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Gushengtang Holdings Ltd (2273) Fair Value & Analysis

Healthcare · HK · Market cap HK$5.5B

GH Gushengtang Holdings Ltd 2273 · HK
PriceHK$26.48
Fair ValueHK$42.26
Upside+59.6%
Quality70/100
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Healthy Growth
Solidly profitable · 10.9% net margin
Low debt · generates free cash flow
3.61% dividend yield
Ranks above peers (11/14)
Moderate moat 54/100
Evidence: High Range HK$31.83 – HK$52.68 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$42.22 to HK$42.26 (+0.1%) since Aug 5, 2026. Share price −16.0% over the past month.

A solid business, screening 60% undervalued on our models.

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What matters now

  • The rarer combination: high quality (70/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (HK$31.83). The market is more pessimistic than our downside scenario.
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Price vs Fair Value (5 years)

HK$56.41 HK$19.51 Fair Value HK$42.26 Dec 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

56‑month range HK$19.51 – HK$56.41 · fair‑value band HK$31.83 – HK$52.68 · the HK$26.48 price screens below the HK$42.26 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Gushengtang Holdings Ltd (2273) currently trades at HK$26.48, while our model-based Fair Value estimate is HK$42.26, implying the stock looks roughly 59.6% undervalued today. The Quality Score stands at 70/100 (solid 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, Gushengtang Holdings Ltd generated revenue of HK$3.2B at a net margin of 10.9%. Revenue grew 5.8% year over year. It earns a return on equity of 15.4%. The balance sheet holds a net cash position of HK$129M. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$31.83 (bear case) to HK$52.68 (bull case); at HK$26.48, 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 last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat. The share trades about 28% below its 52-week high and 9% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -14% fair-value upside, at 60%, 2273 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$37.31 HK$64.35 HK$117.27 80
Residual Income HK$10.56 HK$13.62 HK$35.17 76
Rev-Margin DCF HK$28.62 HK$52.40 HK$93.08 74
All 26 models by family
DCF Models
FCF DCF HK$39.51 HK$58.98 HK$119.72 38
Owner Earnings HK$34.17 HK$71.58 HK$147.23 31
5Y Revenue Exit HK$28.62 HK$46.22 HK$82.37 39
5Y EBITDA Exit HK$36.52 HK$62.41 HK$112.42 41
5Y P/E Exit HK$33.59 HK$67.73 HK$113.39 38
10Y Revenue Exit HK$31.24 HK$60.40 HK$80.70 36
10Y EBITDA Exit HK$37.65 HK$76.63 HK$147.82 37
10Y P/E Exit HK$35.58 HK$70.62 HK$130.61 35
Earnings-Based
Graham-Dodd HK$11.28 HK$78.66 HK$110.39 54
Lynch FV HK$27.94 HK$39.91 HK$51.88 50
PEG = 1.0 HK$27.94 HK$39.91 HK$51.88 46
EPV HK$19.50 HK$22.04 HK$24.24 59
Dividend Discount
Gordon GGM HK$6.58 HK$13.10 HK$19.84 70
DDM Multi-Stage HK$6.58 HK$11.32 HK$13.83 61
Multiples
P/E Multiple HK$27.37 HK$36.49 HK$45.61 63
P/S Multiple HK$21.15 HK$28.20 HK$35.25 58
P/B Multiple HK$21.15 HK$28.20 HK$35.25 55
EV/EBIT HK$30.27 HK$39.23 HK$48.18 53
EV/EBITDA HK$34.80 HK$45.26 HK$55.73 54
EV/Revenue HK$22.58 HK$30.80 HK$39.02 43
Asset-Based
NCAV (Graham) HK$5.10 HK$6.84 HK$10.21 50
Growth DCF
Growth DCF HK$37.31 HK$64.35 HK$117.27 80
Rev-Margin DCF HK$28.62 HK$52.40 HK$93.08 74
Economic Profit
Residual Income HK$10.56 HK$13.62 HK$35.17 76
ROIC Compounder HK$23.91 HK$33.30 HK$45.70 72
Growth Earnings
Growth-Adj P/E HK$36.92 HK$52.75 HK$68.57 68

Widest divergence: DCF Models (HK$62.41) versus Asset-Based (HK$6.84). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$3.2B
Revenue growth (YoY) +5.8%
Net margin 10.9%
Return on equity 15.4%
Free cash flow HK$483M FY2025
P/E ratio 15.4 as of Jul 2, 2026
More key figures
Operating margin 14.1%
EPS (TTM) HK$0.6200
Dividend yield 3.6%
EPS growth (YoY) +5.9%
Net cash HK$129M FY2025

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

Quality Score breakdown

Overall quality 70/100

Of which business quality 71 · Market factors (momentum, volatility) 41

Profitability 55
Margins and returns on capital today
Quality Growth 55
Are margins and returns improving?
Cashflow 72
Earnings quality: real cash, not paper profit
Fin. Strength 89
Balance sheet, leverage, solvency risk
Investment 59
Disciplined investing over empire-building
Low Volatility 76
Calm price path (market factor)
Momentum 32
Price trend over the last 3–12 months (market factor)
52W Momentum 14
Distance to the 52-week high (market factor)
Net Issuance 89
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

Gushengtang Holdings Limited, an investment holding company, provides healthcare services in the People's Republic of China. The company offers consultation, traditional massage, moxibustion, acupuncture, and other therapies.

Full company description

Gushengtang Holdings Limited, an investment holding company, provides healthcare services in the People's Republic of China. The company offers consultation, traditional massage, moxibustion, acupuncture, and other therapies. It is also involved in the wholesale of pharmaceutical products; and provision of investment management and supply chain management services. The company was formerly known as Gushengtang (Cayman) Ltd. and changed its name to Gushengtang Holdings Limited in September 2021. The company was founded in 2010 and is headquartered in Guangzhou, the People's Republic of China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Gushengtang Holdings Ltd reported revenue of HK$3.2B in FY2025 versus HK$1.4B in FY2021, a compound +24.0%/yr. Reported net income was HK$353M in FY2025.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
HK$3.2B
Latest YoY
+7.5%
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.
+26.0%
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.
+28.6%
Avg. growth/yr (7Y) ⓘ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.
+23.9%
Revenue +24.0%/yr
FY21 HK$1.4B
FY22 HK$1.6B
FY23 HK$2.3B
FY24 HK$3.0B
FY25 HK$3.2B
Net income
FY21 −HK$507M
FY22 HK$181M
FY23 HK$252M
FY24 HK$307M
FY25 HK$353M

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Gushengtang Holdings Ltd · Fair Value
HK$42.26 +60%Fair Value
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Cite: Fair Value Calculator (2026). "Gushengtang Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2273

Peer Group

Medical Care Facilities · 266 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 70 · Top 25%
Fair Value upside +60% · Top 25%
Return on equity (TTM) 15% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 11% · Above median
Operating margin (TTM) 14% · Above median
Revenue growth 6% · Above median
Dividend yield (TTM) 3.6% · Above median
Debt / equity 0.09× · Lower than median

Valuation Multiples vs Medical Care Facilities median · lower = cheaper

P/E (TTM) 15.4× · Cheaper than median
P/B 2.53× · Pricier than median
P/S (TTM) 1.69× · Pricier than median
P/FCF 1.4× · Cheaper than median
EV/EBITDA 9.8× · Pricier than median

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 26
FUTURE 29 · sector 23
PAST 62 · sector 29
HEALTH 96 · sector 90
DIVIDEND 72 · sector 41

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 Care Facilities stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
HCA Healthcare, Inc HCA $414.59 $547.67 +32%
Fresenius SE FRE €46.82 €32.15 -31%
Dr. Sulaiman Al Habib Medical Services Group 4013 235.00 SAR 112.37 SAR -52%
IHH Healthcare Berhad, an investment holding company, Q0F 2.67 SGD 1.44 SGD -46%
Tenet Healthcare Corporation THC $266.79 $330.25 +24%
Rede D'Or São Luiz S.A RDOR3 R$33.97 R$47.31 +39%
Apollo Hospitals Enterprise Limited APOLLOHOSP ₹8,565 ₹2,955 -65%
Aier Eye Hospital Group 300015 ¥8.87 ¥7.67 -14%
Max Healthcare Institute Limited MAXHEALTH ₹1,008 ₹284.87 -72%
Bangkok Dusit Medical Services Public Company BDMS 19.70 THB 18.57 THB -6%

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Frequently asked questions

Is Gushengtang Holdings Ltd (2273) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$42.26 versus a price of HK$26.48, about +60% (undervalued).
What is the fair value of 2273?
Our model-based fair value for Gushengtang Holdings Ltd is HK$42.26 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$26.48.
What is the quality score of 2273?
Gushengtang Holdings Ltd has a Quality Score of 70/100. 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 Gushengtang Holdings Ltd (2273)?
Gushengtang Holdings Ltd reported trailing-twelve-month revenue of about HK$3.2B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 2273?
The net profit margin of Gushengtang Holdings Ltd is about 10.9%, meaning it keeps roughly 10.9% of revenue as net income. Based on the latest reported figures.
Does Gushengtang Holdings Ltd pay a dividend?
Gushengtang Holdings Ltd currently shows a dividend yield of about 3.61% 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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