Apple Flavor & Fragrance Group (603020) Fair Value & Analysis
Basic Materials · CN · Market cap 3.8B CNY
Fair value as of: Aug 10, 2026
From 15 valuation models · updated today
Fair value updated Aug 10, 2026, revised from ¥3.00 to ¥3.99 (+32.9%) since Jul 11, 2026. Share price −24.5% over the past month.
A solid business, but screening 60% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (¥5.18). The favourable scenario is already priced in.
- Solid but not exceptional quality (51/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 10, 2026.
How to read this chart
60‑month range ¥5.82 – ¥23.26 · fair‑value band ¥2.94 – ¥5.18 · the ¥10.01 price screens above the ¥3.99 fair value. Dashed = 300-day average. As of Aug 10, 2026.
Analysis
Apple Flavor & Fragrance Group (603020) currently trades at ¥10.01, while our model-based Fair Value estimate is ¥3.99, implying the stock looks roughly 60.2% overvalued today. The Quality Score stands at 51/100 (solid quality), in the Basic Materials 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: medium).
Over the trailing twelve months, Apple Flavor & Fragrance Group generated revenue of 2.5B CNY at a net margin of 3.5%. Revenue grew 3.2% year over year. It earns a return on equity of 3.4%. The balance sheet holds a net cash position of 203M CNY. Fundamentals as of Aug 10, 2026
Our scenario range runs from ¥2.94 (bear case) to ¥5.18 (bull case); at ¥10.01, 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 24% below its 52-week high and 15% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -58% fair-value upside, at -60%, 603020 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.
All 15 models by family
Widest divergence: Asset-Based (¥5.85) versus Dividend Discount (¥1.83). Highest evidence: Residual Income (76).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 10, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 50 · Market factors (momentum, volatility) 44
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
Apple Flavor & Fragrance Group Co.,Ltd., together with its subsidiaries, engages in the manufacture and sale of flavors, fragrances, and food ingredients in China.
Full company description
Apple Flavor & Fragrance Group Co.,Ltd., together with its subsidiaries, engages in the manufacture and sale of flavors, fragrances, and food ingredients in China. It offers food flavors, including dairy, ice cream, beverage, confectionery, savory, bakery, and snack related flavors, as well as fragrances for perfumes, personal care, oral care, home care, and candle and air care products. The company also manufactures aroma ingredients, such as synthetic aroma chemicals, natural extracts, and fermentation natural chemicals. In addition, it offers food ingredients, such as dairy products, chocolate and cocoa products, fruit products, flavors and fragrances, breads, desserts, and other products. Apple Flavor & Fragrance Group Co.,Ltd. was founded in 1995 and is headquartered in Shanghai, China.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Apple Flavor & Fragrance Group reported revenue of ¥2.5B in FY2025 versus ¥3.3B in FY2021, a compound −7.3%/yr. Reported net income was ¥86.7M in FY2025, compounding −19.1%/yr from FY2021.
603020 screens 60% overvalued. Compare with Linde plc →
Peer Group
Specialty Chemicals · 676 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.
Valuation Multiples vs Specialty Chemicals median · lower = cheaper
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: 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.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Specialty Chemicals stocks, each showing price versus our Fair Value estimate (as of Aug 10, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Linde plc LIN | $489.98 | $222.03 | -55% |
| Nan Ya Plastics Corporation 1303 | 181.50 TWD | 255.83 TWD | +41% |
| Wanhua Chemical Group 600309 | ¥70.04 | ¥68.03 | -3% |
| Novozymes A/S NSISB | kr 428.20 | kr 179.66 | -58% |
| Asian Paints Limited ASIANPAINT | ₹2,689 | ₹668.81 | -75% |
| Solar Industries India Limited SOLARINDS | ₹18,236 | ₹2,793 | -85% |
| Pidilite Industries Limited PIDILITIND | ₹1,560 | ₹351.84 | -77% |
| PT Chandra Asri Pacific Tbk TPIA | 1,805 IDR | 2,888 IDR | +60% |
| Linde India Limited LINDEINDIA | ₹7,115 | ₹757.93 | -89% |
| Berger Paints India Limited BERGEPAINT | ₹493.70 | ₹164.29 | -67% |
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Frequently asked questions
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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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