Novacon Technology Group Ltd (8635) Fair Value & Analysis
Technology · HK · Market cap HK$139M
Fair value as of: Aug 13, 2026
From 17 valuation models · updated 3 days ago
Share price +4.4% over the past month.
A solid business, screening 11% undervalued on our models.
What matters now
- Our model range runs from HK$0.2125 (bear) to HK$0.3570 (bull), base HK$0.2890. The closer the price sits to the lower half, the larger the margin of safety.
- Quality 53/100 (solid quality) with high evidence: the data supports the verdict.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range HK$0.0481 – HK$1.75 · fair‑value band HK$0.2125 – HK$0.3570 · the HK$0.2600 price screens below the HK$0.2890 fair value. Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Novacon Technology Group Ltd (8635) currently trades at HK$0.2600, while our model-based Fair Value estimate is HK$0.2890, implying the stock looks roughly 11.2% undervalued today. The Quality Score stands at 53/100 (solid quality), in the Technology 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: high), always confirm before acting.
Over the trailing twelve months, Novacon Technology Group Ltd generated revenue of HK$175M at a net margin of 3.3%. It earns a return on equity of 7.1%. The balance sheet holds a net cash position of HK$6.5M. The stock trades on a trailing P/E of 29.0 (as of Jul 3, 2026). Fundamentals as of Aug 13, 2026
Our scenario range runs from HK$0.2125 (bear case) to HK$0.3570 (bull case); at HK$0.2600, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Technology peers we cover trades at -40% fair-value upside, at 11%, 8635 screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 17 models by family
Widest divergence: Growth Earnings (HK$0.6100) versus Asset-Based (HK$0.1400). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 51 · Market factors (momentum, volatility) 12
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Elephant Holdings Group Limited, an investment holding company, engages in the development and provision of financial trading solutions. It operates through three segments: Financial trading solutions and other IT services, Bullion trading services, and AI-driven solutions.
Full company description
Elephant Holdings Group Limited, an investment holding company, engages in the development and provision of financial trading solutions. It operates through three segments: Financial trading solutions and other IT services, Bullion trading services, and AI-driven solutions. The company offers project-based, customised AI analytics and technology solutions to PRC-based customers. It also provides financial trading solutions that enable the trading of OTC-traded instruments, and exchange-traded instruments and fund management; trading systems, algo trading tools, and digital asset management platforms; other IT services; and trading platform equipped with advanced charting tools for trading gold and silver products. In addition, the company offers licensing and maintenance services; and initial set up and customization services, as well as sells computer software and hardware products. Further, it is involved in the development and supply of resource allocation, planning, scheduling, and management of software and services; provision of bullion trading services; properties investment; development of software and application; cryptocurrencies trading services; and development and implementation of artificial intelligence driven solutions. The company was formerly known as Novacon Technology Group Limited and changed its name to Elephant Holdings Group Limited in June 2025. Elephant Holdings Group Limited was founded in 2006 and is headquartered in Tsim Sha Tsui, Hong Kong.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
Novacon Technology Group Ltd reported revenue of HK$175M in FY2026 versus HK$50.0M in FY2022, a compound +36.8%/yr. Reported net income was HK$5.8M in FY2026, compounding −15.2%/yr from FY2022.
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Peer Group
Software - Application · 718 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Software - Application median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Software - Application stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| SAP SE SAPS | C$12.46 | C$16.26 | +30% |
| Shopify Inc SHOP | C$209.78 | C$28.76 | -86% |
| Uber Technologies, Inc UBER | $75.36 | $43.66 | -42% |
| Salesforce, Inc CRM | $193.32 | $249.28 | +29% |
| ServiceNow, Inc NOW | $124.94 | $43.73 | -65% |
| Cadence Design Systems, Inc CDNS | $323.13 | $112.57 | -65% |
| Beijing Kingsoft Office Software, Inc 688111 | ¥254.50 | ¥81.23 | -68% |
| Tata Elxsi Limited TATAELXSI | ₹3,712 | ₹2,519 | -32% |
| Douzone Bizon Co 012510 | 120,000 KRW | 92,181 KRW | -23% |
| KFin Technologies Limited KFINTECH | ₹922.00 | ₹556.85 | -40% |
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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.
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