IVD Medical Holding Ltd (1931) fair value: what the stock is really worth
As of Sep 30, 2026: fair value of IVD Medical Holding Ltd HK$0.65, price HK$0.44, upside +49.4%, quality 22 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range HK$0.4350 – HK$11.23 · fair‑value band HK$0.4500 – HK$0.8400 · the HK$0.4350 price screens below the HK$0.6500 fair value. Dashed = 300-day average. As of Sep 27, 2026.
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ETHK Labs Inc., an investment holding company, distributes In vitro diagnostic (IVD) products in Mainland China and internationally. The company operates through three segments: Distribution Business, After-sales Services, and Self-branded Products Business.
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ETHK Labs Inc., an investment holding company, distributes In vitro diagnostic (IVD) products in Mainland China and internationally. The company operates through three segments: Distribution Business, After-sales Services, and Self-branded Products Business. It offers IVD analysers, reagents, and other consumables for various IVD testing categories, including hematology and body fluid, immunoassay, clinical chemistry, immunology, microbiology, and point-of-care testing. The company also provides haemostasis products; solution services to the clinical laboratories of hospitals; and maintenance and repair, installation, and end customer training services. In addition, it researches, develops, manufactures, and sells IVD analysers and reagents. The company offers its products to hospitals and healthcare institutions, logistics providers, and distributors. The company was formerly known as IVD Medical Holding Limited and change its name to ETHK Labs Inc. in December 2025. ETHK Labs Inc. was incorporated in 2016 and is headquartered in Shanghai, the People's Republic of China.
Stock analysis
IVD Medical Holding Ltd (1931) currently trades at HK$0.4350, while our model-based Fair Value estimate is HK$0.6500, implying the stock looks roughly 33.1% undervalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of HK$1.44 per share, and 14 of the 16 models we run sit above the HK$0.4350 price.
Bear case: the Earnings-Based group reads lowest at HK$0.4400, and 2 of the 16 models stay below the price. Evidence for this calculation is low.
Scenario range: HK$0.4500 (bear) to HK$0.8400 (bull), the price of HK$0.4350 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 22/100 (below-average quality), in the Healthcare sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
IVD Medical Holding Ltd reported revenue of 2.8B CNY in FY2025 versus 2.7B CNY in FY2021, a compound +0.8%/yr. Reported net income was 34.9M CNY in FY2025, compounding −33.1%/yr from FY2021.
Key figures
Market cap HK$1.0B (≈ $129M) · P/E ratio 21.8 · P/S ratio 0.27 · EPS (TTM) HK$0.0200 · Dividend yield 8.2% · Net margin 1.2% · Return on equity 1.1% · Return on assets (EBIT) 6.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 96% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at 37% fair-value upside, at 49%, 1931 screens cheaper than that median.
Fair Value models
Bear HK$0.4500Fair Value HK$0.6500Bull HK$0.8400
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (HK$0.0150 per share) are deliberately not added.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.
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.26/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−10.8%
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.
+0.9%
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.
+3.0%
Start year 2020 (pandemic)
Revenue growth 9 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.
+28.7%
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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.
−21.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−30.1%
Dividend (yield on the price)8.2%
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.−30.1% vs −6.5%, 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.9% → 6%
Compare IVD Medical Holding Ltd with another stock
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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.Medical Distribution · 78 stocks
Beats the industry median on 6/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score22 · Bottom 25%
Fair Value upside+49.4% · Above median
Profitability
Return on equity (TTM)1.1% · Below median
Return on assets2.0% · Below median
Net margin (TTM)1.2% · Below median
Operating margin (TTM)4.3% · Above median
Growth and dividend
Revenue growth−14.3% · Bottom 25%
Dividend yield (TTM)8.2% · Top 25%
Valuation Multiplesvs Medical Distribution median · lower = cheaper
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Cite: Fair Value Calculator (2026). "IVD Medical Holding Ltd Fair Value". https://www.fairvalue-calculator.com/stock/1931
Frequently asked questions
Is IVD Medical Holding Ltd (1931) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of HK$0.6500 versus a price of HK$0.4350, about +49% upside (undervalued).
What is the fair value of 1931?
Our model-based fair value for IVD Medical Holding Ltd is HK$0.6500 (as of Sep 27, 2026), built from audited fundamentals. The current price: HK$0.4350.
What is the quality score of 1931?
IVD Medical Holding Ltd has a Quality Score of 22/100. 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 IVD Medical Holding Ltd (1931)?
Our model-based price target is the fair value of HK$0.6500 (as of Sep 27, 2026) from 16 valuation models. Cautious scenario HK$0.4500, optimistic scenario HK$0.8400. It is a calculation from audited fundamentals, not an analyst target.
What is the IVD Medical Holding Ltd stock forecast for 2026?
Our models put fair value at HK$0.6500, about +49% upside versus a price of HK$0.4350 (undervalued). Cautious scenario HK$0.4500, optimistic scenario HK$0.8400. The calculation is refreshed regularly with new filings.
What is the revenue of IVD Medical Holding Ltd (1931)?
IVD Medical Holding Ltd reported trailing-twelve-month revenue of about 2.8B CNY (latest available figure, as of Sep 27, 2026).
Does IVD Medical Holding Ltd pay a dividend?
IVD Medical Holding Ltd currently shows a dividend yield of about 8.19% relative to its recent price (as of Sep 27, 2026).
What is the intrinsic value of IVD Medical Holding Ltd (1931)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For IVD Medical Holding Ltd it is HK$0.6500 per share (as of Sep 27, 2026), against a price of HK$0.4350. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is IVD Medical Holding Ltd stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 1931 trades below its calculated fair value: price HK$0.4350, fair value HK$0.6500, a gap of about +49% (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 1931?
No. The price is what the market pays today (HK$0.4350); the fair value is what the company's own numbers justify (HK$0.6500). For IVD Medical Holding Ltd the two are HK$0.2150 per share apart. That gap is exactly why we show both numbers side by side.
How much is IVD Medical Holding Ltd worth?
The market values IVD Medical Holding Ltd at about HK$1.0B (market capitalisation, as of Sep 27, 2026). Per share that is HK$0.4350; our models calculate a fair value of HK$0.6500 per share.
What do the bullish and bearish scenarios say about 1931?
Our models span a range for IVD Medical Holding Ltd: cautious scenario HK$0.4500, base HK$0.6500, optimistic HK$0.8400 per share (as of Sep 27, 2026, price HK$0.4350). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 1931?
IVD Medical Holding Ltd trades at a price-to-earnings ratio of 21.8 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of HK$0.6500 is built from several models across several years. Other multiples: P/B 0.3, P/S 0.3, EV/EBITDA 1.5.
How solid is the balance sheet of IVD Medical Holding Ltd (1931)?
Balance-sheet figures for IVD Medical Holding Ltd (as of Sep 27, 2026): return on equity 1.1%. They feed the Quality Score of 22/100, which measures business quality independently of the share price.
How far is 1931 from its 52-week high?
IVD Medical Holding Ltd trades at HK$0.4350, about 96% below its 52-week high of HK$9.83 and at the low of HK$0.4350 (as of Sep 30, 2026). Distance from the high says nothing about value: that is what the fair value of HK$0.6500 is for.
Which stocks are comparable to IVD Medical Holding Ltd?
From the same area (Healthcare) we also value McKesson Corporation, Cencora, Inc, Cardinal Health, Inc, Henry Schein, Inc, 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 IVD Medical Holding Ltd stock attractive at the current price?
The data as of Sep 27, 2026: price HK$0.4350, calculated fair value HK$0.6500 (+49%), Quality Score 22/100, from 16 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 1931 calculated?
We run IVD Medical Holding Ltd through 16 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$0.6500, 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 14.7 % above its aggregate fair value. IVD Medical Holding Ltd currently trades 33 % 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 IVD Medical Holding Ltd (1931)?
The closing price on Sep 30, 2026 was HK$0.4350. Our model-based fair value is HK$0.6500, about +49% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with IVD Medical Holding Ltd right now?
The large discount to fair value meets weak quality (22/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (HK$0.4500). 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. A fairly wide model range (HK$0.4500 to HK$0.8400) leaves room in how you read the outcome.
Key figures of IVD Medical Holding Ltd
How large is the market capitalisation of IVD Medical Holding Ltd (1931)?
The market capitalisation of IVD Medical Holding Ltd is HK$1.0B (≈ $129M). 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 IVD Medical Holding Ltd (1931)?
The price-to-sales ratio of IVD Medical Holding Ltd is 0.27 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of IVD Medical Holding Ltd (1931)?
Earnings per share at IVD Medical Holding Ltd are HK$0.0200 (price ÷ EPS = P/E 21.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of IVD Medical Holding Ltd (1931)?
The dividend yield of IVD Medical Holding Ltd is 8.2% (payout 178%). 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 IVD Medical Holding Ltd (1931)?
The net margin of IVD Medical Holding Ltd is 1.2% (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 IVD Medical Holding Ltd (1931)?
The return on equity (ROE) of IVD Medical Holding Ltd is 1.1% (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 IVD Medical Holding Ltd (1931)?
On an EBIT basis the return on assets of IVD Medical Holding Ltd is 6.4% (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 IVD Medical Holding Ltd (1931)?
The operating margin of IVD Medical Holding Ltd is 4.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at IVD Medical Holding Ltd (1931)?
Revenue at IVD Medical Holding Ltd is growing −14.3% versus a year earlier (3y avg +0.9%). 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 IVD Medical Holding Ltd (1931)?
Earnings per share at IVD Medical Holding Ltd are growing −74.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does IVD Medical Holding Ltd (1931) generate?
The free cash flow of IVD Medical Holding Ltd is −1.0B CNY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does IVD Medical Holding Ltd (1931) carry?
The net debt of IVD Medical Holding Ltd is 1.4B CNY (fiscal year 2025). 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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