Data-driven stock valuation

Anjoy Foods Group Co., Ltd. (2648) fair value: what the stock is really worth

We calculate from audited financials what Anjoy Foods Group Co., Ltd. is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.

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Consumer Defensive · HK · Market cap HK$22.0B (≈ $2.8B)

At a glance

AF Anjoy Foods Group Co., Ltd. 2648 · HK

PriceHK$63.45

Fair ValueHK$99.78

Upside+57.3%

Quality62/100

A solid business, trading 36% below our fair value of HK$99.78.

As of Aug 22, 2026, the fair value of Anjoy Foods Group Co., Ltd. is HK$99.78 per share against a price of HK$63.45, so the fair value sits 57% above the price. A model estimate from reported figures, not an analyst target.

✓Healthy Growth (revenue 3y +10.2 %/yr)

!Thin margins · 8.8% net margin

✓Low debt · generates free cash flow

·4.52% dividend yield

✓Ranks above peers (13/14)

!Moderate moat 53/100

Evidence: High Range HK$74.84 to HK$124.73

Fair value as of: Aug 22, 2026

From 24 valuation models · updated 18 days ago

Fair value updated Aug 22, 2026, revised from HK$99.60 to HK$99.78 (+0.2%) since Aug 13, 2026. Share price −9.8% over the past month.

This is the short version. In the app for Anjoy Foods Group Co., Ltd.:

26 models, one by oneBear HK$74.84 to bull HK$124.73 5-year chart + forecastprice, fair value, trend, scenarios Quality 62/100 in detail37 factors, each one shown Compared with its peersrank on every measure, side by side

Watch Anjoy Foods Group Co., Ltd. for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card. 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 →

What matters now

The price is below even our cautious bear case (HK$74.84). The market is more pessimistic than our downside scenario.
Solid quality (62/100) at a price below fair value, the discount is the argument here, not the business quality.

Price vs Fair Value (14 months)

White line = price, green steps = our fair value per fiscal year. As of Aug 22, 2026.

How to read this chart

14‑month range HK$54.36 – HK$89.16 · fair‑value band HK$74.84 – HK$124.73 · the HK$63.45 price screens below the HK$99.78 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Aug 22, 2026.

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Analysis

Anjoy Foods Group Co., Ltd. (2648) currently trades at HK$63.45, while our model-based Fair Value estimate is HK$99.78, implying the stock looks roughly 36.4% undervalued today. The Quality Score stands at 62/100 (solid quality), in the Consumer Defensive sector. Bull case: the DCF Models group reads highest at a median of HK$107.41 per share, and 20 of the 24 models we run sit above the HK$63.45 price. Bear case: the Asset-Based group reads lowest at HK$31.14, and 4 of the 24 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Anjoy Foods Group Co., Ltd. generated revenue of HK$17.3B at a net margin of 8.8%. Revenue grew 30.8% year over year. It earns a return on equity of 10.2%. The stock trades on a trailing P/E of 12.0 (as of Jul 2, 2026). Fundamentals as of Aug 22, 2026

Scenario range: HK$74.84 (bear) to HK$124.73 (bull), the price of HK$63.45 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. The share trades about 31% below its 52-week high and 17% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at −25% fair-value upside, at 57%, 2648 screens cheaper than that median.

Fair Value models

Based on fiscal year 2025 figures (about 8 months old). Earnings retained since then (HK$0.3585 per share) are deliberately not added.

Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →

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

FCF DCF best evidence HK$68.54 HK$107.41 HK$172.29 76

Growth DCF HK$68.57 HK$105.35 HK$165.79 74

Residual Income HK$39.54 HK$43.02 HK$56.53 73

All 24 models by family

DCF Models

FCF DCF best evidence HK$68.54 HK$107.41 HK$172.29 76

Owner Earnings HK$54.50 HK$83.18 HK$131.07 72

5Y Revenue Exit HK$66.01 HK$102.33 HK$150.69 69

5Y EBITDA Exit HK$77.90 HK$126.09 HK$185.32 71

5Y P/E Exit HK$71.87 HK$114.03 HK$160.98 67

10Y Revenue Exit HK$64.72 HK$99.10 HK$149.71 63

10Y EBITDA Exit HK$74.19 HK$116.22 HK$177.86 65

10Y P/E Exit HK$70.24 HK$107.53 HK$158.07 61

Earnings-Based

Graham-Dodd HK$27.73 HK$115.08 HK$156.87 61

Lynch FV HK$29.06 HK$41.52 HK$53.97 58

PEG = 1.0 HK$29.06 HK$41.52 HK$53.97 55

EPV HK$59.04 HK$66.39 HK$72.82 71

Multiples

P/E Multiple HK$64.23 HK$85.64 HK$107.05 63

P/S Multiple HK$52.00 HK$69.33 HK$86.66 58

P/B Multiple HK$52.00 HK$69.33 HK$86.66 55

EV/EBIT HK$89.67 HK$114.58 HK$139.49 66

EV/EBITDA HK$89.04 HK$113.73 HK$138.43 67

EV/Revenue HK$65.95 HK$87.82 HK$109.68 54

Asset-Based

NCAV (Graham) HK$23.24 HK$31.14 HK$46.48 54

Growth DCF

Growth DCF HK$68.57 HK$105.35 HK$165.79 74

Rev-Margin DCF HK$66.01 HK$101.66 HK$146.13 69

Economic Profit

Residual Income HK$39.54 HK$43.02 HK$56.53 73

ROIC Compounder HK$63.31 HK$79.85 HK$102.04 69

Growth Earnings

Growth-Adj P/E HK$49.79 HK$71.12 HK$92.46 65

Widest divergence: DCF Models (HK$107.41) versus Asset-Based (HK$31.14). Highest evidence: FCF DCF (76).

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Key figures & financial health

P/E ratio 12.0 as of Jul 2, 2026

P/S ratio 1.01 P/E × margin

EPS (TTM) HK$3.38 price ÷ EPS = P/E 12.0

Dividend yield 4.5% payout 84.7%

Net margin 8.4% FY2025

Return on equity 10.2% TTM

More key figures

Profitability

Return on assets (EBIT) 10.0% avg 5y

Operating margin 15.6% TTM

Growth

Revenue (TTM) HK$17.3B TTM

Revenue growth (YoY) +30.8% 3y avg +10.2%

EPS growth (YoY) +25.9%

Balance sheet & cash flow

Free cash flow HK$1.4B FY2025

Figures from reported company fundamentals · as of Aug 22, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 62/100

Of which business quality 62 · Market factors (momentum, volatility) 47

Profitability 43

Margins and returns on capital today

Quality Growth 30

Are margins and returns improving?

Cashflow 57

Earnings quality: real cash, not paper profit

Fin. Strength 95

Balance sheet, leverage, solvency risk

Investment 63

Disciplined investing over empire-building

Low Volatility 70

Calm price path (market factor)

Momentum 38

Price trend over the last 3–12 months (market factor)

52W Momentum 35

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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Full company description

Anjoy Foods Group Co., Ltd. engages in the research, development, processing, production, wholesaling, retailing, and sale of quick-frozen food products in China. It sells frozen food, including quick-frozen prepared food, quick-frozen rice and flour products, and quick-frozen prepared dishes. The company offers quick-frozen flavored and processed food such as stuffed meatballs, fish tofu, fish roe buns, and pork sausage under the Anjoy brand. Its quick-frozen prepared products include dishes such as crayfish, shrimp paste, fried crispy strips, beef and lamb rolls, Qianye tofu, and egg dumplings. It also provides quick-frozen flour and rice products such as shumai, steamed buns, Chinese pancakes, and brown sugar buns; frozen baked goods such as toast, pineapple buns, scones, soft buns, and bagels; and ready-to-heat and ready-to-cook products. In addition, the company offers hot pot and barbecue food, semi-finished food, and rice and flour products. Further, it sells its products through distributors, targeted enterprises and other institutional customers, new retail channels, e-commerce platforms, and supermarkets. Anjoy Foods Group Co., Ltd. was founded in 2001 and is headquartered in Xiamen, the People's Republic of China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Anjoy Foods Group Co., Ltd. reported revenue of 16.2B CNY in FY2025 versus 9.3B CNY in FY2021, a compound +15.0%/yr. Reported net income was 1.4B CNY in FY2025, compounding +18.8%/yr from FY2021.

Growth Quality 81/100

Revenue growth appears healthy and is supported by profitability and cash-flow quality.

Latest Revenue (FY 2025)

HK$16.2B

Latest YoY

+7.7%

Avg. revenue 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.

+10.2%

Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.

+12.4%

Earnings growth per share plus dividend yield: the value created per share and year.

Earnings growth per share+7.9%

Dividend yield4.5%

Operating margin (EBIT) ⓘ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.8.4% (2021) → 12.1% (2025) · rising

Revenue +15.0%/yr

FY21 9.3B CNY

FY22 12.1B CNY

FY23 14.0B CNY

FY24 15.0B CNY

FY25 16.2B CNY

Net income +18.8%/yr

FY21 682M CNY

FY22 1.1B CNY

FY23 1.5B CNY

FY24 1.5B CNY

FY25 1.4B CNY

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Anjoy Foods Group Co., Ltd. · Fair Value
HK$99.78 +36%Fair Value
Calculator →

<a href="https://www.fairvalue-calculator.com/stock/2648" target="_blank" rel="nofollow noopener" style="display:inline-flex;align-items:center;gap:12px;box-sizing:border-box;font-family:system-ui,-apple-system,Segoe UI,Roboto,sans-serif;text-decoration:none;background:#0f1814;color:#eaf2ed;border:1px solid #2a3a30;border-radius:12px;padding:12px 16px;max-width:360px"><span style="line-height:1.35"><span style="font-size:12px;color:#9fb0a8">Anjoy Foods Group Co., Ltd. · Fair Value</span><br><b style="font-size:20px">HK$99.78</b> <span style="color:#7BB290;font-weight:700;font-size:14px">+36%</span></span><span style="font-size:11px;color:#7BB290;font-weight:700;margin-left:auto;text-align:right;line-height:1.3">Fair&nbsp;Value<br>Calculator&nbsp;→</span></a>

Cite: Fair Value Calculator (2026). "Anjoy Foods Group Co., Ltd. Fair Value". https://www.fairvalue-calculator.com/stock/2648

Peer Group

Packaged Foods · 646 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

Quality Score 62 · Top 25%

Fair Value upside +58% · Top 25%

Profitability

Return on equity (TTM) 10% · Above median

Return on assets 7% · Top 25%

Net margin (TTM) 9% · Top 25%

Operating margin (TTM) 16% · Top 25%

Growth and dividend

Revenue growth 31% · Top 25%

Dividend yield (TTM) 4.5% · Above median

Valuation Multiples vs Packaged Foods median · lower = cheaper

P/E (TTM) 12.0× · Cheapest 25%

P/B 1.42× · Cheaper than median

P/S (TTM) 1.27× · Pricier than median

P/FCF 1.9× · Cheaper than median

EV/EBITDA 6.3× · Cheaper than median

What the price implies (reverse DCF)

The inverse question: what free-cash-flow growth must Anjoy Foods Group Co., Ltd. deliver for ten years so that today's price is fair in our DCF model? Same formula, same discount rate as the fair value.

Implied FCF growth, 10 years-1.4 % per year

Achieved revenue growth, 4 years+15.0 % p.a.

Sector median revenue growth+2.9 %

FCF yield on price6.82 %

Discount rate (WACC) in the models9.2 %

The price demands less growth than the company recently delivered: even a weaker business would justify the price. Ranking of the largest stocks →

Context: sector, industry, market

Strength profile in five axes (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.

This stock

Sector peers

VALUE100 · sector 23

FUTURE100 · sector 20

PAST41 · sector 29

HEALTH100 · sector 96

DIVIDEND90 · sector 53

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

Similar stocks

10 more Packaged Foods stocks, each showing price versus our Fair Value estimate (as of Aug 22, 2026).

Stock	Price	Fair Value	vs Fair Value
Nestlé S.A NESN	CHF 78.76	CHF 57.26	−27%
Danone S.A BN	€64.28	€48.41	−25%
Nestlé India Limited NESTLEIND	₹1,478	₹251.94	−83%
Foshan Haitian Flavouring and Food Company 603288	¥35.05	¥21.93	−37%
The Kraft Heinz Company KHC	$24.85	$24.59	−1%
Inner Mongolia Yili Industrial Group 600887	¥25.51	¥32.50	+27%
Yihai Kerry Arawana Holdings 300999	¥25.28	¥9.89	−61%
General Mills, Inc GIS	$38.29	$28.32	−26%
Wilmar International Limited F34	3.64 SGD	3.89 SGD	+7%
McCormick & Company MKCV	$55.65	$43.29	−22%

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Frequently asked questions

Is Anjoy Foods Group Co., Ltd. (2648) overvalued or undervalued?

As of Aug 22, 2026, our model estimates a fair value of HK$99.78 versus a price of HK$63.45, about +57% upside (undervalued).

What is the fair value of 2648?

Our model-based fair value for Anjoy Foods Group Co., Ltd. is HK$99.78 (as of Aug 22, 2026), built from audited fundamentals. The current price: HK$63.45.

What is the quality score of 2648?

Anjoy Foods Group Co., Ltd. has a Quality Score of 62/100. 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 Anjoy Foods Group Co., Ltd. (2648)?

Our model-based price target is the fair value of HK$99.78 (as of Aug 22, 2026) from 24 valuation models. Cautious scenario HK$74.84, optimistic scenario HK$124.73. It is a calculation from audited fundamentals, not an analyst target.

What is the Anjoy Foods Group Co., Ltd. stock forecast for 2026?

Our models put fair value at HK$99.78, about +57% upside versus a price of HK$63.45 (undervalued). Cautious scenario HK$74.84, optimistic scenario HK$124.73. The calculation is refreshed regularly with new filings.

What is the revenue of Anjoy Foods Group Co., Ltd. (2648)?

Anjoy Foods Group Co., Ltd. reported trailing-twelve-month revenue of about HK$17.3B (latest available figure, as of Aug 22, 2026).

What is the net profit margin of 2648?

The net profit margin of Anjoy Foods Group Co., Ltd. is about 8.8%, meaning it keeps roughly 8.8% of revenue as net income. Based on the latest reported figures.

Does Anjoy Foods Group Co., Ltd. pay a dividend?

Anjoy Foods Group Co., Ltd. currently shows a dividend yield of about 4.52% relative to its recent price (as of Aug 22, 2026).

What growth is priced into Anjoy Foods Group Co., Ltd. (2648)?

For today's price to be fair in a discounted-cash-flow model, Anjoy Foods Group Co., Ltd. would have to grow free cash flow by -1.4 % per year for ten years (discount rate 9.2 %, then 2 % perpetual growth). Over the last 4 years revenue grew +15.0 % per year. As of Aug 22, 2026.

What discount rate (WACC) does the fair value of 2648 use?

Our models discount Anjoy Foods Group Co., Ltd. at 9.2 %: a base by market capitalisation (mid), damped by beta 0.58, country premium for Hong Kong. The same rate applies in all 26 models.

What is the intrinsic value of Anjoy Foods Group Co., Ltd. (2648)?

Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Anjoy Foods Group Co., Ltd. it is HK$99.78 per share (as of Aug 22, 2026), against a price of HK$63.45. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).

Is Anjoy Foods Group Co., Ltd. stock overvalued or undervalued in 2026?

As of Aug 22, 2026, 2648 trades below its calculated fair value: price HK$63.45, fair value HK$99.78, a gap of about +57% (undervalued). 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 2648?

No. The price is what the market pays today (HK$63.45); the fair value is what the company's own numbers justify (HK$99.78). For Anjoy Foods Group Co., Ltd. the two are HK$36.33 per share apart. That gap is exactly why we show both numbers side by side.

How much is Anjoy Foods Group Co., Ltd. worth?

The market values Anjoy Foods Group Co., Ltd. at about HK$22.0B (market capitalisation, as of Aug 22, 2026). Per share that is HK$63.45; our models calculate a fair value of HK$99.78 per share.

What do the bullish and bearish scenarios say about 2648?

Our models span a range for Anjoy Foods Group Co., Ltd.: cautious scenario HK$74.84, base HK$99.78, optimistic HK$124.73 per share (as of Aug 22, 2026, price HK$63.45). The range comes from different growth and margin assumptions, not from analyst opinions.

What is the P/E ratio of 2648?

Anjoy Foods Group Co., Ltd. trades at a price-to-earnings ratio of 12.0 (as of Aug 22, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of HK$99.78 is built from several models across several years. Other multiples: P/B 1.4, P/S 1.3, EV/EBITDA 6.3.

How solid is the balance sheet of Anjoy Foods Group Co., Ltd. (2648)?

Balance-sheet figures for Anjoy Foods Group Co., Ltd. (as of Aug 22, 2026): return on equity 10.2%. They feed the Quality Score of 62/100, which measures business quality independently of the share price.

How far is 2648 from its 52-week high?

Anjoy Foods Group Co., Ltd. trades at HK$63.45, about 31% below its 52-week high of HK$92.15 and 17% above the low of HK$54.36 (as of Aug 22, 2026). Distance from the high says nothing about value: that is what the fair value of HK$99.78 is for.

Which stocks are comparable to Anjoy Foods Group Co., Ltd.?

From the same area (Consumer Defensive) we also value Nestlé S.A, Danone S.A, Nestlé India Limited, Foshan Haitian Flavouring and Food Company, 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 Anjoy Foods Group Co., Ltd. stock attractive at the current price?

The data as of Aug 22, 2026: price HK$63.45, calculated fair value HK$99.78 (+57%), Quality Score 62/100, from 24 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 2648 calculated?

We run Anjoy Foods Group Co., Ltd. through 24 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$99.78, with the spread shown as a cautious and an optimistic scenario.

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