2635 (2635) Fair Value & Analysis

Technology · Market cap HK$4.3B

2 2635 2635 · HK

PriceHK$11.31

Fair ValueHK$11.47

Upside+1.4%

Quality27/100

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Evidence: High Range HK$8.60 – HK$14.35

Fair value as of: Jul 2, 2026

From 16 valuation models · updated today

Share price −20.4% over the past month.

Price vs Fair Value (6 months)

6‑month range HK$11.27 – HK$68.50 · fair‑value band HK$8.60 – HK$14.35 · the HK$11.31 price screens below the HK$11.47 fair value. As of Jul 2, 2026.

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Analysis

2635 (2635) currently trades at HK$11.31, while our model-based Fair Value estimate is HK$11.47 — implying the stock looks roughly 1.4% undervalued today. We read business quality at 27/100 (below-average quality), in the Technology 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: high) — always confirm before acting.

Over the trailing twelve months, 2635 generated revenue of HK$498M at a net margin of 23.7%. Revenue grew 22.9% year over year. It earns a return on equity of 14.2%. Net debt stands at HK$5.0M. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$498M

Revenue growth (YoY) +22.9%

Net margin 23.7%

Return on equity 14.2%

Free cash flow −HK$12.6M FY2025

P/E ratio 28.3

More key figures

Operating margin 30.9%

EPS (TTM) HK$1.18

EPS growth (YoY) +19.7%

Net debt HK$5.0M FY2023

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

Revenue & earnings trend

FY2022 – FY2025 · reported fiscal years

2635 reported revenue of HK$498M in FY2025 versus HK$253M in FY2022, a compound +25.4%/yr. Reported net income was HK$118M in FY2025, compounding +23.1%/yr from FY2022.

Revenue +25.4%/yr

FY22 HK$253M

FY23 HK$364M

FY24 HK$403M

FY25 HK$498M

Net income +23.1%/yr

FY22 HK$63.2M

FY23 HK$88.6M

FY24 HK$115M

FY25 HK$118M

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Similar stocks

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

Stock	Price	Fair Value	vs Fair Value
International Business Machines Corporation IBM	$272.36	$174.70	-36%
Accenture plc ACN	$178.86	$228.49	+28%
Tata Consultancy Services Limited TCS	₹2,199	₹1,863	-15%
Infosys Limited INFY	₹1,065	₹15.23	-99%
HCL Technologies Limited HCLTECH	₹1,155	₹1,220	+6%
Fiserv, Inc FISV	930.00 MXN	109.65 MXN	-88%

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Frequently asked questions

Is 2635 (2635) undervalued?

As of Jul 2, 2026, our model estimates a fair value of HK$11.47 versus a price of HK$11.31 — about +1% (undervalued). Model-based estimate, not financial advice.

What is the fair value of 2635?

Our model-based fair value for 2635 is HK$11.47 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$11.31.

What is the quality score of 2635?

2635 has a Quality Score of 27/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 2635 (2635)?

2635 reported trailing-twelve-month revenue of about HK$498M (latest available figure, as of Jul 2, 2026).

What is the net profit margin of 2635?

The net profit margin of 2635 is about 23.7%, meaning it keeps roughly 23.7% 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.