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China Resources Beverage (2460) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of China Resources Beverage stock HK$4.74, price HK$7.42, that is 36.1% below the price, quality 48 out of 100. Rating: strongly overvalued. Calculated from audited financials with 23 of our 26 valuation models and 37 quality factors, updated daily.

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Consumer Defensive HK · Based in China

CR China Resources Beverage logo Thin data Nov 9, 2026

China Resources Beverage

2460 · HK
Very expensive, weak quality

Our calculation puts a fair price 36% below what the stock costs today.

Low debt
Generates free cash flow
Quality 48/100
Thin margins · 7.5% net margin (TTM)
2.4% dividend yield · Watch coverage
Moderate moat 46/100 · thin data
Revenue last quarter 12% below a year ago.
Fair value HK$4.74 · Strongly overvalued
Weak Growth (revenue 3y −5.3 %/yr in HKD)
Trails peers (4/14)
Thin data
Watch China Resources Beverage for free: we tell you when fair value or trend changes. Watch for free

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

HK$15.01 HK$6.84 Fair Value HK$4.74 Oct 2024 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.

How to read this chart

24‑month range HK$6.84 – HK$15.01 · fair‑value band HK$4.40 – HK$5.99 · the HK$7.42 price screens above the HK$4.74 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.

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Company profile

China Resources Beverage (Holdings) Company Limited operates as a ready-to-drink soft beverage company in China.

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The company manufactures and sells packaged drinking water products, including bottled water and barreled water products under the C'estbon, L'eau, Bonjour Forêt, Jialinshan, and FEEL brands; and purified water; mineral water; and beverages.

It also provides tea beverage products, such as herbal beverages under the Zhi Ben Qing Run brand; sugar-free tea beverages under the Zuo Wei Cha Shi brand; and milk tea beverages under the Tea of Wish brand name.

In addition, the company offers juice beverage products under the Mi Shui series and Holiday Moment brand names; and other beverages comprising sports drinks and coffee beverages under the Mulene name.

It sells its products through category-specific distributors, food service providers, and special-channel operators. The company was incorporated in 1995 and is headquartered in Shenzhen, China. China Resources Beverage (Holdings) Company Limited operates as a subsidiary of CRH (Beverage) Limited.

Stock analysis

China Resources Beverage (2460) currently trades at HK$7.42, while our model-based Fair Value estimate is HK$4.74, 36% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Dividend Discount group reads highest at a median of HK$17.64 per share, and 7 of the 23 models we run sit above the HK$7.42 price.

Bear case: the Growth DCF group reads lowest at HK$0.6700, and 16 of the 23 models stay below the price. Data coverage for this calculation is low.

Scenario range: HK$4.40 (bear) to HK$5.99 (bull), the price of HK$7.42 sits above 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 48/100 (below-average quality), in the Consumer Defensive sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

China Resources Beverage reported revenue of 10.7B CNY in FY2025 versus 11.3B CNY in FY2021, a compound −1.4%/yr. Reported net income was 960M CNY in FY2025, compounding +2.8%/yr from FY2021.

Key figures

Market cap HK$17.8B (≈ $2.3B) Mid · P/E ratio 20.1 · P/S ratio 1.80 · Dividend yield 2.4% · Net margin 9.0% · Return on equity 7.0% · Return on assets (EBIT) 10.1% (5-year average) · Operating margin 11.9%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (low confidence).

What moves the price

The share trades about 29% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Consumer Defensive peers we cover trades at −23% fair-value upside, at −36%, 2460 screens richer than that median.

Fair Value models

Bear HK$4.40 Fair Value HK$4.74 Bull HK$5.99
Price HK$7.42 · Downside -36.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. 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. Coverage ⓘCoverage = 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.
Best data coverage
FCF DCF HK$0.6400 HK$0.6700 HK$0.7100 79
Growth DCF HK$0.6500 HK$0.6700 HK$0.7000 77
Owner Earnings HK$1.24 HK$1.46 HK$1.84 75
All 23 models by family
DCF Models
FCF DCF HK$0.6400 HK$0.6700 HK$0.7100 79
Owner Earnings HK$1.24 HK$1.46 HK$1.84 75
5Y Revenue Exit HK$2.53 HK$3.93 HK$5.99 69
5Y EBITDA Exit HK$4.48 HK$7.32 HK$11.07 71
5Y P/E Exit HK$4.28 HK$6.98 HK$10.17 67
10Y Revenue Exit HK$1.64 HK$2.56 HK$3.60 64
10Y EBITDA Exit HK$2.84 HK$4.54 HK$6.42 65
10Y P/E Exit HK$2.73 HK$4.34 HK$5.92 61
Earnings-Based
Graham-Dodd HK$3.20 HK$3.91 HK$4.40 65
EPV HK$3.10 HK$3.47 HK$3.78 74
Dividend Discount
Gordon GGM HK$15.38 HK$16.66 HK$18.57 67
DDM Multi-Stage HK$15.38 HK$18.61 HK$22.88 65
Multiples
P/E Multiple HK$7.42 HK$9.89 HK$12.36 63
P/S Multiple HK$6.01 HK$8.01 HK$10.01 58
P/B Multiple HK$21.73 HK$28.97 HK$36.21 55
EV/EBIT HK$5.62 HK$7.31 HK$9.00 66
EV/EBITDA HK$8.37 HK$10.98 HK$13.58 67
EV/Revenue HK$4.17 HK$5.72 HK$7.27 54
Asset-Based
NCAV (Graham) HK$0.9800 HK$1.48 HK$1.85 55
Growth DCF
Growth DCF HK$0.6500 HK$0.6700 HK$0.7000 77
Economic Profit
Residual Income HK$4.40 HK$4.74 HK$5.26 73
ROIC Compounder HK$3.10 HK$3.47 HK$3.78 69
Growth Earnings
Growth-Adj P/E HK$5.24 HK$7.48 HK$9.73 65

Open the full fair value analysis →

Quality Score breakdown

Overall quality 48/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 47
How much profit the company makes from its sales and capital
Quality Growth 25
Are margins and returns getting better?
Cashflow 36
Do the profits arrive as real cash?
Financial strength 85
Debt, balance sheet and risk of trouble
Investment 23
Does it invest with discipline instead of growing at any price?
Low Volatility 81
How calm the share price moves, does not count
Price momentum 24
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 9
Distance to the 52-week high, does not count
New shares 78
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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. 26/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−20.7%
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.
−5.3%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+4.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+1.8%
Dividend (yield on the price)2.4%
Profit margin 2021 to 2025 ⓘ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.9% → 8%

2460 screens overvalued: fair value 36% below the price. Compare with The Coca-Cola Company →

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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.Beverages - Non-Alcoholic · 80 stocks

Beats the industry median on 4/14 measures
Overall it trails its industry peers.
Valuation
Quality Score 48 · Below median
Fair Value upside −36.1% · Below median
Profitability
Return on equity (12 months) 7.0% · Bottom 25%
Return on assets 6.2% · Below median
Net margin (12 months) 7.5% · Below median
Operating margin (12 months) 11.9% · Above median
Growth and dividend
Revenue growth (quarter YoY) −12.1% · Bottom 25%
Dividend yield (12 months) 2.4% · Below median
Balance sheet
Debt / equity 0.00× · Below median

Valuation Multiplesvs Beverages - Non-Alcoholic median · lower = cheaper

P/E (12 months) 20.1× · Pricier than median
P/B 1.66× · Cheaper than median
P/S (12 months) 1.74× · Pricier than median
EV/EBITDA 10.8× · Pricier than median
PEG 1.12× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 19
FUTURE (revenue growth)0 · sector 29
PAST (return on equity)28 · sector 54
HEALTH (low debt)100 · sector 96
DIVIDEND (yield)47 · sector 58

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

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Alcohol

Similar stocks

10 more Beverages - Non-Alcoholic stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Eastroc Beverage (Group) Co 605499 ¥115.00 ¥173.16 +51% vs 2460
Celsius Holdings CELH $32.16 $35.38 +10% vs 2460
Nongfu Spring Co 9633 HK$45.22 HK$49.28 +9% vs 2460
Monster Beverage Corporation MNST $45.72 $41.19 −10% vs 2460
Varun Beverages Limited VBL ₹438.00 ₹339.34 −23% vs 2460
Coca-Cola Europacific Partners PLC CCEP $116.13 $89.56 −23% vs 2460
PepsiCo, Inc PEP $141.34 $97.18 −31% vs 2460
Keurig Dr Pepper Inc KDP $36.63 $24.43 −33% vs 2460
Primo Brands Corporation PRMB $22.39 $12.23 −45% vs 2460
The Coca-Cola Company KO $95.67 $29.32 −69% vs 2460

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China Resources Beverage: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "China Resources Beverage Fair Value". https://www.fairvalue-calculator.com/stock/2460

Frequently asked questions

Is China Resources Beverage (2460) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of HK$4.74 versus a price of HK$7.42, about 36% lower (overvalued).
What is the fair value of 2460?
Our model-based fair value for China Resources Beverage is HK$4.74 (as of Nov 9, 2026), built from audited fundamentals. The current price: HK$7.42.
What is the quality score of 2460?
China Resources Beverage has a Quality Score of 48/100. 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 China Resources Beverage (2460)?
Our model-based price target is the fair value of HK$4.74 (as of Nov 9, 2026) from 23 valuation models. Cautious scenario HK$4.40, optimistic scenario HK$5.99. It is a calculation from audited fundamentals, not an analyst target.
What is the China Resources Beverage stock forecast for 2026?
Our models put fair value at HK$4.74, about 36% lower versus a price of HK$7.42 (overvalued). Cautious scenario HK$4.40, optimistic scenario HK$5.99. The calculation is refreshed regularly with new filings.
What is the revenue of China Resources Beverage (2460)?
China Resources Beverage reported trailing-twelve-month revenue of about HK$10.3B (latest available figure, as of Nov 9, 2026).
Does China Resources Beverage pay a dividend?
China Resources Beverage currently shows a dividend yield of 2.36% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of China Resources Beverage (2460) and when is the ex-dividend date?
China Resources Beverage pays a dividend of HK$0.175 per share a year, a dividend yield of 2.4%. The last ex-dividend date was Sep 10, 2026. The payout ratio is 43.6% of earnings. Free cash flow covers the dividend 0.04 times. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What is the intrinsic value of China Resources Beverage (2460)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For China Resources Beverage it is HK$4.74 per share (as of Nov 9, 2026), against a price of HK$7.42. It is the blended result of 23 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is China Resources Beverage stock overvalued or undervalued in 2026?
As of Nov 9, 2026, 2460 trades above its calculated fair value: price HK$7.42, fair value HK$4.74, a gap of about −36% (overvalued). 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 2460?
No. The price is what the market pays today (HK$7.42); the fair value is what the company's own numbers justify (HK$4.74). For China Resources Beverage the two are HK$2.68 per share apart. That gap is exactly why we show both numbers side by side.
How much is China Resources Beverage worth?
The market values China Resources Beverage at about HK$17.8B (market capitalisation, as of Nov 9, 2026). Per share that is HK$7.42; our models calculate a fair value of HK$4.74 per share.
What do the bullish and bearish scenarios say about 2460?
Our models span a range for China Resources Beverage: cautious scenario HK$4.40, base HK$4.74, optimistic HK$5.99 per share (as of Nov 9, 2026, price HK$7.42). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2460?
China Resources Beverage trades at a price-to-earnings ratio of 20.1 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of HK$4.74 is built from several models across several years. Other multiples: PEG 1.1, P/B 1.7, P/S 1.7, EV/EBITDA 10.8.
What is the PEG ratio of 2460?
The PEG ratio of China Resources Beverage is 1.12 (P/E divided by earnings growth, as of Nov 9, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of China Resources Beverage (2460)?
Balance-sheet figures for China Resources Beverage (as of Nov 9, 2026): return on equity 7.0%, debt of 0.00 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is 2460 from its 52-week high?
China Resources Beverage trades at HK$7.42, about 29% below its 52-week high of HK$10.37 and 8% above the low of HK$6.84 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of HK$4.74 is for.
Which stocks are comparable to China Resources Beverage?
From the same area (Consumer Defensive) we also value The Coca-Cola Company, PepsiCo, Inc, Monster Beverage Corporation, Nongfu Spring Co, 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 China Resources Beverage stock attractive at the current price?
The data as of Nov 9, 2026: price HK$7.42, calculated fair value HK$4.74 (−36%), Quality Score 48/100, from 23 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 2460 calculated?
We run China Resources Beverage through 23 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of HK$4.74 builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. China Resources Beverage itself currently trades above fair value. 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 China Resources Beverage (2460)?
The closing price on Nov 6, 2026 was HK$7.42. Our model-based fair value is HK$4.74, about 36% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with China Resources Beverage right now?
The price sits above even our optimistic bull case (HK$5.99). The favourable scenario is already priced in. Weak quality (48/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of China Resources Beverage

How large is the market capitalisation of China Resources Beverage (2460)?
The market capitalisation of China Resources Beverage is HK$17.8B (≈ $2.3B). 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 China Resources Beverage (2460)?
The price-to-sales ratio of China Resources Beverage is 1.80 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of China Resources Beverage (2460)?
The dividend yield of China Resources Beverage is 2.4%. 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 China Resources Beverage (2460)?
The net margin of China Resources Beverage is 9.0% (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 China Resources Beverage (2460)?
The return on equity (ROE) of China Resources Beverage is 7.0% (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 China Resources Beverage (2460)?
On an EBIT basis the return on assets of China Resources Beverage is 10.1% (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 China Resources Beverage (2460)?
The operating margin of China Resources Beverage is 11.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at China Resources Beverage (2460)?
Revenue at China Resources Beverage is growing −12.1% versus a year earlier (3y avg −5.3%). 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 China Resources Beverage (2460)?
Earnings per share at China Resources Beverage are growing −26.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does China Resources Beverage (2460) generate?
The free cash flow of China Resources Beverage is HK$15.8M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does China Resources Beverage (2460) hold?
China Resources Beverage holds more cash than debt, HK$1.1B net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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