2238 (2238) Fair Value & Analysis

Consumer Cyclical · Market cap HK$22.1B

2 2238 2238 · HK

PriceHK$2.16

Fair ValueHK$1.94

Upside-10.2%

Quality41/100

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Evidence: Low Range HK$0.8300 – HK$3.61

Fair value as of: Jul 2, 2026

From 3 valuation models · updated today

Share price −19.1% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$2.08 – HK$4.25 · fair‑value band HK$0.8300 – HK$3.61 · the HK$2.16 price screens above the HK$1.94 fair value. As of Jul 2, 2026.

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Analysis

2238 (2238) currently trades at HK$2.16, while our model-based Fair Value estimate is HK$1.94 — implying the stock looks roughly 10.2% overvalued today. We read business quality at 41/100 (below-average 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: low).

Over the trailing twelve months, 2238 generated revenue of HK$96.9B at a net margin of -9.0%. Revenue grew 1.8% year over year. It earns a return on equity of -10.1%. Net debt stands at HK$9.8B. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$96.9B

Revenue growth (YoY) +1.8%

Net margin -9.0%

Return on equity -10.1%

Free cash flow −HK$24.0B FY2025

Operating margin -13.7%

More key figures

EPS (TTM) HK$-0.4100

EPS growth (YoY) -80.3%

Net debt HK$9.8B FY2025

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

2238 reported revenue of HK$94.0B in FY2025 versus HK$75.7B in FY2021, a compound +5.6%/yr. Reported net income was −HK$8.6B in FY2025.

Revenue +5.6%/yr

FY21 HK$75.7B

FY22 HK$110B

FY23 HK$130B

FY24 HK$108B

FY25 HK$94.0B

Net income

FY21 HK$7.3B

FY22 HK$8.1B

FY23 HK$4.4B

FY24 HK$824M

FY25 −HK$8.6B

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Frequently asked questions

Is 2238 (2238) undervalued?

As of Jul 2, 2026, our model estimates a fair value of HK$1.94 versus a price of HK$2.16 — about −10% (overvalued). Model-based estimate, not financial advice.

What is the fair value of 2238?

Our model-based fair value for 2238 is HK$1.94 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$2.16.

What is the quality score of 2238?

2238 has a Quality Score of 41/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 2238 (2238)?

2238 reported trailing-twelve-month revenue of about HK$96.9B (latest available figure, as of Jul 2, 2026).

What is the net profit margin of 2238?

The net profit margin of 2238 is about -9.0%, 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.