2386 (2386) Fair Value & Analysis

Industrials · Market cap HK$22.5B

2 2386 2386 · HK

PriceHK$5.02

Fair ValueHK$8.81

Upside+75.5%

Quality55/100

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Evidence: High Range HK$7.29 – HK$10.21

Fair value as of: Jul 2, 2026

From 26 valuation models · updated today

Share price −12.4% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$4.93 – HK$7.82 · fair‑value band HK$7.29 – HK$10.21 · the HK$5.02 price screens below the HK$8.81 fair value. As of Jul 2, 2026.

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Analysis

2386 (2386) currently trades at HK$5.02, while our model-based Fair Value estimate is HK$8.81 — implying the stock looks roughly 75.5% undervalued today. We read business quality at 55/100 (solid quality), in the Industrials 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, 2386 generated revenue of HK$70.1B at a net margin of 2.6%. Revenue grew 8.4% year over year. It earns a return on equity of 5.7%. The balance sheet holds a net cash position of HK$14.4B. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$70.1B

Revenue growth (YoY) +8.4%

Net margin 2.6%

Return on equity 5.7%

Free cash flow HK$8.5B FY2025

P/E ratio 10.9

More key figures

Operating margin 0.0%

EPS (TTM) HK$0.3200

Dividend yield 5.4%

EPS growth (YoY) -64.1%

Net cash HK$14.4B FY2025

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

2386 reported revenue of HK$70.1B in FY2025 versus HK$57.8B in FY2021, a compound +5.0%/yr. Reported net income was HK$1.8B in FY2025, compounding −4.1%/yr from FY2021.

Revenue +5.0%/yr

FY21 HK$57.8B

FY22 HK$53.0B

FY23 HK$56.2B

FY24 HK$64.2B

FY25 HK$70.1B

Net income −4.1%/yr

FY21 HK$2.1B

FY22 HK$2.3B

FY23 HK$2.3B

FY24 HK$2.5B

FY25 HK$1.8B

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Similar stocks

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

Stock	Price	Fair Value	vs Fair Value
Larsen & Toubro Limited LTOD	$0.4415	$0.5700	+29%
Samsung C&T Corporation 028260	520,000 KRW	268,469 KRW	-48%
China State Construction Engineering Corporation 601668	¥4.65	¥17.35	+273%
TopBuild Corp BLD	7,547 MXN	4,541 MXN	-40%
000720 000720	127,800 KRW	55,602 KRW	-56%
United Integrated Services Co 2404	1,195 TWD	1,681 TWD	+41%

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Frequently asked questions

Is 2386 (2386) undervalued?

As of Jul 2, 2026, our model estimates a fair value of HK$8.81 versus a price of HK$5.02 — about +75% (undervalued). Model-based estimate, not financial advice.

What is the fair value of 2386?

Our model-based fair value for 2386 is HK$8.81 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$5.02.

What is the quality score of 2386?

2386 has a Quality Score of 55/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 2386 (2386)?

2386 reported trailing-twelve-month revenue of about HK$70.1B (latest available figure, as of Jul 2, 2026).

What is the net profit margin of 2386?

The net profit margin of 2386 is about 2.6%, meaning it keeps roughly 2.6% of revenue as net income. Based on the latest reported figures.

Does 2386 pay a dividend?

2386 currently shows a dividend yield of about 5.35% 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.