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2688 (2688) Fair Value & Analysis

Utilities · Market cap HK$44.8B

2 2688 2688 · HK
PriceHK$41.60
Fair ValueHK$107.08
Upside+157.4%
Quality51/100
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Evidence: Medium Range HK$70.77 – HK$136.38

Fair value as of: Jul 2, 2026

From 26 valuation models · updated today

Share price −22.9% over the past month.

Price vs Fair Value (12 months)

HK$70.64 HK$40.46 Fair Value HK$107.08 Jun 2025 Jul 2026

12‑month range HK$40.46 – HK$70.64 · fair‑value band HK$70.77 – HK$136.38 · the HK$41.60 price screens below the HK$107.08 fair value. As of Jul 2, 2026.

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Analysis

2688 (2688) currently trades at HK$41.60, while our model-based Fair Value estimate is HK$107.08 — implying the stock looks roughly 157.4% undervalued today. We read business quality at 51/100 (solid quality), in the Utilities 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: medium) — always confirm before acting.

Over the trailing twelve months, 2688 generated revenue of HK$112B at a net margin of 5.3%. Revenue grew 1.7% year over year. It earns a return on equity of 13.0%. Net debt stands at HK$11.2B. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$112B
Revenue growth (YoY) +1.7%
Net margin 5.3%
Return on equity 13.0%
Free cash flow HK$3.3B FY2025
P/E ratio 6.6
More key figures
Operating margin 7.6%
EPS (TTM) HK$2.19
Dividend yield 6.7%
EPS growth (YoY) +1.9%
Net debt HK$11.2B FY2025

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

2688 reported revenue of HK$112B in FY2025 versus HK$93.1B in FY2021, a compound +4.7%/yr. Reported net income was HK$5.9B in FY2025, compounding −6.6%/yr from FY2021.

Revenue +4.7%/yr
FY21 HK$93.1B
FY22 HK$110B
FY23 HK$114B
FY24 HK$110B
FY25 HK$112B
Net income −6.6%/yr
FY21 HK$7.8B
FY22 HK$5.9B
FY23 HK$6.8B
FY24 HK$6.0B
FY25 HK$5.9B

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Recent news

External third-party headlines (Yahoo Finance, Reuters and others) — not an editorial selection, not financial advice.

Similar stocks

6 more Utilities - Regulated Gas stocks, each showing price versus our Fair Value estimate (as of Jul 2, 2026).

Stock Price Fair Value vs Fair Value
Naturgy Energy Group GASNY $6.51 $6.59 +1%
Atmos Energy Corporation ATO $167.96 $87.63 -48%
Snam S.p.A SRG €6.25 €4.39 -30%
Uniper SE UN0 €49.10 €14.80 -70%
NiSource Inc NI $46.63 $34.64 -26%
The Hong Kong and China Gas Company HOKCY $0.8100 $0.6500 -20%

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Frequently asked questions

Is 2688 (2688) undervalued?
As of Jul 2, 2026, our model estimates a fair value of HK$107.08 versus a price of HK$41.60 — about +157% (undervalued). Model-based estimate, not financial advice.
What is the fair value of 2688?
Our model-based fair value for 2688 is HK$107.08 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$41.60.
What is the quality score of 2688?
2688 has a Quality Score of 51/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of 2688 (2688)?
2688 reported trailing-twelve-month revenue of about HK$112B (latest available figure, as of Jul 2, 2026).
What is the net profit margin of 2688?
The net profit margin of 2688 is about 5.3%, meaning it keeps roughly 5.3% of revenue as net income. Based on the latest reported figures.
Does 2688 pay a dividend?
2688 currently shows a dividend yield of about 6.70% relative to its recent price (as of Jul 2, 2026).

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.