2738 (2738) Fair Value & Analysis

Basic Materials · Market cap HK$24.0M

2 2738 2738 · HK

PriceHK$0.0400

Fair ValueHK$0.0280

Upside-30.0%

Quality25/100

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Evidence: Low Range HK$0.0280 – HK$0.0280

Fair value as of: Jul 2, 2026

From 3 valuation models · updated today

Share price −42.9% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$0.0390 – HK$0.4250 · the HK$0.0400 price screens above the HK$0.0280 fair value. As of Jul 2, 2026.

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Analysis

2738 (2738) currently trades at HK$0.0400, while our model-based Fair Value estimate is HK$0.0280 — implying the stock looks roughly 30.0% overvalued today. We read business quality at 25/100 (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$861M. Net debt stands at HK$2.3B. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$861M

Revenue growth (YoY) -95.2%

Net margin -148%

Return on equity -292%

Free cash flow −HK$259M FY2025

Operating margin -157%

More key figures

EPS (TTM) HK$-0.8700

EPS growth (YoY) -57.2%

Net debt HK$2.3B FY2025

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

2738 reported revenue of HK$861M in FY2025 versus HK$5.3B in FY2021, a compound −36.5%/yr. Reported net income was −HK$1.3B in FY2025.

Revenue −36.5%/yr

FY21 HK$5.3B

FY22 HK$4.7B

FY23 HK$6.6B

FY24 HK$5.9B

FY25 HK$861M

Net income

FY21 HK$62.0M

FY22 −HK$165M

FY23 HK$85.7M

FY24 −HK$91.0M

FY25 −HK$1.3B

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Similar stocks

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

Stock	Price	Fair Value	vs Fair Value
Tata Steel Limited TTST	$0.2140	$0.2500	+17%
Nucor Corporation NUE	$250.49	$79.02	-68%
ArcelorMittal S.A ARMT34	R$163.20	R$15.38	-91%
JSW Steel Limited JSWSTEEL	₹1,284	₹901.55	-30%
China Steel Corporation 2002A	38.25 TWD	9.37 TWD	-76%
Baoshan Iron & Steel Co 600019	¥5.75	¥8.07	+40%

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Frequently asked questions

Is 2738 (2738) undervalued?

As of Jul 2, 2026, our model estimates a fair value of HK$0.0280 versus a price of HK$0.0400 — about −30% (overvalued). Model-based estimate, not financial advice.

What is the fair value of 2738?

Our model-based fair value for 2738 is HK$0.0280 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$0.0400.

What is the quality score of 2738?

2738 has a Quality Score of 25/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 2738 (2738)?

2738 reported trailing-twelve-month revenue of about HK$861M (latest available figure, as of Jul 2, 2026).

What is the net profit margin of 2738?

The net profit margin of 2738 is about -147.6%, 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.