Panda Dairy Corp (300898) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Panda Dairy Corp stock ¥9.35, price ¥19.14, that is 51.1% below the price, quality 64 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range ¥14.28 – ¥37.03 · fair‑value band ¥5.95 – ¥13.66 · the ¥19.14 price screens above the ¥9.35 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Panda Dairy Corporation engages in the research, development, production, and sale of concentrated dairy products in China. It operates through Concentrated Dairy Products, Coconut Products, and Dairy Trading segments.
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The company offers sweetened and unsweetened condensed milk; evaporated milk and condensed milk sauces; cream, concentrated milk, and base milk; thick, fresh, and freshly squeezed coconut milk, as well as and other coconut products; mozzarella cheese, flavored cheese slices, cream cheese, and cheese sauces; grain-based milk; mango pomelo sago; whipping cream; non-hydrogenated base, butter base, and light milk; cheese snacks, lollipops, popcorn, and biscuits; and sauces and milk tea catering ingredients.
It also engages in supply chain management, food business, investment, and Internet sales activities, as well as the provision of technical services. The company's products are used in catering, baking, beverage, and dessert applications.
It sells its products under the Panda, Kebao, Coconut, Zhichun Times, Red Panda Companion, and Nothing Cheese brands. The company was founded in 1956 and is headquartered in Wenzhou, China. Panda Dairy Corporation operates as a subsidiary of Hainan Xi'an Food Technology Co., Ltd.
Stock analysis
Panda Dairy Corp (300898) currently trades at ¥19.14, while our model-based Fair Value estimate is ¥9.35, 51% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ¥15.63 per share, and 1 of the 26 models we run sit above the ¥19.14 price.
Bear case: the Asset-Based group reads lowest at ¥5.06, and 25 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: ¥5.95 (bear) to ¥13.66 (bull), the price of ¥19.14 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 64/100 (solid quality), in the Consumer Defensive sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Panda Dairy Corp reported revenue of 811M CNY in FY2025 versus 857M CNY in FY2021, a compound −1.4%/yr. Reported net income was 108M CNY in FY2025, compounding +8.7%/yr from FY2021.
Key figures
Market cap 2.4B CNY (≈ $356M) Small · P/E ratio 25.5 · P/S ratio 2.74 · EPS (TTM) ¥0.7500 · Dividend yield 3.1% · Net margin 11.8% · Return on equity 10.0% · Return on assets (EBIT) 9.0% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 53 out of 100 (low confidence).
What moves the price
The share trades about 34% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at −1% fair-value upside, at −51%, 300898 screens richer than that median.
Fair Value models
Bear¥5.95Fair Value ¥9.35Bull¥13.66
Price ¥19.14 · Downside -51.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (¥0.1286 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+7.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+3.9%
Dividend (yield on the price)3.1%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.3.9% vs −1.2%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.12% → 12%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+25.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about +23.4% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Packaged Foods · 624 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score64 · Top 25%
Fair Value upside−51.1% · Bottom 25%
Profitability
Return on equity (12 months)10.0% · Above median
Return on assets9.4% · Top 25%
Net margin (12 months)11.8% · Top 25%
Operating margin (12 months)9.1% · Above median
Growth and dividend
Revenue growth (quarter YoY)11.9% · Above median
Dividend yield (12 months)3.1% · Above median
Balance sheet
Debt / equity0.02× · Below median
Valuation Multiplesvs Packaged Foods median · lower = cheaper
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Is Panda Dairy Corp (300898) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of ¥9.35 versus a price of ¥19.14, about 51% lower (overvalued).
What is the fair value of 300898?
Our model-based fair value for Panda Dairy Corp is ¥9.35 (as of Nov 8, 2026), built from audited fundamentals. The current price: ¥19.14.
What is the quality score of 300898?
Panda Dairy Corp has a Quality Score of 64/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Panda Dairy Corp (300898)?
Our model-based price target is the fair value of ¥9.35 (as of Nov 8, 2026) from 26 valuation models. Cautious scenario ¥5.95, optimistic scenario ¥13.66. It is a calculation from audited fundamentals, not an analyst target.
What is the Panda Dairy Corp stock forecast for 2026?
Our models put fair value at ¥9.35, about 51% lower versus a price of ¥19.14 (overvalued). Cautious scenario ¥5.95, optimistic scenario ¥13.66. The calculation is refreshed regularly with new filings.
What is the revenue of Panda Dairy Corp (300898)?
Panda Dairy Corp reported trailing-twelve-month revenue of about 867M CNY (latest available figure, as of Nov 8, 2026).
Does Panda Dairy Corp pay a dividend?
Panda Dairy Corp currently shows a dividend yield of 3.13% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Panda Dairy Corp (300898) and when is the ex-dividend date?
Panda Dairy Corp pays a dividend of ¥0.6 per share a year, a dividend yield of 3.1%. The last ex-dividend date was May 29, 2026. A dividend has been paid every year since at least 2021. The payout ratio is 80.0% of earnings. Free cash flow covers the dividend 0.63 times. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What growth is priced into Panda Dairy Corp (300898)?
For today's price to be fair in a discounted-cash-flow model, Panda Dairy Corp would have to grow free cash flow by +25.5 % per year for five years (discount rate 10.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +3.5 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of 300898 use?
Our models discount Panda Dairy Corp at 10.5 %: a base by market capitalisation (small), damped by beta 0.54, country premium for China. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Panda Dairy Corp that is +25.5 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.5 %) and the same formula as our fair value.
How much growth has Panda Dairy Corp (300898) delivered so far?
Over the past 5 years revenue at Panda Dairy Corp grew +3.5 % a year. The price currently implies free-cash-flow growth of +25.5 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Panda Dairy Corp (300898) growing?
The median revenue growth in the sector is +3.6 % a year. That is the yardstick for the growth priced into Panda Dairy Corp (+25.5 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Panda Dairy Corp (300898)?
The free-cash-flow yield on the price is 1.97 %: that much free cash flow Panda Dairy Corp produces per unit of market value. When it exceeds the discount rate of our models (10.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Panda Dairy Corp (300898)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Panda Dairy Corp it is ¥9.35 per share (as of Nov 8, 2026), against a price of ¥19.14. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Panda Dairy Corp stock overvalued or undervalued in 2026?
As of Nov 8, 2026, 300898 trades above its calculated fair value: price ¥19.14, fair value ¥9.35, a gap of about −51% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 300898?
No. The price is what the market pays today (¥19.14); the fair value is what the company's own numbers justify (¥9.35). For Panda Dairy Corp the two are ¥9.79 per share apart. That gap is exactly why we show both numbers side by side.
How much is Panda Dairy Corp worth?
The market values Panda Dairy Corp at about 2.4B CNY (market capitalisation, as of Nov 8, 2026). Per share that is ¥19.14; our models calculate a fair value of ¥9.35 per share.
What do the bullish and bearish scenarios say about 300898?
Our models span a range for Panda Dairy Corp: cautious scenario ¥5.95, base ¥9.35, optimistic ¥13.66 per share (as of Nov 8, 2026, price ¥19.14). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 300898?
Panda Dairy Corp trades at a price-to-earnings ratio of 25.5 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥9.35 is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2020 to 2025), reported earnings, FY2025 ex one-offs: 42.2. Other multiples: P/B 2.3, P/S 2.7, EV/EBITDA 20.0.
How solid is the balance sheet of Panda Dairy Corp (300898)?
Balance-sheet figures for Panda Dairy Corp (as of Nov 8, 2026): return on equity 10.0%, debt of 0.02 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is 300898 from its 52-week high?
Panda Dairy Corp trades at ¥19.14, about 34% below its 52-week high of ¥29.08 and 8% above the low of ¥17.79 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of ¥9.35 is for.
Which stocks are comparable to Panda Dairy Corp?
From the same area (Consumer Defensive) we also value Nestlé S.A, Danone S.A, Foshan Haitian Flavouring and Food Company, The Kraft Heinz Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Panda Dairy Corp stock attractive at the current price?
The data as of Nov 8, 2026: price ¥19.14, calculated fair value ¥9.35 (−51%), Quality Score 64/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 300898 calculated?
We run Panda Dairy Corp through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of ¥9.35 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Panda Dairy Corp itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Panda Dairy Corp (300898)?
The closing price on Nov 6, 2026 was ¥19.14. Our model-based fair value is ¥9.35, about 51% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Panda Dairy Corp right now?
The price sits above even our optimistic bull case (¥13.66). The favourable scenario is already priced in. Solid but not exceptional quality (64/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (¥5.95 to ¥13.66) leaves room in how you read the outcome.
Where does the earnings growth of Panda Dairy Corp (300898) come from?
Earnings per share at Panda Dairy Corp grew +4.1 % a year from 2013 to 2024. Broken into its drivers: revenue per share +1.6 %, EBIT margin +3.5 %, tax rate +0.2 %, residual (interest, one-offs) −1.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Panda Dairy Corp
How large is the market capitalisation of Panda Dairy Corp (300898)?
The market capitalisation of Panda Dairy Corp is 2.4B CNY (≈ $356M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Panda Dairy Corp (300898)?
The price-to-sales ratio of Panda Dairy Corp is 2.74 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Panda Dairy Corp (300898)?
Earnings per share at Panda Dairy Corp are ¥0.7500 (price ÷ EPS = P/E 25.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Panda Dairy Corp (300898)?
The dividend yield of Panda Dairy Corp is 3.1% (payout 80.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Panda Dairy Corp (300898)?
The net margin of Panda Dairy Corp is 11.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Panda Dairy Corp (300898)?
The return on equity (ROE) of Panda Dairy Corp is 10.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Panda Dairy Corp (300898)?
On an EBIT basis the return on assets of Panda Dairy Corp is 9.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Panda Dairy Corp (300898)?
The operating margin of Panda Dairy Corp is 9.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Panda Dairy Corp (300898)?
Revenue at Panda Dairy Corp is growing +11.9% versus a year earlier (3y avg −3.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Panda Dairy Corp (300898)?
Earnings per share at Panda Dairy Corp are growing −32.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Panda Dairy Corp (300898) hold?
Panda Dairy Corp holds more cash than debt, 182M CNY net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 8, 2026