Perfect Shape Medical Ltd (1830) Fair Value & Analysis

Healthcare · HK · Market cap HK$1.5B (≈ $191M) · ISIN KYG7013H1056

What is Perfect Shape Medical Ltd really worth?

PS Perfect Shape Medical Ltd 1830 · HK

PriceHK$1.31

Fair ValueHK$2.88

Upside+119.9%

Quality83/100

A strong business, trading 55% below our fair value of HK$2.88.

As of Aug 29, 2026, the fair value of Perfect Shape Medical Ltd is HK$2.88 per share against a price of HK$1.31, so the fair value sits 120% above the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

✓Solidly profitable · 16.2% net margin

✓generates free cash flow

✓Ranks above peers (10/13)

✓Wide moat 81/100

Risks

!Weak Growth (revenue 5y −2.5 %/yr)

!Evidence only low, so the estimate is less certain

For context

·11.15% dividend yield

Evidence: Low Range HK$2.16 – HK$3.65

Fair value as of: Aug 29, 2026

From 24 valuation models · updated 8 days ago

Share price −6.1% over the past month.

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 →

What matters now

The rarer combination: high quality (83/100) AND below fair value. That earns a closer look rather than a quick verdict.
The price is below even our cautious bear case (HK$2.16). 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.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 29, 2026.

How to read this chart

60‑month range HK$1.06 – HK$7.79 · fair‑value band HK$2.16 – HK$3.65 · the HK$1.31 price screens below the HK$2.88 fair value. Dashed = 300-day average. As of Aug 29, 2026.

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Analysis

Perfect Shape Medical Ltd (1830) currently trades at HK$1.31, while our model-based Fair Value estimate is HK$2.88, implying the stock looks roughly 54.5% undervalued today. The Quality Score stands at 83/100 (high quality), in the Healthcare sector. Bull case: the Dividend Discount group reads highest at a median of HK$2.97 per share, and 19 of the 24 models we run sit above the HK$1.31 price. Bear case: the Economic Profit group reads lowest at HK$0.8500, and 5 of the 24 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, Perfect Shape Medical Ltd generated revenue of HK$993M at a net margin of 16.2%. Revenue declined 21.7% year over year. It earns a return on equity of 38.3%. The balance sheet holds a net cash position of HK$12.1M. Fundamentals as of Aug 29, 2026

Our scenario range runs from HK$2.16 (bear case) to HK$3.65 (bull case); at HK$1.31, 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 18% below its 52-week high and 25% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at −7% fair-value upside, at 120%, 1830 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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

FCF DCF best evidence HK$2.17 HK$2.81 HK$3.61 80

Growth DCF HK$2.21 HK$2.80 HK$3.52 77

Owner Earnings HK$2.33 HK$3.02 HK$3.89 75

All 24 models by family

DCF Models

FCF DCF best evidence HK$2.17 HK$2.81 HK$3.61 80

Owner Earnings HK$2.33 HK$3.02 HK$3.89 75

5Y Revenue Exit HK$1.33 HK$1.65 HK$2.02 71

5Y EBITDA Exit HK$2.40 HK$3.51 HK$4.76 73

5Y P/E Exit HK$2.16 HK$3.09 HK$4.02 69

10Y Revenue Exit HK$1.66 HK$1.99 HK$2.34 66

10Y EBITDA Exit HK$2.28 HK$3.13 HK$4.11 67

10Y P/E Exit HK$2.15 HK$2.87 HK$3.64 63

Earnings-Based

Graham-Dodd HK$0.9700 HK$1.98 HK$2.49 66

EPV HK$1.29 HK$1.44 HK$1.58 70

Dividend Discount

Gordon GGM HK$2.22 HK$3.05 HK$3.80 69

DDM Multi-Stage HK$2.22 HK$2.97 HK$3.73 67

Multiples

P/E Multiple HK$2.35 HK$3.13 HK$3.91 63

P/S Multiple HK$0.6900 HK$0.9200 HK$1.15 58

P/B Multiple HK$0.9300 HK$1.24 HK$1.54 55

EV/EBIT HK$2.44 HK$3.22 HK$3.99 63

EV/EBITDA HK$2.94 HK$3.89 HK$4.83 64

EV/Revenue HK$0.7600 HK$1.04 HK$1.31 51

Asset-Based

NCAV (Graham) HK$0.1500 HK$0.2100 HK$0.3100 51

Growth DCF

Growth DCF HK$2.21 HK$2.80 HK$3.52 77

Rev-Margin DCF HK$1.33 HK$1.69 HK$2.10 71

Economic Profit

Residual Income HK$0.7100 HK$0.8500 HK$2.94 64

ROIC Compounder HK$1.30 HK$1.48 HK$1.64 70

Growth Earnings

Growth-Adj P/E HK$1.71 HK$2.44 HK$3.17 67

Widest divergence: Dividend Discount (HK$2.97) versus Asset-Based (HK$0.2100). Highest evidence: FCF DCF (80).

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Key figures & financial health

P/E ratio 8.5 as of Jul 2, 2026

P/S ratio 1.58 P/E × margin

EPS (TTM) HK$0.1300 price ÷ EPS = P/E 8.5

Dividend yield 11.1% payout 112%

Net margin 18.6% FY2026

Return on equity 38.3% TTM

More key figures

Profitability

Return on assets (EBIT) 28.5% avg 5y

Operating margin 22.5% TTM

Growth

Revenue (TTM) HK$993M TTM

Revenue growth (YoY) −21.7% 3y avg −11.5%

EPS growth (YoY) −33.0%

Balance sheet & cash flow

Free cash flow HK$298M FY2025

Net cash HK$12.1M FY2026

Figures from reported company fundamentals · as of Aug 29, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 83/100

Of which business quality 81 · Market factors (momentum, volatility) 52

Profitability 93

Margins and returns on capital today

Quality Growth 22

Are margins and returns improving?

Cashflow 96

Earnings quality: real cash, not paper profit

Fin. Strength 85

Balance sheet, leverage, solvency risk

Investment 97

Disciplined investing over empire-building

Low Volatility 75

Calm price path (market factor)

Momentum 49

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

52W Momentum 33

Distance to the 52-week high (market factor)

Net Issuance 81

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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Full company description

Perfect Medical Health Management Limited, an investment holding company, engages in the provision of medical, aesthetic medical, and beauty and wellness services in Hong Kong, the People's Republic of China, Macau, Australia, and Singapore. The company offers pain management and hair growth treatments; preventive care and fertility care services; and sleep therapy treatment services under the Goku Spa brand name. It also provides advertising, charitable, and management services, as well as holds trademarks and rents equipment. The company was formerly known as Perfect Shape Medical Limited and changed its name to Perfect Medical Health Management Limited in June 2021. Perfect Medical Health Management Limited was founded in 2003 and is headquartered in Mong Kok, Hong Kong.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Perfect Shape Medical Ltd reported revenue of HK$962M in FY2026 versus HK$1.3B in FY2022, a compound −8.1%/yr. Reported net income was HK$179M in FY2026, compounding −12.5%/yr from FY2022.

Growth Quality 40/100

Revenue growth is weak, negative or inconsistent.

Latest Revenue (FY 2026)

HK$962M

Latest YoY

−14.7%

Avg. revenue 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.

−11.5%

Avg. revenue 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.

−2.5%

Avg. revenue growth/yr (15Y) ⓘ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.

+7.9%

Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.

+0.6% · in HKD

Earnings growth per share plus dividend yield: the value created per share and year.

Earnings growth per share−10.5%

Dividend yield11.1%

Trend ⓘ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.5Y −10.5% vs 10Y 2.1%, flattening

Operating margin (EBIT) ⓘ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.27.8% (2021) → 22.5% (2026) · falling

Worst earnings drop43% (2026) · in HKD

Revenue −8.1%/yr

FY22 HK$1.3B

FY23 HK$1.4B

FY24 HK$1.4B

FY25 HK$1.1B

FY26 HK$962M

Net income −12.5%/yr

FY22 HK$305M

FY23 HK$316M

FY24 HK$316M

FY25 HK$207M

FY26 HK$179M

Character of growth · EPS growth decomposed (2015-2026) +6.4 % p.a.

Revenue per share +3.1 %

of which total revenue +4.4 % · buybacks/dilution −1.3 %

EBIT margin +2.8 %

Tax rate +0.5 %

Residual (interest, one-offs) −0.1 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Perfect Shape Medical Ltd · Fair Value
HK$2.88 +55%Fair Value
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<a href="https://www.fairvalue-calculator.com/stock/1830.HK" target="_blank" rel="nofollow noopener" style="display:inline-flex;align-items:center;gap:12px;box-sizing:border-box;font-family:system-ui,-apple-system,Segoe UI,Roboto,sans-serif;text-decoration:none;background:#0f1814;color:#eaf2ed;border:1px solid #2a3a30;border-radius:12px;padding:12px 16px;max-width:360px"><span style="line-height:1.35"><span style="font-size:12px;color:#9fb0a8">Perfect Shape Medical Ltd · Fair Value</span><br><b style="font-size:20px">HK$2.88</b> <span style="color:#7BB290;font-weight:700;font-size:14px">+55%</span></span><span style="font-size:11px;color:#7BB290;font-weight:700;margin-left:auto;text-align:right;line-height:1.3">Fair&nbsp;Value<br>Calculator&nbsp;→</span></a>

Cite: Fair Value Calculator (2026). "Perfect Shape Medical Ltd Fair Value". https://www.fairvalue-calculator.com/stock/1830.HK

Peer Group

Medical Care Facilities · 257 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 83 · Top 25%

Fair Value upside +120% · Top 25%

Return on equity (TTM) 38% · Top 25%

Return on assets 13% · Top 25%

Net margin (TTM) 16% · Top 25%

Operating margin (TTM) 22% · Top 25%

Revenue growth −22% · Bottom 25%

Dividend yield (TTM) 11.1% · Top 25%

Valuation Multiples vs Medical Care Facilities median · lower = cheaper

P/E (TTM) 8.5× · Cheaper than 75% of peers

P/B 3.85× · Pricier than 75% of peers

P/S (TTM) 1.51× · Pricier than median

P/FCF 0.6× · Cheaper than median

EV/EBITDA 5.1× · Cheaper than 75% of peers

Strength profile in five axes (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.

This stock

Sector peers

VALUE100 · sector 22

FUTURE0 · sector 26

PAST100 · sector 30

HEALTH0 · sector 90

DIVIDEND100 · sector 42

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

Similar stocks

10 more Medical Care Facilities stocks, each showing price versus our Fair Value estimate (as of Aug 29, 2026).

Stock	Price	Fair Value	vs Fair Value
HCA Healthcare, Inc HCA	$417.82	$547.67	+31%
Fresenius SE FRE	€45.25	€32.15	−29%
Dr. Sulaiman Al Habib Medical Services Group 4013	241.00 SAR	112.37 SAR	−53%
IHH Healthcare Berhad, an investment holding company, Q0F	2.67 SGD	1.44 SGD	−46%
Tenet Healthcare Corporation THC	$266.80	$330.25	+24%
DaVita Inc DVA	$180.68	$186.49	+3%
Apollo Hospitals Enterprise Limited APOLLOHOSP	₹8,818	₹2,955	−66%
Fresenius Medical Care AG FME	€39.92	€71.28	+79%
Aier Eye Hospital Group 300015	¥8.25	¥7.67	−7%
Max Healthcare Institute Limited MAXHEALTH	₹1,005	₹284.87	−72%

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Frequently asked questions

Is Perfect Shape Medical Ltd (1830) overvalued or undervalued?

As of Aug 29, 2026, our model estimates a fair value of HK$2.88 versus a price of HK$1.31, about +120% upside (undervalued).

What is the fair value of 1830?

Our model-based fair value for Perfect Shape Medical Ltd is HK$2.88 (as of Aug 29, 2026), built from audited fundamentals. The current price: HK$1.31.

What is the quality score of 1830?

Perfect Shape Medical Ltd has a Quality Score of 83/100. 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 Perfect Shape Medical Ltd (1830)?

Our model-based price target is the fair value of HK$2.88 (as of Aug 29, 2026) from 24 valuation models. Cautious scenario HK$2.16, optimistic scenario HK$3.65. It is a calculation from audited fundamentals, not an analyst target.

What is the Perfect Shape Medical Ltd stock forecast for 2026?

Our models put fair value at HK$2.88, about +120% upside versus a price of HK$1.31 (undervalued). Cautious scenario HK$2.16, optimistic scenario HK$3.65. The calculation is refreshed regularly with new filings.

What is the revenue of Perfect Shape Medical Ltd (1830)?

Perfect Shape Medical Ltd reported trailing-twelve-month revenue of about HK$993M (latest available figure, as of Aug 29, 2026).

What is the net profit margin of 1830?

The net profit margin of Perfect Shape Medical Ltd is about 16.2%, meaning it keeps roughly 16.2% of revenue as net income. Based on the latest reported figures.

Does Perfect Shape Medical Ltd pay a dividend?

Perfect Shape Medical Ltd currently shows a dividend yield of about 11.15% relative to its recent price (as of Aug 29, 2026).

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