Cutia Therapeutics (2487) Fair Value & Analysis

Healthcare · HK · Market cap HK$1.0B

Below-average quality, and screening another 32% overvalued on our models.

What matters now

• The price sits above even our optimistic bull case (HK$1.90). The favourable scenario is already priced in.
• Weak quality (40/100) and above fair value at the same time, the margin of safety is missing on both counts.
• The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
• A fairly wide model range (HK$1.00 to HK$1.90) leaves room in how you read the outcome.

Price vs Fair Value (3 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

38‑month range HK$2.23 – HK$30.90 · fair‑value band HK$1.00 – HK$1.90 · the HK$2.23 price screens above the HK$1.52 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Cutia Therapeutics (2487) currently trades at HK$2.23, while our model-based Fair Value estimate is HK$1.52, implying the stock looks roughly 31.8% overvalued today. The Quality Score stands at 40/100 (below-average quality), in the Healthcare 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).

Trailing-twelve-month revenue stands at HK$336M. Revenue grew 46.6% year over year. It earns a return on equity of -36.6%. Net debt stands at HK$51.8M. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$1.00 (bear case) to HK$1.90 (bull case); at HK$2.23, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Healthcare peers we cover trades at -47% fair-value upside, at -32%, 2487 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Key figures & financial health

Quality Score breakdown

About the company

Cutia Therapeutics an investment holding company, engages in the research, development, manufacture, and commercialization of scalp diseases and care products, and skin care products in the People's Republic of China and Hong Kong.

Full company description

Cutia Therapeutics an investment holding company, engages in the research, development, manufacture, and commercialization of scalp diseases and care products, and skin care products in the People's Republic of China and Hong Kong. It focuses on the dermatology treatment and care therapeutic areas, including scalp diseases and care, skin diseases and care, topical anesthesia and localized adipose accumulation management medication. The company provides CU-40102, a topical finasteride spray for androgenetic alopecia treatment; and CU-10201, a topical 4% minocycline foam for acne vulgaris treatment. It is also involved in the development of CU-20401, a recombinant mutant collagenase, currently under Phase II clinical trial for submental adipose accumulation (submental fat); CU-40101, a topical small molecule thyroid hormone receptor agonist liniment, currently completed Phase I clinical trial for the treatment of androgenetic alopecia; and CU-30101, a localized topical lidocaine and tetracaine compound topical anesthesia cream, completed Phase III clinical trial for surface dermatologic operations. In addition, the company provides CATAME, a technology platform that enables the development of a wide range of product dosage forms and the relevant formulation technology. Further, it offers product pipeline of creams, sprays, ointments, aerosol foams and other dosage forms through the CATAME platform. The company was incorporated in 2019 and is headquartered in Shanghai, China.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Cutia Therapeutics reported revenue of HK$336M in FY2025 versus HK$2.0M in FY2021, a compound +258.4%/yr. Reported net income was −HK$340M in FY2025.

2487 screens 32% overvalued. Compare with Vertex Pharmaceuticals Incorporated →

Peer Group

Biotechnology · 605 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation Multiples vs Biotechnology median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

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.