Hong Kong Main — Fair value
A slow-moving intrinsic anchor per name — earnings power and discounted cash flow, residual income for banks — answering what to pay, never when to trade.
6 unheld undervalued 3 held growth-priced-in 7 bargains ★
| Ticker | Name | Close | FV/sh | Method | MoS | Verdict | Quality | F | Bargain | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2318 | Aac Technologies Holdings | 54.00 | 104.79* | ResInc | — | n/a · currency | 24.0 | 6 | ||
| 1024 | KUAISHOU-W | 31.26 | 52.56 | EPV | +41% | UNDERVALUED | 6.0 | 5 | ||
| 0316 | OOIL | 148.90 | 207.37 | EPV | +28% | UNDERVALUED | 21.0 | 5 | ||
| 9618 | JD-SW | 106.20 | 144.18 | EPV | +26% | UNDERVALUED | 2.0 | 7 | ||
| 0857 | PETROCHINA CO LTD H SHS | 9.98 | 13.25 | EPV | +25% | UNDERVALUED | 11.0 | 5 | ||
| 0939 H | CCB - H SHS | 9.75 | 11.55* | ResInc | — | n/a · currency | 22.5 | 5 | ||
| 0941 | CHINA MOBILE | 78.90 | 92.50 | EPV | +15% | UNDERVALUED | 13.0 | 3 | ||
| 0148 | KINGBOARD HLDG | 52.75 | 55.70 | EPV | +5% | UNDERVALUED | 14.0 | 6 | ||
| 0823 H | LINK REIT | 37.84 | 37.84 | DCF | +0% | UNDERVALUED | 17.5 | 6 | ||
| 2382 | Sunny Optical Technology | 69.10 | 67.38 | EPV | -3% | GROWTH PRICED IN | 4.0 | 7 | ||
| 1810 | XIAOMI CORP-W | 26.36 | 23.95 | EPV | -10% | GROWTH PRICED IN | 3.0 | 6 | ||
| 0700 H | TENCENT | 428.40 | 313.35 | EPV | -37% | FAIR | 7.0 | 6 | ||
| 9988 | BABA-SW | 107.50 | 63.74 | EPV | -69% | GROWTH PRICED IN | 26.0 | 3 | ||
| 0992 | Lenovo Group Limited | 31.30 | 18.51 | EPV | -69% | FAIR | 1.0 | 7 | ||
| 3750 H | CATL | 547.50 | 302.80 | EPV | -81% | FAIR | 5.0 | 6 | ||
| 0388 | HKEX | 392.60 | 206.48 | ResInc | -90% | OVERVALUED VS RI | 8.0 | 5 | ||
| 1211 | BYD | 79.85 | 39.44 | EPV | -102% | GROWTH PRICED IN | 25.0 | 5 | ||
| 1688 | Lingyi iTech | 6.46 | 2.14 | EPV | -201% | GROWTH PRICED IN | 22.5 | 4 | ||
| 0522 H | ASMPT | 161.80 | 31.94 | EPV | -407% | GROWTH PRICED IN | 17.5 | 4 | ||
| 0981 H | SMIC | 63.15 | 9.94 | EPV | -535% | GROWTH PRICED IN | 16.0 | 6 | ||
| 0772 | CHINA LIT | 19.68 | 2.72 | EPV | -622% | GROWTH PRICED IN | 29.0 | 3 | ||
| 2888 H | STANCHART | 241.80 | 27.47* | ResInc | — | n/a · currency | 19.5 | 6 | ||
| 0005 H | HSBC HDGS(USD0.50) HK O'SEAS | 163.30 | 13.83* | ResInc | — | n/a · currency | 28.0 | 5 | ||
| 6869 | YOFC | 183.50 | 13.10 | EPV | -1301% | GROWTH PRICED IN | 15.0 | 6 | ||
| 1347 H | Hua Hong Semiconductor | 111.70 | 5.86 | EPV | -1805% | GROWTH PRICED IN | 19.5 | 5 | ||
| 0100 | MINIMAX-W | 270.00 | -370.63* | EPV | — | n/a · no data | 9.0 | 5 | ||
| 0068 | MANYCORE TECH | 9.10 | -1.97* | EPV | — | n/a · no data | 10.0 | 6 | ||
| 2513 H | KNOWLEDGE ATLAS | 793.00 | -94.85* | EPV | — | n/a · no data | 12.0 | 3 | ||
| 3690 | MEITUAN-W | 75.10 | -21.03* | EPV | — | n/a · no data | 27.0 | 2 | ||
| 7709 H | XL2CSOPHYNIX | 44.10 | — | NA_ETF | — | n/a · ETF | 30.5 | 0 | ||
| 7747 | XL2CSOPSMSN | 76.30 | — | NA_ETF | — | n/a · ETF | 30.5 | 0 |
How to read this table
- Ticker · H
- The exchange symbol; an H pill marks a name this book currently holds.
- Close
- The latest settled market price — what the stock costs today.
- FV/sh (fair value per share)
- Our estimate of what one share is intrinsically worth, from the company's own earnings power and cash flow — a slow-moving anchor refreshed with quarterly results, deliberately independent of the day's price action.
- Method
- How that fair value was computed: EPV (earnings power value — what steady current earnings are worth, assuming no growth), DCF (discounted cash flow — future cash flows brought back to today's dollars), or Bank (residual income — the right framework for banks, whose "cash flow" is not comparable to an industrial's).
- MoS (margin of safety)
- How far the price sits below fair value, as a percentage — the discount you get for buying today. Positive (teal) = priced below fair value; negative (red) = priced above it. The bar makes the size of the gap scannable.
- Verdict
- UNDERVALUED — price below the fair-value anchor. FAIR — above the anchor but still below the growth-inclusive DCF value. GROWTH PRICED IN — the price already assumes the optimistic growth case plays out. OVERVALUED VS RI — a bank trading above its residual-income value. When no verdict applies, the pill says why: n/a · currency — the listing trades in a different currency than the company reports in (typically an ADR: the price is USD per depositary share, the statements aren't), so price and fair value can't honestly be compared and the MoS is withheld (the FV/sh shown* is in the reporting currency); n/a · ETF — a fund holds other assets, so company-earnings frameworks don't apply; n/a · no data — not enough fundamentals to compute a fair value. n/a rows carry no valuation force downstream.
- Quality
- The name's rank within this book on a composite of five quality measures: return on invested capital, gross profitability, free-cash-flow yield, revenue growth, and the F-Score. Earlier letters = higher quality.
- F (Piotroski F-Score)
- A 0–9 checklist of accounting health — profitability, improving balance sheet, operating efficiency. 7–9 is strong; below 4 is a warning.
How valuation is used
Valuation re-ranks and resizes technical buy candidates by a bounded amount and can amplify a signal-based sell — it never originates a trade on its own. A richly priced name that is trending is not a sell case; a cheap one with no signal is not a buy case. n/a rows (ETFs, currency mismatches) carry no valuation force.