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STOCK COMPARISON

Refex Industries vs China Shenhua Energy: Fair Value & Quality

Both stocks run through our valuation models. Here is how Refex Industries (REFEX) and China Shenhua Energy (601088) compare, as of Aug 18, 2026.

As of Aug 18, 2026, Fair Value Calculator sees China Shenhua Energy as the less overvalued of the two: Refex Industries trades at ₹303 versus a fair value of ₹195 (-36%), while China Shenhua Energy trades at ¥44.79 versus ¥34.97 (-22%).
Refex Industries
REFEX.NSE · INR · Energy
-36%
upside to fair value
overvalued
Price₹303
Fair Value₹195
Quality39/100
China Shenhua Energy
601088.SHG · CNY · Energy
-22%
upside to fair value
overvalued
Price¥44.79
Fair Value¥34.97
Quality64/100
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Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

Refex IndustriesChina Shenhua Energy
Valuation
16.8×P/E (TTM)16.2×
2.20×P/S (TTM)3.08×
3.32×P/B2.23×
11.7×EV/EBITDA8.9×
PEG14.94×
0.4%Dividend yield4.9%
₹1.50Dividend per share¥2.01
Profitability
9%Net margin18%
17%Operating margin25%
18%Return on equity12%
9%Return on assets6%
Growth
49%Revenue growth (YoY)1%
11.8%Avg. growth/yr (3Y)-5.1%
29.2%Avg. growth/yr (5Y)4.8%
Balance & size
0.02×Debt / equity0.07×
$525MMarket cap$135B
mixedGrowth qualitymixed

Refex Industries leads: 7 to 6 metric wins.

Dash = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Refex Industriesof which business quality 40 · market factors 33 China Shenhua Energyof which business quality 62 · market factors 66
ProfitabilityMargins and returns on capital today
46
48
Quality GrowthAre margins and returns improving?
47
37
CashflowEarnings quality: real cash, not paper profit
11
49
Fin. StrengthBalance sheet, leverage, solvency risk
79
90
InvestmentDisciplined investing over empire-building
32
71
Low VolatilityCalm price path (market factor)
11
86
MomentumPrice trend over the last 3–12 months (market factor)
51
55
52W MomentumDistance to the 52-week high (market factor)
29
63
Net IssuanceBuybacks instead of dilution
14
82

What the models say

The median fair value (base case) per model family, each in the currency of its trading venue. Green = above the current price, red = below.

Refex Industries

DCF Models₹274
Earnings-Based₹519
Dividend Discount₹8.29
Multiples₹203
Asset-Based₹73.44
Growth DCF₹70.26
Economic Profit₹279
Growth Earnings₹608

18 of 25 models see the stock below the current price.

China Shenhua Energy

DCF Models¥30.93
Earnings-Based¥39.08
Dividend Discount¥62.97
Multiples¥37.66
Asset-Based¥14.97
Growth DCF¥27.01
Economic Profit¥34.64
Growth Earnings¥34.97

22 of 25 models see the stock below the current price.

Scenario ranges

From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.

Refex Industries
Bear ₹90.80Fair Value ₹195Bull ₹249
₹303 = current price (white tick)
China Shenhua Energy
Bear ¥24.48Fair Value ¥34.97Bull ¥45.28
¥44.79 = current price (white tick)

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Refex Industries · Energy

Quality score39 · below median
Fair value upside-36% · below median

China Shenhua Energy · Energy

Quality score64 · Top 25%
Fair value upside-22% · above median

Bottom line

As of Aug 18, 2026, Fair Value Calculator sees China Shenhua Energy as the less overvalued of the two: Refex Industries trades at ₹303 versus a fair value of ₹195 (-36%), while China Shenhua Energy trades at ¥44.79 versus ¥34.97 (-22%).

China Shenhua Energy has the higher quality score (64/100).

See the full analysis →

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A model-based valuation snapshot from 21 models. Values change with price and fundamentals; the date shown above applies.