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MicroTech Medical (Hangzhou) Co (2235) Fair Value & Analysis

Healthcare · HK · Market cap HK$3.0B

MM MicroTech Medical (Hangzhou) Co 2235 · HK
PriceHK$6.98
Fair ValueHK$3.82
Upside-45.3%
Quality67/100
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Expensive Growth
Thin margins · 6.1% net margin
Low debt · negative free cash flow
Mixed vs. peers (6/11)
Narrow moat 23/100
Evidence: High Range HK$3.78 – HK$3.82 Share as image

Fair value as of: Aug 5, 2026

From 15 valuation models · updated 5 days ago

Fair value updated Aug 5, 2026, revised from HK$3.84 to HK$3.82 (−0.5%) since Jul 2, 2026. Share price −3.7% over the past month.

A solid business, but screening 45% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (HK$3.82). The favourable scenario is already priced in.
  • Solid but not exceptional quality (67/100) and above fair value, neither a clear bargain nor a standout compounder.
  • The models converge in a tight band (HK$3.78 to HK$3.82), unusually little disagreement for a valuation.
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Price vs Fair Value (5 years)

HK$30.75 HK$3.56 Fair Value HK$3.82 Oct 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 5, 2026.

How to read this chart

58‑month range HK$3.56 – HK$30.75 · fair‑value band HK$3.78 – HK$3.82 · the HK$6.98 price screens above the HK$3.82 fair value. Dashed = 300-day average. As of Aug 5, 2026.

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Analysis

MicroTech Medical (Hangzhou) Co (2235) currently trades at HK$6.98, while our model-based Fair Value estimate is HK$3.82, implying the stock looks roughly 45.3% overvalued today. The Quality Score stands at 67/100 (solid quality), in the Healthcare sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, MicroTech Medical (Hangzhou) Co generated revenue of HK$661M at a net margin of 6.1%. Revenue grew 113.0% year over year. It earns a return on equity of 2.0%. The balance sheet holds a net cash position of HK$1.4B. Fundamentals as of Aug 5, 2026

Our scenario range runs from HK$3.78 (bear case) to HK$3.82 (bull case); at HK$6.98, the current price sits above 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 24% below its 52-week high and 22% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -22% fair-value upside, at -45%, 2235 screens richer 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
Residual Income HK$3.45 HK$3.21 HK$2.45 76
ROIC Compounder HK$4.65 HK$4.79 HK$4.91 72
Growth-Adj P/E HK$3.25 HK$4.65 HK$6.04 68
All 15 models by family
DCF Models
Owner Earnings HK$4.33 HK$5.03 HK$6.45 31
Earnings-Based
Graham-Dodd HK$0.6800 HK$4.74 HK$6.66 54
Lynch FV HK$2.45 HK$3.50 HK$4.55 50
PEG = 1.0 HK$2.45 HK$3.50 HK$4.55 46
EPV HK$4.65 HK$4.79 HK$4.91 59
Multiples
P/E Multiple HK$1.65 HK$2.20 HK$2.75 63
P/S Multiple HK$1.28 HK$1.70 HK$2.13 58
P/B Multiple HK$1.28 HK$1.70 HK$2.13 55
EV/EBIT HK$5.15 HK$5.62 HK$6.08 53
EV/EBITDA HK$5.25 HK$5.75 HK$6.25 54
EV/Revenue HK$4.75 HK$5.18 HK$5.61 43
Asset-Based
NCAV (Graham) HK$2.51 HK$3.36 HK$5.02 50
Economic Profit
Residual Income HK$3.45 HK$3.21 HK$2.45 76
ROIC Compounder HK$4.65 HK$4.79 HK$4.91 72
Growth Earnings
Growth-Adj P/E HK$3.25 HK$4.65 HK$6.04 68

Widest divergence: DCF Models (HK$5.03) versus Multiples (HK$2.20). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) HK$661M
Revenue growth (YoY) +113%
Net margin 6.1%
Return on equity 2.0%
Free cash flow −HK$6.1M FY2025
P/E ratio 61.0
More key figures
Operating margin 4.4%
EPS (TTM) HK$-0.0100
Net cash HK$1.4B FY2025

Figures from reported company fundamentals · as of Aug 5, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 67/100

Of which business quality 65 · Market factors (momentum, volatility) 48

Profitability 24
Margins and returns on capital today
Quality Growth 92
Are margins and returns improving?
Cashflow 15
Earnings quality: real cash, not paper profit
Fin. Strength 100
Balance sheet, leverage, solvency risk
Investment 93
Disciplined investing over empire-building
Low Volatility 74
Calm price path (market factor)
Momentum 35
Price trend over the last 3–12 months (market factor)
52W Momentum 39
Distance to the 52-week high (market factor)
Net Issuance 100
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

MicroTech Medical (Hangzhou) Co., Ltd. provides diabetes management, diabetes treatment, and diabetes monitoring and treatment medical devices in China and internationally.

Full company description

MicroTech Medical (Hangzhou) Co., Ltd. provides diabetes management, diabetes treatment, and diabetes monitoring and treatment medical devices in China and internationally. The company offers Equil patch insulin pump systems; AiDEX and LinX continuous glucose monitoring systems; POCT analyzer systems; closed-loop artificial pancreas systems; blood glucose monitoring systems; Exactive Pro blood glucose, blood ketone, and uric acid monitoring system; API open platform; and diabetes digital management software. It also involved in scientific research and technical services; business services; wholesale and retail; manufacturing; and commercials business. MicroTech Medical (Hangzhou) Co., Ltd. was incorporated in 2011 and is headquartered in Hangzhou, the People's Republic of China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

MicroTech Medical (Hangzhou) Co reported revenue of HK$661M in FY2025 versus HK$151M in FY2021, a compound +44.5%/yr. Reported net income was HK$40.2M in FY2025.

Growth Quality 58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
HK$661M
Latest YoY
+91.2%
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.
+56.2%
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.
+54.4%
Avg. growth/yr (6Y) 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.
+52.8%
Revenue +44.5%/yr
FY21 HK$151M
FY22 HK$174M
FY23 HK$248M
FY24 HK$346M
FY25 HK$661M
Net income
FY21 −HK$48.2M
FY22 −HK$35.0M
FY23 −HK$125M
FY24 −HK$63.1M
FY25 HK$40.2M

2235 screens 45% overvalued. Compare with Abbott Laboratories, →

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Cite: Fair Value Calculator (2026). "MicroTech Medical (Hangzhou) Co Fair Value". https://www.fairvalue-calculator.com/stock/2235

Peer Group

Medical Devices · 352 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 67 · Top 25%
Fair Value upside −45% · Below median
Return on equity (TTM) 2% · Above median
Return on assets -0% · Below median
Net margin (TTM) 6% · Above median
Operating margin (TTM) 4% · Below median
Revenue growth 113% · Top 25%

Valuation Multiples vs Medical Devices median · lower = cheaper

P/E (TTM) 61.0× · Pricier than 75% of peers
P/B 1.49× · Cheaper than median
P/S (TTM) 4.54× · Pricier 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 0 · sector 0
FUTURE 100 · sector 29
PAST 8 · sector 8
HEALTH 100 · sector 97
DIVIDEND 0 · sector 38

VALUE 0: the price sits above our fair-value range.

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 Medical Devices stocks, each showing price versus our Fair Value estimate (as of Aug 5, 2026).

Stock Price Fair Value vs Fair Value
Abbott Laboratories, ABT $100.68 $74.79 -26%
Stryker Corporation SYK $316.44 $186.28 -41%
Medtronic plc MDT $83.56 $65.57 -22%
Boston Scientific Corporation BSX $43.04 $38.44 -11%
Edwards Lifesciences Corporation EW $85.73 $41.02 -52%
Siemens Healthineers AG SHL €34.59 €33.87 -2%
Shenzhen Mindray Bio-Medical Electronics Co 300760 ¥149.43 ¥147.63 -1%
Shanghai United Imaging Healthcare Co 688271 ¥109.00 ¥43.60 -60%
Demant A/S DEMANT kr 276.60 kr 161.17 -42%
Getinge AB GETIB kr 206.80 kr 192.14 -7%

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Frequently asked questions

Is MicroTech Medical (Hangzhou) Co (2235) overvalued or undervalued?
As of Aug 5, 2026, our model estimates a fair value of HK$3.82 versus a price of HK$6.98, about −45% (overvalued).
What is the fair value of 2235?
Our model-based fair value for MicroTech Medical (Hangzhou) Co is HK$3.82 (as of Aug 5, 2026), built from audited fundamentals. The current price is HK$6.98.
What is the quality score of 2235?
MicroTech Medical (Hangzhou) Co has a Quality Score of 67/100. 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 MicroTech Medical (Hangzhou) Co (2235)?
MicroTech Medical (Hangzhou) Co reported trailing-twelve-month revenue of about HK$661M (latest available figure, as of Aug 5, 2026).
What is the net profit margin of 2235?
The net profit margin of MicroTech Medical (Hangzhou) Co is about 6.1%, meaning it keeps roughly 6.1% of revenue as net income. Based on the latest reported figures.

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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