2423 (2423) Fair Value & Analysis

Real Estate · Market cap HK$124B

2 2423 2423 · HK

PriceHK$38.90

Fair ValueHK$17.91

Upside-54.0%

Quality56/100

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Evidence: High Range HK$13.43 – HK$22.39

Fair value as of: Jul 2, 2026

From 17 valuation models · updated today

Share price −13.4% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$35.94 – HK$52.11 · fair‑value band HK$13.43 – HK$22.39 · the HK$38.90 price screens above the HK$17.91 fair value. As of Jul 2, 2026.

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Analysis

2423 (2423) currently trades at HK$38.90, while our model-based Fair Value estimate is HK$17.91 — implying the stock looks roughly 54.0% overvalued today. We read business quality at 56/100 (solid quality), in the Real Estate 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, 2423 generated revenue of HK$90.1B at a net margin of 3.8%. Revenue declined 19.0% year over year. It earns a return on equity of 5.1%. Net debt stands at HK$2.8B. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$90.1B

Revenue growth (YoY) -19.0%

Net margin 3.8%

Return on equity 5.1%

Free cash flow −HK$958M FY2025

P/E ratio 34.1

More key figures

Operating margin 6.7%

EPS (TTM) HK$1.33

Dividend yield 5.1%

EPS growth (YoY) +54.2%

Net debt HK$2.8B FY2025

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

2423 reported revenue of HK$92.1B in FY2025 versus HK$80.8B in FY2021, a compound +3.4%/yr. Reported net income was HK$2.9B in FY2025.

Revenue +3.4%/yr

FY21 HK$80.8B

FY22 HK$60.7B

FY23 HK$77.8B

FY24 HK$93.5B

FY25 HK$92.1B

Net income

FY21 −HK$524M

FY22 −HK$1.4B

FY23 HK$5.9B

FY24 HK$4.1B

FY25 HK$2.9B

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Similar stocks

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

Stock	Price	Fair Value	vs Fair Value
Vingroup Joint Stock Company VIC	196,000 VND	33,299 VND	-83%
CBRE Group CBRE	$129.95	$78.11	-40%
1972 1972	HK$20.40	HK$18.75	-8%
1209 1209	HK$36.68	HK$34.70	-5%
Plaza S.A MALLPLAZA	3,732 CLP	6,475 CLP	+74%
1997 1997	HK$21.46	HK$40.10	+87%

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Frequently asked questions

Is 2423 (2423) undervalued?

As of Jul 2, 2026, our model estimates a fair value of HK$17.91 versus a price of HK$38.90 — about −54% (overvalued). Model-based estimate, not financial advice.

What is the fair value of 2423?

Our model-based fair value for 2423 is HK$17.91 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$38.90.

What is the quality score of 2423?

2423 has a Quality Score of 56/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 2423 (2423)?

2423 reported trailing-twelve-month revenue of about HK$90.1B (latest available figure, as of Jul 2, 2026).

What is the net profit margin of 2423?

The net profit margin of 2423 is about 3.8%, meaning it keeps roughly 3.8% of revenue as net income. Based on the latest reported figures.

Does 2423 pay a dividend?

2423 currently shows a dividend yield of about 5.14% 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.