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2328 (2328) Fair Value & Analysis

Financial Services · Market cap HK$313B

2 2328 2328 · HK
PriceHK$14.07
Fair ValueHK$26.53
Upside+88.6%
Quality60/100
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Evidence: High Range HK$19.90 – HK$33.16

Fair value as of: Jul 2, 2026

From 26 valuation models · updated today

Share price +1.8% over the past month.

Price vs Fair Value (12 months)

HK$18.59 HK$13.47 Fair Value HK$26.53 Jun 2025 Jul 2026

12‑month range HK$13.47 – HK$18.59 · fair‑value band HK$19.90 – HK$33.16 · the HK$14.07 price screens below the HK$26.53 fair value. As of Jul 2, 2026.

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Analysis

2328 (2328) currently trades at HK$14.07, while our model-based Fair Value estimate is HK$26.53 — implying the stock looks roughly 88.6% undervalued today. We read business quality at 60/100 (solid quality), in the Financial Services 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, 2328 generated revenue of HK$545B at a net margin of 7.4%. Revenue grew 4.9% year over year. It earns a return on equity of 14.7%. Net debt stands at HK$49.7B. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$545B
Revenue growth (YoY) +4.9%
Net margin 7.4%
Return on equity 14.7%
Free cash flow HK$57.3B FY2025
P/E ratio 6.7
More key figures
Operating margin 8.7%
EPS (TTM) HK$1.10
Dividend yield 4.9%
EPS growth (YoY) +16.4%
Net debt HK$49.7B FY2025

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

2328 reported revenue of HK$512B in FY2025 versus HK$418B in FY2021, a compound +5.2%/yr. Reported net income was HK$39.3B in FY2025, compounding +15.2%/yr from FY2021.

Revenue +5.2%/yr
FY21 HK$418B
FY22 HK$408B
FY23 HK$440B
FY24 HK$481B
FY25 HK$512B
Net income +15.2%/yr
FY21 HK$22.4B
FY22 HK$29.2B
FY23 HK$24.6B
FY24 HK$32.2B
FY25 HK$39.3B

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Recent news

External third-party headlines (Yahoo Finance, Reuters and others) — not an editorial selection, not financial advice.

Similar stocks

6 more Insurance - Property & Casualty stocks, each showing price versus our Fair Value estimate (as of Jul 2, 2026).

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The Progressive Corporation PGR $204.02 $316.22 +55%
Tokio Marine Holdings TKOMF $45.59 $41.60 -9%
The Travelers Companies, Inc TRV 5,323 MXN 5,975 MXN +12%
The Allstate Corporation ALL $222.56 $445.12 +100%
PICC Property and Casualty Company PPCCY $49.08 $90.98 +85%

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Frequently asked questions

Is 2328 (2328) undervalued?
As of Jul 2, 2026, our model estimates a fair value of HK$26.53 versus a price of HK$14.07 — about +89% (undervalued). Model-based estimate, not financial advice.
What is the fair value of 2328?
Our model-based fair value for 2328 is HK$26.53 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$14.07.
What is the quality score of 2328?
2328 has a Quality Score of 60/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of 2328 (2328)?
2328 reported trailing-twelve-month revenue of about HK$545B (latest available figure, as of Jul 2, 2026).
What is the net profit margin of 2328?
The net profit margin of 2328 is about 7.4%, meaning it keeps roughly 7.4% of revenue as net income. Based on the latest reported figures.
Does 2328 pay a dividend?
2328 currently shows a dividend yield of about 4.92% relative to its recent price (as of Jul 2, 2026).

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.