Smit Holdings Ltd (2239) Fair Value & Analysis
Technology · HK · Market cap HK$325M
Fair value as of: Aug 13, 2026
From 8 valuation models · updated 3 days ago
Fair value updated Aug 13, 2026, revised from HK$1.07 to HK$2.24 (+109.3%) since Aug 5, 2026. Share price +12.0% over the past month.
Below-average quality, screening 60% undervalued on our models.
What matters now
- The price is below even our cautious bear case (HK$1.70). The market is more pessimistic than our downside scenario.
- Solid quality (48/100) at a price below fair value, the discount is the argument here, not the business quality.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range HK$0.5021 – HK$4.98 · fair‑value band HK$1.70 – HK$2.79 · the HK$1.40 price screens below the HK$2.24 fair value. Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Smit Holdings Ltd (2239) currently trades at HK$1.40, while our model-based Fair Value estimate is HK$2.24, implying the stock looks roughly 60.0% undervalued today. The Quality Score stands at 48/100 (below-average quality), in the Technology 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, Smit Holdings Ltd generated revenue of HK$14.7M at a net margin of -36.0%. Revenue grew 43.9% year over year. It earns a return on equity of -3.5%. The balance sheet holds a net cash position of HK$17.2M. Fundamentals as of Aug 13, 2026
Our scenario range runs from HK$1.70 (bear case) to HK$2.79 (bull case); at HK$1.40, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 41% below its 52-week high and 117% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -54% fair-value upside, at 60%, 2239 screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 8 models by family
Widest divergence: Multiples (HK$1.47) versus Dividend Discount (HK$0.0100). Highest evidence: ROIC Compounder (72).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 49 · Market factors (momentum, volatility) 68
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
SMIT Holdings Limited designs, develops, and markets security devices primarily for pay TV broadcasting access worldwide. It operates through four segments: CAM, Intelligent sense, and other businesses segments.
Full company description
SMIT Holdings Limited designs, develops, and markets security devices primarily for pay TV broadcasting access worldwide. It operates through four segments: CAM, Intelligent sense, and other businesses segments. The company develops and sells conditional access modules (CAM) that enable secure distribution and delivery of digital content to television; and rapid hardware-based verification systems and software. It also develops and sells smart sensing-oriented products and solutions; and offers design services, including cloud platform and supporting services. The company was founded in 2002 and is headquartered in Wan Chai, Hong Kong.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Smit Holdings Ltd reported revenue of HK$14.7M in FY2025 versus HK$36.3M in FY2021, a compound −20.2%/yr. Reported net income was −HK$5.3M in FY2025.
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Peer Group
Semiconductors · 323 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Semiconductors median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Semiconductors stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| NVIDIA Corporation NVDA | $217.50 | $98.98 | -54% |
| Taiwan Semiconductor Manufacturing Company TSM | $429.15 | $291.42 | -32% |
| Broadcom Inc 1AVGO | €366.85 | €121.25 | -67% |
| Micron Technology, Inc ZMIC | C$43.68 | C$6.23 | -86% |
| SK hynix Inc 000660 | 1,504,000 KRW | 1,481,291 KRW | -2% |
| Advanced Micro Devices, Inc 1AMD | €428.20 | €56.33 | -87% |
| Intel Corporation INTC | C$54.79 | C$11.71 | -79% |
| MediaTek Inc 2454 | 4,015 TWD | 1,559 TWD | -61% |
| SK Square Co 402340 | 1,024,000 KRW | 1,204,862 KRW | +18% |
| GigaDevice Semiconductor Inc 3986 | HK$515.00 | HK$274.86 | -47% |
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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.
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