2865 (2865) Fair Value & Analysis

Technology · Market cap HK$6.3B

2 2865 2865 · HK

PriceHK$20.14

Fair ValueHK$11.60

Upside-42.4%

Quality33/100

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Evidence: Low Range HK$8.60 – HK$14.59

Fair value as of: Jul 2, 2026

From 4 valuation models · updated today

Share price −36.5% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$15.57 – HK$45.70 · fair‑value band HK$8.60 – HK$14.59 · the HK$20.14 price screens above the HK$11.60 fair value. As of Jul 2, 2026.

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Analysis

2865 (2865) currently trades at HK$20.14, while our model-based Fair Value estimate is HK$11.60 — implying the stock looks roughly 42.4% overvalued today. We read business quality at 33/100 (below-average quality), in the Technology 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).

Over the trailing twelve months, 2865 generated revenue of HK$7.4B at a net margin of -17.4%. Revenue declined 9.6% year over year. It earns a return on equity of -33.0%. Net debt stands at HK$118M. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$7.4B

Revenue growth (YoY) -9.6%

Net margin -17.4%

Return on equity -33.0%

Free cash flow −HK$690M FY2025

Operating margin 11.5%

More key figures

EPS (TTM) HK$-4.99

Net debt HK$118M FY2024

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

2865 reported revenue of HK$7.6B in FY2025 versus HK$2.9B in FY2021, a compound +27.8%/yr. Reported net income was −HK$1.4B in FY2025.

Revenue +27.8%/yr

FY21 HK$2.9B

FY22 HK$11.1B

FY23 HK$18.6B

FY24 HK$9.9B

FY25 HK$7.6B

Net income

FY21 −HK$179M

FY22 HK$717M

FY23 HK$816M

FY24 −HK$591M

FY25 −HK$1.4B

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Frequently asked questions

Is 2865 (2865) undervalued?

As of Jul 2, 2026, our model estimates a fair value of HK$11.60 versus a price of HK$20.14 — about −42% (overvalued). Model-based estimate, not financial advice.

What is the fair value of 2865?

Our model-based fair value for 2865 is HK$11.60 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$20.14.

What is the quality score of 2865?

2865 has a Quality Score of 33/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 2865 (2865)?

2865 reported trailing-twelve-month revenue of about HK$7.4B (latest available figure, as of Jul 2, 2026).

What is the net profit margin of 2865?

The net profit margin of 2865 is about -17.4%, 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.