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9863 (9863) Fair Value & Analysis

Consumer Cyclical · Market cap HK$49.8B

9 9863 9863 · HK
PriceHK$34.90
Fair ValueHK$13.12
Upside-62.4%
Quality42/100
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Evidence: High Range HK$12.95 – HK$13.27

Fair value as of: Jul 3, 2026

From 23 valuation models · updated today

Share price −20.2% over the past month.

Price vs Fair Value (12 months)

HK$73.50 HK$33.56 Fair Value HK$13.12 Jun 2025 Jul 2026

12‑month range HK$33.56 – HK$73.50 · fair‑value band HK$12.95 – HK$13.27 · the HK$34.90 price screens above the HK$13.12 fair value. As of Jul 3, 2026.

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Analysis

9863 (9863) currently trades at HK$34.90, while our model-based Fair Value estimate is HK$13.12 — implying the stock looks roughly 62.4% overvalued today. We read business quality at 42/100 (below-average quality), in the Consumer Cyclical 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, 9863 generated revenue of HK$64.7B at a net margin of 0.8%. Revenue grew 73.6% year over year. It earns a return on equity of 4.5%. The balance sheet holds a net cash position of HK$9.7B. Fundamentals as of Jul 3, 2026

Key figures & financial health

Revenue (TTM) HK$64.7B
Revenue growth (YoY) +73.6%
Net margin 0.8%
Return on equity 4.5%
Free cash flow HK$7.7B FY2025
P/E ratio 79.5
More key figures
Operating margin 0.6%
EPS (TTM) HK$0.0200
Net cash HK$9.7B FY2025

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

9863 reported revenue of HK$64.7B in FY2025 versus HK$3.1B in FY2021, a compound +113.2%/yr. Reported net income was HK$524M in FY2025.

Revenue +113.2%/yr
FY21 HK$3.1B
FY22 HK$12.4B
FY23 HK$16.7B
FY24 HK$32.2B
FY25 HK$64.7B
Net income
FY21 −HK$2.8B
FY22 −HK$5.1B
FY23 −HK$4.2B
FY24 −HK$2.8B
FY25 HK$524M

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Recent news

External third-party headlines (Yahoo Finance, Reuters and others) — not an editorial selection, not financial advice.

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Frequently asked questions

Is 9863 (9863) undervalued?
As of Jul 3, 2026, our model estimates a fair value of HK$13.12 versus a price of HK$34.90 — about −62% (overvalued). Model-based estimate, not financial advice.
What is the fair value of 9863?
Our model-based fair value for 9863 is HK$13.12 (as of Jul 3, 2026), built from audited fundamentals. The current price is HK$34.90.
What is the quality score of 9863?
9863 has a Quality Score of 42/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of 9863 (9863)?
9863 reported trailing-twelve-month revenue of about HK$64.7B (latest available figure, as of Jul 3, 2026).
What is the net profit margin of 9863?
The net profit margin of 9863 is about 0.8%, meaning it keeps roughly 0.8% 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.