3650 (3650) Fair Value & Analysis

Consumer Cyclical · Market cap HK$1.1B

3 3650 3650 · HK

PriceHK$2.13

Fair ValueHK$1.71

Upside-19.7%

Quality47/100

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Evidence: Low Range HK$1.13 – HK$2.14

Fair value as of: Jul 2, 2026

From 1 valuation models · updated today

Share price −14.5% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$1.84 – HK$7.05 · fair‑value band HK$1.13 – HK$2.14 · the HK$2.13 price screens above the HK$1.71 fair value. As of Jul 2, 2026.

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Analysis

3650 (3650) currently trades at HK$2.13, while our model-based Fair Value estimate is HK$1.71 — implying the stock looks roughly 19.7% overvalued today. We read business quality at 47/100 (below-average quality), in the Consumer Cyclical 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, 3650 generated revenue of HK$1.6B at a net margin of -4.4%. Revenue declined 20.7% year over year. It earns a return on equity of -5.3%. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$1.6B

Revenue growth (YoY) -20.7%

Net margin -4.4%

Return on equity -5.3%

Free cash flow −HK$41.9M FY2025

Operating margin -7.1%

More key figures

EPS (TTM) HK$-0.0800

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

3650 reported revenue of HK$1.6B in FY2025 versus HK$1.6B in FY2021, a compound +0.3%/yr. Reported net income was −HK$71.8M in FY2025.

Revenue +0.3%/yr

FY21 HK$1.6B

FY22 HK$2.2B

FY23 HK$2.1B

FY24 HK$2.1B

FY25 HK$1.6B

Net income

FY21 −HK$2.9B

FY22 −HK$105M

FY23 HK$1.1B

FY24 −HK$535M

FY25 −HK$71.8M

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Similar stocks

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

Stock	Price	Fair Value	vs Fair Value
Oriental Land Co OLCLF	$15.65	$9.28	-41%
Pop Mart International Group PMRTY	$20.47	$13.71	-33%
ANTA Sports Products Limited ANPDF	$9.59	$8.98	-6%
9992 9992	HK$153.40	HK$237.11	+55%
Amer Sports, Inc AS	$36.11	$17.45	-52%
BANDAI NAMCO Holdings NCBDY	$11.23	$15.86	+41%

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Frequently asked questions

Is 3650 (3650) undervalued?

As of Jul 2, 2026, our model estimates a fair value of HK$1.71 versus a price of HK$2.13 — about −20% (overvalued). Model-based estimate, not financial advice.

What is the fair value of 3650?

Our model-based fair value for 3650 is HK$1.71 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$2.13.

What is the quality score of 3650?

3650 has a Quality Score of 47/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 3650 (3650)?

3650 reported trailing-twelve-month revenue of about HK$1.6B (latest available figure, as of Jul 2, 2026).

What is the net profit margin of 3650?

The net profit margin of 3650 is about -4.4%, 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.