3931 (3931) Fair Value & Analysis

Industrials · Market cap HK$40.9B

3 3931 3931 · HK

PriceHK$23.00

Fair ValueHK$38.05

Upside+65.4%

Quality49/100

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Evidence: Medium Range HK$35.25 – HK$47.56

Fair value as of: Jul 2, 2026

From 14 valuation models · updated today

Share price −28.0% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$16.78 – HK$37.82 · fair‑value band HK$35.25 – HK$47.56 · the HK$23.00 price screens below the HK$38.05 fair value. As of Jul 2, 2026.

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Analysis

3931 (3931) currently trades at HK$23.00, while our model-based Fair Value estimate is HK$38.05 — implying the stock looks roughly 65.4% undervalued today. We read business quality at 49/100 (below-average quality), in the Industrials 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.

Over the trailing twelve months, 3931 generated revenue of HK$49.3B at a net margin of 3.3%. Revenue grew 71.2% year over year. It earns a return on equity of 4.4%. Net debt stands at HK$48.7B. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$49.3B

Revenue growth (YoY) +71.2%

Net margin 3.3%

Return on equity 4.4%

Free cash flow −HK$6.6B FY2025

P/E ratio 24.0

More key figures

Operating margin 7.7%

EPS (TTM) HK$0.2500

EPS growth (YoY) +62.1%

Net debt HK$48.7B FY2025

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

3931 reported revenue of HK$44.4B in FY2025 versus HK$6.8B in FY2021, a compound +59.8%/yr. Reported net income was HK$1.5B in FY2025, compounding +80.2%/yr from FY2021.

Revenue +59.8%/yr

FY21 HK$6.8B

FY22 HK$20.4B

FY23 HK$27.0B

FY24 HK$27.8B

FY25 HK$44.4B

Net income +80.2%/yr

FY21 HK$140M

FY22 HK$692M

FY23 HK$294M

FY24 HK$591M

FY25 HK$1.5B

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Similar stocks

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

Stock	Price	Fair Value	vs Fair Value
Contemporary Amperex Technology Co CYATY	$23.70	$14.62	-38%
3750 3750	HK$681.00	HK$378.25	-44%
ABB Ltd ABLZF	$107.67	$35.93	-67%
DELTA DELTA	364.00 THB	39.71 THB	-89%
Vertiv Holdings VRT	$300.51	$96.06	-68%
Mitsubishi Electric Corporation MIELY	$77.64	$32.46	-58%

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Frequently asked questions

Is 3931 (3931) undervalued?

As of Jul 2, 2026, our model estimates a fair value of HK$38.05 versus a price of HK$23.00 — about +65% (undervalued). Model-based estimate, not financial advice.

What is the fair value of 3931?

Our model-based fair value for 3931 is HK$38.05 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$23.00.

What is the quality score of 3931?

3931 has a Quality Score of 49/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 3931 (3931)?

3931 reported trailing-twelve-month revenue of about HK$49.3B (latest available figure, as of Jul 2, 2026).

What is the net profit margin of 3931?

The net profit margin of 3931 is about 3.3%, meaning it keeps roughly 3.3% of revenue as net income. 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.