Zylox-Tonbridge Med Tech Co (2190) fair value: what the stock is really worth
As of Sep 30, 2026: fair value of Zylox-Tonbridge Med Tech Co HK$23.76, price HK$21.60, upside +10.0%, quality 80 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$7.48 – HK$58.94 · fair‑value band HK$14.25 – HK$43.74 · the HK$21.60 price screens below the HK$23.76 fair value. Dashed = 300-day average. As of Sep 27, 2026.
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Zylox-Tonbridge Medical Technology Co., Ltd., a medical device company, provides neuro- and peripheral-vascular interventional medical devices in the People's Republic of China and internationally.
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Zylox-Tonbridge Medical Technology Co., Ltd., a medical device company, provides neuro- and peripheral-vascular interventional medical devices in the People's Republic of China and internationally. It offers a neurovascular product portfolio that covers a suite of products for various categories, including ischemic stroke, hemorrhagic stroke, intracranial stenosis, carotid artery, and intracranial access devices. The company's peripheral-vascular interventional product portfolio includes stents, balloons, catheters, and filters, as well as covers hemodialysis access, arterial, venous, peripheral embolization intervention, and other intervention products. In addition, the company provides technical consultation and services, as well as imports materials. It serves patients and physicians. The company was formerly known as Zhejiang Zylox Medical Device Co., Ltd. and changed its name to Zylox-Tonbridge Medical Technology Co., Ltd. in March 2021. Zylox-Tonbridge Medical Technology Co., Ltd. was incorporated in 2012 and is headquartered in Hangzhou, the People's Republic of China.
Stock analysis
Zylox-Tonbridge Med Tech Co (2190) currently trades at HK$21.60, while our model-based Fair Value estimate is HK$23.76, implying the stock looks roughly 9.1% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of HK$40.91 per share, and 9 of the 26 models we run sit above the HK$21.60 price.
Bear case: the Asset-Based group reads lowest at HK$7.80, and 17 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: HK$14.25 (bear) to HK$43.74 (bull), the price of HK$21.60 sits inside 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 80/100 (high quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Zylox-Tonbridge Med Tech Co reported revenue of 1.1B CNY in FY2025 versus 178M CNY in FY2021, a compound +56.1%/yr. Reported net income was 244M CNY in FY2025.
Key figures
Market cap HK$7.0B (≈ $891M) · P/E ratio 21.8 · P/S ratio 5.04 · EPS (TTM) HK$0.3700 · Dividend yield 1.0% · Net margin 23.1% · Return on equity 7.7% · Return on assets (EBIT) −2.1%.
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 21% below its 52-week high and 24% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at 6% fair-value upside, at 10%, 2190 screens cheaper than that median.
Fair Value models
Bear HK$14.25Fair Value HK$23.76Bull HK$43.74
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$0.1126 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.95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+35.1%
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.
+46.8%
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.
+107.3%
Start year 2020 (pandemic)
Revenue growth 6 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.
+144.8%
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Profit margin (trend) ⓘ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.
−362.5% (2020) → 18.6% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no profitable base year
not computed
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+7.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+26.1%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in CNY, China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about +5.3% a year for the price and +24.0% for the forecasts.
Compare Zylox-Tonbridge Med Tech Co with another stock
Price, fair value, quality and upside side by side.
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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 Devices · 354 stocks
Beats the industry median on 9/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score80 · Top 25%
Fair Value upside+10.0% · Above median
Profitability
Return on equity (TTM)7.7% · Above median
Return on assets3.5% · Above median
Net margin (TTM)23.1% · Top 25%
Operating margin (TTM)21.7% · Top 25%
Growth and dividend
Revenue growth38.2% · Top 25%
Dividend yield (TTM)1.0% · Below median
Valuation Multiplesvs Medical Devices median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Zylox-Tonbridge Med Tech Co Fair Value". https://www.fairvalue-calculator.com/stock/2190
Frequently asked questions
Is Zylox-Tonbridge Med Tech Co (2190) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of HK$23.76 versus a price of HK$21.60, about +10% upside (undervalued).
What is the fair value of 2190?
Our model-based fair value for Zylox-Tonbridge Med Tech Co is HK$23.76 (as of Sep 27, 2026), built from audited fundamentals. The current price: HK$21.60.
What is the quality score of 2190?
Zylox-Tonbridge Med Tech Co has a Quality Score of 80/100. 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 Zylox-Tonbridge Med Tech Co (2190)?
Our model-based price target is the fair value of HK$23.76 (as of Sep 27, 2026) from 26 valuation models. Cautious scenario HK$14.25, optimistic scenario HK$43.74. It is a calculation from audited fundamentals, not an analyst target.
What is the Zylox-Tonbridge Med Tech Co stock forecast for 2026?
Our models put fair value at HK$23.76, about +10% upside versus a price of HK$21.60 (undervalued). Cautious scenario HK$14.25, optimistic scenario HK$43.74. The calculation is refreshed regularly with new filings.
What is the revenue of Zylox-Tonbridge Med Tech Co (2190)?
Zylox-Tonbridge Med Tech Co reported trailing-twelve-month revenue of about 1.1B CNY (latest available figure, as of Sep 27, 2026).
Does Zylox-Tonbridge Med Tech Co pay a dividend?
Zylox-Tonbridge Med Tech Co currently shows a dividend yield of about 1.02% relative to its recent price (as of Sep 27, 2026).
What growth is priced into Zylox-Tonbridge Med Tech Co (2190)?
For today's price to be fair in a discounted-cash-flow model, Zylox-Tonbridge Med Tech Co would have to grow free cash flow by +7.0 % per year for five years (discount rate 10.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +107.3 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of 2190 use?
Our models discount Zylox-Tonbridge Med Tech Co at 10.3 %: a base by market capitalisation (small), damped by beta 0.28, country premium for Hong Kong. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Zylox-Tonbridge Med Tech Co that is +7.0 % per year a year over ten years, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has Zylox-Tonbridge Med Tech Co (2190) delivered so far?
Over the past 5 years revenue at Zylox-Tonbridge Med Tech Co grew +107.3 % a year. The price currently implies +7.0 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Zylox-Tonbridge Med Tech Co (2190) growing?
The median revenue growth in the sector is +4.3 % a year. That is the yardstick for the growth priced into Zylox-Tonbridge Med Tech Co (+7.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Zylox-Tonbridge Med Tech Co (2190)?
The free-cash-flow yield on the price is 4.50 %: that much free cash flow Zylox-Tonbridge Med Tech Co produces per unit of market value. When it exceeds the discount rate of our models (10.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Zylox-Tonbridge Med Tech Co (2190)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Zylox-Tonbridge Med Tech Co it is HK$23.76 per share (as of Sep 27, 2026), against a price of HK$21.60. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Zylox-Tonbridge Med Tech Co stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 2190 trades below its calculated fair value: price HK$21.60, fair value HK$23.76, a gap of about +10% (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 2190?
No. The price is what the market pays today (HK$21.60); the fair value is what the company's own numbers justify (HK$23.76). For Zylox-Tonbridge Med Tech Co the two are HK$2.16 per share apart. That gap is exactly why we show both numbers side by side.
How much is Zylox-Tonbridge Med Tech Co worth?
The market values Zylox-Tonbridge Med Tech Co at about HK$7.0B (market capitalisation, as of Sep 27, 2026). Per share that is HK$21.60; our models calculate a fair value of HK$23.76 per share.
What do the bullish and bearish scenarios say about 2190?
Our models span a range for Zylox-Tonbridge Med Tech Co: cautious scenario HK$14.25, base HK$23.76, optimistic HK$43.74 per share (as of Sep 27, 2026, price HK$21.60). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2190?
Zylox-Tonbridge Med Tech Co 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$23.76 is built from several models across several years. Other multiples: P/B 1.9, P/S 5.6, EV/EBITDA 23.2.
How solid is the balance sheet of Zylox-Tonbridge Med Tech Co (2190)?
Balance-sheet figures for Zylox-Tonbridge Med Tech Co (as of Sep 27, 2026): return on equity 7.7%. They feed the Quality Score of 80/100, which measures business quality independently of the share price.
How far is 2190 from its 52-week high?
Zylox-Tonbridge Med Tech Co trades at HK$21.60, about 21% below its 52-week high of HK$27.17 and 24% above the low of HK$17.35 (as of Sep 30, 2026). Distance from the high says nothing about value: that is what the fair value of HK$23.76 is for.
Which stocks are comparable to Zylox-Tonbridge Med Tech Co?
From the same area (Healthcare) we also value Abbott Laboratories,, Medtronic plc, Stryker Corporation, Boston Scientific Corporation, 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 Zylox-Tonbridge Med Tech Co stock attractive at the current price?
The data as of Sep 27, 2026: price HK$21.60, calculated fair value HK$23.76 (+10%), Quality Score 80/100, from 26 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 2190 calculated?
We run Zylox-Tonbridge Med Tech Co through 26 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$23.76, 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. Zylox-Tonbridge Med Tech Co currently trades 9 % 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 Zylox-Tonbridge Med Tech Co (2190)?
The closing price on Sep 30, 2026 was HK$21.60. Our model-based fair value is HK$23.76, about +10% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Zylox-Tonbridge Med Tech Co right now?
The model range is unusually wide (HK$14.25 to HK$43.74). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Key figures of Zylox-Tonbridge Med Tech Co
How large is the market capitalisation of Zylox-Tonbridge Med Tech Co (2190)?
The market capitalisation of Zylox-Tonbridge Med Tech Co is HK$7.0B (≈ $891M). 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 Zylox-Tonbridge Med Tech Co (2190)?
The price-to-sales ratio of Zylox-Tonbridge Med Tech Co is 5.04 (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 Zylox-Tonbridge Med Tech Co (2190)?
Earnings per share at Zylox-Tonbridge Med Tech Co are HK$0.3700 (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 Zylox-Tonbridge Med Tech Co (2190)?
The dividend yield of Zylox-Tonbridge Med Tech Co is 1.0% (payout 59.5%). 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 Zylox-Tonbridge Med Tech Co (2190)?
The net margin of Zylox-Tonbridge Med Tech Co is 23.1% (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 Zylox-Tonbridge Med Tech Co (2190)?
The return on equity (ROE) of Zylox-Tonbridge Med Tech Co is 7.7% (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 Zylox-Tonbridge Med Tech Co (2190)?
On an EBIT basis the return on assets of Zylox-Tonbridge Med Tech Co is −2.1% (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 Zylox-Tonbridge Med Tech Co (2190)?
The operating margin of Zylox-Tonbridge Med Tech Co is 21.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Zylox-Tonbridge Med Tech Co (2190)?
Revenue at Zylox-Tonbridge Med Tech Co is growing +38.2% versus a year earlier (3y avg +46.8%). 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 Zylox-Tonbridge Med Tech Co (2190)?
Earnings per share at Zylox-Tonbridge Med Tech Co are growing +302% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Zylox-Tonbridge Med Tech Co (2190) hold?
Zylox-Tonbridge Med Tech Co holds more cash than debt, 516M CNY net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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