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Hong Kong maker of SD-WAN and cellular bonding routers (Pepwave/Peplink) for reliable enterprise and mobile connectivity.
Hong Kong maker of SD-WAN and cellular bonding routers (Pepwave/Peplink) for reliable enterprise and mobile connectivity.
Sells routers through distributors and resellers, then earns recurring fees from cloud management and support subscriptions on the installed devices, so each unit shipped can bring revenue for years.
In one line: A Hong Kong Cradlepoint/Cisco Meraki-style networking vendor.
Moat: narrow (brand, switching costs, IP / patents). Established brand and proprietary multi-WAN bonding technology in a niche but growing SD-WAN segment.
Headquarters: Hong Kong · Founded: 2006 · Employees: 206
Size Plover Bay Technologies (1523.HK) is a Hong Kong Information Technology company (Computer Peripherals) with a market value of $959M, the 601st largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$6.79 on 6 Nov 2026.
Performance Over six months the shares fell 21.6%, against -17.7% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 16.1% over the last twelve months (peer median +8.7%); the operating margin is 42.0% (peer median 1.1%).
Valuation It trades at 17.7× forward earnings against a peer median of 16.9× (5th most expensive of 10).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +20%, so the hurdle is -16 pp: the price already allows for a slowdown.
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$1.11B | HK$1.01B | HK$911M | HK$738M | HK$679M |
| Revenue growth | — | +11% | +23% | +9% | — |
| Gross profit | HK$625M | HK$556M | HK$478M | HK$377M | HK$344M |
| EBITDA | HK$488M | HK$429M | HK$365M | HK$274M | HK$242M |
| Net income | HK$403M | HK$354M | HK$297M | HK$220M | HK$177M |
| Free cash flow | HK$356M | HK$414M | HK$444M | HK$295M | HK$131M |
| Capital expenditure | HK$9.71M | HK$9.91M | HK$8.40M | HK$14.7M | HK$16.0M |
| Total debt | n/a | HK$15.4M | HK$86.2M | HK$34.9M | HK$68.0M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Plover Bay Technologies 1523.HK | $959M | -22% | +16% | 42% | 17.7× | 3.8% |
| Cisco CSCO | $369B | -3% | +12% | 25% | 18.4× | 15.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1523.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.3% | -7.6% | 7th lowest of 21 |
| 6-month return | -21.6% | -17.7% | 9th lowest of 21 |
| Distance from 52-week high | -31.1% | -40.7% | 7th highest of 21 |
| Revenue growth (TTM) | +16.1% | +8.7% | 8th highest of 21 |
| Operating margin | 42.0% | 1.1% | highest of 21 |
| Forward P/E | 17.7× | 16.9× | 5th most expensive of 10 |
| Growth the price implies (Req g, 7 yrs) | 3.8% | 24.6% | 5th least demanding of 11 |
| Growth delivered (Del g) | +19.9% | +4.6% | highest of 11 |
| Hurdle (Req g minus delivered) | -16.1 pp | +19.3 pp | 3rd least demanding of 11 |
| EV / EBITDA | 14.6× | 8.2× | 3rd most expensive of 8 |
| Net debt / EBITDA | -0.8× | -1.4× | 5th most indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Plover Bay Technologies 1523.HK | Hong Kong | $959M | -22% | +16% | 42% | 17.7× | 3.8% | +19.9% |
| Hitevision 002955.SZ | China | $928M | +2% | -2% | 3% | 15.4× | n/a | n/a |
| Mirle Automation 2464.TW | Taiwan | $928M | +19% | -4% | 1% | 56.5× | n/a | n/a |
| Beijing Certificate Authority 300579.SZ | China | $912M | -15% | -11% | -11% | n/a | 29.0% | -0.4% |
| Ai Holdings Corporation 3076.T | Japan | $885M | +10% | +28% | 13% | 16.9× | -6.9% | +13.0% |
| Chengdu Galaxy Magnets 300127.SZ | China | $1.06B | -30% | +29% | 21% | 39.8× | 25.3% | +7.4% |
| ShunSin Technology 6451.TW | Taiwan | $866M | -53% | +8% | 4% | n/a | n/a | n/a |
| Elecom 6750.T | Japan | $1.07B | +14% | +15% | 12% | 12.1× | -9.4% | +4.3% |
| Global Brands Manufacture 6191.TW | Taiwan | $1.09B | -28% | +49% | 8% | 9.2× | n/a | n/a |
| Shandong New Beiyang Information Technology 002376.SZ | China | $794M | -9% | +21% | 0% | n/a | 23.8% | +3.1% |
| Shenzhen Rapoo Technology 002577.SZ | China | $754M | +4% | +11% | -2% | n/a | n/a | n/a |
| Primax Electronics 4915.TW | Taiwan | $744M | -29% | +9% | 4% | 10.5× | n/a | n/a |
| FIH Mobile 2038.HK | Hong Kong | $1.24B | -51% | +17% | 1% | n/a | -11.2% | -5.6% |
| Fujian Furi Electronics 600203.SS | China | $736M | -32% | +35% | 0% | n/a | n/a | n/a |
| Hua Ying Technology (Group) 000536.SZ | China | $1.27B | -23% | -13% | -54% | n/a | 47.9% | -8.6% |
| NSFOCUS Technologies 300369.SZ | China | $1.29B | +45% | +8% | -4% | 266.0× | 38.1% | +4.9% |
| Scantech (Hangzhou) 688583.SS | China | $1.31B | -20% | +4% | 1% | n/a | n/a | n/a |
| Urovo Technology 300531.SZ | China | $693M | -23% | +33% | 8% | 22.8× | n/a | n/a |
| Muhlbauer Holding AG & Co. KGaA MUB.DE | Germany | $684M | +9% | +2% | 7% | n/a | -4.9% | +11.4% |
| Visionox Technology 002387.SZ | China | $1.35B | -20% | -1% | -35% | n/a | 50.6% | +18.9% |
| Shenzhen Minde Electronics Technology 300656.SZ | China | $681M | -13% | -14% | -60% | n/a | n/a | n/a |