Shanghai Conant Optical Valuation

Q: What is the Fair Price of 2276 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

2276 (HK$14.8) is trading below our estimate of [[fair value]] (HK$57.23)

Is 2276 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 2276 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 2276 (HK$14.8) is trading below our estimate of fair value (HK$57.23)

Significantly Below Fair Value: 2276 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2276?

Key metric: As 2276 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 2276. This is calculated by dividing 2276's market cap by their current earnings.
What is 2276's PE Ratio?
PE Ratio	15.5x
Earnings	CN¥377.18m
Market Cap	CN¥5.89b

2276 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	2.9x
Enterprise Value/EBITDA	11.2x
PEG Ratio	0.9x

Price to Earnings Ratio vs Peers

How does 2276's PE Ratio compare to its peers?

The above table shows the PE ratio for 2276 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	15.2x
9997 Kangji Medical Holdings	12.5x	14.3%	HK$7.3b
1501 Shanghai INT Medical Instruments	28.7x	27.2%	HK$5.2b
6929 OrbusNeich Medical Group Holdings	11.7x	-3.1%	HK$3.5b
1763 China Isotope & Radiation	8.1x	n/a	HK$3.5b
2276 Shanghai Conant Optical	15.5x	16.5%	HK$6.3b

Price-To-Earnings vs Peers: 2276 is expensive based on its Price-To-Earnings Ratio (15.5x) compared to the peer average (15.2x).

Price to Earnings Ratio vs Industry

How does 2276's PE Ratio compare vs other companies in the HK Medical Equipment Industry?

1 Company	Price / Earnings	Estimated Growth	Market Cap
2393 Yestar Healthcare Holdings	0.1x	n/a	US$22.16m

No more companies available in this PE range

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: 2276 is good value based on its Price-To-Earnings Ratio (15.5x) compared to the Hong Kong Medical Equipment industry average (16.2x).

Price to Earnings Ratio vs Fair Ratio

What is 2276's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

2276 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	15.5x
Fair PE Ratio	13.1x

Price-To-Earnings vs Fair Ratio: 2276 is expensive based on its Price-To-Earnings Ratio (15.5x) compared to the estimated Fair Price-To-Earnings Ratio (13.1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 2276 forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	HK$14.80	HK$16.44 +11.1%	9.5%	HK$18.34	HK$14.50	n/a	3
Nov ’25	HK$15.08	HK$16.44 +9.0%	9.5%	HK$18.34	HK$14.50	n/a	3
Oct ’25	HK$13.90	HK$16.44 +18.3%	9.5%	HK$18.34	HK$14.50	n/a	3
Sep ’25	HK$13.00	HK$16.44 +26.5%	9.5%	HK$18.34	HK$14.50	n/a	3
Aug ’25	HK$11.50	HK$13.41 +16.6%	17.6%	HK$15.49	HK$10.10	n/a	3
Jul ’25	HK$12.36	HK$13.44 +8.7%	17.5%	HK$15.48	HK$10.14	n/a	3
Jun ’25	HK$11.10	HK$13.34 +20.2%	16.7%	HK$15.07	HK$10.19	n/a	3
May ’25	HK$8.78	HK$13.34 +51.9%	16.7%	HK$15.07	HK$10.19	n/a	3
Apr ’25	HK$8.51	HK$14.92 +75.4%	1.1%	HK$15.08	HK$14.77	n/a	2
Mar ’25	HK$7.45	HK$14.95 +100.7%	0.9%	HK$15.08	HK$14.82	n/a	2

Analyst Forecast: Target price is less than 20% higher than the current share price.

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