3939 (3939) Fair Value & Analysis

Basic Materials · Market cap HK$36.5B

3 3939 3939 · HK

PriceHK$8.28

Fair ValueHK$5.67

Upside-31.5%

Quality49/100

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Evidence: Medium Range HK$4.02 – HK$13.78

Fair value as of: Jul 2, 2026

From 26 valuation models · updated today

Share price −25.1% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$6.68 – HK$18.17 · fair‑value band HK$4.02 – HK$13.78 · the HK$8.28 price screens above the HK$5.67 fair value. As of Jul 2, 2026.

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Analysis

3939 (3939) currently trades at HK$8.28, while our model-based Fair Value estimate is HK$5.67 — implying the stock looks roughly 31.5% overvalued today. We read business quality at 49/100 (below-average quality), in the Basic Materials 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: medium).

Over the trailing twelve months, 3939 generated revenue of HK$3.2B at a net margin of 42.9%. Revenue grew 102.7% year over year. It earns a return on equity of 34.7%. The balance sheet holds a net cash position of HK$897M. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$3.2B

Revenue growth (YoY) +103%

Net margin 42.9%

Return on equity 34.7%

Free cash flow HK$778M FY2025

P/E ratio 23.0

More key figures

Operating margin 67.2%

EPS (TTM) HK$0.5500

Dividend yield 1.9%

EPS growth (YoY) +96.2%

Net cash HK$897M FY2025

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

3939 reported revenue of HK$3.2B in FY2025 versus HK$2.0B in FY2021, a compound +11.9%/yr. Reported net income was HK$1.4B in FY2025, compounding +62.7%/yr from FY2021.

Revenue +11.9%/yr

FY21 HK$2.0B

FY22 HK$681M

FY23 HK$1.3B

FY24 HK$1.9B

FY25 HK$3.2B

Net income +62.7%/yr

FY21 HK$193M

FY22 HK$181M

FY23 HK$335M

FY24 HK$575M

FY25 HK$1.4B

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Similar stocks

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

Stock	Price	Fair Value	vs Fair Value
Newmont Corporation NEMCL	$112.00	$132.73	+19%
Zijin Mining Group 601899	¥30.44	¥62.26	+105%
NEM NEM	A$137.30	A$250.93	+83%
Agnico Eagle Mines Limited AEM	$176.75	$225.34	+27%
Barrick Mining Corporation B	$37.19	$70.51	+90%
Wheaton Precious Metals Corp SII	€105.35	€52.47	-50%

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Frequently asked questions

Is 3939 (3939) undervalued?

As of Jul 2, 2026, our model estimates a fair value of HK$5.67 versus a price of HK$8.28 — about −32% (overvalued). Model-based estimate, not financial advice.

What is the fair value of 3939?

Our model-based fair value for 3939 is HK$5.67 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$8.28.

What is the quality score of 3939?

3939 has a Quality Score of 49/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 3939 (3939)?

3939 reported trailing-twelve-month revenue of about HK$3.2B (latest available figure, as of Jul 2, 2026).

What is the net profit margin of 3939?

The net profit margin of 3939 is about 42.9%, meaning it keeps roughly 42.9% of revenue as net income. Based on the latest reported figures.

Does 3939 pay a dividend?

3939 currently shows a dividend yield of about 1.89% relative to its recent price (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.