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Morimatsu Intl Hldg Co Ltd (2155) Fair Value & Analysis

Industrials · HK · Market cap HK$11.4B

MI Morimatsu Intl Hldg Co Ltd 2155 · HK
PriceHK$7.44
Fair ValueHK$11.76
Upside+58.1%
Quality46/100
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Expensive Growth
Thin margins · 8.6% net margin
Low debt · generates free cash flow
2.35% dividend yield
Ranks above peers (12/14)
Narrow moat 40/100
Evidence: High Range HK$7.06 – HK$14.70 Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated 3 days ago

Fair value updated Aug 13, 2026, revised from HK$11.75 to HK$11.76 (+0.1%) since Aug 5, 2026. Share price −12.0% over the past month.

Below-average quality, screening 58% undervalued on our models.

What matters now

  • Solid quality (46/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (HK$7.06 to HK$14.70) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

HK$14.10 HK$3.47 Fair Value HK$11.76 Jun 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$3.47 – HK$14.10 · fair‑value band HK$7.06 – HK$14.70 · the HK$7.44 price screens below the HK$11.76 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Morimatsu Intl Hldg Co Ltd (2155) currently trades at HK$7.44, while our model-based Fair Value estimate is HK$11.76, implying the stock looks roughly 58.1% undervalued today. The Quality Score stands at 46/100 (below-average quality), in the Industrials 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, Morimatsu Intl Hldg Co Ltd generated revenue of HK$7.0B at a net margin of 8.6%. Revenue grew 22.9% year over year. It earns a return on equity of 10.5%. The balance sheet holds a net cash position of HK$2.5B. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$7.06 (bear case) to HK$14.70 (bull case); at HK$7.44, the current price sits within 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 38% below its 52-week high and 25% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -67% fair-value upside, at 58%, 2155 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$3.32 HK$3.92 HK$4.95 80
Residual Income HK$4.03 HK$4.56 HK$8.13 76
Rev-Margin DCF HK$6.38 HK$10.07 HK$14.81 74
All 26 models by family
DCF Models
FCF DCF HK$3.33 HK$3.98 HK$5.13 38
Owner Earnings HK$7.59 HK$11.70 HK$18.85 31
5Y Revenue Exit HK$6.38 HK$10.26 HK$15.67 39
5Y EBITDA Exit HK$7.55 HK$12.66 HK$19.21 41
5Y P/E Exit HK$7.53 HK$12.62 HK$18.54 38
10Y Revenue Exit HK$5.16 HK$8.51 HK$13.90 36
10Y EBITDA Exit HK$6.12 HK$10.27 HK$16.86 37
10Y P/E Exit HK$6.11 HK$10.24 HK$16.30 35
Earnings-Based
Graham-Dodd HK$3.27 HK$15.18 HK$20.85 54
Lynch FV HK$4.00 HK$5.71 HK$7.43 50
PEG = 1.0 HK$4.00 HK$5.71 HK$7.43 46
EPV HK$7.12 HK$7.89 HK$8.56 59
Dividend Discount
Gordon GGM HK$1.22 HK$2.55 HK$4.04 70
DDM Multi-Stage HK$1.22 HK$2.15 HK$2.67 61
Multiples
P/E Multiple HK$7.58 HK$10.11 HK$12.64 63
P/S Multiple HK$6.14 HK$8.18 HK$10.23 58
P/B Multiple HK$6.14 HK$8.18 HK$10.23 55
EV/EBIT HK$10.04 HK$12.55 HK$15.06 53
EV/EBITDA HK$10.13 HK$12.67 HK$15.21 54
EV/Revenue HK$7.89 HK$10.19 HK$12.49 43
Asset-Based
NCAV (Graham) HK$2.25 HK$3.01 HK$4.50 50
Growth DCF
Growth DCF HK$3.32 HK$3.92 HK$4.95 80
Rev-Margin DCF HK$6.38 HK$10.07 HK$14.81 74
Economic Profit
Residual Income HK$4.03 HK$4.56 HK$8.13 76
ROIC Compounder HK$7.75 HK$9.50 HK$11.72 72
Growth Earnings
Growth-Adj P/E HK$6.38 HK$9.12 HK$11.85 68

Widest divergence: DCF Models (HK$10.26) versus Dividend Discount (HK$2.15). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$7.0B
Revenue growth (YoY) +22.9%
Net margin 8.6%
Return on equity 10.5%
Free cash flow HK$78.3M FY2025
P/E ratio 16.9 as of Jul 2, 2026
More key figures
Operating margin 7.9%
EPS (TTM) HK$0.2700
Dividend yield 2.4%
EPS growth (YoY) -30.9%
Net cash HK$2.5B FY2025

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

Quality Score breakdown

Overall quality 46/100

Of which business quality 48 · Market factors (momentum, volatility) 29

Profitability 43
Margins and returns on capital today
Quality Growth 17
Are margins and returns improving?
Cashflow 19
Earnings quality: real cash, not paper profit
Fin. Strength 96
Balance sheet, leverage, solvency risk
Investment 47
Disciplined investing over empire-building
Low Volatility 40
Calm price path (market factor)
Momentum 27
Price trend over the last 3–12 months (market factor)
52W Momentum 19
Distance to the 52-week high (market factor)
Net Issuance 61
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

Morimatsu International Holdings Company Limited designs, manufactures, installs, operates, and maintains core equipment, process systems, and solutions primarily for chemical reactions, biological reactions, and polymerization in Mainland China, North America, the rest of Asia, Europe, Africa, South America, Oceania, and internationally.

Full company description

Morimatsu International Holdings Company Limited designs, manufactures, installs, operates, and maintains core equipment, process systems, and solutions primarily for chemical reactions, biological reactions, and polymerization in Mainland China, North America, the rest of Asia, Europe, Africa, South America, Oceania, and internationally. The company offers core pressure equipment comprising reactors, heat exchangers, tanks, and towers; and module pressure equipment. It also provides services to downstream industries, including oil and gas refineries, family care, new chemical materials, pharmaceuticals, raw materials for power batteries, electronic chemicals, and others. In addition, the company engages in the purchase of materials and design of pressure equipment; design and engineering of modular manufacturing facilities for the pharmaceutical, biopharmaceutical, and fast-moving consumer goods industries; sales, after-sales, purchasing, technology hubs, engineering services, technical service hubs, and market development center activities; research and development of biological technology; biotechnology consulting and services; technical and service support; and development and sale of high-purity chemical reagent production technology and equipment. It is involved in the manufacture and sale of semiconductor special equipment, linings for metal storage tanks, metal piping products, drying equipment, cleaning equipment, sterilization equipment, and conveyor systems; structural and special equipment design, and engineering cost consultancy; import and export of machinery and equipment, special equipment, specialized production equipment, and spare parts; and processing and sale of polytetrafluoroethylene gaskets. Morimatsu International Holdings Company Limited was founded in 1990 and is headquartered in Shanghai, the People's Republic of China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Morimatsu Intl Hldg Co Ltd reported revenue of HK$7.0B in FY2025 versus HK$4.3B in FY2021, a compound +12.9%/yr. Reported net income was HK$600M in FY2025, compounding +11.9%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
HK$7.0B
Latest YoY
+0.1%
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.
+2.4%
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.
+18.5%
Avg. growth/yr (8Y) 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.
+20.4%
Revenue +12.9%/yr
FY21 HK$4.3B
FY22 HK$6.5B
FY23 HK$7.4B
FY24 HK$6.9B
FY25 HK$7.0B
Net income +11.9%/yr
FY21 HK$382M
FY22 HK$669M
FY23 HK$845M
FY24 HK$737M
FY25 HK$600M

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Cite: Fair Value Calculator (2026). "Morimatsu Intl Hldg Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2155

Peer Group

Specialty Industrial Machinery · 808 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 46 · Below median
Fair Value upside +58% · Top 25%
Return on equity (TTM) 10% · Above median
Return on assets 5% · Above median
Net margin (TTM) 9% · Above median
Operating margin (TTM) 8% · Above median
Revenue growth 23% · Top 25%
Dividend yield (TTM) 2.4% · Above median

Valuation Multiples vs Specialty Industrial Machinery median · lower = cheaper

P/E (TTM) 16.9× · Cheaper than 75% of peers
P/B 2.03× · Cheaper than median
P/S (TTM) 1.64× · Cheaper than median
P/FCF 18.5× · Pricier than 75% of peers
EV/EBITDA 9.3× · 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 0
FUTURE 100 · sector 22
PAST 42 · sector 28
HEALTH 100 · sector 96
DIVIDEND 47 · sector 27

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.

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Frequently asked questions

Is Morimatsu Intl Hldg Co Ltd (2155) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$11.76 versus a price of HK$7.44, about +58% (undervalued).
What is the fair value of 2155?
Our model-based fair value for Morimatsu Intl Hldg Co Ltd is HK$11.76 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$7.44.
What is the quality score of 2155?
Morimatsu Intl Hldg Co Ltd has a Quality Score of 46/100. 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 Morimatsu Intl Hldg Co Ltd (2155)?
Morimatsu Intl Hldg Co Ltd reported trailing-twelve-month revenue of about HK$7.0B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 2155?
The net profit margin of Morimatsu Intl Hldg Co Ltd is about 8.6%, meaning it keeps roughly 8.6% of revenue as net income. Based on the latest reported figures.
Does Morimatsu Intl Hldg Co Ltd pay a dividend?
Morimatsu Intl Hldg Co Ltd currently shows a dividend yield of about 2.35% 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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