9686 (9686) Fair Value & Analysis

Healthcare · Market cap HK$783M

9 9686 9686 · HK

PriceHK$0.9300

Fair ValueHK$0.3000

Upside-67.7%

Quality49/100

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Evidence: Low Range HK$0.2200 – HK$0.3800

Fair value as of: Jul 3, 2026

From 7 valuation models · updated today

Share price −7.9% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$0.8000 – HK$1.02 · fair‑value band HK$0.2200 – HK$0.3800 · the HK$0.9300 price screens above the HK$0.3000 fair value. As of Jul 3, 2026.

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Analysis

9686 (9686) currently trades at HK$0.9300, while our model-based Fair Value estimate is HK$0.3000 — implying the stock looks roughly 67.7% overvalued today. We read business quality at 49/100 (below-average quality), in the Healthcare 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, 9686 generated revenue of HK$464M at a net margin of -8.4%. Revenue declined 11.4% year over year. It earns a return on equity of -11.3%. The balance sheet holds a net cash position of HK$27.0M. Fundamentals as of Jul 3, 2026

Key figures & financial health

Revenue (TTM) HK$464M

Revenue growth (YoY) -11.4%

Net margin -8.4%

Return on equity -11.3%

Free cash flow HK$14.9M FY2025

Operating margin 4.6%

More key figures

EPS (TTM) HK$-0.0600

Net cash HK$27.0M FY2025

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

9686 reported revenue of HK$464M in FY2025 versus HK$614M in FY2021, a compound −6.8%/yr. Reported net income was −HK$38.9M in FY2025.

Revenue −6.8%/yr

FY21 HK$614M

FY22 HK$687M

FY23 HK$538M

FY24 HK$501M

FY25 HK$464M

Net income

FY21 −HK$297M

FY22 −HK$242M

FY23 −HK$155M

FY24 −HK$83.1M

FY25 −HK$38.9M

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Similar stocks

6 more Health Information Services stocks, each showing price versus our Fair Value estimate (as of Jul 3, 2026).

Stock	Price	Fair Value	vs Fair Value
Veeva Systems Inc VEEV	$153.16	$183.66	+20%
Pro Medicus Limited PME	A$165.64	A$28.02	-83%
BrightSpring Health Services, Inc BTSG	$60.59	$23.87	-61%
Tempus AI, Inc TEM	$48.61	$12.67	-74%
HealthEquity, Inc HQY	$84.61	$79.57	-6%
M3, Inc MTHRY	$5.21	$7.47	+43%

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Frequently asked questions

Is 9686 (9686) undervalued?

As of Jul 3, 2026, our model estimates a fair value of HK$0.3000 versus a price of HK$0.9300 — about −68% (overvalued). Model-based estimate, not financial advice.

What is the fair value of 9686?

Our model-based fair value for 9686 is HK$0.3000 (as of Jul 3, 2026), built from audited fundamentals. The current price is HK$0.9300.

What is the quality score of 9686?

9686 has a Quality Score of 49/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 9686 (9686)?

9686 reported trailing-twelve-month revenue of about HK$464M (latest available figure, as of Jul 3, 2026).

What is the net profit margin of 9686?

The net profit margin of 9686 is about -8.4%, 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.