3688 (3688) Fair Value & Analysis

Real Estate · Market cap HK$339M

3 3688 3688 · HK

PriceHK$0.2400

Fair ValueHK$0.3684

Upside+53.5%

Quality36/100

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Evidence: Low Range HK$0.2763 – HK$0.5501

Fair value as of: Jul 2, 2026

From 1 valuation models · updated today

Share price −15.8% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$0.2310 – HK$0.5300 · fair‑value band HK$0.2763 – HK$0.5501 · the HK$0.2400 price screens below the HK$0.3684 fair value. As of Jul 2, 2026.

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Analysis

3688 (3688) currently trades at HK$0.2400, while our model-based Fair Value estimate is HK$0.3684 — implying the stock looks roughly 53.5% undervalued today. We read business quality at 36/100 (below-average 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: low) — always confirm before acting.

Trailing-twelve-month revenue stands at HK$1.4B. Revenue declined 32.0% year over year. It earns a return on equity of -67.4%. Net debt stands at HK$4.6B. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$1.4B

Revenue growth (YoY) -32.0%

Net margin -214%

Return on equity -67.4%

Free cash flow −HK$80.2M FY2025

Operating margin -159%

More key figures

EPS (TTM) HK$-0.4900

EPS growth (YoY) +275%

Net debt HK$4.6B FY2025

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

3688 reported revenue of HK$1.4B in FY2025 versus HK$639M in FY2021, a compound +22.5%/yr. Reported net income was −HK$2.9B in FY2025.

Revenue +22.5%/yr

FY21 HK$639M

FY22 HK$3.7B

FY23 HK$954M

FY24 HK$1.4B

FY25 HK$1.4B

Net income

FY21 HK$33.4M

FY22 −HK$185M

FY23 −HK$877M

FY24 −HK$1.8B

FY25 −HK$2.9B

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Similar stocks

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

Stock	Price	Fair Value	vs Fair Value
Vinhomes Joint Stock Company VHM	146,800 VND	367,000 VND	+150%
DLF Limited DLF	₹563.20	₹215.17	-62%
PT Pantai Indah Kapuk Dua Tbk, PANI	6,325 IDR	1,330 IDR	-79%
Lodha Developers Limited LODHA	₹894.45	₹721.45	-19%
Oberoi Realty Limited OBEROIRLTY	₹1,633	₹1,368	-16%
Godrej Properties Limited GODREJPROP	₹1,790	₹1,278	-29%

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Frequently asked questions

Is 3688 (3688) undervalued?

As of Jul 2, 2026, our model estimates a fair value of HK$0.3684 versus a price of HK$0.2400 — about +54% (undervalued). Model-based estimate, not financial advice.

What is the fair value of 3688?

Our model-based fair value for 3688 is HK$0.3684 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$0.2400.

What is the quality score of 3688?

3688 has a Quality Score of 36/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 3688 (3688)?

3688 reported trailing-twelve-month revenue of about HK$1.4B (latest available figure, 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.