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Beijing Tong Ren Tang Chinese Medicine Co Ltd (3613) Fair Value & Analysis

Healthcare · HK · Market cap HK$5.4B

BT Beijing Tong Ren Tang Chinese Medicine Co Ltd 3613 · HK
PriceHK$6.48
Fair ValueHK$10.44
Upside+61.2%
Quality74/100
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Mixed Growth
Highly profitable · 26.3% net margin
Low debt · generates free cash flow
5.72% dividend yield
Ranks above peers (12/14)
Wide moat 70/100
Evidence: Medium Range HK$7.83 – HK$13.05 Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated 3 days ago

Share price −3.8% over the past month.

A solid business, screening 61% 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$7.83). The market is more pessimistic than our downside scenario.
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Price vs Fair Value (5 years)

HK$13.75 HK$6.21 Fair Value HK$10.44 Mar 2021 Aug 2026

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

60‑month range HK$6.21 – HK$13.75 · fair‑value band HK$7.83 – HK$13.05 · the HK$6.48 price screens below the HK$10.44 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Beijing Tong Ren Tang Chinese Medicine Co Ltd (3613) currently trades at HK$6.48, while our model-based Fair Value estimate is HK$10.44, implying the stock looks roughly 61.2% undervalued today. The Quality Score stands at 74/100 (solid quality), in the Healthcare 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: medium), always confirm before acting.

Over the trailing twelve months, Beijing Tong Ren Tang Chinese Medicine Co Ltd generated revenue of HK$1.5B at a net margin of 26.3%. Revenue declined 20.6% year over year. It earns a return on equity of 9.7%. The balance sheet holds a net cash position of HK$2.1B. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$7.83 (bear case) to HK$13.05 (bull case); at HK$6.48, 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 and 4% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -49% fair-value upside, at 61%, 3613 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$13.41 HK$18.19 HK$24.72 80
Residual Income HK$4.31 HK$4.71 HK$5.96 76
Rev-Margin DCF HK$8.80 HK$11.36 HK$13.92 74
All 26 models by family
DCF Models
FCF DCF HK$13.25 HK$18.65 HK$26.50 38
Owner Earnings HK$8.48 HK$11.45 HK$15.76 31
5Y Revenue Exit HK$8.80 HK$11.22 HK$14.14 39
5Y EBITDA Exit HK$10.55 HK$14.46 HK$18.91 41
5Y P/E Exit HK$10.93 HK$15.17 HK$19.53 38
10Y Revenue Exit HK$10.27 HK$12.82 HK$15.99 36
10Y EBITDA Exit HK$11.46 HK$15.01 HK$19.52 37
10Y P/E Exit HK$11.70 HK$15.49 HK$19.98 35
Earnings-Based
Graham-Dodd HK$3.23 HK$9.75 HK$12.93 54
Lynch FV HK$2.08 HK$2.97 HK$3.86 50
PEG = 1.0 HK$2.08 HK$2.97 HK$3.86 46
EPV HK$6.84 HK$7.50 HK$8.06 59
Dividend Discount
Gordon GGM HK$3.07 HK$6.13 HK$9.28 70
DDM Multi-Stage HK$3.07 HK$4.93 HK$6.47 61
Multiples
P/E Multiple HK$7.83 HK$10.44 HK$13.05 63
P/S Multiple HK$4.75 HK$6.33 HK$7.91 58
P/B Multiple HK$6.05 HK$8.07 HK$10.08 55
EV/EBIT HK$9.85 HK$12.25 HK$14.65 53
EV/EBITDA HK$9.82 HK$12.20 HK$14.59 54
EV/Revenue HK$6.46 HK$8.08 HK$9.71 43
Asset-Based
NCAV (Graham) HK$2.50 HK$3.35 HK$5.00 50
Growth DCF
Growth DCF HK$13.41 HK$18.19 HK$24.72 80
Rev-Margin DCF HK$8.80 HK$11.36 HK$13.92 74
Economic Profit
Residual Income HK$4.31 HK$4.71 HK$5.96 76
ROIC Compounder HK$7.10 HK$8.20 HK$9.45 72
Growth Earnings
Growth-Adj P/E HK$6.38 HK$9.11 HK$11.85 68

Widest divergence: DCF Models (HK$14.46) versus Earnings-Based (HK$2.97). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$1.5B
Revenue growth (YoY) -20.6%
Net margin 26.3%
Return on equity 9.7%
Free cash flow HK$827M FY2025
P/E ratio 13.8 as of Jul 2, 2026
More key figures
Operating margin 28.0%
EPS (TTM) HK$0.2800
Dividend yield 5.7%
EPS growth (YoY) -42.1%
Net cash HK$2.1B FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 74/100

Of which business quality 74 · Market factors (momentum, volatility) 39

Profitability 50
Margins and returns on capital today
Quality Growth 12
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 100
Balance sheet, leverage, solvency risk
Investment 85
Disciplined investing over empire-building
Low Volatility 93
Calm price path (market factor)
Momentum 21
Price trend over the last 3–12 months (market factor)
52W Momentum 7
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.

About the company

Beijing Tong Ren Tang Chinese Medicine Company Limited, together with its subsidiaries, engages in the manufacture, retail, and wholesale of healthcare products and Chinese medicine products to wholesalers and individuals. It operates through Hong Kong, Mainland China, and Overseas segments.

Full company description

Beijing Tong Ren Tang Chinese Medicine Company Limited, together with its subsidiaries, engages in the manufacture, retail, and wholesale of healthcare products and Chinese medicine products to wholesalers and individuals. It operates through Hong Kong, Mainland China, and Overseas segments. The company also offers Chinese medical consultation and treatment services. It markets its products under the Tong Ren Tang brand name. It also operates retail outlets in Hong Kong and in other countries and regions in Asia, the Oceania, North America, and Europe. The company was founded in 1669 and is based in Wan Chai, Hong Kong.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Beijing Tong Ren Tang Chinese Medicine Co Ltd reported revenue of HK$1.5B in FY2025 versus HK$1.6B in FY2021, a compound −0.7%/yr. Reported net income was HK$397M in FY2025, compounding −10.1%/yr from FY2021.

Growth Quality 63/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
HK$1.5B
Latest YoY
−6.1%
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.
−4.4%
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.
+2.8%
Avg. growth/yr (14Y) ⓘ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.
+15.7%
Revenue −0.7%/yr
FY21 HK$1.6B
FY22 HK$1.7B
FY23 HK$1.5B
FY24 HK$1.6B
FY25 HK$1.5B
Net income −10.1%/yr
FY21 HK$608M
FY22 HK$646M
FY23 HK$540M
FY24 HK$500M
FY25 HK$397M
Character of growth · EPS growth decomposed (2014-2025) +3.4 % p.a.
Revenue per share +5.7 pp

of which total revenue +5.7 pp · buybacks/dilution +0.0 pp

EBIT margin −2.9 pp
Tax rate +0.2 pp
Residual (interest, one-offs) +0.4 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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Beijing Tong Ren Tang Chinese Medicine Co Ltd · Fair Value
HK$10.44 +61%Fair Value
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Cite: Fair Value Calculator (2026). "Beijing Tong Ren Tang Chinese Medicine Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/3613

Peer Group

Drug Manufacturers - Specialty & Generic · 622 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 +61% · Top 25%
Return on equity (TTM) 10% · Above median
Return on assets 6% · Top 25%
Net margin (TTM) 26% · Top 25%
Operating margin (TTM) 28% · Top 25%
Revenue growth -21% · Bottom 25%
Dividend yield (TTM) 5.7% · Top 25%

Valuation Multiples vs Drug Manufacturers - Specialty & Generic median · lower = cheaper

P/E (TTM) 13.8× · Cheaper than 75% of peers
P/B 1.30× · Cheaper than median
P/S (TTM) 3.58× · Pricier than median
P/FCF 0.8× · Cheaper than median
EV/EBITDA 6.5× · Cheaper than 75% of peers

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 7
FUTURE 0 · sector 21
PAST 39 · sector 25
HEALTH 100 · sector 97
DIVIDEND 100 · sector 32

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 Drug Manufacturers - Specialty & Generic stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

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Divi's Laboratories Limited DIVISLAB ₹8,500 ₹1,932 -77%
Torrent Pharmaceuticals Limited TORNTPHARM ₹4,915 ₹1,163 -76%
PharmaEssentia Corporation 6446 1,440 TWD 233.93 TWD -84%
Cipla Limited CIPLA ₹1,463 ₹1,001 -32%
Zydus Lifesciences Limited ZYDUSLIFE ₹1,167 ₹703.32 -40%
Lupin Limited LUPIN ₹2,281 ₹2,477 +9%
Mankind Pharma Limited MANKIND ₹2,433 ₹983.11 -60%
Dr. Reddy's Laboratories Limited DRREDDY ₹1,200 ₹874.79 -27%

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Frequently asked questions

Is Beijing Tong Ren Tang Chinese Medicine Co Ltd (3613) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$10.44 versus a price of HK$6.48, about +61% (undervalued).
What is the fair value of 3613?
Our model-based fair value for Beijing Tong Ren Tang Chinese Medicine Co Ltd is HK$10.44 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$6.48.
What is the quality score of 3613?
Beijing Tong Ren Tang Chinese Medicine Co Ltd 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 Beijing Tong Ren Tang Chinese Medicine Co Ltd (3613)?
Beijing Tong Ren Tang Chinese Medicine Co Ltd reported trailing-twelve-month revenue of about HK$1.5B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 3613?
The net profit margin of Beijing Tong Ren Tang Chinese Medicine Co Ltd is about 26.3%, meaning it keeps roughly 26.3% of revenue as net income. Based on the latest reported figures.
Does Beijing Tong Ren Tang Chinese Medicine Co Ltd pay a dividend?
Beijing Tong Ren Tang Chinese Medicine Co Ltd currently shows a dividend yield of about 5.72% relative to its recent price (as of Aug 13, 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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