9696 (9696) Fair Value & Analysis

Basic Materials · Market cap HK$69.1B

9 9696 9696 · HK

PriceHK$39.50

Fair ValueHK$7.08

Upside-82.1%

Quality54/100

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Evidence: Medium Range HK$4.95 – HK$9.20

Fair value as of: Jul 3, 2026

From 16 valuation models · updated today

Share price −18.1% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$25.35 – HK$67.60 · fair‑value band HK$4.95 – HK$9.20 · the HK$39.50 price screens above the HK$7.08 fair value. As of Jul 3, 2026.

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Analysis

9696 (9696) currently trades at HK$39.50, while our model-based Fair Value estimate is HK$7.08 — implying the stock looks roughly 82.1% overvalued today. We read business quality at 54/100 (solid 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, 9696 generated revenue of HK$12.9B at a net margin of 17.3%. Revenue grew 98.4% year over year. It earns a return on equity of 9.5%. Net debt stands at HK$11.1B. Fundamentals as of Jul 3, 2026

Key figures & financial health

Revenue (TTM) HK$12.9B

Revenue growth (YoY) +98.4%

Net margin 17.3%

Return on equity 9.5%

Free cash flow −HK$584M FY2025

P/E ratio 26.5

More key figures

Operating margin 59.4%

EPS (TTM) HK$1.46

EPS growth (YoY) +1,733%

Net debt HK$11.1B FY2025

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

9696 reported revenue of HK$10.1B in FY2025 versus HK$7.7B in FY2021, a compound +7.1%/yr. Reported net income was HK$451M in FY2025, compounding −40.7%/yr from FY2021.

Revenue +7.1%/yr

FY21 HK$7.7B

FY22 HK$40.2B

FY23 HK$40.4B

FY24 HK$13.1B

FY25 HK$10.1B

Net income −40.7%/yr

FY21 HK$3.6B

FY22 HK$23.9B

FY23 HK$7.3B

FY24 −HK$7.9B

FY25 HK$451M

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Similar stocks

6 more Other Industrial Metals & Mining stocks, each showing price versus our Fair Value estimate (as of Jul 3, 2026).

Stock	Price	Fair Value	vs Fair Value
BHP Group BHP	$93.15	$51.49	-45%
Rio Tinto Group RTNTF	$129.57	$77.65	-40%
RIO RIO	A$184.58	A$454.52	+146%
Grupo México, S.A. GMBXF	$11.89	$9.58	-19%
CMOC Group CMCLY	$148.88	$113.34	-24%
Vale S.A VALEN	260.19 MXN	161.77 MXN	-38%

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Frequently asked questions

Is 9696 (9696) undervalued?

As of Jul 3, 2026, our model estimates a fair value of HK$7.08 versus a price of HK$39.50 — about −82% (overvalued). Model-based estimate, not financial advice.

What is the fair value of 9696?

Our model-based fair value for 9696 is HK$7.08 (as of Jul 3, 2026), built from audited fundamentals. The current price is HK$39.50.

What is the quality score of 9696?

9696 has a Quality Score of 54/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 9696 (9696)?

9696 reported trailing-twelve-month revenue of about HK$12.9B (latest available figure, as of Jul 3, 2026).

What is the net profit margin of 9696?

The net profit margin of 9696 is about 17.3%, meaning it keeps roughly 17.3% 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.