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Pak Fah Yeow International Limited (0239) Fair Value & Analysis

Healthcare · HK · Market cap HK$742M

PF Pak Fah Yeow International Limited 0239 · HK
PriceHK$2.40
Fair ValueHK$5.71
Upside+137.9%
Quality80/100
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Mixed Growth
Highly profitable · 42.6% net margin
Low debt · generates free cash flow
2.83% dividend yield
Ranks above peers (14/15)
Wide moat 74/100
Evidence: High Range HK$4.39 – HK$7.35 Share as image

Fair value as of: Aug 13, 2026

From 25 valuation models · updated 2 days ago

Share price +0.8% over the past month.

A strong business, screening 138% undervalued on our models.

What matters now

  • The rarer combination: high quality (80/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (HK$4.39). The market is more pessimistic than our downside scenario.
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Price vs Fair Value (5 years)

HK$2.53 HK$0.8407 Fair Value HK$5.71 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range HK$0.8407 – HK$2.53 · fair‑value band HK$4.39 – HK$7.35 · the HK$2.40 price screens below the HK$5.71 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Pak Fah Yeow International Limited (0239) currently trades at HK$2.40, while our model-based Fair Value estimate is HK$5.71, implying the stock looks roughly 137.9% undervalued today. The Quality Score stands at 80/100 (high quality), in the Healthcare sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Pak Fah Yeow International Limited generated revenue of HK$214M at a net margin of 42.6%. Revenue grew 14.1% year over year. It earns a return on equity of 12.6%. The balance sheet holds a net cash position of HK$324M. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$4.39 (bear case) to HK$7.35 (bull case); at HK$2.40, the current price sits below 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 5% below its 52-week high and 7% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -49% fair-value upside, at 138%, 0239 screens cheaper 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 HK$4.24 HK$5.24 HK$6.42 80
Residual Income HK$2.07 HK$2.33 HK$3.47 76
Rev-Margin DCF HK$3.11 HK$3.89 HK$4.65 74
All 25 models by family
DCF Models
FCF DCF HK$4.19 HK$5.28 HK$6.64 38
Owner Earnings HK$3.74 HK$4.69 HK$5.86 31
5Y Revenue Exit HK$3.11 HK$3.83 HK$4.68 39
5Y EBITDA Exit HK$4.31 HK$5.95 HK$7.76 41
5Y P/E Exit HK$4.79 HK$6.81 HK$8.80 38
10Y Revenue Exit HK$3.51 HK$4.20 HK$4.99 36
10Y EBITDA Exit HK$4.22 HK$5.50 HK$7.04 37
10Y P/E Exit HK$4.50 HK$6.03 HK$7.73 35
Earnings-Based
Graham-Dodd HK$1.99 HK$4.63 HK$5.94 54
PEG = 1.0 HK$0.7800 HK$1.12 HK$1.46 46
EPV HK$3.40 HK$3.73 HK$4.00 59
Dividend Discount
Gordon GGM HK$1.44 HK$2.21 HK$2.97 70
DDM Multi-Stage HK$1.44 HK$2.00 HK$2.54 61
Multiples
P/E Multiple HK$4.84 HK$6.45 HK$8.06 63
P/S Multiple HK$1.80 HK$2.40 HK$3.00 58
P/B Multiple HK$3.74 HK$4.98 HK$6.23 55
EV/EBIT HK$5.48 HK$6.98 HK$8.47 53
EV/EBITDA HK$4.89 HK$6.19 HK$7.48 54
EV/Revenue HK$2.44 HK$3.06 HK$3.68 43
Asset-Based
NCAV (Graham) HK$1.16 HK$1.55 HK$2.32 50
Growth DCF
Growth DCF HK$4.24 HK$5.24 HK$6.42 80
Rev-Margin DCF HK$3.11 HK$3.89 HK$4.65 74
Economic Profit
Residual Income HK$2.07 HK$2.33 HK$3.47 76
ROIC Compounder HK$3.48 HK$3.92 HK$4.37 72
Growth Earnings
Growth-Adj P/E HK$3.64 HK$5.19 HK$6.75 68

Widest divergence: DCF Models (HK$5.28) versus Asset-Based (HK$1.55). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$214M
Revenue growth (YoY) +14.1%
Net margin 42.6%
Return on equity 12.6%
Free cash flow HK$112M FY2025
P/E ratio 8.2 as of Jul 1, 2026
More key figures
Operating margin 51.2%
EPS (TTM) HK$0.1300
Dividend yield 2.8%
EPS growth (YoY) +65.3%
Net cash HK$324M FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 80/100

Of which business quality 77 · Market factors (momentum, volatility) 56

Profitability 52
Margins and returns on capital today
Quality Growth 41
Are margins and returns improving?
Cashflow 87
Earnings quality: real cash, not paper profit
Fin. Strength 100
Balance sheet, leverage, solvency risk
Investment 98
Disciplined investing over empire-building
Low Volatility 94
Calm price path (market factor)
Momentum 40
Price trend over the last 3–12 months (market factor)
52W Momentum 43
Distance to the 52-week high (market factor)
Net Issuance 82
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

Pak Fah Yeow International Limited, an investment holding company, engages in manufacturing, marketing, and distributing healthcare products under the Hoe Hin brand name. The company operates through three segments: Healthcare, Property Investments, and Treasury Investments.

Full company description

Pak Fah Yeow International Limited, an investment holding company, engages in manufacturing, marketing, and distributing healthcare products under the Hoe Hin brand name. The company operates through three segments: Healthcare, Property Investments, and Treasury Investments. It offers White Flower Embrocation medicated oils, strain relief products, and ointments, as well as Fúzai 239, a floral-scented White Flower Embrocation. The company also invests in commercial, industrial, residential, and car park properties; property and treasury investment activities; and provides advertising agency services. It operates in Hong Kong, Macau, the People's Republic of China, Southeast Asia, North America, the United Kingdom, and internationally. Pak Fah Yeow International Limited was founded in 1927 and is headquartered in Wan Chai, Hong Kong.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Pak Fah Yeow International Limited reported revenue of HK$214M in FY2025 versus HK$140M in FY2021, a compound +11.2%/yr. Reported net income was HK$91.3M in FY2025, compounding +24.4%/yr from FY2021.

Growth Quality 94/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
HK$214M
Latest YoY
−9.7%
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.
+13.3%
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.
+14.4%
Avg. growth/yr (26Y) ⓘ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.
+3.3%
Revenue +11.2%/yr
FY21 HK$140M
FY22 HK$147M
FY23 HK$259M
FY24 HK$237M
FY25 HK$214M
Net income +24.4%/yr
FY21 HK$38.2M
FY22 HK$30.0M
FY23 HK$105M
FY24 HK$78.6M
FY25 HK$91.3M
Character of growth · EPS growth decomposed (2014-2025) +0.3 % p.a.
Revenue per share +2.8 pp

of which total revenue +2.8 pp · buybacks/dilution +0.0 pp

EBIT margin +1.2 pp
Tax rate −0.7 pp
Residual (interest, one-offs) −3.1 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).

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Pak Fah Yeow International Limited · Fair Value
HK$5.71 +138%Fair Value
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Cite: Fair Value Calculator (2026). "Pak Fah Yeow International Limited Fair Value". https://www.fairvalue-calculator.com/stock/0239

Peer Group

Drug Manufacturers - Specialty & Generic · 624 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 80 · Top 25%
Fair Value upside +138% · Top 25%
Return on equity (TTM) 13% · Above median
Return on assets 8% · Top 25%
Net margin (TTM) 43% · Top 25%
Operating margin (TTM) 51% · Top 25%
Revenue growth 14% · Above median
Dividend yield (TTM) 2.8% · Above median
Debt / equity 0.03× · Lower than median

Valuation Multiples vs Drug Manufacturers - Specialty & Generic median · lower = cheaper

P/E (TTM) 8.2× · Cheaper than 75% of peers
P/B 1.03× · Cheaper than median
P/S (TTM) 3.46× · Pricier than median
P/FCF 0.8× · Cheaper than median
EV/EBITDA 3.7× · Cheaper than 75% of peers
PEG 0.32× · Cheaper than 75% of peers

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 100 · sector 6
FUTURE 71 · sector 21
PAST 50 · sector 25
HEALTH 99 · sector 97
DIVIDEND 57 · sector 31

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 Drug Manufacturers - Specialty & Generic stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Jiangsu Hengrui Pharmaceuticals Co 600276 ¥53.76 ¥25.94 -52%
Sun Pharmaceutical Industries Limited SUNPHARMA ₹1,944 ₹989.50 -49%
Divi's Laboratories Limited DIVISLAB ₹8,500 ₹1,932 -77%
Torrent Pharmaceuticals Limited TORNTPHARM ₹4,915 ₹1,163 -76%
PharmaEssentia Corporation 6446 1,440 TWD 233.93 TWD -84%
Cipla Limited CIPLA ₹1,463 ₹1,001 -32%
Zydus Lifesciences Limited ZYDUSLIFE ₹1,167 ₹703.32 -40%
Lupin Limited LUPIN ₹2,281 ₹2,477 +9%
Mankind Pharma Limited MANKIND ₹2,433 ₹983.11 -60%
Dr. Reddy's Laboratories Limited DRREDDY ₹1,200 ₹874.79 -27%

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Frequently asked questions

Is Pak Fah Yeow International Limited (0239) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$5.71 versus a price of HK$2.40, about +138% (undervalued).
What is the fair value of 0239?
Our model-based fair value for Pak Fah Yeow International Limited is HK$5.71 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$2.40.
What is the quality score of 0239?
Pak Fah Yeow International Limited has a Quality Score of 80/100. 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 Pak Fah Yeow International Limited (0239)?
Pak Fah Yeow International Limited reported trailing-twelve-month revenue of about HK$214M (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 0239?
The net profit margin of Pak Fah Yeow International Limited is about 42.6%, meaning it keeps roughly 42.6% of revenue as net income. Based on the latest reported figures.
Does Pak Fah Yeow International Limited pay a dividend?
Pak Fah Yeow International Limited currently shows a dividend yield of about 2.83% relative to its recent price (as of Aug 13, 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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