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

As of Sep 23, 2026: fair value of China Resources Beverage HK$4.69, price HK$7.37, upside -36.4%, quality 48 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Consumer Defensive · HK

CR Thin data Sep 24, 2026

China Resources Beverage

2460 · HK

Weakest SetupStrongly overvalued and low quality.

!Fair value HK$4.69 · Strongly overvalued (−36%)
!Quality 48/100
!Weak Growth (revenue 3y −5.3 %/yr)
!Thin margins · 7.5% net margin (TTM)
✓Low debt · generates free cash flow
·2.37% dividend yield
!Trails peers (5/15)
!Narrow moat 43/100
!Evidence only low, so the estimate is less certain
!Weak on past: 28 out of 100
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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$4.69 Oct 2024 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

23‑month range HK$6.84 – HK$15.01 · fair‑value band HK$4.35 – HK$5.95 · the HK$7.37 price screens above the HK$4.69 fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

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

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China Resources Beverage (Holdings) Company Limited operates as a ready-to-drink soft beverage company in China. 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$7.37, while our model-based Fair Value estimate is HK$4.69, implying the stock looks roughly 57.1% overvalued today.

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Valuation

Bull case: the Dividend Discount group reads highest at a median of HK$15.23 per share, and 4 of the 23 models we run sit above the HK$7.37 price.

Bear case: the Growth DCF group reads lowest at HK$0.5800, and 19 of the 23 models stay below the price. Evidence for this calculation is low.

Scenario range: HK$4.35 (bear) to HK$5.95 (bull), the price of HK$7.37 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$17.7B (≈ $2.3B) · P/E ratio 15.2 · P/S ratio 1.36 · Dividend yield 2.4% · Net margin 9.0% · Return on equity 7.0% · Return on assets (EBIT) 10.1% · Operating margin 11.9%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).

What moves the price

The share trades about 31% 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 10% fair-value upside, at −36%, 2460 screens richer than that median.

Fair Value models

Bear HK$4.35 Fair Value HK$4.69 Bull HK$5.95
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. 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 ⓘ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.
Highest evidence
FCF DCF HK$0.5500 HK$0.5800 HK$0.6200 79
Growth DCF HK$0.5500 HK$0.5800 HK$0.6200 77
Owner Earnings HK$1.60 HK$2.01 HK$2.75 74
All 23 models by family
DCF Models
FCF DCF HK$0.5500 HK$0.5800 HK$0.6200 79
Owner Earnings HK$1.60 HK$2.01 HK$2.75 74
5Y Revenue Exit HK$2.21 HK$3.45 HK$5.27 69
5Y EBITDA Exit HK$3.93 HK$6.44 HK$9.75 71
5Y P/E Exit HK$3.76 HK$6.14 HK$8.96 67
10Y Revenue Exit HK$1.46 HK$2.31 HK$3.26 64
10Y EBITDA Exit HK$2.56 HK$4.11 HK$5.83 65
10Y P/E Exit HK$2.46 HK$3.93 HK$5.37 61
Earnings-Based
Graham-Dodd HK$2.73 HK$3.33 HK$3.75 65
EPV HK$2.79 HK$3.16 HK$3.47 74
Dividend Discount
Gordon GGM HK$13.98 HK$15.23 HK$17.13 67
DDM Multi-Stage HK$13.98 HK$17.27 HK$21.77 65
Multiples
P/E Multiple HK$6.32 HK$8.42 HK$10.53 63
P/S Multiple HK$5.11 HK$6.82 HK$8.52 58
P/B Multiple HK$5.11 HK$6.82 HK$8.52 55
EV/EBIT HK$4.80 HK$6.24 HK$7.68 66
EV/EBITDA HK$7.14 HK$9.36 HK$11.58 67
EV/Revenue HK$3.57 HK$4.89 HK$6.21 54
Asset-Based
NCAV (Graham) HK$2.24 HK$3.00 HK$4.48 54
Growth DCF
Growth DCF HK$0.5500 HK$0.5800 HK$0.6200 77
Economic Profit
Residual Income HK$3.81 HK$4.14 HK$4.91 73
ROIC Compounder HK$2.79 HK$3.16 HK$3.47 69
Growth Earnings
Growth-Adj P/E HK$4.46 HK$6.37 HK$8.28 65

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Quality Score breakdown

Overall quality 48/100

Of which business quality 51 · Market factors (momentum, volatility) 37

Profitability 47
Margins and returns on capital today
Quality Growth 25
Are margins and returns improving?
Cashflow 36
Earnings quality: real cash, not paper profit
Fin. Strength 85
Balance sheet, leverage, solvency risk
Investment 23
Disciplined investing over empire-building
Low Volatility 83
Calm price path (market factor)
Momentum 24
Price trend over the last 3–12 months (market factor)
52W Momentum 7
Distance to the 52-week high (market factor)
Net Issuance 78
Share count: buybacks or dilution?

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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 57% overvalued. 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 · 90 stocks

Beats the industry median on 5/15 measures
Overall it trails its industry peers.
Valuation
Quality Score 48 · Below median
Fair Value upside −36% · Below median
Profitability
Return on equity (TTM) 7% · Below median
Return on assets 2% · Below median
Net margin (TTM) 8% · Below median
Operating margin (TTM) 12% · Above median
Growth and dividend
Revenue growth −12% · Bottom 25%
Dividend yield (TTM) 2.4% · Below median
Balance sheet
Debt / equity 0.00× · Below median

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

P/E (TTM) 15.2× · Cheaper than median
P/B 1.65× · Cheaper than median
P/S (TTM) 1.72× · Pricier than median
P/FCF 142.3× · Priciest 25%
EV/EBITDA 10.7× · Pricier than median
PEG 1.11× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 29
FUTURE (revenue growth)0 · sector 49
PAST (return on equity)28 · sector 51
HEALTH (low debt)100 · sector 95
DIVIDEND (yield)47 · sector 57

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
The Coca-Cola Company KO $88.61 $29.32 −67%
PepsiCo, Inc PEP $131.19 $96.95 −26%
Monster Beverage Corporation MNST $44.27 $56.09 +27%
Nongfu Spring Co 9633 HK$38.98 HK$42.88 +10%
Coca-Cola Europacific Partners PLC CCEP $102.31 $85.26 −17%
Keurig Dr Pepper Inc KDP $31.51 $40.34 +28%
Coca-Cola FEMSA, S.A. KOF $111.89 $108.97 −3%
Varun Beverages Limited VBL ₹430.20 ₹187.49 −56%
Eastroc Beverage (Group) Co 605499 ¥115.45 ¥173.16 +50%
MIXUE Group 2097 HK$189.20 HK$431.36 +128%

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HK$4.69 −57%Fair Value
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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 Sep 24, 2026, our model estimates a fair value of HK$4.69 versus a price of HK$7.37, about −36% upside (overvalued).
What is the fair value of 2460?
Our model-based fair value for China Resources Beverage is HK$4.69 (as of Sep 24, 2026), built from audited fundamentals. The current price: HK$7.37.
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$4.69 (as of Sep 24, 2026) from 23 valuation models. Cautious scenario HK$4.35, optimistic scenario HK$5.95. 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$4.69, about −36% upside versus a price of HK$7.37 (overvalued). Cautious scenario HK$4.35, optimistic scenario HK$5.95. 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 Sep 24, 2026).
Does China Resources Beverage pay a dividend?
China Resources Beverage currently shows a dividend yield of about 2.37% relative to its recent price (as of Sep 24, 2026).
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$4.69 per share (as of Sep 24, 2026), against a price of HK$7.37. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is China Resources Beverage stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 2460 trades above its calculated fair value: price HK$7.37, fair value HK$4.69, 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$7.37); the fair value is what the company's own numbers justify (HK$4.69). 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$17.7B (market capitalisation, as of Sep 24, 2026). Per share that is HK$7.37; our models calculate a fair value of HK$4.69 per share.
What do the bullish and bearish scenarios say about 2460?
Our models span a range for China Resources Beverage: cautious scenario HK$4.35, base HK$4.69, optimistic HK$5.95 per share (as of Sep 24, 2026, price HK$7.37). 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 15.2 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of HK$4.69 is built from several models across several years. Other multiples: PEG 1.1, P/B 1.7, P/S 1.7, EV/EBITDA 10.7.
What is the PEG ratio of 2460?
The PEG ratio of China Resources Beverage is 1.11 (P/E divided by earnings growth, as of Sep 24, 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 Sep 24, 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$7.37, about 31% below its 52-week high of HK$10.73 and 8% above the low of HK$6.84 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of HK$4.69 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 Sep 24, 2026: price HK$7.37, calculated fair value HK$4.69 (−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 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$4.69, 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 14.1 % 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 Sep 23, 2026 was HK$7.37. Our model-based fair value is HK$4.69, about −36% upside (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$5.95). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (48/100) and above fair value, neither a clear bargain nor a standout compounder.

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$17.7B (≈ $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 1.36 (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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