9923 (9923) Fair Value & Analysis

Technology · Market cap HK$1.9B

9 9923 9923 · HK

PriceHK$4.95

Fair ValueHK$10.60

Upside+114.1%

Quality46/100

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Evidence: High Range HK$5.02 – HK$11.03

Fair value as of: Jul 3, 2026

From 24 valuation models · updated today

Share price −20.4% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$4.76 – HK$16.12 · fair‑value band HK$5.02 – HK$11.03 · the HK$4.95 price screens below the HK$10.60 fair value. As of Jul 3, 2026.

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Analysis

9923 (9923) currently trades at HK$4.95, while our model-based Fair Value estimate is HK$10.60 — implying the stock looks roughly 114.1% undervalued today. We read business quality at 46/100 (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: high) — always confirm before acting.

Over the trailing twelve months, 9923 generated revenue of HK$3.3B at a net margin of 2.8%. Revenue grew 10.6% year over year. It earns a return on equity of 3.1%. The balance sheet holds a net cash position of HK$1.3B. Fundamentals as of Jul 3, 2026

Key figures & financial health

Revenue (TTM) HK$3.3B

Revenue growth (YoY) +10.6%

Net margin 2.8%

Return on equity 3.1%

Free cash flow HK$201M FY2025

P/E ratio 18.3

More key figures

Operating margin 10.0%

EPS (TTM) HK$0.1100

EPS growth (YoY) -7.0%

Net cash 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

9923 reported revenue of HK$3.3B in FY2025 versus HK$3.1B in FY2021, a compound +2.0%/yr. Reported net income was HK$92.2M in FY2025, compounding −31.6%/yr from FY2021.

Revenue +2.0%/yr

FY21 HK$3.1B

FY22 HK$3.4B

FY23 HK$4.0B

FY24 HK$3.1B

FY25 HK$3.3B

Net income −31.6%/yr

FY21 HK$421M

FY22 HK$154M

FY23 HK$11.6M

FY24 HK$82.5M

FY25 HK$92.2M

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

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Microsoft Corporation MSF	€347.50	€211.04	-39%
MSFT MSFT	7,019 MXN	274.17 MXN	-96%
Oracle Corporation ORCL	$201.26	$43.29	-78%
Palantir Technologies Inc PTX	€114.20	€17.96	-84%
Palo Alto Networks, Inc 5AP	€231.80	€35.85	-85%
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Frequently asked questions

Is 9923 (9923) undervalued?

As of Jul 3, 2026, our model estimates a fair value of HK$10.60 versus a price of HK$4.95 — about +114% (undervalued). Model-based estimate, not financial advice.

What is the fair value of 9923?

Our model-based fair value for 9923 is HK$10.60 (as of Jul 3, 2026), built from audited fundamentals. The current price is HK$4.95.

What is the quality score of 9923?

9923 has a Quality Score of 46/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 9923 (9923)?

9923 reported trailing-twelve-month revenue of about HK$3.3B (latest available figure, as of Jul 3, 2026).

What is the net profit margin of 9923?

The net profit margin of 9923 is about 2.8%, meaning it keeps roughly 2.8% 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.