Smoore International Holdings Ltd (6969) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Smoore International Holdings Ltd stock HK$4.23, price HK$8.37, that is 49.4% below the price, quality 59 out of 100. Rating: strongly overvalued. Calculated from audited financials with 16 of our 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 HK$4.52 – HK$47.97 · fair‑value band HK$3.17 – HK$5.29 · the HK$8.37 price screens above the HK$4.23 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Smoore International Holdings Limited, an investment holding company, engages in the provision of vaping technology solutions.
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The company is involved in the research, design, and manufacture of vaping, heat-not-burn, atomization, and inhalation therapy products for tobacco companies, independent vaping brands, and other corporate clients.
It also engages in the research, design, manufacturing, and sales of self-branded electronic vaping products and beauty atomization products.
In addition, the company offers vaping solutions under the FEELM brand; vaping products under the VAPORESSO brand; and HTP atomization solutions under the METEX brand. Further, it is involved in the operation of supply chain services; research and development; and trustee activities.
The company operates in Hong Kong, China, the United Kingdom, the United States, Mainland China, France, Japan, Croatia, the United Arab Emirates, and internationally. Smoore International Holdings Limited was founded in 2009 and is headquartered in Shenzhen, China.
Stock analysis
Smoore International Holdings Ltd (6969) currently trades at HK$8.37, while our model-based Fair Value estimate is HK$4.23, 49% 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 HK$6.78 per share, and 2 of the 16 models we run sit above the HK$8.37 price.
Bear case: the Asset-Based group reads lowest at HK$1.72, and 14 of the 16 models stay below the price. Data coverage for this calculation is medium.
Scenario range: HK$3.17 (bear) to HK$5.29 (bull), the price of HK$8.37 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 59/100 (solid quality), in the Consumer Defensive sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Smoore International Holdings Ltd reported revenue of 14.3B CNY in FY2025 versus 13.8B CNY in FY2021, a compound +0.9%/yr. Reported net income was 1.1B CNY in FY2025, compounding −33.0%/yr from FY2021.
Key figures
Market cap HK$51.3B (≈ $6.5B) Mid · P/E ratio 38.3 · P/S ratio 2.86 · EPS (TTM) HK$0.0500 · Dividend yield 4.1% · Net margin 7.5% · Return on equity 5.2% · Return on assets (EBIT) 10.2% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 39 out of 100 (medium confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades about 36% below its 52-week high and 19% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at 8% fair-value upside, at −49%, 6969 screens richer than that median.
Fair Value models
BearHK$3.17Fair Value HK$4.23BullHK$5.29
Price HK$8.37 · Downside -49.4%
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.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.34/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+20.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.3%
Start year 2020 (pandemic)
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+41.4%
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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. Basis: EBIT basis.
−19.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−23.6%
Dividend (yield on the price)4.1%
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.−16.5% vs 38.6%, slowing
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.41% → 8%
AI conclusion: Core operations show strength via margin expansion in vaping and HNB solutions, yet negative free cash flow and weak cash conversion limit durable advantage in a regulated sector.
Main risk: Stricter FDA enforcement, flavor bans and disposable product restrictions in the US and Europe could limit market access and reduce demand for Smoore's vaping devices from its corporate clients.
Bull case: By accelerating compliant HNB solutions and deepening ties with major tobacco firms through superior technology, Smoore could expand its role in regulated markets and offset any client shifts.
Bear case: If regulatory barriers intensify and key clients diversify suppliers amid ongoing competition, Smoore's core ODM business could face sustained volume declines and margin compression.
Smoore delivered higher quarterly profits from margin expansion in its core electronic vaping and new HNB solutions, even as revenue fell year on year. Ongoing share repurchases signal management's view that the business holds strong long-term potential. Our models currently see it as overvalued. Will the core business momentum prove durable enough to overcome regulatory hurdles and client concentration risks?
Compare Smoore International Holdings Ltd with another stock
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.Tobacco · 29 stocks
Beats the industry median on 1/12 measures
Overall it trails its industry peers.
Valuation
Quality Score59 · Below median
Fair Value upside−49.4% · Bottom 25%
Profitability
Return on equity (12 months)5.2% · Below median
Return on assets3.7% · Bottom 25%
Net margin (12 months)7.8% · Below median
Operating margin (12 months)11.6% · Below median
Growth and dividend
Revenue growth (quarter YoY)−6.0% · Bottom 25%
Dividend yield (12 months)4.1% · Below median
Valuation Multiplesvs Tobacco median · lower = cheaper
P/E (12 months)38.3× · Priciest 25%
P/B2.00× · Cheaper than median
P/S (12 months)2.88× · Pricier than median
EV/EBITDA22.5× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 44
FUTURE (revenue growth)0· sector 25
PAST (return on equity)21· sector 56
HEALTH (low debt)100· sector 96
DIVIDEND (yield)83· sector 83
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Smoore International Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/6969
Frequently asked questions
Is Smoore International Holdings Ltd (6969) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of HK$4.23 versus a price of HK$8.37, about 49% lower (overvalued).
What is the fair value of 6969?
Our model-based fair value for Smoore International Holdings Ltd is HK$4.23 (as of Nov 8, 2026), built from audited fundamentals. The current price: HK$8.37.
What is the quality score of 6969?
Smoore International Holdings Ltd has a Quality Score of 59/100. 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 Smoore International Holdings Ltd (6969)?
Our model-based price target is the fair value of HK$4.23 (as of Nov 8, 2026) from 16 valuation models. Cautious scenario HK$3.17, optimistic scenario HK$5.29. It is a calculation from audited fundamentals, not an analyst target.
What is the Smoore International Holdings Ltd stock forecast for 2026?
Our models put fair value at HK$4.23, about 49% lower versus a price of HK$8.37 (overvalued). Cautious scenario HK$3.17, optimistic scenario HK$5.29. The calculation is refreshed regularly with new filings.
What is the revenue of Smoore International Holdings Ltd (6969)?
Smoore International Holdings Ltd reported trailing-twelve-month revenue of about 15.2B CNY (latest available figure, as of Nov 8, 2026).
Does Smoore International Holdings Ltd pay a dividend?
Smoore International Holdings Ltd currently shows a dividend yield of 4.15% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Smoore International Holdings Ltd (6969) and when is the ex-dividend date?
Smoore International Holdings Ltd pays a dividend of HK$0.347 per share a year, a dividend yield of 4.1%. The last ex-dividend date was Sep 4, 2026. A dividend has been paid every year since at least 2021. The payout ratio is 172% of earnings. Our assessment: Pays more than it earns. The company pays out more in dividends than it earns, and free cash flow clearly does not cover the dividend either. It may need to be cut unless profits recover.
What is the intrinsic value of Smoore International Holdings Ltd (6969)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Smoore International Holdings Ltd it is HK$4.23 per share (as of Nov 8, 2026), against a price of HK$8.37. It is the blended result of 16 valuation models in 6 families (Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is Smoore International Holdings Ltd stock overvalued or undervalued in 2026?
As of Nov 8, 2026, 6969 trades above its calculated fair value: price HK$8.37, fair value HK$4.23, a gap of about −49% (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 6969?
No. The price is what the market pays today (HK$8.37); the fair value is what the company's own numbers justify (HK$4.23). For Smoore International Holdings Ltd the two are HK$4.14 per share apart. That gap is exactly why we show both numbers side by side.
How much is Smoore International Holdings Ltd worth?
The market values Smoore International Holdings Ltd at about HK$51.3B (market capitalisation, as of Nov 8, 2026). Per share that is HK$8.37; our models calculate a fair value of HK$4.23 per share.
What do the bullish and bearish scenarios say about 6969?
Our models span a range for Smoore International Holdings Ltd: cautious scenario HK$3.17, base HK$4.23, optimistic HK$5.29 per share (as of Nov 8, 2026, price HK$8.37). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 6969?
Smoore International Holdings Ltd trades at a price-to-earnings ratio of 38.3 (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 HK$4.23 is built from several models across several years. Other multiples: P/B 2.0, P/S 2.9, EV/EBITDA 22.5.
How solid is the balance sheet of Smoore International Holdings Ltd (6969)?
Balance-sheet figures for Smoore International Holdings Ltd (as of Nov 8, 2026): return on equity 5.2%. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is 6969 from its 52-week high?
Smoore International Holdings Ltd trades at HK$8.37, about 36% below its 52-week high of HK$13.10 and 19% above the low of HK$7.02 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of HK$4.23 is for.
Which stocks are comparable to Smoore International Holdings Ltd?
From the same area (Consumer Defensive) we also value Philip Morris International Inc, Altria Group, British American Tobacco p.l.c., ITC Limited, 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 Smoore International Holdings Ltd stock attractive at the current price?
The data as of Nov 8, 2026: price HK$8.37, calculated fair value HK$4.23 (−49%), Quality Score 59/100, from 16 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 6969 calculated?
We run Smoore International Holdings Ltd through 16 models from 6 families: Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of HK$4.23 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. Smoore International Holdings Ltd 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 Smoore International Holdings Ltd (6969)?
The closing price on Nov 6, 2026 was HK$8.37. Our model-based fair value is HK$4.23, about 49% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Smoore International Holdings Ltd right now?
The price sits above even our optimistic bull case (HK$5.29). The favourable scenario is already priced in. Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Smoore International Holdings Ltd (6969) come from?
Earnings per share at Smoore International Holdings Ltd grew +53.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share +59.0 %, EBIT margin −5.7 %, tax rate +0.0 %, residual (interest, one-offs) +2.5 %. 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 Smoore International Holdings Ltd
How large is the market capitalisation of Smoore International Holdings Ltd (6969)?
The market capitalisation of Smoore International Holdings Ltd is HK$51.3B (≈ $6.5B). 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 Smoore International Holdings Ltd (6969)?
The price-to-sales ratio of Smoore International Holdings Ltd is 2.86 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Smoore International Holdings Ltd (6969)?
Earnings per share at Smoore International Holdings Ltd are HK$0.0500 (price ÷ EPS = P/E 38.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Smoore International Holdings Ltd (6969)?
The dividend yield of Smoore International Holdings Ltd is 4.1%. 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 Smoore International Holdings Ltd (6969)?
The net margin of Smoore International Holdings Ltd is 7.5% (fiscal year 2025). 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 Smoore International Holdings Ltd (6969)?
The return on equity (ROE) of Smoore International Holdings Ltd is 5.2% (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 Smoore International Holdings Ltd (6969)?
On an EBIT basis the return on assets of Smoore International Holdings Ltd is 10.2% (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 Smoore International Holdings Ltd (6969)?
The operating margin of Smoore International Holdings Ltd is 11.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Smoore International Holdings Ltd (6969)?
Revenue at Smoore International Holdings Ltd is growing −6.0% versus a year earlier (3y avg +5.5%). 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 Smoore International Holdings Ltd (6969)?
Earnings per share at Smoore International Holdings Ltd are growing +17.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Smoore International Holdings Ltd (6969) generate?
The free cash flow of Smoore International Holdings Ltd is −363M CNY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Smoore International Holdings Ltd (6969) hold?
Smoore International Holdings Ltd holds more cash than debt, 5.2B CNY net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Nov 8, 2026