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Henan Rebecca Hair Products Co (600439) Fair Value & Analysis

Consumer Defensive · CN · Market cap 2.1B CNY

HR Henan Rebecca Hair Products Co 600439 · SHG
Price¥1.86
Fair Value¥0.9500
Upside-48.9%
Quality62/100
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Weak Growth
Loss-making · -6.5% net margin
Low debt · generates free cash flow
Ranks above peers (7/11)
Narrow moat 22/100
Evidence: High Range ¥0.8700 – ¥1.03 Share as image

Fair value as of: Aug 9, 2026

From 15 valuation models · updated yesterday

Fair value updated Aug 9, 2026, revised from ¥1.01 to ¥0.9500 (−5.9%) since Jul 11, 2026. Share price −14.3% over the past month.

A solid business, but screening 49% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (¥1.03). The favourable scenario is already priced in.
  • Solid but not exceptional quality (62/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

¥5.67 ¥1.85 Fair Value ¥0.9500 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 9, 2026.

How to read this chart

60‑month range ¥1.85 – ¥5.67 · fair‑value band ¥0.8700 – ¥1.03 · the ¥1.86 price screens above the ¥0.9500 fair value. Dashed = 300-day average. As of Aug 9, 2026.

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Analysis

Henan Rebecca Hair Products Co (600439) currently trades at ¥1.86, while our model-based Fair Value estimate is ¥0.9500, implying the stock looks roughly 48.9% overvalued today. The Quality Score stands at 62/100 (solid quality), in the Consumer Defensive 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, Henan Rebecca Hair Products Co generated revenue of 1.3B CNY at a net margin of -6.5%. Revenue grew 3.4% year over year. It earns a return on equity of -3.3%. Net debt stands at 1.0B CNY. Fundamentals as of Aug 9, 2026

Our scenario range runs from ¥0.8700 (bear case) to ¥1.03 (bull case); at ¥1.86, 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 50% below its 52-week high, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -26% fair-value upside, at -49%, 600439 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
Growth DCF ¥2.98 ¥3.82 ¥5.28 80
Rev-Margin DCF ¥1.66 ¥2.02 ¥2.50 74
ROIC Compounder ¥0.8500 ¥0.9300 ¥1.00 72
All 15 models by family
DCF Models
FCF DCF ¥2.88 ¥3.75 ¥5.39 38
5Y Revenue Exit ¥1.66 ¥1.96 ¥2.40 39
5Y EBITDA Exit ¥1.89 ¥2.36 ¥2.99 41
10Y Revenue Exit ¥2.12 ¥2.41 ¥2.71 36
10Y EBITDA Exit ¥2.27 ¥2.66 ¥3.06 37
Earnings-Based
EPV ¥0.8500 ¥0.9300 ¥1.00 59
Dividend Discount
Gordon GGM ¥0.5900 ¥0.6600 ¥0.7600 70
DDM Multi-Stage ¥0.5900 ¥0.7500 ¥0.9600 61
Multiples
EV/EBIT ¥1.15 ¥1.43 ¥1.71 53
EV/EBITDA ¥1.41 ¥1.77 ¥2.13 54
EV/Revenue ¥0.9200 ¥1.17 ¥1.42 43
Asset-Based
NCAV (Graham) ¥1.11 ¥1.49 ¥2.23 50
Growth DCF
Growth DCF ¥2.98 ¥3.82 ¥5.28 80
Rev-Margin DCF ¥1.66 ¥2.02 ¥2.50 74
Economic Profit
ROIC Compounder ¥0.8500 ¥0.9300 ¥1.00 72

Widest divergence: DCF Models (¥2.41) versus Dividend Discount (¥0.6600). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 1.3B CNY
Revenue growth (YoY) +3.4%
Net margin -6.5%
Return on equity -3.3%
Free cash flow 306M CNY FY2025
Operating margin 12.2%
More key figures
EPS (TTM) ¥-0.0700
EPS growth (YoY) -39.3%
Net debt 1.0B CNY FY2025

Figures from reported company fundamentals · as of Aug 9, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 62/100

Of which business quality 62 · Market factors (momentum, volatility) 25

Profitability 10
Margins and returns on capital today
Quality Growth 52
Are margins and returns improving?
Cashflow 93
Earnings quality: real cash, not paper profit
Fin. Strength 48
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 76
Calm price path (market factor)
Momentum 4
Price trend over the last 3–12 months (market factor)
52W Momentum 1
Distance to the 52-week high (market factor)
Net Issuance 92
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

Henan Rebecca Hair Products Co., Ltd. engages in the production and sale of hair products in China. It offers craft springs, chemical fiber springs, human hair wigs, chemical fiber wigs, training heads, and composite fiber materials under the Rebecca, Sleek, JOEDIR, NOBLE, MAGIC, and QVR brands through the directly operated stores and franchised stores.

Full company description

Henan Rebecca Hair Products Co., Ltd. engages in the production and sale of hair products in China. It offers craft springs, chemical fiber springs, human hair wigs, chemical fiber wigs, training heads, and composite fiber materials under the Rebecca, Sleek, JOEDIR, NOBLE, MAGIC, and QVR brands through the directly operated stores and franchised stores. Henan Rebecca Hair Products Co., Ltd. was founded in 1999 and is headquartered in Xuchang, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Henan Rebecca Hair Products Co reported revenue of ¥1.3B in FY2025 versus ¥1.6B in FY2021, a compound −4.7%/yr. Reported net income was −¥81.9M in FY2025.

Growth Quality 32/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
1.3B CNY
Latest YoY
+4.4%
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.
+0.9%
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.
−0.6%
Avg. growth/yr (25Y) 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.
+6.2%
Revenue −4.7%/yr
FY21 ¥1.6B
FY22 ¥1.3B
FY23 ¥1.2B
FY24 ¥1.2B
FY25 ¥1.3B
Net income
FY21 ¥60.2M
FY22 ¥33.9M
FY23 ¥12.3M
FY24 −¥118M
FY25 −¥81.9M
Character of growth · EPS growth decomposed (2013-2024) −20.6 % p.a.
Revenue per share −5.9 pp

of which total revenue −5.5 pp · buybacks/dilution −0.5 pp

EBIT margin −0.1 pp
Tax rate −2.5 pp
Residual (interest, one-offs) −12.0 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).

600439 screens 49% overvalued. Compare with The Procter & Gamble Company →

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Cite: Fair Value Calculator (2026). "Henan Rebecca Hair Products Co Fair Value". https://www.fairvalue-calculator.com/stock/600439

Peer Group

Household & Personal Products · 244 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 62 · Above median
Fair Value upside −49% · Bottom 25%
Return on assets 0% · Below median
Net margin (TTM) -6% · Bottom 25%
Operating margin (TTM) 12% · Above median
Revenue growth 3% · Above median
Debt / equity 0.03× · Lower than median

Valuation Multiples vs Household & Personal Products median · lower = cheaper

P/B 0.12× · Cheaper than 75% of peers
P/S (TTM) 0.24× · Cheaper than 75% of peers
P/FCF 1.0× · 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 28
FUTURE 17 · sector 4
PAST 0 · sector 26
HEALTH 99 · sector 98
DIVIDEND 0 · sector 50

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 Household & Personal Products stocks, each showing price versus our Fair Value estimate (as of Aug 9, 2026).

Stock Price Fair Value vs Fair Value
The Procter & Gamble Company PG $146.80 $108.16 -26%
Unilever PLC ULN 1,080 MXN 1,273 MXN +18%
Hindustan Unilever Limited HINDUNILVR ₹2,144 ₹1,000 -53%
Essity AB ESSITYA kr 279.00 kr 250.02 -10%
Godrej Consumer Products Limited GODREJCP ₹1,088 ₹367.64 -66%
Marico Limited MARICO ₹846.75 ₹233.05 -72%
APR Co 278470 375,000 KRW 151,222 KRW -60%
Dabur India Limited DABUR ₹429.45 ₹181.60 -58%
Kimberly-Clark de México, S. A. B. de C. V., KIMBERA 38.07 MXN 50.09 MXN +32%
PT Unilever Indonesia Tbk UNVR 1,730 IDR 1,934 IDR +12%

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Frequently asked questions

Is Henan Rebecca Hair Products Co (600439) overvalued or undervalued?
As of Aug 9, 2026, our model estimates a fair value of ¥0.9500 versus a price of ¥1.86, about −49% (overvalued).
What is the fair value of 600439?
Our model-based fair value for Henan Rebecca Hair Products Co is ¥0.9500 (as of Aug 9, 2026), built from audited fundamentals. The current price is ¥1.86.
What is the quality score of 600439?
Henan Rebecca Hair Products Co 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 revenue of Henan Rebecca Hair Products Co (600439)?
Henan Rebecca Hair Products Co reported trailing-twelve-month revenue of about 1.3B CNY (latest available figure, as of Aug 9, 2026).
What is the net profit margin of 600439?
The net profit margin of Henan Rebecca Hair Products Co is about -6.5%, meaning it is currently running at a net loss. Based on the latest reported figures.

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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