2309 (2309) Fair Value & Analysis

Communication Services · Market cap HK$2.1B

2 2309 2309 · HK

PriceHK$2.15

Fair ValueHK$0.2600

Upside-87.9%

Quality32/100

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Evidence: Low Range HK$0.2000 – HK$0.3900

Fair value as of: Jul 2, 2026

From 1 valuation models · updated today

Share price −2.7% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$1.70 – HK$3.95 · fair‑value band HK$0.2000 – HK$0.3900 · the HK$2.15 price screens above the HK$0.2600 fair value. As of Jul 2, 2026.

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Analysis

2309 (2309) currently trades at HK$2.15, while our model-based Fair Value estimate is HK$0.2600 — implying the stock looks roughly 87.9% overvalued today. We read business quality at 32/100 (below-average quality), in the Communication Services 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, 2309 generated revenue of HK$481M at a net margin of -3.6%. Revenue grew 110.8% year over year. Net debt stands at HK$957M. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$481M

Revenue growth (YoY) +111%

Net margin -3.6%

Return on equity -158%

Free cash flow −HK$625M FY2025

Operating margin -57.4%

More key figures

EPS (TTM) HK$-0.4800

Net debt HK$957M FY2025

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

2309 reported revenue of HK$451M in FY2025 versus HK$165M in FY2021, a compound +28.6%/yr. Reported net income was −HK$314M in FY2025.

Revenue +28.6%/yr

FY21 HK$165M

FY22 HK$221M

FY23 HK$217M

FY24 HK$275M

FY25 HK$451M

Net income

FY21 −HK$74.2M

FY22 −HK$40.7M

FY23 −HK$25.7M

FY24 −HK$183M

FY25 −HK$314M

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Similar stocks

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

Stock	Price	Fair Value	vs Fair Value
Netflix, Inc NFC	€71.41	€43.05	-40%
NFLX NFLX	1,422 MXN	58.64 MXN	-96%
The Walt Disney Company DIS	C$11.30	C$7.43	-34%
Warner Bros. Discovery, Inc WBD	$26.24	$9.57	-64%
Universal Music Group UMG	€17.83	€13.64	-23%
TKO Group TKO	$203.49	$123.61	-39%

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Frequently asked questions

Is 2309 (2309) undervalued?

As of Jul 2, 2026, our model estimates a fair value of HK$0.2600 versus a price of HK$2.15 — about −88% (overvalued). Model-based estimate, not financial advice.

What is the fair value of 2309?

Our model-based fair value for 2309 is HK$0.2600 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$2.15.

What is the quality score of 2309?

2309 has a Quality Score of 32/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 2309 (2309)?

2309 reported trailing-twelve-month revenue of about HK$481M (latest available figure, as of Jul 2, 2026).

What is the net profit margin of 2309?

The net profit margin of 2309 is about -3.6%, 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.