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Chen Ke Ming Food Manufacturing Co (002661) Fair Value & Analysis

Consumer Defensive · CN · Market cap 2.5B CNY

CK Chen Ke Ming Food Manufacturing Co 002661 · SHE
Price¥7.78
Fair Value¥5.82
Upside-25.2%
Quality54/100
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Weak Growth
Thin margins · 0.9% net margin
Low debt · generates free cash flow
4.01% dividend yield
Mixed vs. peers (7/14)
Narrow moat 22/100
Evidence: Medium Range ¥3.84 – ¥7.27 Share as image

Fair value as of: Jul 22, 2026

From 26 valuation models · updated 19 days ago

Share price +7.6% over the past month.

A solid business, but screening 25% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (¥7.27). The favourable scenario is already priced in.
  • Solid but not exceptional quality (54/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (¥3.84 to ¥7.27) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

¥14.77 ¥6.14 Fair Value ¥5.82 Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 22, 2026.

How to read this chart

60‑month range ¥6.14 – ¥14.77 · fair‑value band ¥3.84 – ¥7.27 · the ¥7.78 price screens above the ¥5.82 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 22, 2026.

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Analysis

Chen Ke Ming Food Manufacturing Co (002661) currently trades at ¥7.78, while our model-based Fair Value estimate is ¥5.82, implying the stock looks roughly 25.2% overvalued today. The Quality Score stands at 54/100 (solid quality), in the Consumer Defensive sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Chen Ke Ming Food Manufacturing Co generated revenue of 4.4B CNY at a net margin of 0.9%. Revenue grew 5.1% year over year. It earns a return on equity of -1.0%. Net debt stands at 1.6B CNY. Fundamentals as of Jul 22, 2026

Our scenario range runs from ¥3.84 (bear case) to ¥7.27 (bull case); at ¥7.78, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 27% below its 52-week high and 5% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -3% fair-value upside, at -25%, 002661 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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. Evidence
Highest evidence
Growth DCF ¥15.83 ¥27.48 ¥45.70 80
Residual Income ¥5.03 ¥5.04 ¥4.57 76
Rev-Margin DCF ¥7.87 ¥12.95 ¥19.36 74
All 26 models by family
DCF Models
FCF DCF ¥15.88 ¥28.41 ¥48.59 38
Owner Earnings ¥4.60 ¥9.32 ¥16.92 31
5Y Revenue Exit ¥7.87 ¥12.82 ¥19.08 39
5Y EBITDA Exit ¥13.38 ¥23.86 ¥36.59 41
5Y P/E Exit ¥6.58 ¥10.23 ¥14.07 38
10Y Revenue Exit ¥10.37 ¥15.82 ¥23.31 36
10Y EBITDA Exit ¥14.09 ¥23.60 ¥37.25 37
10Y P/E Exit ¥9.73 ¥14.00 ¥19.32 35
Earnings-Based
Graham-Dodd ¥1.88 ¥7.89 ¥10.77 54
Lynch FV ¥2.00 ¥2.86 ¥3.72 50
PEG = 1.0 ¥2.00 ¥2.86 ¥3.72 46
EPV ¥2.95 ¥3.76 ¥4.47 59
Dividend Discount
Gordon GGM ¥4.35 ¥8.66 ¥13.12 70
DDM Multi-Stage ¥4.35 ¥7.49 ¥9.14 61
Multiples
P/E Multiple ¥4.36 ¥5.82 ¥7.27 63
P/S Multiple ¥3.53 ¥4.71 ¥5.89 58
P/B Multiple ¥3.53 ¥4.71 ¥5.89 55
EV/EBIT ¥6.30 ¥9.15 ¥11.99 53
EV/EBITDA ¥13.49 ¥18.73 ¥23.97 54
EV/Revenue ¥3.86 ¥6.47 ¥9.08 43
Asset-Based
NCAV (Graham) ¥3.38 ¥4.53 ¥6.77 50
Growth DCF
Growth DCF ¥15.83 ¥27.48 ¥45.70 80
Rev-Margin DCF ¥7.87 ¥12.95 ¥19.36 74
Economic Profit
Residual Income ¥5.03 ¥5.04 ¥4.57 76
ROIC Compounder ¥2.95 ¥3.76 ¥4.47 72
Growth Earnings
Growth-Adj P/E ¥3.41 ¥4.87 ¥6.32 68

Widest divergence: DCF Models (¥14.00) versus Earnings-Based (¥2.86). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 4.4B CNY
Revenue growth (YoY) +5.1%
Net margin 0.9%
Return on equity -1.0%
Free cash flow 512M CNY FY2025
P/E ratio 53.2
More key figures
Operating margin 4.1%
EPS (TTM) ¥0.1400
Dividend yield 4.0%
EPS growth (YoY) -59.0%
Net debt 1.6B CNY FY2025

Figures from reported company fundamentals · as of Jul 22, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 54/100

Of which business quality 54 · Market factors (momentum, volatility) 38

Profitability 30
Margins and returns on capital today
Quality Growth 51
Are margins and returns improving?
Cashflow 69
Earnings quality: real cash, not paper profit
Fin. Strength 33
Balance sheet, leverage, solvency risk
Investment 95
Disciplined investing over empire-building
Low Volatility 90
Calm price path (market factor)
Momentum 19
Price trend over the last 3–12 months (market factor)
52W Momentum 10
Distance to the 52-week high (market factor)
Net Issuance 67
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Chen Ke Ming Food Manufacturing Co., Ltd. engages in the production and sale of rice and flour products in China. It offers noodles; non-fried instant noodles, fresh mixed noodles, cooked wet noodles, semi-dry noodles, self-heating rice, and dish packs; and kitchen noodles, hand plate, mustard, fan, flour, knife cut surface noodle series.

Full company description

Chen Ke Ming Food Manufacturing Co., Ltd. engages in the production and sale of rice and flour products in China. It offers noodles; non-fried instant noodles, fresh mixed noodles, cooked wet noodles, semi-dry noodles, self-heating rice, and dish packs; and kitchen noodles, hand plate, mustard, fan, flour, knife cut surface noodle series. The company is also involved in breeding, slaughtering, and sale of pork, pork strip, and pork by products. It sells its products under the Chen Keming, Jinmai Chu, Laiwan Noodles, and Wugu Daochang brands. The company distributes its products online on e-commerce platforms. Chen Ke Ming Food Manufacturing Co., Ltd. was founded in 1984 and is based in Changsha City, China.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Chen Ke Ming Food Manufacturing Co reported revenue of ¥4.3B in FY2025 versus ¥4.3B in FY2021, a compound +0.0%/yr. Reported net income was ¥92.3M in FY2025, compounding +8.1%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
4.3B CNY
Latest YoY
−5.2%
Avg. growth/yr (3Y) 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.
−10.6%
Avg. growth/yr (5Y) 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.
+1.8%
Avg. growth/yr (17Y) 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.
+17.0%
Revenue +0.0%/yr
FY21 ¥4.3B
FY22 ¥6.1B
FY23 ¥5.2B
FY24 ¥4.6B
FY25 ¥4.3B
Net income +8.1%/yr
FY21 ¥67.5M
FY22 ¥168M
FY23 −¥65.7M
FY24 ¥146M
FY25 ¥92.3M
Character of growth · EPS growth decomposed (2013-2024) +3.8 % p.a.
Revenue per share +11.6 pp

of which total revenue +14.9 pp · buybacks/dilution −3.3 pp

EBIT margin −6.9 pp
Tax rate +0.5 pp
Residual (interest, one-offs) −1.4 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

002661 screens 25% overvalued. Compare with Nestlé India Limited →

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Cite: Fair Value Calculator (2026). "Chen Ke Ming Food Manufacturing Co Fair Value". https://www.fairvalue-calculator.com/stock/002661

Peer Group

Packaged Foods · 649 stocks

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.

Quality Score 54 · Above median
Fair Value upside −25% · Below median
Return on assets 1% · Below median
Net margin (TTM) 1% · Below median
Operating margin (TTM) 4% · Below median
Revenue growth 5% · Above median
Dividend yield (TTM) 4.0% · Above median
Debt / equity 0.47× · Higher than 75% of peers

Valuation Multiples vs Packaged Foods median · lower = cheaper

P/E (TTM) 53.2× · Pricier than 75% of peers
P/B 1.10× · Cheaper than median
P/S (TTM) 0.57× · Cheaper than median
P/FCF 0.7× · Cheaper than median
EV/EBITDA 8.2× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 28
FUTURE 26 · sector 20
PAST 0 · sector 27
HEALTH 77 · sector 96
DIVIDEND 80 · sector 47

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Packaged Foods stocks, each showing price versus our Fair Value estimate (as of Jul 22, 2026).

Stock Price Fair Value vs Fair Value
Nestlé India Limited NESTLEIND ₹1,427 ₹362.37 -75%
Britannia Industries Limited BRITANNIA ₹5,413 ₹1,870 -65%
Tata Consumer Products Limited TATACONSUM ₹1,089 ₹327.27 -70%
PT Indofood CBP Sukses Makmur Tbk ICBP 6,650 IDR 15,757 IDR +137%
Samyang Foods Co 003230 1,139,000 KRW 1,010,543 KRW -11%
Patanjali Foods Limited PATANJALI ₹413.80 ₹157.04 -62%
Vietnam Dairy Products Joint Stock Company VNM 58,500 VND 68,259 VND +17%
PT Mayora Indah Tbk, MYOR 1,750 IDR 2,699 IDR +54%
PT Cisarua Mountain Dairy Tbk CMRY 4,490 IDR 4,355 IDR -3%
Nongshim Co 004370 348,500 KRW 530,619 KRW +52%

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Frequently asked questions

Is Chen Ke Ming Food Manufacturing Co (002661) overvalued or undervalued?
As of Jul 22, 2026, our model estimates a fair value of ¥5.82 versus a price of ¥7.78, about −25% (overvalued).
What is the fair value of 002661?
Our model-based fair value for Chen Ke Ming Food Manufacturing Co is ¥5.82 (as of Jul 22, 2026), built from audited fundamentals. The current price is ¥7.78.
What is the quality score of 002661?
Chen Ke Ming Food Manufacturing Co has a Quality Score of 54/100. 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 revenue of Chen Ke Ming Food Manufacturing Co (002661)?
Chen Ke Ming Food Manufacturing Co reported trailing-twelve-month revenue of about 4.4B CNY (latest available figure, as of Jul 22, 2026).
What is the net profit margin of 002661?
The net profit margin of Chen Ke Ming Food Manufacturing Co is about 0.9%, meaning it keeps roughly 0.9% of revenue as net income. Based on the latest reported figures.
Does Chen Ke Ming Food Manufacturing Co pay a dividend?
Chen Ke Ming Food Manufacturing Co currently shows a dividend yield of about 4.01% relative to its recent price (as of Jul 22, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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