2623 (2623) Fair Value & Analysis

Basic Materials · Market cap HK$2.3B

2 2623 2623 · HK

PriceHK$4.45

Fair ValueHK$0.6800

Upside-84.7%

Quality38/100

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Evidence: Low Range HK$0.5100 – HK$1.02

Fair value as of: Jul 2, 2026

From 1 valuation models · updated today

Share price −17.4% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$0.3509 – HK$6.38 · fair‑value band HK$0.5100 – HK$1.02 · the HK$4.45 price screens above the HK$0.6800 fair value. As of Jul 2, 2026.

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Analysis

2623 (2623) currently trades at HK$4.45, while our model-based Fair Value estimate is HK$0.6800 — implying the stock looks roughly 84.7% overvalued today. We read business quality at 38/100 (below-average quality), in the Basic Materials 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$75.6M. Revenue declined 49.8% year over year. It earns a return on equity of -17.4%. The balance sheet holds a net cash position of HK$232M. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$75.6M

Revenue growth (YoY) -49.8%

Net margin -116%

Return on equity -17.4%

Free cash flow −HK$368M FY2025

Operating margin -48.7%

More key figures

EPS (TTM) HK$-0.0100

EPS growth (YoY) +350%

Net cash HK$232M FY2025

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

2623 reported revenue of HK$75.6M in FY2025 versus HK$1.6B in FY2021, a compound −53.6%/yr. Reported net income was −HK$87.5M in FY2025.

Revenue −53.6%/yr

FY21 HK$1.6B

FY22 HK$1.9B

FY23 HK$1.3B

FY24 HK$282M

FY25 HK$75.6M

Net income

FY21 −HK$30.1M

FY22 HK$57.6M

FY23 HK$50.5M

FY24 HK$61.7M

FY25 −HK$87.5M

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Similar stocks

6 more Other Industrial Metals & Mining stocks, each showing price versus our Fair Value estimate (as of Jul 2, 2026).

Stock	Price	Fair Value	vs Fair Value
BHP Group BHP	$93.15	$51.49	-45%
Rio Tinto Group RTNTF	$129.57	$77.65	-40%
RIO RIO	A$184.58	A$454.52	+146%
Grupo México, S.A. GMBXF	$11.89	$9.58	-19%
CMOC Group CMCLY	$148.88	$119.76	-20%
Vale S.A VALEN	260.19 MXN	161.77 MXN	-38%

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Frequently asked questions

Is 2623 (2623) undervalued?

As of Jul 2, 2026, our model estimates a fair value of HK$0.6800 versus a price of HK$4.45 — about −85% (overvalued). Model-based estimate, not financial advice.

What is the fair value of 2623?

Our model-based fair value for 2623 is HK$0.6800 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$4.45.

What is the quality score of 2623?

2623 has a Quality Score of 38/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 2623 (2623)?

2623 reported trailing-twelve-month revenue of about HK$75.6M (latest available figure, as of Jul 2, 2026).

What is the net profit margin of 2623?

The net profit margin of 2623 is about -115.7%, 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.