2535 (2535) Fair Value & Analysis

Industrials · Market cap HK$1.0B

2 2535 2535 · HK

PriceHK$0.5000

Fair ValueHK$0.1700

Upside-66.0%

Quality37/100

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Evidence: High Range HK$0.1300 – HK$0.2100

Fair value as of: Jul 2, 2026

From 25 valuation models · updated today

Price vs Fair Value (12 months)

12‑month range HK$0.3950 – HK$1.09 · fair‑value band HK$0.1300 – HK$0.2100 · the HK$0.5000 price screens above the HK$0.1700 fair value. As of Jul 2, 2026.

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Analysis

2535 (2535) currently trades at HK$0.5000, while our model-based Fair Value estimate is HK$0.1700 — implying the stock looks roughly 66.0% overvalued today. We read business quality at 37/100 (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: high).

Over the trailing twelve months, 2535 generated revenue of HK$348M at a net margin of 4.6%. Revenue declined 19.6% year over year. It earns a return on equity of 6.2%. The balance sheet holds a net cash position of HK$102M. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$348M

Revenue growth (YoY) -19.6%

Net margin 4.6%

Return on equity 6.2%

Free cash flow HK$14.4M FY2025

P/E ratio 50.0

More key figures

Operating margin 3.7%

EPS growth (YoY) -68.5%

Net cash HK$102M FY2025

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

2535 reported revenue of HK$348M in FY2025 versus HK$229M in FY2021, a compound +11.0%/yr. Reported net income was HK$16.1M in FY2025, compounding −1.8%/yr from FY2021.

Revenue +11.0%/yr

FY21 HK$229M

FY22 HK$336M

FY23 HK$370M

FY24 HK$398M

FY25 HK$348M

Net income −1.8%/yr

FY21 HK$17.3M

FY22 HK$39.3M

FY23 HK$25.2M

FY24 HK$31.5M

FY25 HK$16.1M

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Similar stocks

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

Stock	Price	Fair Value	vs Fair Value
ATI Inc ATI	$183.37	$31.42	-83%
Carpenter Technology Corporation CRS	$587.77	$102.92	-82%
Mueller Industries, Inc MLI	$132.44	$125.26	-5%
Aurubis AG NDA	€195.80	€109.66	-44%
Commercial Metals Company CMC	$76.27	$33.96	-55%
China International Marine Containers (Group) Co 000039	¥8.98	¥12.75	+42%

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Frequently asked questions

Is 2535 (2535) undervalued?

As of Jul 2, 2026, our model estimates a fair value of HK$0.1700 versus a price of HK$0.5000 — about −66% (overvalued). Model-based estimate, not financial advice.

What is the fair value of 2535?

Our model-based fair value for 2535 is HK$0.1700 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$0.5000.

What is the quality score of 2535?

2535 has a Quality Score of 37/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 2535 (2535)?

2535 reported trailing-twelve-month revenue of about HK$348M (latest available figure, as of Jul 2, 2026).

What is the net profit margin of 2535?

The net profit margin of 2535 is about 4.6%, meaning it keeps roughly 4.6% 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.