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JBM (Healthcare) Limited (2161) Fair Value & Analysis

Healthcare · HK · Market cap HK$1.7B

JH JBM (Healthcare) Limited 2161 · HK
PriceHK$1.87
Fair ValueHK$4.89
Upside+161.5%
Quality78/100
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Healthy Growth
Highly profitable · 24.1% net margin
Low debt · generates free cash flow
8.51% dividend yield
Ranks above peers (13/14)
Wide moat 82/100
Evidence: High Range HK$3.55 – HK$6.20 Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated 3 days ago

Share price −7.0% over the past month.

A strong business, screening 162% undervalued on our models.

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What matters now

  • The rarer combination: high quality (78/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (HK$3.55). The market is more pessimistic than our downside scenario.
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Price vs Fair Value (5 years)

HK$3.12 HK$0.4875 Fair Value HK$4.89 Mar 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$0.4875 – HK$3.12 · fair‑value band HK$3.55 – HK$6.20 · the HK$1.87 price screens below the HK$4.89 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

JBM (Healthcare) Limited (2161) currently trades at HK$1.87, while our model-based Fair Value estimate is HK$4.89, implying the stock looks roughly 161.5% undervalued today. The Quality Score stands at 78/100 (high quality), in the Healthcare 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, JBM (Healthcare) Limited generated revenue of HK$835M at a net margin of 24.1%. Revenue grew 5.6% year over year. It earns a return on equity of 18.3%. Net debt stands at HK$274M. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$3.55 (bear case) to HK$6.20 (bull case); at HK$1.87, 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 40% below its 52-week high and 2% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -49% fair-value upside, at 162%, 2161 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$3.04 HK$5.46 HK$9.01 80
Residual Income HK$1.39 HK$1.81 HK$4.86 76
Rev-Margin DCF HK$2.60 HK$4.58 HK$7.40 74
All 26 models by family
DCF Models
FCF DCF HK$3.16 HK$5.14 HK$9.84 38
Owner Earnings HK$3.54 HK$6.70 HK$12.22 31
5Y Revenue Exit HK$2.60 HK$4.63 HK$7.58 39
5Y EBITDA Exit HK$3.61 HK$6.90 HK$11.42 41
5Y P/E Exit HK$3.69 HK$7.12 HK$11.37 38
10Y Revenue Exit HK$2.69 HK$4.70 HK$7.81 36
10Y EBITDA Exit HK$3.40 HK$6.32 HK$11.30 37
10Y P/E Exit HK$3.45 HK$6.44 HK$11.26 35
Earnings-Based
Graham-Dodd HK$1.67 HK$10.36 HK$14.46 54
Lynch FV HK$2.98 HK$4.25 HK$5.53 50
PEG = 1.0 HK$2.98 HK$4.25 HK$5.53 46
EPV HK$2.21 HK$2.50 HK$2.73 59
Dividend Discount
Gordon GGM HK$0.7500 HK$1.34 HK$1.85 70
DDM Multi-Stage HK$0.7500 HK$1.23 HK$1.44 61
Multiples
P/E Multiple HK$4.05 HK$5.40 HK$6.75 63
P/S Multiple HK$2.67 HK$3.56 HK$4.45 58
P/B Multiple HK$3.13 HK$4.17 HK$5.21 55
EV/EBIT HK$4.09 HK$5.41 HK$6.72 53
EV/EBITDA HK$4.07 HK$5.37 HK$6.68 54
EV/Revenue HK$2.28 HK$3.20 HK$4.12 43
Asset-Based
NCAV (Graham) HK$0.6600 HK$0.8800 HK$1.32 50
Growth DCF
Growth DCF HK$3.04 HK$5.46 HK$9.01 80
Rev-Margin DCF HK$2.60 HK$4.58 HK$7.40 74
Economic Profit
Residual Income HK$1.39 HK$1.81 HK$4.86 76
ROIC Compounder HK$2.56 HK$3.38 HK$4.44 72
Growth Earnings
Growth-Adj P/E HK$4.36 HK$6.22 HK$8.09 68

Widest divergence: DCF Models (HK$6.32) versus Asset-Based (HK$0.8800). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$835M
Revenue growth (YoY) +5.6%
Net margin 24.1%
Return on equity 18.3%
Free cash flow HK$206M FY2025
P/E ratio 8.1 as of Jul 2, 2026
More key figures
Operating margin 29.2%
EPS (TTM) HK$0.1100
Dividend yield 8.5%
EPS growth (YoY) -2.2%
Net debt HK$274M FY2026

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

Quality Score breakdown

Overall quality 78/100

Of which business quality 74 · Market factors (momentum, volatility) 29

Profitability 62
Margins and returns on capital today
Quality Growth 44
Are margins and returns improving?
Cashflow 81
Earnings quality: real cash, not paper profit
Fin. Strength 82
Balance sheet, leverage, solvency risk
Investment 81
Disciplined investing over empire-building
Low Volatility 84
Calm price path (market factor)
Momentum 8
Price trend over the last 3–12 months (market factor)
52W Momentum 1
Distance to the 52-week high (market factor)
Net Issuance 92
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

JBM (Healthcare) Limited, an investment holding company, engages in the manufacture, marketing, distribution, and sale of branded healthcare and wellness products in Hong Kong, Macau, Mainland China, Singapore, and internationally. It operates through Branded Medicines, Proprietary Chinese Medicines, and Health and Wellness Products segments.

Full company description

JBM (Healthcare) Limited, an investment holding company, engages in the manufacture, marketing, distribution, and sale of branded healthcare and wellness products in Hong Kong, Macau, Mainland China, Singapore, and internationally. It operates through Branded Medicines, Proprietary Chinese Medicines, and Health and Wellness Products segments. The Branded Medicines segment develops, manufactures, and distributes branded medicines with chemical compounds as active ingredients. The Proprietary Chinese Medicines segment develops, manufactures, and distributes registered Chinese medicines composed of Chinese herbal medicines. The Health and Wellness Products segment distributes and sells supplements, medical consumables, and other non-pharmaceutical products for the general health and wellness of consumers. The company also offers consumer healthcare and proprietary Chinese medicines, such as over-the-counter medicines, and CCMG products. It is also involved in the manufactures, trading, wholesaling, and retailing of Chinese medicines; trading of medical supplies and pharmaceutical products; and sale of healthcare and herbal products. The company was incorporated in 2020 and is headquartered in Kwun Tong, Hong Kong.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

JBM (Healthcare) Limited reported revenue of HK$835M in FY2026 versus HK$406M in FY2022, a compound +19.7%/yr. Reported net income was HK$201M in FY2026, compounding +69.1%/yr from FY2022.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2026)
HK$835M
Latest YoY
+6.7%
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.
+17.1%
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.
+16.0%
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.
+15.5%
Revenue +19.7%/yr
FY22 HK$406M
FY23 HK$520M
FY24 HK$648M
FY25 HK$782M
FY26 HK$835M
Net income +69.1%/yr
FY22 HK$24.6M
FY23 HK$57.1M
FY24 HK$130M
FY25 HK$197M
FY26 HK$201M

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JBM (Healthcare) Limited · Fair Value
HK$4.89 +162%Fair Value
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Cite: Fair Value Calculator (2026). "JBM (Healthcare) Limited Fair Value". https://www.fairvalue-calculator.com/stock/2161

Peer Group

Drug Manufacturers - Specialty & Generic · 622 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 78 · Top 25%
Fair Value upside +162% · Top 25%
Return on equity (TTM) 18% · Top 25%
Return on assets 10% · Top 25%
Net margin (TTM) 24% · Top 25%
Operating margin (TTM) 29% · Top 25%
Revenue growth 6% · Above median
Dividend yield (TTM) 8.5% · Top 25%

Valuation Multiples vs Drug Manufacturers - Specialty & Generic median · lower = cheaper

P/E (TTM) 8.1× · Cheaper than 75% of peers
P/B 1.53× · Cheaper than median
P/S (TTM) 1.98× · Pricier than median
P/FCF 1.0× · Cheaper than median
EV/EBITDA 5.1× · 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 7
FUTURE 28 · sector 21
PAST 73 · sector 25
HEALTH 100 · sector 97
DIVIDEND 100 · sector 32

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.

Similar stocks

10 more Drug Manufacturers - Specialty & Generic stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Jiangsu Hengrui Pharmaceuticals Co 600276 ¥53.76 ¥25.94 -52%
Sun Pharmaceutical Industries Limited SUNPHARMA ₹1,944 ₹989.50 -49%
Divi's Laboratories Limited DIVISLAB ₹8,500 ₹1,932 -77%
Torrent Pharmaceuticals Limited TORNTPHARM ₹4,915 ₹1,163 -76%
PharmaEssentia Corporation 6446 1,440 TWD 233.93 TWD -84%
Cipla Limited CIPLA ₹1,463 ₹1,001 -32%
Zydus Lifesciences Limited ZYDUSLIFE ₹1,167 ₹703.32 -40%
Lupin Limited LUPIN ₹2,281 ₹2,477 +9%
Mankind Pharma Limited MANKIND ₹2,433 ₹983.11 -60%
Dr. Reddy's Laboratories Limited DRREDDY ₹1,200 ₹874.79 -27%

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Frequently asked questions

Is JBM (Healthcare) Limited (2161) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$4.89 versus a price of HK$1.87, about +162% (undervalued).
What is the fair value of 2161?
Our model-based fair value for JBM (Healthcare) Limited is HK$4.89 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$1.87.
What is the quality score of 2161?
JBM (Healthcare) Limited has a Quality Score of 78/100. 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 JBM (Healthcare) Limited (2161)?
JBM (Healthcare) Limited reported trailing-twelve-month revenue of about HK$835M (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 2161?
The net profit margin of JBM (Healthcare) Limited is about 24.1%, meaning it keeps roughly 24.1% of revenue as net income. Based on the latest reported figures.
Does JBM (Healthcare) Limited pay a dividend?
JBM (Healthcare) Limited currently shows a dividend yield of about 8.51% 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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