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Comba Telecom Systems Holdings (2342) Fair Value & Analysis

Technology · HK · Market cap HK$3.1B

CT Comba Telecom Systems Holdings 2342 · HK
PriceHK$0.8300
Fair ValueHK$0.1955
Upside-76.5%
Quality55/100
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Weak Growth
Thin margins · 0.8% net margin
Low debt · generates free cash flow
0.61% dividend yield
Mixed vs. peers (7/15)
Narrow moat 14/100
Evidence: High Range HK$0.1445 – HK$0.2380 Share as image

Fair value as of: Aug 6, 2026

From 24 valuation models · updated 5 days ago

Share price −14.4% over the past month.

A solid business, but screening 76% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (HK$0.2380). The favourable scenario is already priced in.
  • Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

HK$3.47 HK$0.4739 Fair Value HK$0.1955 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 6, 2026.

How to read this chart

60‑month range HK$0.4739 – HK$3.47 · fair‑value band HK$0.1445 – HK$0.2380 · the HK$0.8300 price screens above the HK$0.1955 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 6, 2026.

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Analysis

Comba Telecom Systems Holdings (2342) currently trades at HK$0.8300, while our model-based Fair Value estimate is HK$0.1955, implying the stock looks roughly 76.5% overvalued today. The Quality Score stands at 55/100 (solid quality), in the Technology 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: high).

Over the trailing twelve months, Comba Telecom Systems Holdings generated revenue of HK$4.6B at a net margin of 0.8%. Revenue grew 8.6% year over year. It earns a return on equity of 2.2%. The balance sheet holds a net cash position of HK$864M. Fundamentals as of Aug 6, 2026

Our scenario range runs from HK$0.1445 (bear case) to HK$0.2380 (bull case); at HK$0.8300, the current price sits above 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 77% below its 52-week high, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -61% fair-value upside, at -76%, 2342 screens richer 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.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF HK$1.87 HK$2.35 HK$3.10 80
Residual Income HK$0.7000 HK$0.6500 HK$0.4700 76
Rev-Margin DCF HK$1.31 HK$1.65 HK$2.05 74
All 24 models by family
DCF Models
FCF DCF HK$1.82 HK$2.33 HK$3.16 38
Owner Earnings HK$1.34 HK$1.68 HK$2.23 31
5Y Revenue Exit HK$1.31 HK$1.62 HK$2.04 39
5Y EBITDA Exit HK$1.88 HK$2.59 HK$3.47 41
5Y P/E Exit HK$1.02 HK$1.12 HK$1.24 38
10Y Revenue Exit HK$1.48 HK$1.78 HK$2.11 36
10Y EBITDA Exit HK$1.84 HK$2.41 HK$3.07 37
10Y P/E Exit HK$1.33 HK$1.46 HK$1.58 35
Earnings-Based
Graham-Dodd HK$0.0800 HK$0.1400 HK$0.1800 54
EPV HK$0.9100 HK$0.9900 HK$1.06 59
Dividend Discount
Gordon GGM HK$0.0500 HK$0.0700 HK$0.0900 70
DDM Multi-Stage HK$0.0500 HK$0.0700 HK$0.0900 61
Multiples
P/E Multiple HK$0.1700 HK$0.2300 HK$0.2800 63
P/S Multiple HK$0.1400 HK$0.1900 HK$0.2400 58
P/B Multiple HK$0.1400 HK$0.1900 HK$0.2400 55
EV/EBIT HK$1.36 HK$1.69 HK$2.02 53
EV/EBITDA HK$2.15 HK$2.74 HK$3.33 54
EV/Revenue HK$1.04 HK$1.32 HK$1.61 43
Asset-Based
NCAV (Graham) HK$0.5100 HK$0.6900 HK$1.03 50
Growth DCF
Growth DCF HK$1.87 HK$2.35 HK$3.10 80
Rev-Margin DCF HK$1.31 HK$1.65 HK$2.05 74
Economic Profit
Residual Income HK$0.7000 HK$0.6500 HK$0.4700 76
ROIC Compounder HK$0.9100 HK$0.9900 HK$1.07 72
Growth Earnings
Growth-Adj P/E HK$0.1200 HK$0.1700 HK$0.2200 68

Widest divergence: DCF Models (HK$1.68) versus Dividend Discount (HK$0.0700). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$4.6B
Revenue growth (YoY) +8.6%
Net margin 0.8%
Return on equity 2.2%
Free cash flow HK$462M FY2025
P/E ratio 100.0
More key figures
Operating margin -1.8%
EPS (TTM) HK$0.0200
Dividend yield 0.6%
EPS growth (YoY) +24.2%
Net cash HK$864M FY2025

Figures from reported company fundamentals · as of Aug 6, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 55/100

Of which business quality 57 · Market factors (momentum, volatility) 10

Profitability 26
Margins and returns on capital today
Quality Growth 72
Are margins and returns improving?
Cashflow 71
Earnings quality: real cash, not paper profit
Fin. Strength 61
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 35
Calm price path (market factor)
Momentum 0
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 26
Buybacks instead of dilution

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

Comba Telecom Systems Holdings Limited, an investment holding company, engages in the research and development, manufacture, and sale of wireless telecommunications network system equipment and related engineering services. It operates in two segments: Wireless Telecommunications Network System Equipment and Services, and Operator Telecommunication Services.

Full company description

Comba Telecom Systems Holdings Limited, an investment holding company, engages in the research and development, manufacture, and sale of wireless telecommunications network system equipment and related engineering services. It operates in two segments: Wireless Telecommunications Network System Equipment and Services, and Operator Telecommunication Services. The company provides base station antennas and subsystems; open radio; ScanViS; and network system products, as well as cell site and enterprise solutions; consultancy, DAS network design, maintenance, and network optimization services; and technical support, value-added, and repairing services. It also engages in assembling, trading, and marketing of wireless telecommunications network system equipment; manufacture and sale of intelligent machinery; research and development, and trading of digital microwave system equipment; and provision of hardware and software solutions and services. The company serves airport, education, government and public safety, healthcare, hospitality, retail, stadium, and transportation industries. It has operations in Mainland China, rest of Asia Pacific, the Americas, the European Union, the Middle East, and internationally. Comba Telecom Systems Holdings Limited was founded in 1995 and is headquartered in Singapore.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Comba Telecom Systems Holdings reported revenue of HK$4.6B in FY2025 versus HK$5.9B in FY2021, a compound −6.1%/yr. Reported net income was HK$35.0M in FY2025.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
HK$4.6B
Latest YoY
+0.9%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−10.4%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−2.0%
Avg. growth/yr (23Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+9.4%
Revenue −6.1%/yr
FY21 HK$5.9B
FY22 HK$6.4B
FY23 HK$6.0B
FY24 HK$4.5B
FY25 HK$4.6B
Net income
FY21 −HK$593M
FY22 HK$190M
FY23 HK$6.7M
FY24 −HK$564M
FY25 HK$35.0M

2342 screens 76% overvalued. Compare with Cisco Systems, Inc →

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Cite: Fair Value Calculator (2026). "Comba Telecom Systems Holdings Fair Value". https://www.fairvalue-calculator.com/stock/2342

Peer Group

Communication Equipment · 286 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.

Quality Score 55 · Above median
Fair Value upside −76% · Bottom 25%
Return on equity (TTM) 2% · Below median
Return on assets 0% · Below median
Net margin (TTM) 1% · Below median
Operating margin (TTM) -2% · Below median
Revenue growth 9% · Above median
Dividend yield (TTM) 0.6% · Below median
Debt / equity 0.18× · Higher than median

Valuation Multiples vs Communication Equipment median · lower = cheaper

P/E (TTM) 100.0× · Pricier than 75% of peers
P/B 0.97× · Cheaper than median
P/S (TTM) 0.68× · Cheaper than median
P/FCF 0.9× · Cheaper than median
EV/EBITDA 10.1× · Cheaper than 75% of peers
PEG 0.48× · Cheaper than 75% of peers

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.

VALUE 0 · sector 0
FUTURE 43 · sector 30
PAST 9 · sector 15
HEALTH 91 · sector 98
DIVIDEND 12 · sector 26

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Communication Equipment stocks, each showing price versus our Fair Value estimate (as of Aug 6, 2026).

Stock Price Fair Value vs Fair Value
Cisco Systems, Inc CSCO $119.25 $43.05 -64%
Zhongji Innolight Co 300308 ¥1,094 ¥171.09 -84%
Foxconn Industrial Internet Co 601138 ¥56.50 ¥28.65 -49%
Eoptolink Technology Inc 300502 ¥482.88 ¥155.05 -68%
Nokia Oyj NOK $11.25 $2.67 -76%
Motorola Solutions, Inc MSI $413.31 $190.43 -54%
Suzhou TFC Optical Communication Co 300394 ¥244.13 ¥32.04 -87%
Telefonaktiebolaget LM Ericsson (publ), ERIC $11.72 $15.96 +36%
Accton Technology Corporation 2345 2,090 TWD 846.28 TWD -60%
ZTE Corporation 000063 ¥40.00 ¥15.75 -61%

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Frequently asked questions

Is Comba Telecom Systems Holdings (2342) overvalued or undervalued?
As of Aug 6, 2026, our model estimates a fair value of HK$0.1955 versus a price of HK$0.8300, about −76% (overvalued).
What is the fair value of 2342?
Our model-based fair value for Comba Telecom Systems Holdings is HK$0.1955 (as of Aug 6, 2026), built from audited fundamentals. The current price is HK$0.8300.
What is the quality score of 2342?
Comba Telecom Systems Holdings has a Quality Score of 55/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Comba Telecom Systems Holdings (2342)?
Comba Telecom Systems Holdings reported trailing-twelve-month revenue of about HK$4.6B (latest available figure, as of Aug 6, 2026).
What is the net profit margin of 2342?
The net profit margin of Comba Telecom Systems Holdings is about 0.8%, meaning it keeps roughly 0.8% of revenue as net income. Based on the latest reported figures.
Does Comba Telecom Systems Holdings pay a dividend?
Comba Telecom Systems Holdings currently shows a dividend yield of about 0.61% relative to its recent price (as of Aug 6, 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.

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