Wenzhou Kangning Hosp Co Ltd (2120) Fair Value & Analysis

Healthcare · HK · Market cap HK$541M (≈ $68.9M) · ISIN CNE100002383

What is Wenzhou Kangning Hosp Co Ltd really worth?

WK Wenzhou Kangning Hosp Co Ltd 2120 · HK

PriceHK$10.00

Fair ValueHK$18.59

Upside+85.9%

Quality56/100

A solid business, trading 46% below our fair value of HK$18.59.

As of Aug 26, 2026, the fair value of Wenzhou Kangning Hosp Co Ltd is HK$18.59 per share against a price of HK$10.00, so the fair value sits 86% above the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

✓Moderate debt · generates free cash flow

✓Ranks above peers (10/14)

Risks

!Mixed Growth (revenue 5y +10.4 %/yr)

!Thin margins · 3.4% net margin

!Narrow moat 30/100

!Weak on past: 11 out of 100

For context

·5.00% dividend yield

Evidence: High Range HK$16.63 – HK$23.24

Fair value as of: Aug 26, 2026

From 26 valuation models · updated 11 days ago

Fair value updated Aug 26, 2026, revised from HK$14.97 to HK$18.59 (+24.2%) since Aug 23, 2026. Share price +23.2% 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 price is below even our cautious bear case (HK$16.63). The market is more pessimistic than our downside scenario.
Solid quality (56/100) at a price below fair value, the discount is the argument here, not the business quality.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 26, 2026.

How to read this chart

60‑month range HK$7.00 – HK$47.53 · fair‑value band HK$16.63 – HK$23.24 · the HK$10.00 price screens below the HK$18.59 fair value. Dashed = 300-day average. As of Aug 26, 2026.

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Analysis

Wenzhou Kangning Hosp Co Ltd (2120) currently trades at HK$10.00, while our model-based Fair Value estimate is HK$18.59, implying the stock looks roughly 46.2% undervalued today. The Quality Score stands at 56/100 (solid quality), in the Healthcare sector. Bull case: the DCF Models group reads highest at a median of HK$43.15 per share, and 23 of the 26 models we run sit above the HK$10.00 price. Bear case: the Earnings-Based group reads lowest at HK$14.52, and 3 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Wenzhou Kangning Hosp Co Ltd generated revenue of HK$1.6B at a net margin of 3.4%. Revenue grew 6.8% year over year. It earns a return on equity of 2.8%. Net debt stands at HK$880M. Fundamentals as of Aug 26, 2026

Our scenario range runs from HK$16.63 (bear case) to HK$23.24 (bull case); at HK$10.00, 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 15% below its 52-week high and 33% 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 86%, 2120 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 HK$42.24 HK$81.30 HK$146.61 77

Growth DCF HK$40.90 HK$74.42 HK$124.91 76

Residual Income HK$15.86 HK$15.84 HK$14.05 76

All 26 models by family

DCF Models

FCF DCF HK$42.24 HK$81.30 HK$146.61 77

Owner Earnings — HK$1.85 HK$9.17 73

5Y Revenue Exit HK$18.82 HK$33.23 HK$51.86 71

5Y EBITDA Exit HK$37.74 HK$73.98 HK$120.41 73

5Y P/E Exit HK$19.59 HK$34.90 HK$52.12 69

10Y Revenue Exit HK$26.61 HK$43.15 HK$67.30 66

10Y EBITDA Exit HK$38.73 HK$71.13 HK$122.01 66

10Y P/E Exit HK$27.52 HK$44.30 HK$67.51 63

Earnings-Based

Graham-Dodd HK$6.84 HK$36.75 HK$50.93 63

Lynch FV HK$10.16 HK$14.52 HK$18.87 61

PEG = 1.0 HK$10.16 HK$14.52 HK$18.87 57

EPV — HK$0.4100 HK$1.28 68

Dividend Discount

Gordon GGM HK$10.48 HK$18.88 HK$25.99 68

DDM Multi-Stage HK$10.48 HK$17.24 HK$20.17 67

Multiples

P/E Multiple HK$16.60 HK$22.13 HK$27.67 63

P/S Multiple HK$12.83 HK$17.10 HK$21.38 58

P/B Multiple HK$12.83 HK$17.10 HK$21.38 55

EV/EBIT HK$11.63 HK$18.30 HK$24.97 64

EV/EBITDA HK$38.75 HK$54.46 HK$70.17 67

EV/Revenue HK$5.90 HK$12.02 HK$18.14 51

Asset-Based

NCAV (Graham) HK$10.99 HK$14.73 HK$21.98 54

Growth DCF

Growth DCF HK$40.90 HK$74.42 HK$124.91 76

Rev-Margin DCF HK$18.82 HK$33.45 HK$53.29 71

Economic Profit

Residual Income HK$15.86 HK$15.84 HK$14.05 76

ROIC Compounder — HK$0.4100 HK$1.28 68

Growth Earnings

Growth-Adj P/E HK$15.30 HK$21.86 HK$28.42 67

Widest divergence: DCF Models (HK$43.15) versus Economic Profit (HK$0.4100). Highest evidence: FCF DCF (77).

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Key figures & financial health

P/E ratio 8.7 as of Jul 2, 2026

P/S ratio 0.29 P/E × margin

EPS (TTM) HK$0.5000 price ÷ EPS = P/E 8.7

Dividend yield 5.0% payout 100%

Net margin 3.4% FY2025

Return on equity 2.8% TTM

More key figures

Profitability

Return on assets (EBIT) 2.6% avg 5y

Operating margin 10.4% TTM

Growth

Revenue (TTM) HK$1.6B TTM

Revenue growth (YoY) +6.8% 3y avg +2.9%

EPS growth (YoY) +26.6%

Balance sheet & cash flow

Free cash flow HK$244M FY2025

Net debt HK$880M FY2025 · ≈ 3.6 yrs of FCF

Figures from reported company fundamentals · as of Aug 26, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 56/100

Of which business quality 55 · Market factors (momentum, volatility) 55

Profitability 28

Margins and returns on capital today

Quality Growth 47

Are margins and returns improving?

Cashflow 73

Earnings quality: real cash, not paper profit

Fin. Strength 32

Balance sheet, leverage, solvency risk

Investment 75

Disciplined investing over empire-building

Low Volatility 80

Calm price path (market factor)

Momentum 44

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

52W Momentum 45

Distance to the 52-week high (market factor)

Net Issuance 98

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

Wenzhou Kangning Hospital Co., Ltd., together with its subsidiaries, operates a network of healthcare facilities in the People's Republic of China. The company provides psychiatric specialty care and elderly rehabilitation services. It is also involved in property leasing and management; provision of elderly care, hospital management, medical, technical, and nursing services; forensic identification; and equity investments activities, as well as wholesale and retail of pharmaceuticals. The company was formerly known as Wenzhou City Kangning Psychiatric Rehabilitation Hospital and changed its name to Wenzhou Kangning Hospital Co., Ltd. in October 2014. Wenzhou Kangning Hospital Co., Ltd. was founded in 1996 and is headquartered in Wenzhou, the People's Republic of China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Wenzhou Kangning Hosp Co Ltd reported revenue of 1.6B CNY in FY2025 versus 1.3B CNY in FY2021, a compound +5.7%/yr. Reported net income was 54.4M CNY in FY2025, compounding +5.4%/yr from FY2021.

Growth Quality 76/100

Revenue is growing, but margins or cash flow do not fully confirm the trend.

Latest Revenue (FY 2025)

HK$1.6B

Latest YoY

−2.1%

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.

+2.9%

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.

+10.4%

Avg. revenue growth/yr (13Y) ⓘ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.

+18.9%

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

+10.1% · in HKD

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

Earnings growth per share+5.1%

Dividend yield5.0%

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 5.1% vs 10Y −0.1%, picking up

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.7.6% (2020) → 5.2% (2025) · falling

Worst earnings drop135% (2022) (loss year, drop beyond 100%) · in HKD

Revenue +5.7%/yr

FY21 1.3B CNY

FY22 1.5B CNY

FY23 1.6B CNY

FY24 1.7B CNY

FY25 1.6B CNY

Net income +5.4%/yr

FY21 44.0M CNY

FY22 −24.2M CNY

FY23 85.9M CNY

FY24 65.6M CNY

FY25 54.4M CNY

Character of growth · EPS growth decomposed (2014-2025) +1.6 % p.a.

Revenue per share +18.3 %

of which total revenue +18.5 % · buybacks/dilution −0.2 %

EBIT margin −13.8 %

Tax rate +0.4 %

Residual (interest, one-offs) −0.9 %

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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Wenzhou Kangning Hosp Co Ltd · Fair Value
HK$18.59 +46%Fair Value
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<a href="https://www.fairvalue-calculator.com/stock/2120.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">Wenzhou Kangning Hosp Co Ltd · Fair Value</span><br><b style="font-size:20px">HK$18.59</b> <span style="color:#7BB290;font-weight:700;font-size:14px">+46%</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). "Wenzhou Kangning Hosp Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2120.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 56 · Above median

Fair Value upside +86% · Top 25%

Return on equity (TTM) 3% · Below median

Return on assets 3% · Below median

Net margin (TTM) 3% · Below median

Operating margin (TTM) 10% · Above median

Revenue growth 7% · Above median

Dividend yield (TTM) 5.0% · Top 25%

Debt / equity 0.63× · Higher than 75% of peers

Valuation Multiples vs Medical Care Facilities median · lower = cheaper

P/E (TTM) 8.7× · Cheaper than 75% of peers

P/B 0.45× · Cheaper than 75% of peers

P/S (TTM) 0.33× · Cheaper than 75% of peers

P/FCF 0.3× · Cheaper than 75% of peers

EV/EBITDA 4.3× · 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

FUTURE34 · sector 26

PAST11 · sector 30

HEALTH69 · 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 26, 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 Wenzhou Kangning Hosp Co Ltd (2120) overvalued or undervalued?

As of Aug 26, 2026, our model estimates a fair value of HK$18.59 versus a price of HK$10.00, about +86% upside (undervalued).

What is the fair value of 2120?

Our model-based fair value for Wenzhou Kangning Hosp Co Ltd is HK$18.59 (as of Aug 26, 2026), built from audited fundamentals. The current price: HK$10.00.

What is the quality score of 2120?

Wenzhou Kangning Hosp Co Ltd has a Quality Score of 56/100. 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 Wenzhou Kangning Hosp Co Ltd (2120)?

Our model-based price target is the fair value of HK$18.59 (as of Aug 26, 2026) from 26 valuation models. Cautious scenario HK$16.63, optimistic scenario HK$23.24. It is a calculation from audited fundamentals, not an analyst target.

What is the Wenzhou Kangning Hosp Co Ltd stock forecast for 2026?

Our models put fair value at HK$18.59, about +86% upside versus a price of HK$10.00 (undervalued). Cautious scenario HK$16.63, optimistic scenario HK$23.24. The calculation is refreshed regularly with new filings.

What is the revenue of Wenzhou Kangning Hosp Co Ltd (2120)?

Wenzhou Kangning Hosp Co Ltd reported trailing-twelve-month revenue of about HK$1.6B (latest available figure, as of Aug 26, 2026).

What is the net profit margin of 2120?

The net profit margin of Wenzhou Kangning Hosp Co Ltd is about 3.4%, meaning it keeps roughly 3.4% of revenue as net income. Based on the latest reported figures.

Does Wenzhou Kangning Hosp Co Ltd pay a dividend?

Wenzhou Kangning Hosp Co Ltd currently shows a dividend yield of about 5.00% relative to its recent price (as of Aug 26, 2026).

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