9908 (9908) Fair Value & Analysis

Utilities · Market cap HK$1.2B

9 9908 9908 · HK

PriceHK$8.50

Fair ValueHK$18.51

Upside+117.8%

Quality56/100

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Evidence: High Range HK$13.88 – HK$23.14

Fair value as of: Jul 3, 2026

From 26 valuation models · updated today

Share price +3.5% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$7.14 – HK$8.79 · fair‑value band HK$13.88 – HK$23.14 · the HK$8.50 price screens below the HK$18.51 fair value. As of Jul 3, 2026.

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Analysis

9908 (9908) currently trades at HK$8.50, while our model-based Fair Value estimate is HK$18.51 — implying the stock looks roughly 117.8% undervalued today. We read business quality at 56/100 (solid quality), in the Utilities 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: high) — always confirm before acting.

Over the trailing twelve months, 9908 generated revenue of HK$3.1B at a net margin of 4.8%. Revenue declined 12.8% year over year. It earns a return on equity of 13.3%. Net debt stands at HK$515M. Fundamentals as of Jul 3, 2026

Key figures & financial health

Revenue (TTM) HK$3.1B

Revenue growth (YoY) -12.8%

Net margin 4.8%

Return on equity 13.3%

Free cash flow HK$232M FY2025

P/E ratio 6.7

More key figures

Operating margin 1.9%

EPS (TTM) HK$0.5500

Dividend yield 4.7%

EPS growth (YoY) -23.4%

Net debt HK$515M FY2025

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

9908 reported revenue of HK$3.1B in FY2025 versus HK$2.0B in FY2021, a compound +11.9%/yr. Reported net income was HK$151M in FY2025, compounding +8.6%/yr from FY2021.

Revenue +11.9%/yr

FY21 HK$2.0B

FY22 HK$3.5B

FY23 HK$3.0B

FY24 HK$3.4B

FY25 HK$3.1B

Net income +8.6%/yr

FY21 HK$108M

FY22 HK$69.3M

FY23 HK$239M

FY24 HK$188M

FY25 HK$151M

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Similar stocks

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

Stock	Price	Fair Value	vs Fair Value
Naturgy Energy Group GASNY	$6.50	$7.20	+11%
Atmos Energy Corporation ATO	$169.27	$87.09	-49%
Snam S.p.A SRG	€6.37	€3.37	-47%
Uniper SE UN0	€45.45	€33.83	-26%
NiSource Inc NI	$46.61	$34.64	-26%
The Hong Kong and China Gas Company HOKCY	$0.8100	$0.5500	-32%

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Frequently asked questions

Is 9908 (9908) undervalued?

As of Jul 3, 2026, our model estimates a fair value of HK$18.51 versus a price of HK$8.50 — about +118% (undervalued). Model-based estimate, not financial advice.

What is the fair value of 9908?

Our model-based fair value for 9908 is HK$18.51 (as of Jul 3, 2026), built from audited fundamentals. The current price is HK$8.50.

What is the quality score of 9908?

9908 has a Quality Score of 56/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 9908 (9908)?

9908 reported trailing-twelve-month revenue of about HK$3.1B (latest available figure, as of Jul 3, 2026).

What is the net profit margin of 9908?

The net profit margin of 9908 is about 4.8%, meaning it keeps roughly 4.8% of revenue as net income. Based on the latest reported figures.

Does 9908 pay a dividend?

9908 currently shows a dividend yield of about 4.71% relative to its recent price (as of Jul 3, 2026).

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.