Carote Ltd (2549) Fair Value & Analysis

Consumer Cyclical · HK · Market cap HK$2.2B

Below-average quality, screening 107% undervalued on our models.

What matters now

• The price is below even our cautious bear case (HK$4.36). The market is more pessimistic than our downside scenario.
• The model range is unusually wide (HK$4.36 to HK$13.97). The outcome hinges heavily on assumptions, so read the point estimate with caution.
• Solid quality (47/100) at a price below fair value, the discount is the argument here, not the business quality.

Price vs Fair Value (23 months)

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

23‑month range HK$3.37 – HK$8.60 · fair‑value band HK$4.36 – HK$13.97 · the HK$3.84 price screens below the HK$7.95 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Carote Ltd (2549) currently trades at HK$3.84, while our model-based Fair Value estimate is HK$7.95, implying the stock looks roughly 107.0% undervalued today. The Quality Score stands at 47/100 (below-average quality), in the Consumer Cyclical 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, Carote Ltd generated revenue of HK$2.2B at a net margin of 12.0%. Revenue grew 18.0% year over year. It earns a return on equity of 19.4%. The balance sheet holds a net cash position of HK$54.5M. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$4.36 (bear case) to HK$13.97 (bull case); at HK$3.84, 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 share trades about 30% below its 52-week high, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 8% fair-value upside, at 107%, 2549 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.

Widest divergence: DCF Models (HK$15.90) versus Asset-Based (HK$1.71). Highest evidence: Residual Income (76).

Key figures & financial health

Quality Score breakdown

About the company

Carote Ltd, an investment holding company, engages in the manufacture and sale of kitchenware products in Mainland China, the United States, Western Europe, Japan, Southeast Asia, and internationally. It offers cookware products, such as non-stick pots and pans, cast iron pots, and curated cookware sets; and kitchen utensils, drinkware, and other products.

Full company description

Carote Ltd, an investment holding company, engages in the manufacture and sale of kitchenware products in Mainland China, the United States, Western Europe, Japan, Southeast Asia, and internationally. It offers cookware products, such as non-stick pots and pans, cast iron pots, and curated cookware sets; and kitchen utensils, drinkware, and other products. The company sells its products under the CAROTE brand through third-party e-commerce platforms, as well as through wholesale distribution channels. Carote Ltd was founded in 2007 and is headquartered in Hangzhou, China. Carote Ltd is a subsidiary of Yili Investment Holdings Ltd.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Carote Ltd reported revenue of HK$2.2B in FY2025 versus HK$675M in FY2021, a compound +33.7%/yr. Reported net income was HK$258M in FY2025, compounding +68.8%/yr from FY2021.

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Peer Group

Furnishings, Fixtures & Appliances · 319 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.

Valuation Multiples vs Furnishings, Fixtures & Appliances median · lower = cheaper

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.

Values & ESG

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

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.