2246 (2246) Fair Value & Analysis

Technology · Market cap HK$76.6M

2 2246 2246 · HK

PriceHK$1.25

Fair ValueHK$1.77

Upside+41.6%

Quality37/100

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Evidence: Low Range HK$1.32 – HK$2.64

Fair value as of: Jul 2, 2026

From 1 valuation models · updated today

Share price −26.5% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$1.11 – HK$4.08 · fair‑value band HK$1.32 – HK$2.64 · the HK$1.25 price screens below the HK$1.77 fair value. As of Jul 2, 2026.

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Analysis

2246 (2246) currently trades at HK$1.25, while our model-based Fair Value estimate is HK$1.77 — implying the stock looks roughly 41.6% undervalued today. We read business quality at 37/100 (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: low) — always confirm before acting.

Over the trailing twelve months, 2246 generated revenue of HK$671M at a net margin of -24.1%. Revenue grew 1.9% year over year. It earns a return on equity of -73.3%. Net debt stands at HK$197M. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$671M

Revenue growth (YoY) +1.9%

Net margin -24.1%

Return on equity -73.3%

Free cash flow −HK$141M FY2025

Operating margin -9.7%

More key figures

EPS (TTM) HK$-1.80

Net debt HK$197M FY2020

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

2246 reported revenue of HK$671M in FY2025 versus HK$661M in FY2021, a compound +0.4%/yr. Reported net income was −HK$161M in FY2025.

Revenue +0.4%/yr

FY21 HK$661M

FY22 HK$773M

FY23 HK$753M

FY24 HK$660M

FY25 HK$671M

Net income

FY21 −HK$454M

FY22 −HK$1.2B

FY23 −HK$1.1B

FY24 −HK$193M

FY25 −HK$161M

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Similar stocks

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

Stock	Price	Fair Value	vs Fair Value
SAP SE SAPP34	R$949.05	R$674.65	-29%
Salesforce, Inc CRM	$188.75	$178.06	-6%
Uber Technologies, Inc UBER	$69.67	$51.11	-27%
Shopify Inc SHOP	$107.98	$32.94	-69%
ServiceNow, Inc NOW	$93.01	$76.44	-18%
Cadence Design Systems, Inc CDNS	$385.13	$80.41	-79%

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Frequently asked questions

Is 2246 (2246) undervalued?

As of Jul 2, 2026, our model estimates a fair value of HK$1.77 versus a price of HK$1.25 — about +42% (undervalued). Model-based estimate, not financial advice.

What is the fair value of 2246?

Our model-based fair value for 2246 is HK$1.77 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$1.25.

What is the quality score of 2246?

2246 has a Quality Score of 37/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 2246 (2246)?

2246 reported trailing-twelve-month revenue of about HK$671M (latest available figure, as of Jul 2, 2026).

What is the net profit margin of 2246?

The net profit margin of 2246 is about -24.1%, 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.