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Zhulian Corporation (5131) Fair Value & Analysis

Consumer Cyclical · MY · Market cap 345M MYR

ZC Zhulian Corporation 5131 · KLSE
Price0.9100 MYR
Fair Value0.5200 MYR
Upside-42.9%
Quality55/100
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Weak Growth
Thin margins · 7.4% net margin
negative free cash flow
4.00% dividend yield
Mixed vs. peers (6/11)
Narrow moat 40/100
Evidence: High Range 0.4200 MYR – 0.6100 MYR Share as image

Fair value as of: Jul 16, 2026

From 15 valuation models · updated 25 days ago

Share price +21.3% over the past month.

A solid business, but screening 43% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (0.6100 MYR). The favourable scenario is already priced in.
  • Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

1.66 MYR 0.6956 MYR Fair Value 0.5200 MYR Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range 0.6956 MYR – 1.66 MYR · fair‑value band 0.4200 MYR – 0.6100 MYR · the 0.9100 MYR price screens above the 0.5200 MYR fair value. Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Zhulian Corporation (5131) currently trades at 0.9100 MYR, while our model-based Fair Value estimate is 0.5200 MYR, implying the stock looks roughly 42.9% overvalued today. The Quality Score stands at 55/100 (solid quality), in the Consumer Cyclical sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Zhulian Corporation generated revenue of 122M MYR at a net margin of 7.4%. Revenue declined 6.8% year over year. It earns a return on equity of 2.1%. The stock trades on a trailing P/E of 39.3. Fundamentals as of Jul 16, 2026

Our scenario range runs from 0.4200 MYR (bear case) to 0.6100 MYR (bull case); at 0.9100 MYR, the current price sits above 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 19% below its 52-week high and 31% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -41% fair-value upside, at -43%, 5131 screens richer 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
Residual Income 0.6300 MYR 0.6200 MYR 0.5100 MYR 76
Gordon GGM 0.4700 MYR 0.5000 MYR 0.5600 MYR 70
Growth-Adj P/E 0.3600 MYR 0.5100 MYR 0.6600 MYR 68
All 15 models by family
DCF Models
Owner Earnings 0.4500 MYR 0.5300 MYR 0.6700 MYR 31
Earnings-Based
Graham-Dodd 0.2100 MYR 0.2600 MYR 0.2900 MYR 54
EPV 0.2500 MYR 0.2600 MYR 0.2700 MYR 59
Dividend Discount
Gordon GGM 0.4700 MYR 0.5000 MYR 0.5600 MYR 70
DDM Multi-Stage 0.4700 MYR 0.5500 MYR 0.6700 MYR 61
Multiples
P/E Multiple 0.5100 MYR 0.6800 MYR 0.8400 MYR 63
P/S Multiple 0.2400 MYR 0.3200 MYR 0.4000 MYR 58
P/B Multiple 0.3900 MYR 0.5200 MYR 0.6500 MYR 55
EV/EBIT 0.4200 MYR 0.5000 MYR 0.5800 MYR 53
EV/EBITDA 0.4400 MYR 0.5300 MYR 0.6100 MYR 54
EV/Revenue 0.3400 MYR 0.4100 MYR 0.4800 MYR 43
Asset-Based
NCAV (Graham) 0.4500 MYR 0.6100 MYR 0.9000 MYR 50
Economic Profit
Residual Income 0.6300 MYR 0.6200 MYR 0.5100 MYR 76
ROIC Compounder 0.2500 MYR 0.2600 MYR 0.2700 MYR 67
Growth Earnings
Growth-Adj P/E 0.3600 MYR 0.5100 MYR 0.6600 MYR 68

Widest divergence: Asset-Based (0.6100 MYR) versus Earnings-Based (0.2600 MYR). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 122M MYR
Revenue growth (YoY) -6.8%
Net margin 7.4%
Return on equity 2.1%
Free cash flow −3.8M MYR FY2025
P/E ratio 37.5
More key figures
Operating margin 13.5%
EPS (TTM) 0.0200 MYR
Dividend yield 4.0%
EPS growth (YoY) -93.1%

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 55/100

Of which business quality 54 · Market factors (momentum, volatility) 49

Profitability 31
Margins and returns on capital today
Quality Growth 48
Are margins and returns improving?
Cashflow 5
Earnings quality: real cash, not paper profit
Fin. Strength 88
Balance sheet, leverage, solvency risk
Investment 98
Disciplined investing over empire-building
Low Volatility 80
Calm price path (market factor)
Momentum 37
Price trend over the last 3–12 months (market factor)
52W Momentum 33
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

Zhulian Corporation Berhad, an investment holding company, manufactures, markets, and trades consumer products in Malaysia, Thailand, Cambodia, and internationally.

Full company description

Zhulian Corporation Berhad, an investment holding company, manufactures, markets, and trades consumer products in Malaysia, Thailand, Cambodia, and internationally. The company provides costume/fine fashion jewelry and accessories comprising rings, bracelets, necklaces, brooches, pendants, earrings, and bangles, as well as instant beverages under the ZHULIAN brand; food products; functional beverages, including collagen and fibre mixes, antioxidant beverages, soya drinks, weight management products, and plant protein formula; home wellness products, such as water and air purifiers, and food deoxifying unit under BEYOND brand; homecare detergents under the XTRA WASH brand; traditional herbal supplements under the GREENLEX brand; and vitamin tablets under the NUTRiLEX brand. It also offers therapeutic beddings, such as mattress pads, pillows, bolsters, and mattress protectors, as well as home, personal, baby, and beauty care products; home care and laundry care products; and antibacterial body wash. In addition, the company is involved in the printing of brochures, leaflets, catalogues, name cards, and other related documents, as well as manufactures therapeutic belts; and provides management services. Zhulian Corporation Berhad was founded in 1989 and is headquartered in Penang, Malaysia.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Zhulian Corporation reported revenue of 124M MYR in FY2025 versus 150M MYR in FY2021, a compound −4.7%/yr. Reported net income was 14.1M MYR in FY2025, compounding −23.7%/yr from FY2021.

Growth Quality 14/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
124M MYR
Latest YoY
−2.1%
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.
−3.2%
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.
−6.3%
Avg. growth/yr (13Y) 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.
−9.5%
Revenue −4.7%/yr
FY21 150M MYR
FY22 136M MYR
FY23 132M MYR
FY24 126M MYR
FY25 124M MYR
Net income −23.7%/yr
FY21 41.6M MYR
FY22 38.3M MYR
FY23 29.2M MYR
FY24 23.4M MYR
FY25 14.1M MYR

5131 screens 43% overvalued. Compare with Compagnie Financière Richemont SA →

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Cite: Fair Value Calculator (2026). "Zhulian Corporation Fair Value". https://www.fairvalue-calculator.com/stock/5131

Peer Group

Luxury Goods · 130 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 55 · Above median
Fair Value upside −43% · Below median
Return on equity (TTM) 2% · Below median
Return on assets 2% · Below median
Net margin (TTM) 7% · Above median
Operating margin (TTM) 13% · Above median
Revenue growth -7% · Bottom 25%
Dividend yield (TTM) 4.0% · Above median

Valuation Multiples vs Luxury Goods median · lower = cheaper

P/E (TTM) 37.5× · Pricier than 75% of peers
P/B 0.20× · Cheaper than 75% of peers
P/S (TTM) 0.70× · 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 0 · sector 15
FUTURE 0 · sector 50
PAST 9 · sector 38
HEALTH 0 · sector 99
DIVIDEND 80 · sector 39

VALUE 0: the price sits above our fair-value range.

Insider activity: 30/100

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 Luxury Goods stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
Compagnie Financière Richemont SA CFR CHF 197.40 CHF 117.30 -41%
Christian Dior SE DIO €455.40 €502.30 +10%
Kering SA KER €248.50 €60.61 -76%
Tapestry, Inc TPR $140.73 $19.95 -86%
Chow Tai Fook Jewellery Group 1929 HK$11.82 HK$12.28 +4%
The Swatch Group UHRN CHF 40.95 CHF 21.48 -48%
Prada S.p.A 1913 HK$43.26 HK$64.05 +48%
Pandora A/S PNDORA kr 779.40 kr 1,424 +83%
Brunello Cucinelli S.p.A BC €80.32 €42.69 -47%
Kalyan Jewellers India Limited KALYANKJIL ₹546.60 ₹238.57 -56%

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Frequently asked questions

Is Zhulian Corporation (5131) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of 0.5200 MYR versus a price of 0.9100 MYR, about −43% (overvalued).
What is the fair value of 5131?
Our model-based fair value for Zhulian Corporation is 0.5200 MYR (as of Jul 16, 2026), built from audited fundamentals. The current price is 0.9100 MYR.
What is the quality score of 5131?
Zhulian Corporation has a Quality Score of 55/100. 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 Zhulian Corporation (5131)?
Zhulian Corporation reported trailing-twelve-month revenue of about 122M MYR (latest available figure, as of Jul 16, 2026).
What is the net profit margin of 5131?
The net profit margin of Zhulian Corporation is about 7.4%, meaning it keeps roughly 7.4% of revenue as net income. Based on the latest reported figures.
Does Zhulian Corporation pay a dividend?
Zhulian Corporation currently shows a dividend yield of about 3.75% relative to its recent price (as of Jul 16, 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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