2421 (2421) Fair Value & Analysis

Real Estate · Market cap HK$313M

2 2421 2421 · HK

PriceHK$0.6200

Fair ValueHK$1.21

Upside+95.2%

Quality46/100

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Evidence: High Range HK$0.8300 – HK$1.60

Fair value as of: Jul 2, 2026

From 15 valuation models · updated today

Share price +3.3% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$0.5300 – HK$0.7400 · fair‑value band HK$0.8300 – HK$1.60 · the HK$0.6200 price screens below the HK$1.21 fair value. As of Jul 2, 2026.

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Analysis

2421 (2421) currently trades at HK$0.6200, while our model-based Fair Value estimate is HK$1.21 — implying the stock looks roughly 95.2% undervalued today. We read business quality at 46/100 (below-average quality), in the Real Estate 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.

It earns a return on equity of 111.8%. Net debt stands at HK$35.9M. The stock trades on a trailing P/E of 20.7. Fundamentals as of Jul 2, 2026

Key figures & financial health

Return on equity 112%

Free cash flow −HK$5.3M FY2025

P/E ratio 20.7

Net debt HK$35.9M FY2022

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

Revenue & earnings trend

FY2022 – FY2025 · reported fiscal years

2421 reported revenue of HK$182M in FY2025 versus HK$776M in FY2022, a compound −38.4%/yr. Reported net income was HK$20.2M in FY2025, compounding −56.4%/yr from FY2022.

Revenue −38.4%/yr

FY22 HK$776M

FY23 HK$701M

FY24 HK$227M

FY25 HK$182M

Net income −56.4%/yr

FY22 HK$244M

FY23 HK$181M

FY24 HK$40.1M

FY25 HK$20.2M

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Similar stocks

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

Stock	Price	Fair Value	vs Fair Value
Vinhomes Joint Stock Company VHM	155,400 VND	148,549 VND	-4%
DLF Limited DLF	₹627.60	₹215.17	-66%
PT Pantai Indah Kapuk Dua Tbk, PANI	6,150 IDR	1,330 IDR	-78%
Lodha Developers Limited LODHA	₹926.65	₹774.29	-16%
Oberoi Realty Limited OBEROIRLTY	₹1,592	₹1,400	-12%
Godrej Properties Limited GODREJPROP	₹1,799	₹1,034	-43%

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Frequently asked questions

Is 2421 (2421) undervalued?

As of Jul 2, 2026, our model estimates a fair value of HK$1.21 versus a price of HK$0.6200 — about +95% (undervalued). Model-based estimate, not financial advice.

What is the fair value of 2421?

Our model-based fair value for 2421 is HK$1.21 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$0.6200.

What is the quality score of 2421?

2421 has a Quality Score of 46/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the net profit margin of 2421?

The net profit margin of 2421 is about 0.0%, meaning it keeps roughly 0.0% of revenue as net income. 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.