9860 (9860) Fair Value & Analysis

Healthcare · Market cap HK$3.0B

9 9860 9860 · HK

PriceHK$4.16

Fair ValueHK$0.6800

Upside-83.7%

Quality42/100

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Evidence: High Range HK$0.4400 – HK$0.8900

Fair value as of: Jul 3, 2026

From 24 valuation models · updated today

Share price +1.0% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$3.34 – HK$7.95 · fair‑value band HK$0.4400 – HK$0.8900 · the HK$4.16 price screens above the HK$0.6800 fair value. As of Jul 3, 2026.

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Analysis

9860 (9860) currently trades at HK$4.16, while our model-based Fair Value estimate is HK$0.6800 — implying the stock looks roughly 83.7% overvalued today. We read business quality at 42/100 (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: high).

Over the trailing twelve months, 9860 generated revenue of HK$2.6B at a net margin of 0.7%. Revenue declined 5.6% year over year. It earns a return on equity of 1.3%. Net debt stands at HK$1.3B. Fundamentals as of Jul 3, 2026

Key figures & financial health

Revenue (TTM) HK$2.6B

Revenue growth (YoY) -5.6%

Net margin 0.7%

Return on equity 1.3%

Free cash flow HK$117M FY2025

P/E ratio 138.7

More key figures

Operating margin 6.4%

EPS (TTM) HK$0.0400

EPS growth (YoY) -72.5%

Net debt HK$1.3B FY2025

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

9860 reported revenue of HK$2.6B in FY2025 versus HK$3.4B in FY2021, a compound −6.0%/yr. Reported net income was HK$18.4M in FY2025, compounding −50.8%/yr from FY2021.

Revenue −6.0%/yr

FY21 HK$3.4B

FY22 HK$4.9B

FY23 HK$3.3B

FY24 HK$2.9B

FY25 HK$2.6B

Net income −50.8%/yr

FY21 HK$316M

FY22 HK$681M

FY23 HK$235M

FY24 HK$47.0M

FY25 HK$18.4M

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Similar stocks

6 more Diagnostics & Research stocks, each showing price versus our Fair Value estimate (as of Jul 3, 2026).

Stock	Price	Fair Value	vs Fair Value
Thermo Fisher Scientific Inc TMO	$464.01	$326.81	-30%
Danaher Corporation DHR	$178.19	$112.34	-37%
2359 2359	HK$152.80	HK$120.99	-21%
WuXi AppTec Co WUXAY	$18.59	$25.09	+35%
IDEXX Laboratories, Inc IDXX	$556.94	$255.77	-54%
Lonza Group LZAGY	$63.74	$25.98	-59%

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Frequently asked questions

Is 9860 (9860) undervalued?

As of Jul 3, 2026, our model estimates a fair value of HK$0.6800 versus a price of HK$4.16 — about −84% (overvalued). Model-based estimate, not financial advice.

What is the fair value of 9860?

Our model-based fair value for 9860 is HK$0.6800 (as of Jul 3, 2026), built from audited fundamentals. The current price is HK$4.16.

What is the quality score of 9860?

9860 has a Quality Score of 42/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 9860 (9860)?

9860 reported trailing-twelve-month revenue of about HK$2.6B (latest available figure, as of Jul 3, 2026).

What is the net profit margin of 9860?

The net profit margin of 9860 is about 0.7%, meaning it keeps roughly 0.7% 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.