Assessing Dmall’s (SEHK:2586) Valuation After A Strong Year Of Shareholder Returns

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Feb 16

AdvertisementWhy Dmall’s recent share performance is catching attention Dmall (SEHK:2586) has attracted fresh interest after a strong run in its share price, with returns of 9.9% over the past month ...

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See our latest analysis for Dmall. Zooming out, Dmall’s 20.64% year to date share price return and 41.07% total shareholder return over the past year point to building momentum around its HK$9.0 share price, as investors reassess its growth prospects and risks. If this kind of strong move has you looking for more growth stories in tech and infrastructure, you might want to scan through 34 AI infrastructure stocks as a starting list of potential ideas. With Dmall still loss making on CN¥1,998.3m of revenue and trading at HK$9.0 against an implied HK$15.09 analyst target, you have to ask: is this a mispriced growth story, or is the market already baking in future gains? Preferred Price-to-Sales of 3.7x: Is it justified? Right now, Dmall trades on a P/S of 3.7x, which screens as expensive versus both its own fair ratio and the broader Hong Kong software space. The P/S multiple compares the company’s market value to its revenue, which can be useful when a business is still loss making and earnings based metrics are less helpful. For a company like Dmall, with CN¥1,998.3m of revenue but a net loss of CN¥1,892.9m, the focus naturally shifts to what investors are willing to pay for each unit of sales. According to the Simply Wall St checks, that 3.7x P/S is higher than the estimated fair P/S of 3x for Dmall, and it is also higher than the Hong Kong software industry average of 2.6x. The market is therefore paying a premium to both the fair ratio level it could move towards and the sector average, even though the company is still unprofitable and carrying a value score of just 1 out of 6. Explore the SWS fair ratio for Dmall Result: Price-to-Sales of 3.7x (OVERVALUED) However, you also have to weigh the CN¥1,892.9m net loss and the low value score of 1 out of 6, which could challenge the current premium P/S. Find out about the key risks to this Dmall narrative. Another view on value: DCF sends a different message If you put P/S to one side and look at our DCF model instead, you get a very different signal. On this approach, Dmall at HK$9.0 is trading above an estimated future cash flow value of HK$4.03, which indicates an overvalued share price rather than a premium for growth. For you as an investor, this creates a clear tension between what the market is paying for sales today and what the SWS DCF model suggests those future cash flows might be worth. The key question is which signal you trust more, and why. Look into how the SWS DCF model arrives at its fair value. 2586 Discounted Cash Flow as at Feb 2026Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Dmall for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 227 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.  Build Your Own Dmall Narrative If you see the numbers differently or prefer to rely on your own work, you can pull the same data, shape your own view in minutes, and Do it your way. A good starting point is our analysis highlighting 1 key reward investors are optimistic about regarding Dmall. Ready for more investment ideas? If you want to turn this research mindset into your regular investing habit, do not stop at one company. Widen your radar with a few focused stock lists.  Target potential value opportunities by checking companies that screen well on 227 high quality undervalued stocks and see which ones line up with your expectations. Strengthen the quality of your watchlist by focusing on businesses highlighted in the solid balance sheet and fundamentals stocks screener (370 results) that may better handle tough conditions. Hunt for overlooked opportunities by reviewing our screener containing 573 high quality undiscovered gems and spot ideas that other investors might not be watching yet.   This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.New: Manage All Your Stock Portfolios in One PlaceWe've created the ultimate portfolio companion for stock investors, and it's free.• Connect an unlimited number of Portfolios and see your total in one currency• Be alerted to new Warning Signs or Risks via email or mobile• Track the Fair Value of your stocksTry a Demo Portfolio for FreeHave feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}