HK$19.20 ($2.45)

-0.20 (-1.03%)

Weekly Expected Move ±7.6%

HK$16 HK$18 HK$19 HK$21 HK$22

HKSE · Healthcare · Medical - Care Facilities · Tech Score Buy · Power 57 · HK$4.8B mcap · 203M float · 0.178% daily turnover

Overview Chart Financials Income Statement Cash Flow Balance Sheet Earnings

Analysis Technicals Weather Peers ETF Exposure

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

Oct 05, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. 2373.HK receives an overall rating of A. Strongest factors: DCF (5/5), ROE (5/5), ROA (5/5). Areas of concern: D/E (1/5).

Rating Change History

Date	From	To
2026-10-02	A-	A
2026-09-14	B+	A-
2026-08-10	A-	B+
2026-07-02	B+	A-
2026-05-14	A-	B+
2026-04-08	None	ADDED
2026-04-07	EXISTED	None
2026-04-01	B+	A-

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ — Grade A

Profitability

Balance Sheet

Earnings Quality

Growth

Value

—

Momentum

100

Safety

—

Cash Flow

100

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman Z-Score

—

Piotroski F-Score

6/9

✓ ✓ ✓ ✓ ✗ ✗ ✗ ✓ ✓

Beneish M-Score

-2.52

Unlikely Manipulator

Ohlson O-Score

-6.74

Bankruptcy prob: 0.1%

Low Risk

Credit Rating

A+

Score: 78.6/100

Trend: Improving

Earnings Quality

75/100

OCF/NI: 3.27x

Accruals: -30.2%

The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. 2373.HK scores 6/9, indicating moderate financial health — some areas of strength offset by weaknesses in others. The Beneish M-Score (1999) is an 8-variable model that detects earnings manipulation by comparing year-over-year changes in receivables, gross margins, asset quality, sales growth, depreciation, SG&A, leverage, and accruals. Scores above −1.78 statistically resemble past manipulators. 2373.HK's score of -2.52 falls below this threshold, suggesting earnings are unlikely to be manipulated. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. 2373.HK's implied 0.1% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. 2373.HK receives an estimated rating of A+ (score: 78.6/100), with a improving trend. The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). 2373.HK's score of 75/100 is high — cash flows strongly support reported earnings.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

9.94x

PEG

0.27x

P/S

1.15x

P/B

2.76x

P/FCF

—

P/OCF

—

EV/EBITDA

—

EV/Revenue

—

EV/EBIT

—

EV/FCF

—

Earnings Yield

—

FCF Yield

—

Shareholder Yield

—

Graham Number

$18.52

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. At 9.9x earnings, 2373.HK trades at a deep value multiple. Graham's intrinsic value formula yields $18.52 per share, 5% below the current price.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

0.704

NI / EBT

Interest Burden

0.996

EBT / EBIT

EBIT Margin

0.147

EBIT / Rev

Asset Turnover

1.284

Rev / Assets

Equity Multiplier

4.403

Assets / Equity

ROE

58.4%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. 2373.HK's ROE of 58.4% is driven by financial leverage (equity multiplier: 4.40x). Note: high leverage means ROE is amplified by debt rather than operational performance.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Two adjustments we make, and why. Growth is capped at 15%. Graham defined g as expected growth over the next seven to ten years, not last year's rate. Across US companies since 1994 the median realized 7-year EPS growth is 5–8% regardless of how fast a company grew beforehand, and of 4,457 company-quarters that grew faster than 200%, none sustained it. Uncapped, the formula assigned fair multiples in the hundreds to companies that had never held that rate — and scored worse than simply reading the P/E. Capped, it carries real information. The verdict has three states, not two. Tested over 377,249 stock-months, this ratio only separates outcomes at its extremes: below 0.25 beat the universe by 1.3 points a year, above 3.0 lagged by 2.7, and everything in between sat inside a one-point band. Rather than call two-thirds of the market "undervalued" on a threshold of 1.0, we say Neutral where the model cannot tell — which is most of the time.

Adj. Growth Rate

15.00%

Fair P/E

38.50x

Intrinsic Value

$102.44

Price/Value

—

Margin of Safety

—

Premium

—

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with 2373.HK's realized 15.0% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. 2373.HK trades at a premium to its adjusted intrinsic value of $102.44, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 38.5x compares to the current market P/E of 9.9x.

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 885 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$19.40

Median 1Y

$15.22

5th Pctile

$6.41

95th Pctile

$36.40

Ann. Volatility

51.6%

25th–75th percentile 5th–95th percentile Median path Historical

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
ROE	15.7%	26.9%	39.9%	47.0%	61.2%	59.9%	58.4%	58.41%
ROA	3.6%	6.5%	9.7%	10.4%	13.1%	13.1%	13.3%	13.27%
ROIC	-50.7%	-1.1%	-2.6%	-3.1%	-1.6%	-2.4%	2.5%	2.52%
ROCE	13.0%	21.5%	32.1%	37.7%	41.7%	35.6%	35.6%	35.61%
Gross Margin	46.1%	45.0%	47.0%	45.7%	49.3%	48.8%	51.4%	51.37%
Operating Margin	14.1%	12.3%	14.3%	11.1%	15.4%	15.3%	17.8%	17.78%
Net Margin	10.8%	9.4%	10.1%	7.9%	10.7%	10.5%	11.8%	11.81%
EBITDA Margin	19.5%	16.6%	18.7%	14.9%	19.4%	20.5%	29.9%	29.94%
FCF Margin	16.7%	21.7%	18.3%	26.8%	28.5%	31.3%	34.2%	34.17%
OCF Margin	21.4%	29.2%	25.8%	30.1%	31.3%	32.5%	33.8%	33.84%
ROIC Economic	snapshot only							27.92%
Cash ROA	snapshot only							33.24%
Cash ROIC	snapshot only							7.42%
CROIC	snapshot only							7.49%
NOPAT Margin	snapshot only							11.48%
Pretax Margin	snapshot only							14.69%
R&D / Revenue	snapshot only							1.31%
SGA / Revenue	snapshot only							33.22%
SBC / Revenue	snapshot only							0.11%

Valuation

Metric	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
P/E Ratio	—	—	—	—	—	—	—	9.938
P/S Ratio	—	—	—	—	—	—	—	1.153
P/B Ratio	—	—	—	—	—	—	—	2.762
P/FCF	—	—	—	—	—	—	—	—
P/OCF	—	—	—	—	—	—	—	—
EV/EBITDA	—	—	—	—	—	—	—	—
EV/Revenue	—	—	—	—	—	—	—	—
EV/EBIT	—	—	—	—	—	—	—	—
EV/FCF	—	—	—	—	—	—	—	—
Earnings Yield	—	—	—	—	—	—	—	—
FCF Yield	—	—	—	—	—	—	—	—
PEG Ratio	snapshot only							0.270
Graham Number	snapshot only							$18.52

Leverage & Solvency

Metric	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Current Ratio	0.92	0.94	0.94	0.80	0.84	0.98	0.75	0.746
Quick Ratio	0.83	0.83	0.82	0.74	0.77	0.95	0.68	0.682
Debt/Equity	0.74	0.70	0.73	0.77	0.88	1.27	0.94	0.938
Net Debt/Equity	-1.32	-1.26	-1.16	-1.16	-1.38	-1.25	-0.80	-0.795
Debt/Assets	0.17	0.17	0.18	0.17	0.18	0.26	0.20	0.205
Debt/EBITDA	2.62	1.46	1.00	0.90	0.87	1.26	0.96	0.958
Net Debt/EBITDA	-4.65	-2.62	-1.61	-1.35	-1.36	-1.24	-0.81	-0.812
Interest Coverage	5.25	10.84	17.02	22.13	364.08	36.60	44.75	44.752
Equity Multiplier	4.36	4.12	4.11	4.53	4.89	4.94	4.58	4.576
Cash Ratio	snapshot only							0.638
Debt Service Coverage	snapshot only							66.128
Cash to Debt	snapshot only							1.848
FCF to Debt	snapshot only							1.637
Defensive Interval	snapshot only							430.7 days

Efficiency & Turnover

Metric	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Asset Turnover	0.33	0.65	0.96	1.10	1.38	1.33	1.28	1.284
Inventory Turnover	3.10	5.05	6.86	16.80	14.82	17.17	12.85	12.851
Receivables Turnover	26.61	32.78	39.17	96.49	114.85	95.86	72.12	72.120
Payables Turnover	42.07	54.52	91.03	85.33	112.93	100.71	92.54	92.538
DSO	14	11	9	4	3	4	5	5.1 days
DIO	118	72	53	22	25	21	28	28.4 days
DPO	9	7	4	4	3	4	4	3.9 days
Cash Conversion Cycle	123	77	59	21	25	21	30	29.5 days
Fixed Asset Turnover	snapshot only							6.321
Operating Cycle	snapshot only							33.5 days
Cash Velocity	snapshot only							2.593
Capital Intensity	snapshot only							1.018

Growth (YoY)

Metric	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Revenue	—	—	—	—	4.0%	1.6%	92.4%	92.42%
Net Income	—	—	—	—	3.4%	1.5%	97.2%	97.16%
EPS	—	—	—	—	3.3%	1.5%	84.6%	84.58%
FCF	—	—	—	—	7.4%	2.7%	2.6%	2.59%
EBITDA	—	—	—	—	3.4%	1.7%	1.3%	1.30%
Op. Income	—	—	—	—	3.7%	1.8%	1.1%	1.14%
OCF Growth	snapshot only							1.52%
Asset Growth	snapshot only							88.62%
Equity Growth	snapshot only							69.44%
Debt Growth	snapshot only							1.19%
Shares Change	snapshot only							6.81%
Dividend Growth	snapshot only							1.39%

Growth Quality

Metric	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Revenue Stability	—	—	—	—	—	—	—	—
Earnings Stability	—	—	—	—	—	—	—	—
Margin Stability	—	—	—	—	—	—	—	—
Rev. Growth Consistency	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.500
Earn. Growth Consistency	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.500
FCF Positive Streak	0	0	0	0	1	1	1	0
Earnings Persistence	—	—	—	—	—	—	—	—
Earnings Smoothness	—	—	—	—	0.00	0.13	0.35	0.346
ROE Trend	—	—	—	—	—	—	—	—
Gross Margin Trend	—	—	—	—	—	—	—	—
FCF Margin Trend	—	—	—	—	—	—	—	—
Sustainable Growth Rate	15.7%	16.0%	28.9%	25.9%	35.8%	34.3%	37.6%	37.60%
Internal Growth Rate	3.7%	4.1%	7.6%	6.1%	8.3%	8.1%	9.3%	9.34%

Cash Flow Quality

Metric	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
OCF/Net Income	1.99	2.90	2.56	3.20	3.30	3.31	3.27	3.275
FCF/OCF	0.78	0.75	0.71	0.89	0.91	0.96	1.01	1.010
FCF/Net Income	snapshot only							3.306
OCF/EBITDA	snapshot only							1.553
CapEx/Revenue	4.7%	7.4%	7.5%	3.4%	2.8%	1.2%	0.5%	0.54%
CapEx/Depreciation	snapshot only							0.077
Accruals Ratio	-0.04	-0.12	-0.15	-0.23	-0.30	-0.30	-0.30	-0.302
Sloan Accruals	snapshot only							-0.263
Cash Flow Adequacy	snapshot only							8.013
Earnings Quality Score	snapshot only							0.750

Dividends & Buybacks

Metric	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Dividend Yield	—	—	—	—	—	—	—	3.87%
Dividend/Share	$0.00	$0.38	$0.40	$0.87	$0.88	$1.00	$0.95	$0.62
Payout Ratio	0.0%	40.3%	27.5%	44.9%	41.4%	42.6%	35.6%	35.63%
FCF Payout Ratio	0.0%	18.7%	15.1%	15.8%	13.8%	13.4%	10.8%	10.78%
Total Payout Ratio	3.6%	45.9%	31.1%	47.6%	43.1%	47.1%	45.3%	45.28%
Div. Increase Streak	—	0	0	0	0	1	1	0
Chowder Number	—	—	—	—	—	—	—	—
Buyback Yield	—	—	—	—	—	—	—	—
Net Buyback Yield	—	—	—	—	—	—	—	—
Total Shareholder Return	—	—	—	—	—	—	—	—

DuPont Factors

Metric	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Tax Burden (NI/EBT)	0.73	0.75	0.74	0.73	0.72	0.71	0.70	0.704
Interest Burden (EBT/EBIT)	1.05	1.07	1.06	1.05	1.04	1.01	1.00	0.996
EBIT Margin	0.14	0.13	0.13	0.12	0.13	0.14	0.15	0.147
Asset Turnover	0.33	0.65	0.96	1.10	1.38	1.33	1.28	1.284
Equity Multiplier	4.36	4.12	4.11	4.53	4.65	4.58	4.40	4.403

Per Share

Metric	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
EPS (Diluted TTM)	$0.49	$0.93	$1.44	$1.93	$2.12	$2.34	$2.66	$2.66
Book Value/Share	$3.12	$3.47	$3.61	$4.11	$3.82	$4.38	$5.73	$6.01
Tangible Book/Share	$1.82	$2.18	$2.35	$-0.26	$-0.48	$-0.11	$-4.09	$-4.09
Revenue/Share	$4.53	$9.27	$14.29	$20.53	$22.30	$23.89	$25.75	$14.02
FCF/Share	$0.76	$2.02	$2.62	$5.49	$6.35	$7.47	$8.80	$4.37
OCF/Share	$0.97	$2.70	$3.69	$6.19	$6.98	$7.75	$8.71	$4.72
Cash/Share	$6.43	$6.80	$6.82	$7.97	$8.67	$11.03	$9.93	$6.05
EBITDA/Share	$0.88	$1.67	$2.61	$3.54	$3.88	$4.40	$5.61	$5.61
Debt/Share	$2.32	$2.43	$2.62	$3.18	$3.38	$5.55	$5.37	$5.37
Net Debt/Share	$-4.11	$-4.37	$-4.20	$-4.79	$-5.29	$-5.47	$-4.56	$-4.56

Academic Models

Metric	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Altman Z-Score	—	—	—	—	—	—	—	—
Piotroski F-Score	4	4	4	4	6	7	6	6
Beneish M-Score	—	—	—	—	-3.44	-2.93	-2.52	-2.525
Ohlson O-Score	snapshot only							-6.739
Net-Net WC	snapshot only							$-8.63
EVA	snapshot only							$696406167.89

Credit

Metric	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Credit Rating	snapshot only							A+
Credit Score	64.17	74.27	75.58	78.62	78.34	74.92	78.58	78.581
Credit Grade	snapshot only							5
Credit Trend	snapshot only							2.996
Implied Spread (bps)	snapshot only							125.000
Industry Credit Rank	snapshot only							73
Sector Credit Rank	snapshot only							77

2373.HK HKSE

Financial Rating

InsiderStreet Scorecard

Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

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