2391 (2391) Fair Value & Analysis

Technology · Market cap HK$9.9B

2 2391 2391 · HK

PriceHK$16.14

Fair ValueHK$2.02

Upside-87.5%

Quality60/100

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Evidence: High Range HK$1.60 – HK$2.14

Fair value as of: Jul 2, 2026

From 24 valuation models · updated today

Share price −5.6% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$14.14 – HK$22.45 · fair‑value band HK$1.60 – HK$2.14 · the HK$16.14 price screens above the HK$2.02 fair value. As of Jul 2, 2026.

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Analysis

2391 (2391) currently trades at HK$16.14, while our model-based Fair Value estimate is HK$2.02 — implying the stock looks roughly 87.5% overvalued today. We read business quality at 60/100 (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, 2391 generated revenue of HK$328M at a net margin of 19.1%. Revenue grew 8.3% year over year. It earns a return on equity of 6.3%. The stock trades on a trailing P/E of 20.6. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$328M

Revenue growth (YoY) +8.3%

Net margin 19.1%

Return on equity 6.3%

Free cash flow HK$73.9M FY2025

P/E ratio 20.6

More key figures

Operating margin 9.2%

EPS (TTM) HK$0.7956

Dividend yield 0.7%

EPS growth (YoY) +41.1%

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

2391 reported revenue of HK$322M in FY2025 versus HK$302M in FY2021, a compound +1.6%/yr. Reported net income was HK$57.9M in FY2025.

Revenue +1.6%/yr

FY21 HK$302M

FY22 HK$208M

FY23 HK$230M

FY24 HK$299M

FY25 HK$322M

Net income

FY21 −HK$175M

FY22 −HK$146M

FY23 −HK$60.3M

FY24 HK$5.0M

FY25 HK$57.9M

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

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Microsoft Corporation MSF	€379.75	€183.26	-52%
MSFT MSFT	7,019 MXN	3,725 MXN	-47%
Oracle Corporation ORCL	$175.07	$68.15	-61%
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Frequently asked questions

Is 2391 (2391) undervalued?

As of Jul 2, 2026, our model estimates a fair value of HK$2.02 versus a price of HK$16.14 — about −87% (overvalued). Model-based estimate, not financial advice.

What is the fair value of 2391?

Our model-based fair value for 2391 is HK$2.02 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$16.14.

What is the quality score of 2391?

2391 has a Quality Score of 60/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 2391 (2391)?

2391 reported trailing-twelve-month revenue of about HK$328M (latest available figure, as of Jul 2, 2026).

What is the net profit margin of 2391?

The net profit margin of 2391 is about 19.1%, meaning it keeps roughly 19.1% of revenue as net income. Based on the latest reported figures.

Does 2391 pay a dividend?

2391 currently shows a dividend yield of about 0.72% 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.