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Lee & Man Chemical Company (0746) fair value: what the stock is really worth

As of Sep 30, 2026: fair value of Lee & Man Chemical Company HK$8.93, price HK$4.45, upside +100.9%, quality 64 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

Fair value above price? Yes
Good quality? Yes
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Basic Materials · HK · ISIN KYG5427E1145

LM Thin data Oct 1, 2026

Lee & Man Chemical Company

0746 · HK

Clearly undervaluedStrong Fair Value upside, but quality is only moderate.

✓Fair value HK$8.93 · Strongly undervalued (+100.9%)

✓Quality 64/100

!Weak Growth (revenue 5y +3.9 %/yr)

✓Solidly profitable · 14.6% net margin (TTM)

✓Low debt · generates free cash flow

✓7.9% dividend yield · Well covered

✓Ranks above peers (14/14)

!Moderate moat 56/100

!Evidence only low, so the estimate is less certain

26 models, one by oneBear HK$5.93 to bull HK$12.97 Growth analysisrevenue history, year by year Quality 64/100 in detail37 factors, each one shown Compared with its peersrank on every measure, side by side

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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 1, 2026.

How to read this chart

60‑month range HK$2.24 – HK$9.61 · fair‑value band HK$5.93 – HK$12.97 · the HK$4.45 price screens below the HK$8.93 fair value. Dashed = 300-day average. As of Oct 1, 2026.

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Company profile

Lee & Man Chemical Company Limited, an investment holding company, manufactures and sells chemical products in the People's Republic of China. It operates through two segments, Chemical and Property.

Lee & Man Chemical Company Limited, an investment holding company, manufactures and sells chemical products in the People's Republic of China. It operates through two segments, Chemical and Property. The company offers polymers, such polytetrafluoroethylene, chlorinated polyvinyl chloride, perfluorinated ethylene-propylene, polychlorotrifluoroethylene resin, and chlorinated polyvinyl chloride (CPVC) sheets; and basic chemicals, such as thionyl chloride, liquid polyaluminium choride, hydrogen peroxide, solid polyaluminium chloride, hexafluoropropylene, fluosilicic acid, hydrofluoric acid, hydrochloric acid, hydrogen peroxide, chloroform, dichloromethane, methyl chloride, chlorine, sodium hydroxide, and sodium hypochlorite. It also provides food / water additives; paper additives comprising styrene acrylic latex surface sizing agent; and lithium ion battery additives which includes fluoroethylene, chloroethylene, and vinylene carbonate. In addition, the company is involved in the development, sale, and rental of properties; provision of property services; and research and product development. Lee & Man Chemical Company Limited was founded in 1976 and is headquartered in North Point, Hong Kong.

Stock analysis

Lee & Man Chemical Company (0746) currently trades at HK$4.45, while our model-based Fair Value estimate is HK$8.93, implying the stock looks roughly 50.2% undervalued today.

Valuation

Bull case: the Growth Earnings group reads highest at a median of HK$10.80 per share, and 23 of the 24 models we run sit above the HK$4.45 price.

Bear case: the Earnings-Based group reads lowest at HK$5.10, and 1 of the 24 models stay below the price. Evidence for this calculation is low.

Scenario range: HK$5.93 (bear) to HK$12.97 (bull), the price of HK$4.45 sits below 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 Basic Materials sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Lee & Man Chemical Company reported revenue of HK$3.8B in FY2025 versus HK$5.2B in FY2021, a compound −7.8%/yr. Reported net income was HK$558M in FY2025, compounding −18.9%/yr from FY2021.

Key figures

Market cap HK$3.8B (≈ $480M) · P/E ratio 6.5 · P/S ratio 0.97 · Dividend yield 7.9% · Net margin 14.9% · Return on equity 8.8% · Return on assets (EBIT) 12.8% · Operating margin 20.6%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).

What moves the price

The share trades about 27% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at −25% fair-value upside, at 101%, 0746 screens cheaper than that median.

Fair Value models

Bear HK$5.93 Fair Value HK$8.93 Bull HK$12.97

Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single 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. 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. Evidence ⓘEvidence = 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.

Highest evidence

FCF DCF HK$5.80 HK$8.57 HK$12.36 80

Growth DCF HK$5.81 HK$8.18 HK$11.20 79

Owner Earnings HK$1.81 HK$2.65 HK$3.80 76

All 24 models by family

DCF Models

FCF DCF HK$5.80 HK$8.57 HK$12.36 80

Owner Earnings HK$1.81 HK$2.65 HK$3.80 76

5Y Revenue Exit HK$5.09 HK$7.86 HK$11.40 72

5Y EBITDA Exit HK$6.04 HK$9.67 HK$13.93 75

5Y P/E Exit HK$6.97 HK$11.45 HK$16.22 70

10Y Revenue Exit HK$5.19 HK$7.67 HK$10.99 67

10Y EBITDA Exit HK$5.87 HK$8.82 HK$12.79 68

10Y P/E Exit HK$6.42 HK$9.96 HK$14.41 63

Earnings-Based

Graham-Dodd HK$4.60 HK$15.60 HK$20.92 64

Lynch FV HK$3.57 HK$5.10 HK$6.63 61

PEG = 1.0 HK$3.57 HK$5.10 HK$6.63 57

EPV HK$5.10 HK$5.79 HK$6.36 74

Multiples

P/E Multiple HK$8.63 HK$11.50 HK$14.38 63

P/S Multiple HK$5.12 HK$6.83 HK$8.53 58

P/B Multiple HK$8.63 HK$11.50 HK$14.38 55

EV/EBIT HK$8.56 HK$11.39 HK$14.22 66

EV/EBITDA HK$6.96 HK$9.25 HK$11.55 67

EV/Revenue HK$4.85 HK$6.90 HK$8.95 53

Asset-Based

NCAV (Graham) HK$3.84 HK$5.14 HK$7.67 54

Growth DCF

Growth DCF HK$5.81 HK$8.18 HK$11.20 79

Rev-Margin DCF HK$5.09 HK$7.89 HK$11.20 72

Economic Profit

Residual Income HK$6.18 HK$6.53 HK$7.31 76

ROIC Compounder HK$5.10 HK$5.79 HK$6.36 72

Growth Earnings

Growth-Adj P/E HK$7.56 HK$10.80 HK$14.04 67

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Quality Score breakdown

Overall quality 64/100

Of which business quality 63 · Market factors (momentum, volatility) 38

Profitability 43

Margins and returns on capital today

Quality Growth 50

Are margins and returns improving?

Cashflow 64

Earnings quality: real cash, not paper profit

Fin. Strength 81

Balance sheet, leverage, solvency risk

Investment 67

Disciplined investing over empire-building

Low Volatility 68

Calm price path (market factor)

Momentum 32

Price trend over the last 3–12 months (market factor)

52W Momentum 16

Distance to the 52-week high (market factor)

Net Issuance 74

Share count: buybacks or dilution?

Open the full quality analysis →

Revenue & earnings trend

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. 40/100

Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Revenue growth 1 year

−5.0%

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.

−13.8%

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.

+3.9%

Start year 2020 (pandemic). Over 10 years: +8.2% a year

Revenue growth 25 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.

+7.0%

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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.

+3.2%

Earnings growth per share plus dividend.

Earnings per share, growth per year−4.7%

Dividend (yield on the price)7.9%

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.−4.7% vs 7.4%, 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.18% → 18%

Start year 2020 (pandemic)

Growth Forecast

Little optimism in the price

The price assumes less 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).

−3.5%

Yearly growth needed for the next five years to justify today's price.

What forecasts expect

n/a

No analyst forecast available.

After inflation (Hong Kong: IMF forecast 2.1% a year to 2030, 1.8% from 2016 to 2025) that is about −5.5% a year for the price.

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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.Chemicals · 349 stocks

Beats the industry median on 14/14 measures

Overall it ranks above its industry peers.

Valuation

Quality Score 64 · Top 25%

Fair Value upside +100.9% · Top 25%

Profitability

Return on equity (TTM) 8.8% · Above median

Return on assets 5.8% · Top 25%

Net margin (TTM) 14.6% · Top 25%

Operating margin (TTM) 20.6% · Top 25%

Growth and dividend

Revenue growth 12.2% · Above median

Dividend yield (TTM) 7.9% · Top 25%

Balance sheet

Debt / equity 0.02× · Lowest 25%

Valuation Multiplesvs Chemicals median · lower = cheaper

P/E (TTM) 6.5× · Cheapest 25%

P/B 0.60× · Cheapest 25%

P/S (TTM) 0.94× · Cheaper than median

P/FCF 7.9× · Cheapest 25%

EV/EBITDA 4.3× · Cheapest 25%

Strength profile in five axes (Snowflake)

This stock

Sector peers

VALUE (fair-value potential)100 · sector 2

FUTURE (revenue growth)61 · sector 45

PAST (return on equity)35 · sector 20

HEALTH (low debt)99 · sector 94

DIVIDEND (yield)100 · sector 32

Context: sector, industry, market

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

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Formosa Chemicals & Fibre Corporation 1326	67.00 TWD	17.68 TWD	−74%
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Lee & Man Chemical Company · Fair Value
HK$8.93 +50%Fair Value
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Cite: Fair Value Calculator (2026). "Lee & Man Chemical Company Fair Value". https://www.fairvalue-calculator.com/stock/0746

Frequently asked questions

Is Lee & Man Chemical Company (0746) overvalued or undervalued?

As of Oct 1, 2026, our model estimates a fair value of HK$8.93 versus a price of HK$4.45, about +101% upside (undervalued).

What is the fair value of 0746?

Our model-based fair value for Lee & Man Chemical Company is HK$8.93 (as of Oct 1, 2026), built from audited fundamentals. The current price: HK$4.45.

What is the quality score of 0746?

Lee & Man Chemical Company 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 Lee & Man Chemical Company (0746)?

Our model-based price target is the fair value of HK$8.93 (as of Oct 1, 2026) from 24 valuation models. Cautious scenario HK$5.93, optimistic scenario HK$12.97. It is a calculation from audited fundamentals, not an analyst target.

What is the Lee & Man Chemical Company stock forecast for 2026?

Our models put fair value at HK$8.93, about +101% upside versus a price of HK$4.45 (undervalued). Cautious scenario HK$5.93, optimistic scenario HK$12.97. The calculation is refreshed regularly with new filings.

What is the revenue of Lee & Man Chemical Company (0746)?

Lee & Man Chemical Company reported trailing-twelve-month revenue of about HK$4.0B (latest available figure, as of Oct 1, 2026).

Does Lee & Man Chemical Company pay a dividend?

Lee & Man Chemical Company currently shows a dividend yield of about 7.87% relative to its recent price (as of Oct 1, 2026).

What growth is priced into Lee & Man Chemical Company (0746)?

For today's price to be fair in a discounted-cash-flow model, Lee & Man Chemical Company would have to grow free cash flow by -3.5 % per year for five years (discount rate 10.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +3.9 % per year. As of Oct 1, 2026.

What discount rate (WACC) does the fair value of 0746 use?

Our models discount Lee & Man Chemical Company at 10.8 %: a base by market capitalisation (small), damped by beta 0.67, country premium for Hong Kong. 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 Lee & Man Chemical Company that is -3.5 % per year a year over ten years, using the same discount rate (10.8 %) and the same formula as our fair value.

How much growth has Lee & Man Chemical Company (0746) delivered so far?

Over the past 5 years revenue at Lee & Man Chemical Company grew +3.9 % a year. The price currently implies -3.5 % per year free-cash-flow growth a 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 Lee & Man Chemical Company (0746) growing?

The median revenue growth in the sector is +5.7 % a year. That is the yardstick for the growth priced into Lee & Man Chemical Company (-3.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.

What is the free cash flow yield of Lee & Man Chemical Company (0746)?

The free-cash-flow yield on the price is 12.71 %: that much free cash flow Lee & Man Chemical Company produces per unit of market value. When it exceeds the discount rate of our models (10.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.

What is the intrinsic value of Lee & Man Chemical Company (0746)?

Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Lee & Man Chemical Company it is HK$8.93 per share (as of Oct 1, 2026), against a price of HK$4.45. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).

Is Lee & Man Chemical Company stock overvalued or undervalued in 2026?

As of Oct 1, 2026, 0746 trades below its calculated fair value: price HK$4.45, fair value HK$8.93, a gap of about +101% (undervalued). 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 0746?

No. The price is what the market pays today (HK$4.45); the fair value is what the company's own numbers justify (HK$8.93). For Lee & Man Chemical Company the two are HK$4.49 per share apart. That gap is exactly why we show both numbers side by side.

How much is Lee & Man Chemical Company worth?

The market values Lee & Man Chemical Company at about HK$3.8B (market capitalisation, as of Oct 1, 2026). Per share that is HK$4.45; our models calculate a fair value of HK$8.93 per share.

What do the bullish and bearish scenarios say about 0746?

Our models span a range for Lee & Man Chemical Company: cautious scenario HK$5.93, base HK$8.93, optimistic HK$12.97 per share (as of Oct 1, 2026, price HK$4.45). The range comes from different growth and margin assumptions, not from analyst opinions.

What is the P/E ratio of 0746?

Lee & Man Chemical Company trades at a price-to-earnings ratio of 6.5 (as of Oct 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of HK$8.93 is built from several models across several years. Other multiples: P/B 0.6, P/S 0.9, EV/EBITDA 4.3.

How solid is the balance sheet of Lee & Man Chemical Company (0746)?

Balance-sheet figures for Lee & Man Chemical Company (as of Oct 1, 2026): return on equity 8.8%, 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 0746 from its 52-week high?

Lee & Man Chemical Company trades at HK$4.45, about 27% below its 52-week high of HK$6.09 and 6% above the low of HK$4.20 (as of Sep 30, 2026). Distance from the high says nothing about value: that is what the fair value of HK$8.93 is for.

Which stocks are comparable to Lee & Man Chemical Company?

From the same area (Basic Materials) we also value Ningxia Baofeng Energy Group, Dow Inc, Hengli Petrochemical Co, Zangge Mining 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 Lee & Man Chemical Company stock attractive at the current price?

The data as of Oct 1, 2026: price HK$4.45, calculated fair value HK$8.93 (+101%), Quality Score 64/100, from 24 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 0746 calculated?

We run Lee & Man Chemical Company through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of HK$8.93, 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 14.5 % above its aggregate fair value. Lee & Man Chemical Company currently trades 50 % below its own fair value, and the market average says nothing about that. 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 Lee & Man Chemical Company (0746)?

The closing price on Sep 30, 2026 was HK$4.45. Our model-based fair value is HK$8.93, about +101% upside (undervalued). We carry closing prices from our data provider, not a live tick.

What should I pay attention to with Lee & Man Chemical Company right now?

The price is below even our cautious bear case (HK$5.93). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (64/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (HK$5.93 to HK$12.97) leaves room in how you read the outcome.

Where does the earnings growth of Lee & Man Chemical Company (0746) come from?

Earnings per share at Lee & Man Chemical Company grew +6.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +9.6 %, EBIT margin −4.5 %, tax rate +0.9 %, residual (interest, one-offs) +0.6 %. 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 Lee & Man Chemical Company

How large is the market capitalisation of Lee & Man Chemical Company (0746)?

The market capitalisation of Lee & Man Chemical Company is HK$3.8B (≈ $480M). 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 Lee & Man Chemical Company (0746)?

The price-to-sales ratio of Lee & Man Chemical Company is 0.97 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.

What is the dividend yield of Lee & Man Chemical Company (0746)?

The dividend yield of Lee & Man Chemical Company is 7.9%. 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 Lee & Man Chemical Company (0746)?

The net margin of Lee & Man Chemical Company is 14.9% (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 Lee & Man Chemical Company (0746)?

The return on equity (ROE) of Lee & Man Chemical Company is 8.8% (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 Lee & Man Chemical Company (0746)?

On an EBIT basis the return on assets of Lee & Man Chemical Company is 12.8% (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 Lee & Man Chemical Company (0746)?

The operating margin of Lee & Man Chemical Company is 20.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.

How fast is revenue growing at Lee & Man Chemical Company (0746)?

Revenue at Lee & Man Chemical Company is growing +12.2% versus a year earlier (3y avg −13.8%). 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 Lee & Man Chemical Company (0746)?

Earnings per share at Lee & Man Chemical Company are growing +4.3% versus a year earlier. How much earnings per share grew versus a year earlier.

How much net debt does Lee & Man Chemical Company (0746) carry?

The net debt of Lee & Man Chemical Company is HK$624M (fiscal year 2025, ≈ 1.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.

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