TacticScaleWhat SUNeVision Does & How It Makes Money (1686.HK)
Updated October 2026 · reflects SUNeVision's latest reported financials
Hong Kong data centre operator with IT infrastructure services. It earns mainly from colocation fees charged to customers who house IT equipment in its data centres, plus interconnection and managed service fees.
How SUNeVision makes money
It earns mainly from colocation fees charged to customers who house IT equipment in its data centres, plus interconnection and managed service fees. Additional revenue comes from designing, installing and maintaining extra-low voltage and IT systems.
What SUNeVision does
SUNeVision Holdings is a Hong Kong-based provider of data centre and IT facility services, incorporated in 2000 and headquartered in Kwun Tong. Its core Data Centre and IT Facilities segment offers colocation, letting customers house their IT infrastructure in its facilities, along with interconnection services and other managed services. A second segment covers extra-low voltage (ELV) and IT systems: designing, installing and maintaining building cabling, access, voice, data and power supply systems, plus optical fiber networks and broadband network build-outs. The company operates as a subsidiary of Sunco Resources Limited.
Products & services
- Data centre colocation
- Interconnection services
- Managed services
- Extra-low voltage (ELV) and IT systems installation
- Optical fiber network and maintenance services
- Broadband network design and build
What is SUNeVision worth?
On an owner-earnings DCF, SUNeVision's most-likely value is about HK$6 versus a recent price near HK$5 (14% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~HK$3) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
⚠ High leverage — net debt is 20.5× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →