2465 (2465) Fair Value & Analysis

Energy · Market cap HK$9.6B

2 2465 2465 · HK

PriceHK$12.12

Fair ValueHK$3.53

Upside-70.9%

Quality45/100

Watch 2465 for free — get notified when fair value or trend changes. Watch for free

Evidence: Medium Range HK$1.67 – HK$5.39

Fair value as of: Jul 2, 2026

From 8 valuation models · updated today

Share price −17.3% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$6.05 – HK$22.96 · fair‑value band HK$1.67 – HK$5.39 · the HK$12.12 price screens above the HK$3.53 fair value. As of Jul 2, 2026.

✦ Which stocks are undervalued right now? Check free Discover now →

Analysis

2465 (2465) currently trades at HK$12.12, while our model-based Fair Value estimate is HK$3.53 — implying the stock looks roughly 70.9% overvalued today. We read business quality at 45/100 (below-average quality), in the Energy 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: medium).

Over the trailing twelve months, 2465 generated revenue of HK$10.8B at a net margin of 0.6%. Revenue grew 119.6% year over year. It earns a return on equity of 4.4%. Net debt stands at HK$3.1B. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$10.8B

Revenue growth (YoY) +120%

Net margin 0.6%

Return on equity 4.4%

Free cash flow −HK$572M FY2025

P/E ratio 151.5

More key figures

Operating margin 10.3%

EPS (TTM) HK$-0.3242

Net debt HK$3.1B FY2025

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

2465 reported revenue of HK$8.9B in FY2025 versus HK$4.1B in FY2021, a compound +21.9%/yr. Reported net income was −HK$171M in FY2025.

Revenue +21.9%/yr

FY21 HK$4.1B

FY22 HK$14.1B

FY23 HK$8.7B

FY24 HK$7.7B

FY25 HK$8.9B

Net income

FY21 HK$351M

FY22 HK$753M

FY23 −HK$1.2B

FY24 −HK$642M

FY25 −HK$171M

Is 2465 fairly valued? → Check now

Similar stocks

6 more Oil & Gas Refining & Marketing stocks, each showing price versus our Fair Value estimate (as of Jul 2, 2026).

Stock	Price	Fair Value	vs Fair Value
Reliance Industries Limited RELIANCE	₹1,291	₹812.28	-37%
Marathon Petroleum Corporation MPC	$262.01	$129.07	-51%
Valero Energy Corporation VLO	$257.99	$109.18	-58%
Phillips 66 PSX	$183.08	$50.63	-72%
Neste Oyj NESTE	€28.13	€6.38	-77%
ENEOS Holdings JXHLY	$15.31	$17.72	+16%

Explore undervalued stocks

More undervalued Energy stocks →

All undervalued stocks Technology Financial Services Healthcare Consumer Cyclical Consumer Defensive Communication Services Industrials Energy Basic Materials Real Estate Utilities Deeply Undervalued Stocks Undervalued Blue-Chip Stocks Undervalued Small-Cap Stocks

Frequently asked questions

Is 2465 (2465) undervalued?

As of Jul 2, 2026, our model estimates a fair value of HK$3.53 versus a price of HK$12.12 — about −71% (overvalued). Model-based estimate, not financial advice.

What is the fair value of 2465?

Our model-based fair value for 2465 is HK$3.53 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$12.12.

What is the quality score of 2465?

2465 has a Quality Score of 45/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 2465 (2465)?

2465 reported trailing-twelve-month revenue of about HK$10.8B (latest available figure, as of Jul 2, 2026).

What is the net profit margin of 2465?

The net profit margin of 2465 is about 0.6%, meaning it keeps roughly 0.6% 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.