2778 (2778) Fair Value & Analysis

Real Estate · Market cap HK$12.7B

2 2778 2778 · HK

PriceHK$2.08

Fair ValueHK$2.80

Upside+34.6%

Quality56/100

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Evidence: Medium Range HK$1.54 – HK$4.06

Fair value as of: Jul 2, 2026

From 12 valuation models · updated today

Share price −14.4% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$1.89 – HK$2.74 · fair‑value band HK$1.54 – HK$4.06 · the HK$2.08 price screens below the HK$2.80 fair value. As of Jul 2, 2026.

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Analysis

2778 (2778) currently trades at HK$2.08, while our model-based Fair Value estimate is HK$2.80 — implying the stock looks roughly 34.6% undervalued today. We read business quality at 56/100 (solid quality), in the Real Estate 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.

Trailing-twelve-month revenue stands at HK$2.3B. Revenue declined 9.6% year over year. It earns a return on equity of -7.9%. Net debt stands at HK$13.8B. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$2.3B

Revenue growth (YoY) -9.6%

Net margin -144%

Return on equity -7.9%

Free cash flow HK$737M FY2025

Operating margin 59.8%

More key figures

EPS (TTM) HK$-0.5400

Dividend yield 6.1%

EPS growth (YoY) +18.2%

Net debt HK$13.8B FY2025

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

2778 reported revenue of HK$2.3B in FY2025 versus HK$2.9B in FY2021, a compound −5.6%/yr. Reported net income was −HK$3.3B in FY2025.

Revenue −5.6%/yr

FY21 HK$2.9B

FY22 HK$2.7B

FY23 HK$2.5B

FY24 HK$2.5B

FY25 HK$2.3B

Net income

FY21 −HK$831M

FY22 −HK$749M

FY23 HK$221M

FY24 −HK$2.1B

FY25 −HK$3.3B

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Similar stocks

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

Stock	Price	Fair Value	vs Fair Value
Simon Property Group SPG	$222.15	$86.11	-61%
Realty Income Corporation O	1,055 MXN	547.99 MXN	-48%
Unibail-Rodamco-Westfield SE UNBLF	$117.90	$115.29	-2%
Kimco Realty Corporation KIM	$24.69	$14.74	-40%
Scentre Group STGPF	$2.73	$2.40	-12%
CapitaLand Integrated Commercial Trust (CICT or the Trust) CPAMF	$1.86	$1.06	-43%

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Frequently asked questions

Is 2778 (2778) undervalued?

As of Jul 2, 2026, our model estimates a fair value of HK$2.80 versus a price of HK$2.08 — about +35% (undervalued). Model-based estimate, not financial advice.

What is the fair value of 2778?

Our model-based fair value for 2778 is HK$2.80 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$2.08.

What is the quality score of 2778?

2778 has a Quality Score of 56/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 2778 (2778)?

2778 reported trailing-twelve-month revenue of about HK$2.3B (latest available figure, as of Jul 2, 2026).

What is the net profit margin of 2778?

The net profit margin of 2778 is about -144.3%, meaning it is currently running at a net loss. Based on the latest reported figures.

Does 2778 pay a dividend?

2778 currently shows a dividend yield of about 6.12% 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.