3860 (3860) Fair Value & Analysis

Consumer Cyclical · Market cap HK$313M

3 3860 3860 · HK

PriceHK$0.6000

Fair ValueHK$0.2700

Upside-55.0%

Quality47/100

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Evidence: Low Range HK$0.2600 – HK$0.2700

Fair value as of: Jul 2, 2026

From 6 valuation models · updated today

Share price +3.4% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$0.4314 – HK$0.8100 · fair‑value band HK$0.2600 – HK$0.2700 · the HK$0.6000 price screens above the HK$0.2700 fair value. As of Jul 2, 2026.

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Analysis

3860 (3860) currently trades at HK$0.6000, while our model-based Fair Value estimate is HK$0.2700 — implying the stock looks roughly 55.0% 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, 3860 generated revenue of HK$458M at a net margin of -3.0%. Revenue grew 18.3% year over year. It earns a return on equity of -7.0%. The balance sheet holds a net cash position of HK$126M. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$458M

Revenue growth (YoY) +18.3%

Net margin -3.0%

Return on equity -7.0%

Free cash flow −HK$23.6M FY2025

P/E ratio 15.0

More key figures

Operating margin -0.2%

EPS (TTM) HK$0.0400

EPS growth (YoY) -48.5%

Net cash HK$126M FY2026

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

3860 reported revenue of HK$458M in FY2026 versus HK$520M in FY2022, a compound −3.1%/yr. Reported net income was −HK$13.8M in FY2026.

Revenue −3.1%/yr

FY22 HK$520M

FY23 HK$453M

FY24 HK$645M

FY25 HK$545M

FY26 HK$458M

Net income

FY22 −HK$22.6M

FY23 −HK$45.7M

FY24 −HK$22.1M

FY25 HK$38.6M

FY26 −HK$13.8M

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Similar stocks

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

Stock	Price	Fair Value	vs Fair Value
Industria de Diseño Textil, S.A IDEXY	$16.18	$9.14	-44%
The TJX Companies, Inc TJX	C$29.33	C$12.50	-57%
Fast Retailing Co FRCOY	$50.95	$19.25	-62%
6288 6288	HK$40.98	HK$15.00	-63%
Ross Stores, Inc ROST	$236.97	$118.41	-50%
NEXT plc NXGPF	$190.69	$207.74	+9%

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Frequently asked questions

Is 3860 (3860) undervalued?

As of Jul 2, 2026, our model estimates a fair value of HK$0.2700 versus a price of HK$0.6000 — about −55% (overvalued). Model-based estimate, not financial advice.

What is the fair value of 3860?

Our model-based fair value for 3860 is HK$0.2700 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$0.6000.

What is the quality score of 3860?

3860 has a Quality Score of 47/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 3860 (3860)?

3860 reported trailing-twelve-month revenue of about HK$458M (latest available figure, as of Jul 2, 2026).

What is the net profit margin of 3860?

The net profit margin of 3860 is about -3.0%, 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.