2698 (2698) Fair Value & Analysis

Consumer Defensive · Market cap HK$15.7B

2 2698 2698 · HK

PriceHK$25.34

Fair ValueHK$18.75

Upside-26.0%

Quality61/100

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Evidence: High Range HK$14.35 – HK$26.94

Fair value as of: Jul 2, 2026

From 24 valuation models · updated today

Share price −6.2% over the past month.

Price vs Fair Value (8 months)

8‑month range HK$24.46 – HK$33.75 · fair‑value band HK$14.35 – HK$26.94 · the HK$25.34 price screens above the HK$18.75 fair value. As of Jul 2, 2026.

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Analysis

2698 (2698) currently trades at HK$25.34, while our model-based Fair Value estimate is HK$18.75 — implying the stock looks roughly 26.0% overvalued today. We read business quality at 61/100 (solid quality), in the Consumer Defensive 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, 2698 generated revenue of HK$567M at a net margin of 21.4%. Revenue declined 4.1% year over year. It earns a return on equity of 31.2%. The balance sheet holds a net cash position of HK$3.0B. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$567M

Revenue growth (YoY) -4.1%

Net margin 21.4%

Return on equity 31.2%

Free cash flow HK$452M FY2025

P/E ratio 14.1

More key figures

Operating margin 25.2%

Dividend yield 0.4%

Net cash HK$3.0B FY2025

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

Revenue & earnings trend

FY2019 – FY2025 · reported fiscal years

2698 reported revenue of HK$4.0B in FY2025 versus HK$15.2B in FY2019, a compound −20.0%/yr. Reported net income was HK$848M in FY2025, compounding +25.4%/yr from FY2019.

Revenue −20.0%/yr

FY19 HK$15.2B

FY20 HK$12.7B

FY21 HK$16.3B

FY22 HK$16.6B

FY25 HK$4.0B

Net income +25.4%/yr

FY19 HK$218M

FY20 HK$205M

FY21 HK$614M

FY22 −HK$1.6B

FY25 HK$848M

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Similar stocks

6 more Household & Personal Products stocks, each showing price versus our Fair Value estimate (as of Jul 2, 2026).

Stock	Price	Fair Value	vs Fair Value
PG PG	2,590 MXN	1,732 MXN	-33%
The Procter & Gamble Company PGCO34	R$55.00	R$36.15	-34%
L'Oréal S.A LRLCF	$450.56	$209.17	-54%
Unilever PLC UNLYF	$59.34	$46.11	-22%
Colgate-Palmolive Company CPA	€77.58	€35.72	-54%
Hindustan Unilever Limited HINDUNILVR	₹2,122	₹677.55	-68%

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Frequently asked questions

Is 2698 (2698) undervalued?

As of Jul 2, 2026, our model estimates a fair value of HK$18.75 versus a price of HK$25.34 — about −26% (overvalued). Model-based estimate, not financial advice.

What is the fair value of 2698?

Our model-based fair value for 2698 is HK$18.75 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$25.34.

What is the quality score of 2698?

2698 has a Quality Score of 61/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 2698 (2698)?

2698 reported trailing-twelve-month revenue of about HK$567M (latest available figure, as of Jul 2, 2026).

What is the net profit margin of 2698?

The net profit margin of 2698 is about 21.4%, meaning it keeps roughly 21.4% of revenue as net income. Based on the latest reported figures.

Does 2698 pay a dividend?

2698 currently shows a dividend yield of about 0.36% 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.