9678 (9678) Fair Value & Analysis

Technology · Market cap HK$5.0B

9 9678 9678 · HK

PriceHK$69.55

Fair ValueHK$8.61

Upside-87.6%

Quality32/100

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Evidence: Low Range HK$5.68 – HK$10.76

Fair value as of: Jul 3, 2026

From 1 valuation models · updated today

Share price −71.2% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$69.55 – HK$856.00 · fair‑value band HK$5.68 – HK$10.76 · the HK$69.55 price screens above the HK$8.61 fair value. As of Jul 3, 2026.

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Analysis

9678 (9678) currently trades at HK$69.55, while our model-based Fair Value estimate is HK$8.61 — implying the stock looks roughly 87.6% overvalued today. We read business quality at 32/100 (below-average quality), in the Technology 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, 9678 generated revenue of HK$1.2B at a net margin of -27.0%. Revenue grew 34.0% year over year. Fundamentals as of Jul 3, 2026

Key figures & financial health

Revenue (TTM) HK$1.2B

Revenue growth (YoY) +34.0%

Net margin -27.0%

Free cash flow −HK$241M FY2025

Operating margin -3.6%

EPS (TTM) HK$-4.28

Figures from reported company fundamentals (EODHD) · as of Jul 3, 2026. TTM = trailing twelve months.

Revenue & earnings trend

FY2022 – FY2025 · reported fiscal years

9678 reported revenue of HK$1.2B in FY2025 versus HK$601M in FY2022, a compound +26.3%/yr. Reported net income was −HK$327M in FY2025.

Revenue +26.3%/yr

FY22 HK$601M

FY23 HK$727M

FY24 HK$939M

FY25 HK$1.2B

Net income

FY22 −HK$366M

FY23 −HK$375M

FY24 −HK$452M

FY25 −HK$327M

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6 more Software - Infrastructure stocks, each showing price versus our Fair Value estimate (as of Jul 3, 2026).

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Microsoft Corporation MSF	€347.50	€211.04	-39%
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Oracle Corporation ORCL	$201.26	$43.29	-78%
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Frequently asked questions

Is 9678 (9678) undervalued?

As of Jul 3, 2026, our model estimates a fair value of HK$8.61 versus a price of HK$69.55 — about −88% (overvalued). Model-based estimate, not financial advice.

What is the fair value of 9678?

Our model-based fair value for 9678 is HK$8.61 (as of Jul 3, 2026), built from audited fundamentals. The current price is HK$69.55.

What is the quality score of 9678?

9678 has a Quality Score of 32/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 9678 (9678)?

9678 reported trailing-twelve-month revenue of about HK$1.2B (latest available figure, as of Jul 3, 2026).

What is the net profit margin of 9678?

The net profit margin of 9678 is about -27.0%, 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.