — implying the stock looks roughly 28.9% undervalued today. We read business quality at 50/100 (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, 2236 generated revenue of HK$7.6B at a net margin of 1.9%. Revenue grew 3.7% year over year. It earns a return on equity of 5.3%. The balance sheet holds a net cash position of HK$1.3B. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$7.6B

Revenue growth (YoY) +3.7%

Net margin 1.9%

Return on equity 5.3%

Free cash flow −HK$966M FY2025

P/E ratio 11.6

More key figures

Operating margin 1.4%

EPS (TTM) HK$0.0200

EPS growth (YoY) -61.6%

Net cash HK$1.3B FY2025

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

2236 reported revenue of HK$7.6B in FY2025 versus HK$6.3B in FY2021, a compound +4.9%/yr. Reported net income was HK$142M in FY2025.

Revenue +4.9%/yr

FY21 HK$6.3B

FY22 HK$4.7B

FY23 HK$3.8B

FY24 HK$5.6B

FY25 HK$7.6B

Net income

FY21 −HK$92.6M

FY22 −HK$1.2B

FY23 −HK$196M

FY24 HK$142M

FY25 HK$142M

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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	130,300 KRW	55,602 KRW	-57%
United Integrated Services Co 2404	1,205 TWD	1,891 TWD	+57%

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Frequently asked questions

Is 2236 (2236) undervalued?

As of Jul 2, 2026, our model estimates a fair value of HK$0.5800 versus a price of HK$0.4500 — about +29% (undervalued). Model-based estimate, not financial advice.

What is the fair value of 2236?

Our model-based fair value for 2236 is HK$0.5800 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$0.4500.

What is the quality score of 2236?

2236 has a Quality Score of 50/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 2236 (2236)?

2236 reported trailing-twelve-month revenue of about HK$7.6B (latest available figure, as of Jul 2, 2026).

What is the net profit margin of 2236?

The net profit margin of 2236 is about 1.9%, meaning it keeps roughly 1.9% 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.