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Zhangzhou Pientzehuang Pharmaceutical., Ltd (600436) Fair Value & Analysis

Healthcare · CN · Market cap 72.1B CNY

ZP Zhangzhou Pientzehuang Pharmaceutical., Ltd 600436 · SHG
Price¥135.79
Fair Value¥60.82
Upside-55.2%
Quality50/100
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Expensive Growth
Highly profitable · 22.1% net margin
Low debt · negative free cash flow
2.51% dividend yield
Trails peers (5/13)
Wide moat 68/100
Evidence: High Range ¥33.36 – ¥76.03 Share as image

Fair value as of: Jul 11, 2026

From 17 valuation models · updated 27 days ago

Fair value updated Jul 11, 2026, revised from ¥64.03 to ¥60.82 (−5.0%) since Jun 24, 2026. Share price +22.5% over the past month.

A solid business, but screening 55% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (¥76.03). The favourable scenario is already priced in.
  • Solid but not exceptional quality (50/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (¥33.36 to ¥76.03) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

¥485.80 ¥108.00 Fair Value ¥60.82 Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 11, 2026.

How to read this chart

60‑month range ¥108.00 – ¥485.80 · fair‑value band ¥33.36 – ¥76.03 · the ¥135.79 price screens above the ¥60.82 fair value. Dashed = 300-day average. As of Jul 11, 2026.

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Analysis

Zhangzhou Pientzehuang Pharmaceutical., Ltd (600436) currently trades at ¥135.79, while our model-based Fair Value estimate is ¥60.82, implying the stock looks roughly 55.2% overvalued today. We read business quality at 50/100 (solid quality), in the Healthcare 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, Zhangzhou Pientzehuang Pharmaceutical., Ltd generated revenue of 8.6B CNY at a net margin of 22.1%. Revenue declined 12.7% year over year. It earns a return on equity of 11.8%. The balance sheet holds a net cash position of 382M CNY. Fundamentals as of Jul 11, 2026

Our scenario range runs from ¥33.36 (bear case) to ¥76.03 (bull case); at ¥135.79, 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 38% below its 52-week high and 18% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -25% fair-value upside, at -55%, 600436 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 BearBaseBull Evidence
Highest evidence
Residual Income ¥24.01 ¥29.59 ¥57.65 76
ROIC Compounder ¥32.15 ¥45.99 ¥58.56 72
Gordon GGM ¥29.95 ¥62.27 ¥98.78 70
All 17 models by family
DCF Models
Owner Earnings ¥48.01 ¥96.16 ¥188.94 31
Earnings-Based
Graham-Dodd ¥24.33 ¥143.16 ¥199.33 54
Lynch FV ¥40.60 ¥58.00 ¥75.40 50
PEG = 1.0 ¥40.60 ¥58.00 ¥75.40 46
EPV ¥28.93 ¥33.42 ¥37.35 59
Dividend Discount
Gordon GGM ¥29.95 ¥62.27 ¥98.78 70
DDM Multi-Stage ¥29.95 ¥52.50 ¥65.35 61
Multiples
P/E Multiple ¥53.67 ¥71.56 ¥89.45 63
P/S Multiple ¥27.97 ¥37.30 ¥46.62 58
P/B Multiple ¥45.62 ¥60.82 ¥76.03 55
EV/EBIT ¥52.34 ¥69.12 ¥85.90 53
EV/EBITDA ¥40.30 ¥53.07 ¥65.84 54
EV/Revenue ¥28.10 ¥39.29 ¥50.48 43
Asset-Based
NCAV (Graham) ¥12.05 ¥16.15 ¥24.10 50
Economic Profit
Residual Income ¥24.01 ¥29.59 ¥57.65 76
ROIC Compounder ¥32.15 ¥45.99 ¥58.56 72
Growth Earnings
Growth-Adj P/E ¥58.20 ¥83.14 ¥108.08 68

Widest divergence: DCF Models (¥96.16) versus Asset-Based (¥16.15). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) 8.6B CNY
Revenue growth (YoY) -12.7%
Net margin 22.1%
Return on equity 11.8%
Free cash flow −263M CNY FY2025
P/E ratio 38.1
More key figures
Operating margin 30.6%
EPS (TTM) ¥3.14
Dividend yield 2.5%
EPS growth (YoY) -25.9%
Net cash 382M CNY FY2024

Figures from reported company fundamentals · as of Jul 11, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 50/100

Of which business quality 53 · Market factors (momentum, volatility) 34

Profitability 59
Margins and returns on capital today
Quality Growth 21
Are margins and returns improving?
Cashflow 6
Earnings quality: real cash, not paper profit
Fin. Strength 84
Balance sheet, leverage, solvency risk
Investment 72
Disciplined investing over empire-building
Low Volatility 81
Calm price path (market factor)
Momentum 17
Price trend over the last 3–12 months (market factor)
52W Momentum 10
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

Zhangzhou Pientzehuang Pharmaceutical., Ltd., together with its subsidiaries, manufactures and distributes pharmaceuticals and cosmetics in China and internationally.

Full company description

Zhangzhou Pientzehuang Pharmaceutical., Ltd., together with its subsidiaries, manufactures and distributes pharmaceuticals and cosmetics in China and internationally. The company offers traditional Chinese medicines and health products in various forms, including capsule, ointment, tablet, syrup, and pill; health care food and functional drinks; special efficacy cosmetics; and household chemicals under the Pien Tze Huang brand name. It is also involved in the sale of food; production of skin, hair, and oral care daily products; biotechnology and medical device research and development; sale of medical machinery; and online wholesale and retail. The company's products are used for liver diseases, cardiovascular and cerebrovascular, cancer, cold, dermatology, and other applications. It exports its products. The company was founded in 1956 and is based in Zhangzhou, China. Zhangzhou Pientzehuang Pharmaceutical., Ltd. operates as a subsidiary of Zhangzhou Jiulongjiang Group Co., Ltd.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Zhangzhou Pientzehuang Pharmaceutical., Ltd reported revenue of ¥9.0B in FY2025 versus ¥8.0B in FY2021, a compound +2.9%/yr. Reported net income was ¥2.2B in FY2025, compounding −2.9%/yr from FY2021.

Growth Quality 40/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
9.0B CNY
Latest YoY
−16.6%
Avg. growth/yr (3Y)
+1.2%
Avg. growth/yr (5Y)
+6.7%
Avg. growth/yr (25Y)
+16.8%
Revenue +2.9%/yr
FY21 ¥8.0B
FY22 ¥8.7B
FY23 ¥10.1B
FY24 ¥10.8B
FY25 ¥9.0B
Net income −2.9%/yr
FY21 ¥2.4B
FY22 ¥2.5B
FY23 ¥2.8B
FY24 ¥3.0B
FY25 ¥2.2B

600436 screens 55% overvalued. Compare with Eli Lilly and Company →

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Cite: Fair Value Calculator (2026). "Zhangzhou Pientzehuang Pharmaceutical., Ltd Fair Value". https://www.fairvalue-calculator.com/stock/600436

Peer Group

Drug Manufacturers - General · 75 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 50 · Below median
Fair Value upside −55% · Bottom 25%
Return on equity (TTM) 12% · Below median
Return on assets 6% · Above median
Net margin (TTM) 22% · Top 25%
Operating margin (TTM) 31% · Top 25%
Revenue growth -13% · Bottom 25%
Dividend yield (TTM) 2.5% · Above median
Debt / equity 0.00× · Lower than 75% of peers

Valuation Multiples vs Drug Manufacturers - General median · lower = cheaper

P/E (TTM) 38.1× · Pricier than 75% of peers
P/B 4.96× · Pricier than median
P/S (TTM) 8.39× · Pricier than 75% of peers
EV/EBITDA 36.1× · Pricier 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 0 · sector 0
FUTURE 0 · sector 25
PAST 47 · sector 52
HEALTH 100 · sector 94
DIVIDEND 50 · sector 48

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

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 - General stocks, each showing price versus our Fair Value estimate (as of Jul 11, 2026).

Stock Price Fair Value vs Fair Value
Eli Lilly and Company LLY $1,182 $396.77 -66%
Johnson & Johnson, JNJ $257.59 $169.04 -34%
AbbVie Inc ABBV $254.49 $67.72 -73%
Roche Holding 1RO €377.80 €280.03 -26%
Merck & Co MRK €108.08 €121.54 +12%
Novartis AG NVSN 2,742 MXN 2,379 MXN -13%
AstraZeneca PLC AZN $171.61 $129.54 -25%
Novo Nordisk A/S NOVOB kr 329.90 kr 409.46 +24%
Amgen Inc AMGN $363.39 $252.02 -31%
Gilead Sciences, Inc GILD $134.28 $146.50 +9%

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Frequently asked questions

Is Zhangzhou Pientzehuang Pharmaceutical., Ltd (600436) overvalued or undervalued?
As of Jul 11, 2026, our model estimates a fair value of ¥60.82 versus a price of ¥135.79, about −55% (overvalued).
What is the fair value of 600436?
Our model-based fair value for Zhangzhou Pientzehuang Pharmaceutical., Ltd is ¥60.82 (as of Jul 11, 2026), built from audited fundamentals. The current price is ¥135.79.
What is the quality score of 600436?
Zhangzhou Pientzehuang Pharmaceutical., Ltd has a Quality Score of 50/100. It combines two groups: business quality (profitability, growth, cash flow, balance-sheet strength) and market factors (price momentum, distance to the 52-week high, volatility). Both subtotals are shown separately in the detail view.
What is the revenue of Zhangzhou Pientzehuang Pharmaceutical., Ltd (600436)?
Zhangzhou Pientzehuang Pharmaceutical., Ltd reported trailing-twelve-month revenue of about 8.6B CNY (latest available figure, as of Jul 11, 2026).
What is the net profit margin of 600436?
The net profit margin of Zhangzhou Pientzehuang Pharmaceutical., Ltd is about 22.1%, meaning it keeps roughly 22.1% of revenue as net income. Based on the latest reported figures.
Does Zhangzhou Pientzehuang Pharmaceutical., Ltd pay a dividend?
Zhangzhou Pientzehuang Pharmaceutical., Ltd currently shows a dividend yield of about 2.51% relative to its recent price (as of Jul 11, 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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