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JNBY Design Limited (3306) Fair Value & Analysis

Consumer Cyclical · HK · Market cap HK$9.3B

JD JNBY Design Limited 3306 · HK
PriceHK$20.66
Fair ValueHK$42.32
Upside+104.8%
Quality74/100
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Healthy Growth
Solidly profitable · 16.8% net margin
Low debt · generates free cash flow
7.72% dividend yield
Ranks above peers (11/14)
Wide moat 81/100
Evidence: High Range HK$27.88 – HK$53.05 Share as image

Fair value as of: Aug 6, 2026

From 26 valuation models · updated 4 days ago

Fair value updated Aug 6, 2026, revised from HK$42.06 to HK$42.32 (+0.6%) since Jul 2, 2026. Share price +11.4% over the past month.

A solid business, screening 105% undervalued on our models.

What matters now

  • The rarer combination: high quality (74/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (HK$27.88). The market is more pessimistic than our downside scenario.
  • A fairly wide model range (HK$27.88 to HK$53.05) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

HK$22.54 HK$4.55 Fair Value HK$42.32 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 6, 2026.

How to read this chart

60‑month range HK$4.55 – HK$22.54 · fair‑value band HK$27.88 – HK$53.05 · the HK$20.66 price screens below the HK$42.32 fair value. Dashed = 300-day average. As of Aug 6, 2026.

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Analysis

JNBY Design Limited (3306) currently trades at HK$20.66, while our model-based Fair Value estimate is HK$42.32, implying the stock looks roughly 104.8% undervalued today. The Quality Score stands at 74/100 (solid 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, JNBY Design Limited generated revenue of HK$5.8B at a net margin of 16.8%. Revenue grew 7.0% year over year. It earns a return on equity of 37.8%. Net debt stands at HK$321M. Fundamentals as of Aug 6, 2026

Our scenario range runs from HK$27.88 (bear case) to HK$53.05 (bull case); at HK$20.66, 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 last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat. The share trades about 10% below its 52-week high and 27% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 1% fair-value upside, at 105%, 3306 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
Growth DCF HK$22.01 HK$36.79 HK$60.15 80
Residual Income HK$9.88 HK$12.06 HK$51.53 76
Rev-Margin DCF HK$13.13 HK$20.40 HK$29.66 74
All 26 models by family
DCF Models
FCF DCF HK$22.14 HK$38.20 HK$64.48 38
Owner Earnings HK$26.44 HK$45.61 HK$76.97 31
5Y Revenue Exit HK$13.13 HK$20.31 HK$29.55 39
5Y EBITDA Exit HK$24.17 HK$42.68 HK$65.61 41
5Y P/E Exit HK$24.26 HK$42.87 HK$63.83 38
10Y Revenue Exit HK$15.83 HK$23.51 HK$34.37 36
10Y EBITDA Exit HK$23.22 HK$39.39 HK$63.39 37
10Y P/E Exit HK$23.28 HK$39.52 HK$61.96 35
Earnings-Based
Graham-Dodd HK$11.48 HK$50.19 HK$68.67 54
Lynch FV HK$12.94 HK$18.49 HK$24.04 50
PEG = 1.0 HK$12.94 HK$18.49 HK$24.04 46
EPV HK$14.97 HK$17.35 HK$19.40 59
Dividend Discount
Gordon GGM HK$10.46 HK$20.83 HK$31.55 70
DDM Multi-Stage HK$10.46 HK$18.01 HK$21.99 61
Multiples
P/E Multiple HK$27.86 HK$37.15 HK$46.44 63
P/S Multiple HK$9.45 HK$12.59 HK$15.74 58
P/B Multiple HK$13.40 HK$17.86 HK$22.33 55
EV/EBIT HK$30.47 HK$40.66 HK$50.85 53
EV/EBITDA HK$27.60 HK$36.84 HK$46.08 54
EV/Revenue HK$8.71 HK$12.49 HK$16.27 43
Asset-Based
NCAV (Graham) HK$2.23 HK$2.99 HK$4.47 50
Growth DCF
Growth DCF HK$22.01 HK$36.79 HK$60.15 80
Rev-Margin DCF HK$13.13 HK$20.40 HK$29.66 74
Economic Profit
Residual Income HK$9.88 HK$12.06 HK$51.53 76
ROIC Compounder HK$16.49 HK$21.04 HK$26.37 72
Growth Earnings
Growth-Adj P/E HK$22.00 HK$31.43 HK$40.85 68

Widest divergence: DCF Models (HK$39.39) versus Asset-Based (HK$2.99). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$5.8B
Revenue growth (YoY) +7.0%
Net margin 16.8%
Return on equity 37.8%
Free cash flow HK$983M FY2025
P/E ratio 8.4
More key figures
Operating margin 26.5%
EPS (TTM) HK$0.5500
Dividend yield 7.7%
EPS growth (YoY) +11.2%
Net debt HK$321M FY2025

Figures from reported company fundamentals · as of Aug 6, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 74/100

Of which business quality 72 · Market factors (momentum, volatility) 60

Profitability 92
Margins and returns on capital today
Quality Growth 39
Are margins and returns improving?
Cashflow 72
Earnings quality: real cash, not paper profit
Fin. Strength 78
Balance sheet, leverage, solvency risk
Investment 70
Disciplined investing over empire-building
Low Volatility 79
Calm price path (market factor)
Momentum 46
Price trend over the last 3–12 months (market factor)
52W Momentum 61
Distance to the 52-week high (market factor)
Net Issuance 69
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

JNBY Design Limited, together with its subsidiaries, engages in the design, marketing, retail, and sale of fashion apparels, accessory products, and household goods in the People's Republic of China and internationally. It operates through three segments: Mature Brand, Younger Brands, and Emerging Brands.

Full company description

JNBY Design Limited, together with its subsidiaries, engages in the design, marketing, retail, and sale of fashion apparels, accessory products, and household goods in the People's Republic of China and internationally. It operates through three segments: Mature Brand, Younger Brands, and Emerging Brands. The company offers contemporary apparel, footwear, and accessories for women, men, and children, as well as household products under the JNBY, CROQUIS, jnby by JNBY, LESS, POMME DE TERRE, JNBYHOME, onmygame, and B1OCK brands. It sells its products through offline retail stores comprising self-operated stores and distributor-operated stores, as well as online channels. The company was formerly known as Croquis Investment Limited and changed its name to JNBY Design Limited in June 2016. JNBY Design Limited was founded in 1994 and is headquartered in Hangzhou, the People's Republic of China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

JNBY Design Limited reported revenue of HK$5.5B in FY2025 versus HK$4.1B in FY2021, a compound +7.7%/yr. Reported net income was HK$893M in FY2025, compounding +8.4%/yr from FY2021.

Growth Quality 97/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
HK$5.5B
Latest YoY
+5.9%
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.
+10.7%
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.
+12.4%
Avg. growth/yr (11Y) 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.
+13.5%
Revenue +7.7%/yr
FY21 HK$4.1B
FY22 HK$4.1B
FY23 HK$4.5B
FY24 HK$5.2B
FY25 HK$5.5B
Net income +8.4%/yr
FY21 HK$647M
FY22 HK$559M
FY23 HK$621M
FY24 HK$849M
FY25 HK$893M
Character of growth · EPS growth decomposed (2014-2025) +17.3 % p.a.
Revenue per share +14.0 pp

of which total revenue +13.4 pp · buybacks/dilution +0.5 pp

EBIT margin +2.2 pp
Tax rate +0.3 pp
Residual (interest, one-offs) +0.9 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "JNBY Design Limited Fair Value". https://www.fairvalue-calculator.com/stock/3306

Peer Group

Apparel Manufacturing · 212 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 74 · Top 25%
Fair Value upside +105% · Top 25%
Return on equity (TTM) 38% · Top 25%
Return on assets 15% · Top 25%
Net margin (TTM) 17% · Top 25%
Operating margin (TTM) 26% · Top 25%
Revenue growth 7% · Above median
Dividend yield (TTM) 7.7% · Top 25%
Debt / equity 0.14× · Higher than median

Valuation Multiples vs Apparel Manufacturing median · lower = cheaper

P/E (TTM) 8.4× · Cheaper than 75% of peers
P/B 3.95× · Pricier than 75% of peers
P/S (TTM) 1.62× · Pricier than median
P/FCF 1.2× · Cheaper than median
EV/EBITDA 6.7× · Cheaper than median

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 100 · sector 32
FUTURE 35 · sector 4
PAST 100 · sector 21
HEALTH 93 · sector 98
DIVIDEND 100 · sector 49

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 Apparel Manufacturing stocks, each showing price versus our Fair Value estimate (as of Aug 6, 2026).

Stock Price Fair Value vs Fair Value
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Ralph Lauren Corporation RL $374.08 $224.21 -40%
Moncler S.p.A MONC €52.08 €50.69 -3%
LPP SA LPP 19,380 PLN 17,754 PLN -8%
Bosideng International Holdings 3998 HK$4.88 HK$5.92 +21%
Youngor Fashion Co 600177 ¥7.57 ¥5.59 -26%
Page Industries Limited PAGEIND ₹39,900 ₹12,395 -69%
Hla Group 600398 ¥6.05 ¥9.92 +64%
Eclat Textile Co 1476 333.50 TWD 357.81 TWD +7%
Youngone Corporation 111770 87,600 KRW 196,629 KRW +124%

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Frequently asked questions

Is JNBY Design Limited (3306) overvalued or undervalued?
As of Aug 6, 2026, our model estimates a fair value of HK$42.32 versus a price of HK$20.66, about +105% (undervalued).
What is the fair value of 3306?
Our model-based fair value for JNBY Design Limited is HK$42.32 (as of Aug 6, 2026), built from audited fundamentals. The current price is HK$20.66.
What is the quality score of 3306?
JNBY Design Limited has a Quality Score of 74/100. 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 JNBY Design Limited (3306)?
JNBY Design Limited reported trailing-twelve-month revenue of about HK$5.8B (latest available figure, as of Aug 6, 2026).
What is the net profit margin of 3306?
The net profit margin of JNBY Design Limited is about 16.8%, meaning it keeps roughly 16.8% of revenue as net income. Based on the latest reported figures.
Does JNBY Design Limited pay a dividend?
JNBY Design Limited currently shows a dividend yield of about 7.72% relative to its recent price (as of Aug 6, 2026).

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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