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2432 (2432) Fair Value & Analysis

Industrials · Market cap HK$11.2B

2 2432 2432 · HK
PriceHK$25.48
Fair ValueHK$5.83
Upside-77.1%
Quality28/100
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Evidence: Low Range HK$3.84 – HK$7.28

Fair value as of: Jul 2, 2026

From 1 valuation models · updated today

Share price −20.9% over the past month.

Price vs Fair Value (12 months)

HK$63.80 HK$24.64 Fair Value HK$5.83 Jun 2025 Jul 2026

12‑month range HK$24.64 – HK$63.80 · fair‑value band HK$3.84 – HK$7.28 · the HK$25.48 price screens above the HK$5.83 fair value. As of Jul 2, 2026.

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Analysis

2432 (2432) currently trades at HK$25.48, while our model-based Fair Value estimate is HK$5.83 — implying the stock looks roughly 77.1% overvalued today. We read business quality at 28/100 (below-average quality), in the Industrials 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: low).

Over the trailing twelve months, 2432 generated revenue of HK$492M at a net margin of -17.0%. Revenue grew 33.9% year over year. It earns a return on equity of -4.7%. The balance sheet holds a net cash position of HK$501M. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$492M
Revenue growth (YoY) +33.9%
Net margin -17.0%
Return on equity -4.7%
Free cash flow −HK$57.8M FY2025
Operating margin -14.7%
More key figures
EPS (TTM) HK$-0.1000
Net cash HK$501M FY2025

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

2432 reported revenue of HK$492M in FY2025 versus HK$174M in FY2021, a compound +29.6%/yr. Reported net income was −HK$83.5M in FY2025.

Revenue +29.6%/yr
FY21 HK$174M
FY22 HK$241M
FY23 HK$287M
FY24 HK$374M
FY25 HK$492M
Net income
FY21 −HK$41.6M
FY22 −HK$52.5M
FY23 −HK$103M
FY24 −HK$95.4M
FY25 −HK$83.5M

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Similar stocks

6 more Specialty Industrial Machinery stocks, each showing price versus our Fair Value estimate (as of Jul 2, 2026).

Stock Price Fair Value vs Fair Value
GE Vernova Inc GEV $1,128 $185.61 -84%
SIEGY SIEGY $155.10 $88.93 -43%
SMAWF SMAWF $307.12 $176.28 -43%
SMNS SMNS C$31.76 C$22.91 -28%
SIE SIE €258.40 €144.67 -44%
Schneider Electric S.E. SBGSF $334.00 $148.44 -56%

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Frequently asked questions

Is 2432 (2432) undervalued?
As of Jul 2, 2026, our model estimates a fair value of HK$5.83 versus a price of HK$25.48 — about −77% (overvalued). Model-based estimate, not financial advice.
What is the fair value of 2432?
Our model-based fair value for 2432 is HK$5.83 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$25.48.
What is the quality score of 2432?
2432 has a Quality Score of 28/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of 2432 (2432)?
2432 reported trailing-twelve-month revenue of about HK$492M (latest available figure, as of Jul 2, 2026).
What is the net profit margin of 2432?
The net profit margin of 2432 is about -17.0%, meaning it is currently running at a net loss. 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.