9878 (9878) Fair Value & Analysis

Technology · Market cap HK$3.9B

9 9878 9878 · HK

PriceHK$7.08

Fair ValueHK$11.33

Upside+60.0%

Quality49/100

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Evidence: Medium Range HK$8.50 – HK$14.17

Fair value as of: Jul 3, 2026

From 22 valuation models · updated today

Share price −2.5% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$6.45 – HK$18.21 · fair‑value band HK$8.50 – HK$14.17 · the HK$7.08 price screens below the HK$11.33 fair value. As of Jul 3, 2026.

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Analysis

9878 (9878) currently trades at HK$7.08, while our model-based Fair Value estimate is HK$11.33 — implying the stock looks roughly 60.0% undervalued today. We read business quality at 49/100 (below-average quality), in the Technology sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium) — always confirm before acting.

Over the trailing twelve months, 9878 generated revenue of HK$52.3B at a net margin of 0.6%. Revenue grew 2.8% year over year. It earns a return on equity of 5.4%. Net debt stands at HK$7.9B. Fundamentals as of Jul 3, 2026

Key figures & financial health

Revenue (TTM) HK$52.3B

Revenue growth (YoY) +2.8%

Net margin 0.6%

Return on equity 5.4%

Free cash flow HK$1.8B FY2025

P/E ratio 11.4

More key figures

Operating margin 1.2%

EPS (TTM) HK$0.2400

EPS growth (YoY) +12.3%

Net debt HK$7.9B FY2025

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

9878 reported revenue of HK$52.3B in FY2025 versus HK$65.8B in FY2021, a compound −5.6%/yr. Reported net income was HK$300M in FY2025.

Revenue −5.6%/yr

FY21 HK$65.8B

FY22 HK$82.1B

FY23 HK$82.4B

FY24 HK$60.1B

FY25 HK$52.3B

Net income

FY21 −HK$350M

FY22 HK$316M

FY23 HK$448M

FY24 HK$270M

FY25 HK$300M

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

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SAP SE SAPP34	R$769.00	R$120.02	-84%
Salesforce, Inc CRM	$150.12	$299.82	+100%
Uber Technologies, Inc UBER	$70.71	$90.28	+28%
Shopify Inc SHOP	$108.20	$30.42	-72%
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Frequently asked questions

Is 9878 (9878) undervalued?

As of Jul 3, 2026, our model estimates a fair value of HK$11.33 versus a price of HK$7.08 — about +60% (undervalued). Model-based estimate, not financial advice.

What is the fair value of 9878?

Our model-based fair value for 9878 is HK$11.33 (as of Jul 3, 2026), built from audited fundamentals. The current price is HK$7.08.

What is the quality score of 9878?

9878 has a Quality Score of 49/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 9878 (9878)?

9878 reported trailing-twelve-month revenue of about HK$52.3B (latest available figure, as of Jul 3, 2026).

What is the net profit margin of 9878?

The net profit margin of 9878 is about 0.6%, meaning it keeps roughly 0.6% 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.