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Swang Chai Chuan Limited (2321) Fair Value & Analysis

Consumer Defensive · HK · Market cap HK$500M

SC Swang Chai Chuan Limited 2321 · HK
PriceHK$0.5200
Fair ValueHK$0.5600
Upside+7.7%
Quality54/100
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Expensive Growth
Thin margins · 3.6% net margin
Low debt · negative free cash flow
Ranks above peers (10/13)
Narrow moat 36/100
Evidence: High Range HK$0.4700 – HK$0.9600 Share as image

Fair value as of: Aug 5, 2026

From 17 valuation models · updated 5 days ago

Fair value updated Aug 5, 2026, revised from HK$0.6100 to HK$0.5600 (−8.2%) since Jul 2, 2026.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (HK$0.4700 to HK$0.9600) leaves room in how you read the outcome.
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Price vs Fair Value (4 years)

HK$2.06 HK$0.3064 Fair Value HK$0.5600 Aug 2022 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

48‑month range HK$0.3064 – HK$2.06 · fair‑value band HK$0.4700 – HK$0.9600 · the HK$0.5200 price screens below the HK$0.5600 fair value. Dashed = 300-day average. As of Aug 5, 2026.

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Analysis

Swang Chai Chuan Limited (2321) currently trades at HK$0.5200, while our model-based Fair Value estimate is HK$0.5600, implying the stock looks roughly 7.7% fairly valued today. The Quality Score stands at 54/100 (solid quality), in the Consumer Defensive 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, Swang Chai Chuan Limited generated revenue of HK$933M at a net margin of 3.6%. Revenue grew 5.4% year over year. It earns a return on equity of 12.7%. Net debt stands at HK$55.4M. Fundamentals as of Aug 5, 2026

Our scenario range runs from HK$0.4700 (bear case) to HK$0.9600 (bull case); at HK$0.5200, 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 7% below its 52-week high and 49% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -31% fair-value upside, at 8%, 2321 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
Residual Income HK$0.2400 HK$0.2700 HK$0.4400 76
ROIC Compounder HK$0.2400 HK$0.2800 HK$0.3300 72
Gordon GGM HK$0.0600 HK$0.1000 HK$0.1400 70
All 17 models by family
DCF Models
Owner Earnings HK$0.2500 HK$0.3700 HK$0.5200 31
Earnings-Based
Graham-Dodd HK$0.2300 HK$0.6700 HK$0.8900 54
Lynch FV HK$0.1400 HK$0.2000 HK$0.2600 50
PEG = 1.0 HK$0.1400 HK$0.2000 HK$0.2600 46
EPV HK$0.2400 HK$0.2800 HK$0.3000 59
Dividend Discount
Gordon GGM HK$0.0600 HK$0.1000 HK$0.1400 70
DDM Multi-Stage HK$0.0600 HK$0.0900 HK$0.1100 61
Multiples
P/E Multiple HK$0.5200 HK$0.7000 HK$0.8700 63
P/S Multiple HK$0.4200 HK$0.5600 HK$0.7100 58
P/B Multiple HK$0.4200 HK$0.5600 HK$0.7100 55
EV/EBIT HK$0.5000 HK$0.6700 HK$0.8400 53
EV/EBITDA HK$0.4400 HK$0.5900 HK$0.7400 54
EV/Revenue HK$0.3500 HK$0.5100 HK$0.6600 43
Asset-Based
NCAV (Graham) HK$0.1400 HK$0.1800 HK$0.2700 50
Economic Profit
Residual Income HK$0.2400 HK$0.2700 HK$0.4400 76
ROIC Compounder HK$0.2400 HK$0.2800 HK$0.3300 72
Growth Earnings
Growth-Adj P/E HK$0.4300 HK$0.6100 HK$0.7900 68

Widest divergence: Growth Earnings (HK$0.6100) versus Dividend Discount (HK$0.0900). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) HK$933M
Revenue growth (YoY) +5.4%
Net margin 3.6%
Return on equity 12.7%
Free cash flow −HK$5.6M FY2025
P/E ratio 8.3
More key figures
Operating margin 3.9%
EPS (TTM) HK$0.0200
EPS growth (YoY) -9.7%
Net debt HK$55.4M FY2025

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

Quality Score breakdown

Overall quality 54/100

Of which business quality 53 · Market factors (momentum, volatility) 62

Profitability 55
Margins and returns on capital today
Quality Growth 33
Are margins and returns improving?
Cashflow 8
Earnings quality: real cash, not paper profit
Fin. Strength 80
Balance sheet, leverage, solvency risk
Investment 75
Disciplined investing over empire-building
Low Volatility 74
Calm price path (market factor)
Momentum 49
Price trend over the last 3–12 months (market factor)
52W Momentum 72
Distance to the 52-week high (market factor)
Net Issuance 82
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

Swang Chai Chuan Limited, an investment holding company, engages in the distribution and sale of food and beverage products in Malaysia.

Full company description

Swang Chai Chuan Limited, an investment holding company, engages in the distribution and sale of food and beverage products in Malaysia. The company distributes dairy products, frozen food, packaged food and commodities, sauces, oils and condiments, beverages, and specialty products; and personal and baby care products, pet care products, and cleaning and kitchen supplies, as well as honey, peanut butter, sugar, soy milk, salt, oats, organic beans, fries, nugget, sliced cheese, butter and pet food under the CED, Mega Foods, Mega Fresh, Sayangku, and Snowcat brand names. It also provides logistics, warehousing, sales, marketing support, and other services. The company serves its customers through hypermarket/supermarket chains, provision shops, convenience stores/kiosks, food and beverage dealers and merchandisers, hotels/restaurants/cafes, and school canteens. Swang Chai Chuan Limited was founded in 1982 and is headquartered in Kuantan, Malaysia.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Swang Chai Chuan Limited reported revenue of HK$933M in FY2025 versus HK$669M in FY2021, a compound +8.7%/yr. Reported net income was HK$33.2M in FY2025, compounding +9.0%/yr from FY2021.

Growth Quality 55/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
HK$933M
Latest YoY
+2.2%
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.
+3.7%
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.
+10.6%
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.
+11.0%
Revenue +8.7%/yr
FY21 HK$669M
FY22 HK$836M
FY23 HK$932M
FY24 HK$913M
FY25 HK$933M
Net income +9.0%/yr
FY21 HK$23.6M
FY22 HK$26.8M
FY23 HK$27.1M
FY24 HK$28.1M
FY25 HK$33.2M

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Cite: Fair Value Calculator (2026). "Swang Chai Chuan Limited Fair Value". https://www.fairvalue-calculator.com/stock/2321

Peer Group

Grocery Stores · 83 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 54 · Below median
Fair Value upside +8% · Above median
Return on equity (TTM) 13% · Above median
Return on assets 6% · Above median
Net margin (TTM) 4% · Above median
Operating margin (TTM) 4% · Below median
Revenue growth 5% · Above median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.16× · Lower than median

Valuation Multiples vs Grocery Stores median · lower = cheaper

P/E (TTM) 8.3× · Cheaper than 75% of peers
P/B 0.23× · Cheaper than 75% of peers
P/S (TTM) 0.07× · Cheaper than 75% of peers
EV/EBITDA 1.7× · 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 44 · sector 36
FUTURE 27 · sector 17
PAST 51 · sector 51
HEALTH 92 · sector 92
DIVIDEND 0 · sector 48

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

Stock Price Fair Value vs Fair Value
Loblaw Companies Limited L C$65.49 C$44.44 -32%
Koninklijke Ahold Delhaize N.V AD €36.30 €53.50 +47%
The Kroger Co KR $58.82 $28.19 -52%
Woolworths Group WOW A$39.20 A$13.40 -66%
George Weston Limited WN C$100.98 C$63.61 -37%
Coles Group COL A$23.56 A$15.86 -33%
Metro Inc MRU C$93.64 C$94.01 +0%
Carrefour SA CA €16.40 €11.51 -30%
CP ALL Public Company TCPD 1.89 SGD 2.36 SGD +25%
BIM Birlesik Magazalar A.S., BIMAS 385.75 TRY 267.12 TRY -31%

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Frequently asked questions

Is Swang Chai Chuan Limited (2321) overvalued or undervalued?
As of Aug 5, 2026, our model estimates a fair value of HK$0.5600 versus a price of HK$0.5200, about +8% (fairly valued).
What is the fair value of 2321?
Our model-based fair value for Swang Chai Chuan Limited is HK$0.5600 (as of Aug 5, 2026), built from audited fundamentals. The current price is HK$0.5200.
What is the quality score of 2321?
Swang Chai Chuan Limited has a Quality Score of 54/100. 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 Swang Chai Chuan Limited (2321)?
Swang Chai Chuan Limited reported trailing-twelve-month revenue of about HK$933M (latest available figure, as of Aug 5, 2026).
What is the net profit margin of 2321?
The net profit margin of Swang Chai Chuan Limited is about 3.6%, meaning it keeps roughly 3.6% 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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