<h3>關鍵洞察</h3>
<ul>
<li>基於股息折現模型，Qeeka Home (Cayman) 的預計公允價值為 HK$0.27</li>
<li>當前股價 HK$0.26 表明 Qeeka Home (Cayman) 可能接近其公允價值交易</li>
<li>Qeeka Home (Cayman) 的同行目前平均溢價交易 16%</li>
</ul>
<p>Qeeka Home (Cayman) Inc. (HKG:1739) 的 11 月股價是否反映了其真實價值？今天，我們將通過預測公司的未來現金流並將其折現回今天的價值來估算股票的內在價值。我們將利用折現現金流（DCF）模型來實現這一目的。這聽起來可能複雜，但實際上相當簡單！</p>
<p>公司可以通過多種方式進行估值，因此我們要指出 DCF 並不適用於每種情況。如果您想了解更多關於折現現金流的信息，可以在 Simply Wall St 的分析模型中詳細閲讀計算背後的原理。</p>
<p>我們發現有 21 只美國股票預計明年將支付超過 6% 的股息收益率。查看完整列表，免費獲取。</p>
<h2>模型</h2>
<p>我們必須以稍微不同於其他股票的方式計算 Qeeka Home (Cayman) 的價值，因為它是一家消費服務公司。在這種方法中，使用每股股息（DPS），因為自由現金流難以估計且通常不被分析師報告。除非公司將大部分自由現金流作為股息支付，否則這種方法通常會低估股票的價值。使用的是 “戈登增長模型”，該模型簡單地假設股息支付將以可持續的增長率永遠持續增長。預計股息將以 2.8% 的 10 年期國債收益率的 5 年平均值的年增長率增長。然後，我們以 7.6% 的股本成本將該數字折現到今天的價值。與當前股價 HK$0.3 相比，該公司在當前股價交易的基礎上大約有 5.3% 的折扣，似乎處於公允價值。任何計算中的假設對估值有很大影響，因此最好將其視為粗略估計，而不是精確到最後一分錢。</p>
<p>每股價值 = 預期每股股息 / (折現率 - 永續增長率)</p>
<p>= CN¥0.05 / (7.6% – 2.8%)</p>
<p>= HK$0.3</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/570181176-dcf-1-dark-2/1762466934497?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/570181176-dcf-1-dark-2/1762466934497"/></p>
<p>SEHK:1739 折現現金流 2025 年 11 月 6 日</p>
<h2>假設</h2>
<p>我們要指出，折現現金流中最重要的輸入是折現率和實際現金流。當然，投資的一部分是對公司未來表現的自我評估，因此請嘗試自己進行計算並檢查自己的假設。DCF 也不考慮行業的週期性或公司的未來資本需求，因此它並不能全面反映公司的潛在表現。鑑於我們將 Qeeka Home (Cayman) 視為潛在股東，使用股本成本作為折現率，而不是資本成本（或加權平均資本成本，WACC），後者考慮了債務。在此計算中，我們使用了 7.6%，這是基於 0.911 的槓桿貝塔。貝塔是衡量股票波動性相對於整體市場的指標。我們從全球可比公司的行業平均貝塔中獲得我們的貝塔，並在 0.8 到 2.0 之間施加限制，這是穩定業務的合理範圍。</p>
<p>查看我們對 Qeeka Home (Cayman) 的最新分析</p>
<h3>Qeeka Home (Cayman) 的 SWOT 分析</h3>
<p><strong>優勢</strong></p>
<ul>
<li>債務由收益良好覆蓋。</li>
</ul>
<ul>
<li>股息在市場上處於前 25% 的股息支付者中。</li>
</ul>
<p>1739 的股息信息。</p>
<p><strong>劣勢</strong></p>
<ul>
<li>未發現 1739 的主要劣勢。</li>
</ul>
<p><strong>機會</strong></p>
<ul>
<li>根據當前自由現金流，擁有超過 3 年的現金儲備。</li>
</ul>
<ul>
<li>當前股價低於我們估計的公允價值。</li>
</ul>
<ul>
<li>缺乏分析師覆蓋使得確定 1739 的收益前景變得困難。</li>
</ul>
<p><strong>威脅</strong></p>
<ul>
<li>債務未能得到經營現金流的良好覆蓋。</li>
</ul>
<ul>
<li>支付股息但公司未盈利。</li>
</ul>
<p>1739 是否具備應對威脅的能力？</p>
<h2>下一步：</h2>
<p>估值只是構建投資論點的一方面，它不應是您在研究公司時唯一關注的指標。DCF 模型並不是投資估值的終極答案。最好是應用不同的案例和假設，看看它們如何影響公司的估值。例如，公司的股本成本或無風險利率的變化可能會顯著影響估值。對於 Qeeka Home (Cayman)，您還應該考慮三個進一步的因素：</p>
<ol>
<li><strong>風險</strong>：例如，我們發現 <strong>Qeeka Home (Cayman) 的 4 個警告信號</strong>（其中 2 個是重要的！）您需要在投資前考慮。</li>
<li><strong>其他高質量替代品</strong>：您喜歡全能型股票嗎？探索我們互動的高質量股票列表，瞭解您可能錯過的其他股票！</li>
<li><strong>其他環保公司</strong>：擔心環境並認為消費者會越來越多地購買環保產品？瀏覽我們互動的公司列表，瞭解一些您可能未曾想到的股票！</li>
</ol>
<p>PS. Simply Wall St 每天更新每隻香港股票的 DCF 計算，因此如果您想找到其他股票的內在價值，只需在此搜索。</p>

齊屹科技

<p>齊屹科技（開曼）有限公司（HKG:1739）的預計公允價值為 0.27 港元，目前股價為 0.26 港元，表明其交易接近公允價值。該公司採用股息折現模型進行估值，預計股息年增長率為 2.8%。現金流折現分析顯示公允價值為 0.30 港元，略高於當前價格。主要優勢包括強勁的盈利覆蓋債務和具有競爭力的股息收益率，而劣勢則包括盈利能力不足和分析師覆蓋有限</p>

<h3>Key Insights</h3>
<div class="lb-trans"><h3>關鍵洞察</h3>
</div><ul>
<li>The projected fair value for Qeeka Home (Cayman) is HK$0.27 based on Dividend Discount Model</li>
<li>Current share price of HK$0.26 suggests Qeeka Home (Cayman) is potentially trading close to its fair value</li>
<li>Qeeka Home (Cayman)'s peers are currently trading at a premium of 16% on average</li>
</ul>
<div class="lb-trans"><ul>
<li>基於股息折現模型，Qeeka Home (Cayman) 的預計公允價值為 HK$0.27</li>
<li>當前股價 HK$0.26 表明 Qeeka Home (Cayman) 可能接近其公允價值交易</li>
<li>Qeeka Home (Cayman) 的同行目前平均溢價交易 16%</li>
</ul>
</div><p>Does the November share price for Qeeka Home (Cayman) Inc. (HKG:1739) reflect what it's really worth? Today, we will estimate the stock's intrinsic value by taking the forecast future cash flows of the company and discounting them back to today's value. We will take advantage of the Discounted Cash Flow (DCF) model for this purpose. It may sound complicated, but actually it is quite simple!</p>
<div class="lb-trans"><p>Qeeka Home (Cayman) Inc. (HKG:1739) 的 11 月股價是否反映了其真實價值？今天，我們將通過預測公司的未來現金流並將其折現回今天的價值來估算股票的內在價值。我們將利用折現現金流（DCF）模型來實現這一目的。這聽起來可能複雜，但實際上相當簡單！</p>
</div><p>Companies can be valued in a lot of ways, so we would point out that a DCF is not perfect for every situation. If you want to learn more about discounted cash flow, the rationale behind this calculation can be read in detail in the Simply Wall St analysis model.</p>
<div class="lb-trans"><p>公司可以通過多種方式進行估值，因此我們要指出 DCF 並不適用於每種情況。如果您想了解更多關於折現現金流的信息，可以在 Simply Wall St 的分析模型中詳細閲讀計算背後的原理。</p>
</div><p>We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free.</p>
<div class="lb-trans"><p>我們發現有 21 只美國股票預計明年將支付超過 6% 的股息收益率。查看完整列表，免費獲取。</p>
</div><h2>The Model</h2>
<div class="lb-trans"><h2>模型</h2>
</div><p>We have to calculate the value of Qeeka Home (Cayman) slightly differently to other stocks because it is a consumer services company. In this approach dividends per share (DPS) are used, as free cash flow is difficult to estimate and often not reported by analysts. Unless a company pays out the majority of its FCF as a dividend, this method will typically underestimate the value of the stock. The 'Gordon Growth Model' is used, which simply assumes that dividend payments will continue to increase at a sustainable growth rate forever. The dividend is expected to grow at an annual growth rate equal to the 5-year average of the 10-year government bond yield of 2.8%. We then discount this figure to today's value at a cost of equity of 7.6%. Compared to the current share price of HK$0.3, the company appears about fair value at a 5.3% discount to where the stock price trades currently. The assumptions in any calculation have a big impact on the valuation, so it is better to view this as a rough estimate, not precise down to the last cent.</p>
<div class="lb-trans"><p>我們必須以稍微不同於其他股票的方式計算 Qeeka Home (Cayman) 的價值，因為它是一家消費服務公司。在這種方法中，使用每股股息（DPS），因為自由現金流難以估計且通常不被分析師報告。除非公司將大部分自由現金流作為股息支付，否則這種方法通常會低估股票的價值。使用的是 “戈登增長模型”，該模型簡單地假設股息支付將以可持續的增長率永遠持續增長。預計股息將以 2.8% 的 10 年期國債收益率的 5 年平均值的年增長率增長。然後，我們以 7.6% 的股本成本將該數字折現到今天的價值。與當前股價 HK$0.3 相比，該公司在當前股價交易的基礎上大約有 5.3% 的折扣，似乎處於公允價值。任何計算中的假設對估值有很大影響，因此最好將其視為粗略估計，而不是精確到最後一分錢。</p>
</div><p>Value Per Share = Expected Dividend Per Share / (Discount Rate - Perpetual Growth Rate)</p>
<div class="lb-trans"><p>每股價值 = 預期每股股息 / (折現率 - 永續增長率)</p>
</div><p>= CN¥0.05 / (7.6% – 2.8%)</p>
<div class="lb-trans"><p>= CN¥0.05 / (7.6% – 2.8%)</p>
</div><p>= HK$0.3</p>
<div class="lb-trans"><p>= HK$0.3</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/570181176-dcf-1-dark-2/1762466934497" alt="" original-src="https://images.simplywall.st/asset/chart/570181176-dcf-1-dark-2/1762466934497"/></p>
<p>SEHK:1739 Discounted Cash Flow November 6th 2025</p>
<div class="lb-trans"><p>SEHK:1739 折現現金流 2025 年 11 月 6 日</p>
</div><h2>The Assumptions</h2>
<div class="lb-trans"><h2>假設</h2>
</div><p>We would point out that the most important inputs to a discounted cash flow are the discount rate and of course the actual cash flows. Part of investing is coming up with your own evaluation of a company's future performance, so try the calculation yourself and check your own assumptions. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at Qeeka Home (Cayman) as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 7.6%, which is based on a levered beta of 0.911. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business.</p>
<div class="lb-trans"><p>我們要指出，折現現金流中最重要的輸入是折現率和實際現金流。當然，投資的一部分是對公司未來表現的自我評估，因此請嘗試自己進行計算並檢查自己的假設。DCF 也不考慮行業的週期性或公司的未來資本需求，因此它並不能全面反映公司的潛在表現。鑑於我們將 Qeeka Home (Cayman) 視為潛在股東，使用股本成本作為折現率，而不是資本成本（或加權平均資本成本，WACC），後者考慮了債務。在此計算中，我們使用了 7.6%，這是基於 0.911 的槓桿貝塔。貝塔是衡量股票波動性相對於整體市場的指標。我們從全球可比公司的行業平均貝塔中獲得我們的貝塔，並在 0.8 到 2.0 之間施加限制，這是穩定業務的合理範圍。</p>
</div><p>See our latest analysis for Qeeka Home (Cayman)</p>
<div class="lb-trans"><p>查看我們對 Qeeka Home (Cayman) 的最新分析</p>
</div><h3>SWOT Analysis for Qeeka Home (Cayman)</h3>
<div class="lb-trans"><h3>Qeeka Home (Cayman) 的 SWOT 分析</h3>
</div><p><strong>Strength</strong></p>
<div class="lb-trans"><p><strong>優勢</strong></p>
</div><ul>
<li>Debt is well covered by earnings.</li>
</ul>
<div class="lb-trans"><ul>
<li>債務由收益良好覆蓋。</li>
</ul>
</div><ul>
<li>Dividend is in the top 25% of dividend payers in the market.</li>
</ul>
<div class="lb-trans"><ul>
<li>股息在市場上處於前 25% 的股息支付者中。</li>
</ul>
</div><p>Dividend information for 1739.</p>
<div class="lb-trans"><p>1739 的股息信息。</p>
</div><p><strong>Weakness</strong></p>
<div class="lb-trans"><p><strong>劣勢</strong></p>
</div><ul>
<li>No major weaknesses identified for 1739.</li>
</ul>
<div class="lb-trans"><ul>
<li>未發現 1739 的主要劣勢。</li>
</ul>
</div><p><strong>Opportunity</strong></p>
<div class="lb-trans"><p><strong>機會</strong></p>
</div><ul>
<li>Has sufficient cash runway for more than 3 years based on current free cash flows.</li>
</ul>
<div class="lb-trans"><ul>
<li>根據當前自由現金流，擁有超過 3 年的現金儲備。</li>
</ul>
</div><ul>
<li>Current share price is below our estimate of fair value.</li>
</ul>
<div class="lb-trans"><ul>
<li>當前股價低於我們估計的公允價值。</li>
</ul>
</div><ul>
<li>Lack of analyst coverage makes it difficult to determine 1739's earnings prospects.</li>
</ul>
<div class="lb-trans"><ul>
<li>缺乏分析師覆蓋使得確定 1739 的收益前景變得困難。</li>
</ul>
</div><p><strong>Threat</strong></p>
<div class="lb-trans"><p><strong>威脅</strong></p>
</div><ul>
<li>Debt is not well covered by operating cash flow.</li>
</ul>
<div class="lb-trans"><ul>
<li>債務未能得到經營現金流的良好覆蓋。</li>
</ul>
</div><ul>
<li>Paying a dividend but company is unprofitable.</li>
</ul>
<div class="lb-trans"><ul>
<li>支付股息但公司未盈利。</li>
</ul>
</div><p>Is 1739 well equipped to handle threats?</p>
<div class="lb-trans"><p>1739 是否具備應對威脅的能力？</p>
</div><h2>Next Steps:</h2>
<div class="lb-trans"><h2>下一步：</h2>
</div><p>Valuation is only one side of the coin in terms of building your investment thesis, and it shouldn't be the only metric you look at when researching a company. DCF models are not the be-all and end-all of investment valuation. Preferably you'd apply different cases and assumptions and see how they would impact the company's valuation. For example, changes in the company's cost of equity or the risk free rate can significantly impact the valuation. For Qeeka Home (Cayman), there are three further factors you should consider:</p>
<div class="lb-trans"><p>估值只是構建投資論點的一方面，它不應是您在研究公司時唯一關注的指標。DCF 模型並不是投資估值的終極答案。最好是應用不同的案例和假設，看看它們如何影響公司的估值。例如，公司的股本成本或無風險利率的變化可能會顯著影響估值。對於 Qeeka Home (Cayman)，您還應該考慮三個進一步的因素：</p>
</div><ol>
<li><strong>Risks</strong>: As an example, we've found <strong>4 warning signs for Qeeka Home (Cayman)</strong> (2 are significant!) that you need to consider before investing here.</li>
<li><strong>Other High Quality Alternatives</strong>: Do you like a good all-rounder? Explore our interactive list of high quality stocks to get an idea of what else is out there you may be missing!</li>
<li><strong>Other Environmentally-Friendly Companies</strong>: Concerned about the environment and think consumers will buy eco-friendly products more and more? Browse through our interactive list of companies that are thinking about a greener future to discover some stocks you may not have thought of!</li>
</ol>
<div class="lb-trans"><ol>
<li><strong>風險</strong>：例如，我們發現 <strong>Qeeka Home (Cayman) 的 4 個警告信號</strong>（其中 2 個是重要的！）您需要在投資前考慮。</li>
<li><strong>其他高質量替代品</strong>：您喜歡全能型股票嗎？探索我們互動的高質量股票列表，瞭解您可能錯過的其他股票！</li>
<li><strong>其他環保公司</strong>：擔心環境並認為消費者會越來越多地購買環保產品？瀏覽我們互動的公司列表，瞭解一些您可能未曾想到的股票！</li>
</ol>
</div><p>PS. Simply Wall St updates its DCF calculation for every Hong Kong stock every day, so if you want to find the intrinsic value of any other stock just search here.</p>
<div class="lb-trans"><p>PS. Simply Wall St 每天更新每隻香港股票的 DCF 計算，因此如果您想找到其他股票的內在價值，只需在此搜索。</p>
</div>

齊屹科技（開曼）有限公司（HKG:1739）的公允價值探討