2439 (2439) Fair Value & Analysis

Basic Materials · Market cap HK$325M

2 2439 2439 · HK

PriceHK$0.3250

Fair ValueHK$0.4400

Upside+35.4%

Quality43/100

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Evidence: Medium Range HK$0.3300 – HK$0.5500

Fair value as of: Jul 2, 2026

From 14 valuation models · updated today

Share price −14.5% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$0.2160 – HK$0.4650 · fair‑value band HK$0.3300 – HK$0.5500 · the HK$0.3250 price screens below the HK$0.4400 fair value. As of Jul 2, 2026.

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Analysis

2439 (2439) currently trades at HK$0.3250, while our model-based Fair Value estimate is HK$0.4400 — implying the stock looks roughly 35.4% undervalued today. We read business quality at 43/100 (below-average quality), in the Basic Materials 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: medium) — always confirm before acting.

Over the trailing twelve months, 2439 generated revenue of HK$253M at a net margin of 11.5%. Revenue declined 52.7% year over year. It earns a return on equity of 5.1%. Net debt stands at HK$244M. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$253M

Revenue growth (YoY) -52.7%

Net margin 11.5%

Return on equity 5.1%

Free cash flow −HK$598M FY2025

P/E ratio 10.8

More key figures

Operating margin -9.9%

EPS (TTM) HK$0.0400

EPS growth (YoY) -25.7%

Net debt HK$244M FY2025

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

2439 reported revenue of HK$253M in FY2025 versus HK$257M in FY2021, a compound −0.3%/yr. Reported net income was HK$29.1M in FY2025, compounding −21.9%/yr from FY2021.

Revenue −0.3%/yr

FY21 HK$257M

FY22 HK$300M

FY23 HK$366M

FY24 HK$407M

FY25 HK$253M

Net income −21.9%/yr

FY21 HK$78.4M

FY22 HK$56.5M

FY23 HK$84.0M

FY24 HK$111M

FY25 HK$29.1M

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

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Linde plc LIN	$516.71	$221.55	-57%
L'Air Liquide S.A AIQUY	$38.20	$13.08	-66%
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Intercontinental Exchange, Inc I1CE34	R$359.64	R$307.76	-14%
Wanhua Chemical Group 600309	¥72.46	¥51.34	-29%
Asian Paints Limited ASIANPAINT	₹2,674	₹739.38	-72%

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Frequently asked questions

Is 2439 (2439) undervalued?

As of Jul 2, 2026, our model estimates a fair value of HK$0.4400 versus a price of HK$0.3250 — about +35% (undervalued). Model-based estimate, not financial advice.

What is the fair value of 2439?

Our model-based fair value for 2439 is HK$0.4400 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$0.3250.

What is the quality score of 2439?

2439 has a Quality Score of 43/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 2439 (2439)?

2439 reported trailing-twelve-month revenue of about HK$253M (latest available figure, as of Jul 2, 2026).

What is the net profit margin of 2439?

The net profit margin of 2439 is about 11.5%, meaning it keeps roughly 11.5% 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.