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Jiangsu Maysta Chemical Co (603041) Fair Value & Analysis

Basic Materials · CN · Market cap 2.0B CNY

JM Jiangsu Maysta Chemical Co 603041 · SHG
Price¥11.03
Fair Value¥5.26
Upside-52.3%
Quality59/100
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Healthy Growth
Thin margins · 9.2% net margin
Low debt · generates free cash flow
1.12% dividend yield
Mixed vs. peers (6/14)
Narrow moat 38/100
Evidence: High Range ¥3.95 – ¥6.58 Share as image

Fair value as of: Aug 10, 2026

From 26 valuation models · updated today

Share price +5.8% over the past month.

A solid business, but screening 52% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (¥6.58). The favourable scenario is already priced in.
  • Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

¥14.77 ¥7.77 Fair Value ¥5.26 Mar 2021 Aug 2026

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 ¥7.77 – ¥14.77 · fair‑value band ¥3.95 – ¥6.58 · the ¥11.03 price screens above the ¥5.26 fair value. Dashed = 300-day average. As of Aug 10, 2026.

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Analysis

Jiangsu Maysta Chemical Co (603041) currently trades at ¥11.03, while our model-based Fair Value estimate is ¥5.26, implying the stock looks roughly 52.3% overvalued today. The Quality Score stands at 59/100 (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: high).

Over the trailing twelve months, Jiangsu Maysta Chemical Co generated revenue of 642M CNY at a net margin of 9.2%. Revenue grew 14.4% year over year. It earns a return on equity of 3.9%. The balance sheet holds a net cash position of 243M CNY. Fundamentals as of Aug 10, 2026

Our scenario range runs from ¥3.95 (bear case) to ¥6.58 (bull case); at ¥11.03, 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 32% below its 52-week high, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -58% fair-value upside, at -52%, 603041 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 ¥6.22 ¥8.76 ¥12.29 80
Residual Income ¥6.04 ¥5.94 ¥5.19 76
Rev-Margin DCF ¥4.31 ¥5.97 ¥7.93 74
All 26 models by family
DCF Models
FCF DCF ¥6.17 ¥9.08 ¥13.43 38
Owner Earnings ¥4.55 ¥6.57 ¥9.59 31
5Y Revenue Exit ¥4.31 ¥5.92 ¥7.92 39
5Y EBITDA Exit ¥5.22 ¥7.64 ¥10.44 41
5Y P/E Exit ¥5.05 ¥7.31 ¥9.68 38
10Y Revenue Exit ¥4.88 ¥6.50 ¥8.61 36
10Y EBITDA Exit ¥5.52 ¥7.68 ¥10.52 37
10Y P/E Exit ¥5.41 ¥7.45 ¥9.95 35
Earnings-Based
Graham-Dodd ¥2.10 ¥6.97 ¥9.33 54
Lynch FV ¥1.57 ¥2.25 ¥2.92 50
PEG = 1.0 ¥1.57 ¥2.25 ¥2.92 46
EPV ¥2.48 ¥2.73 ¥2.95 59
Dividend Discount
Gordon GGM ¥1.17 ¥2.32 ¥3.52 70
DDM Multi-Stage ¥1.17 ¥1.95 ¥2.45 61
Multiples
P/E Multiple ¥3.95 ¥5.26 ¥6.58 63
P/S Multiple ¥3.80 ¥5.06 ¥6.33 58
P/B Multiple ¥3.95 ¥5.26 ¥6.58 55
EV/EBIT ¥3.77 ¥4.73 ¥5.68 53
EV/EBITDA ¥5.15 ¥6.57 ¥7.98 54
EV/Revenue ¥3.39 ¥4.45 ¥5.52 43
Asset-Based
NCAV (Graham) ¥4.13 ¥5.54 ¥8.27 50
Growth DCF
Growth DCF ¥6.22 ¥8.76 ¥12.29 80
Rev-Margin DCF ¥4.31 ¥5.97 ¥7.93 74
Economic Profit
Residual Income ¥6.04 ¥5.94 ¥5.19 76
ROIC Compounder ¥2.48 ¥2.73 ¥2.95 72
Growth Earnings
Growth-Adj P/E ¥3.42 ¥4.89 ¥6.36 68

Widest divergence: DCF Models (¥7.31) versus Dividend Discount (¥1.95). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 642M CNY
Revenue growth (YoY) +14.4%
Net margin 9.2%
Return on equity 3.9%
Free cash flow 87.9M CNY FY2025
P/E ratio 33.3
More key figures
Operating margin 9.9%
EPS (TTM) ¥0.3200
Dividend yield 1.1%
EPS growth (YoY) +14.3%
Net cash 243M CNY FY2024

Figures from reported company fundamentals · as of Aug 10, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 59/100

Of which business quality 60 · Market factors (momentum, volatility) 39

Profitability 27
Margins and returns on capital today
Quality Growth 32
Are margins and returns improving?
Cashflow 73
Earnings quality: real cash, not paper profit
Fin. Strength 86
Balance sheet, leverage, solvency risk
Investment 77
Disciplined investing over empire-building
Low Volatility 82
Calm price path (market factor)
Momentum 20
Price trend over the last 3–12 months (market factor)
52W Momentum 23
Distance to the 52-week high (market factor)
Net Issuance 67
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

Jiangsu Maysta Chemical Co., Ltd. engages in the research and development, production, and sale of polyurethane silicone surfactants and catalysts in China and internationally. It offers silicone surfactants and catalysts for rigid foams, flexible foam, molded foam, shoe sole, and OCF.

Full company description

Jiangsu Maysta Chemical Co., Ltd. engages in the research and development, production, and sale of polyurethane silicone surfactants and catalysts in China and internationally. It offers silicone surfactants and catalysts for rigid foams, flexible foam, molded foam, shoe sole, and OCF. The company also provides processing additives, such as release, crosslinking, hardening, softeners, dispersing, colorants, flame retardants, anti-bacterial, antioxidants, and defoaming agents. Its products are used in various sectors, such as home appliances, furniture, construction, automobiles, etc. The company was founded in 2000 and is headquartered in Nanjing, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Jiangsu Maysta Chemical Co reported revenue of ¥618M in FY2025 versus ¥495M in FY2021, a compound +5.7%/yr. Reported net income was ¥56.7M in FY2025, compounding −2.9%/yr from FY2021.

Growth Quality 80/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
618M CNY
Latest YoY
+2.8%
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.
+7.6%
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.
+9.7%
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.
+6.9%
Revenue +5.7%/yr
FY21 ¥495M
FY22 ¥497M
FY23 ¥501M
FY24 ¥601M
FY25 ¥618M
Net income −2.9%/yr
FY21 ¥63.8M
FY22 ¥78.9M
FY23 ¥110M
FY24 ¥64.1M
FY25 ¥56.7M
Character of growth · EPS growth decomposed (2013-2024) −3.2 % p.a.
Revenue per share +1.4 pp

of which total revenue +7.4 pp · buybacks/dilution −6.1 pp

EBIT margin −4.3 pp
Tax rate −0.3 pp
Residual (interest, one-offs) +0.0 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).

603041 screens 52% overvalued. Compare with Linde plc →

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Cite: Fair Value Calculator (2026). "Jiangsu Maysta Chemical Co Fair Value". https://www.fairvalue-calculator.com/stock/603041

Peer Group

Specialty Chemicals · 673 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 59 · Above median
Fair Value upside −52% · Below median
Return on equity (TTM) 4% · Below median
Return on assets 2% · Below median
Net margin (TTM) 9% · Above median
Operating margin (TTM) 10% · Above median
Revenue growth 14% · Above median
Dividend yield (TTM) 1.1% · Below median
Debt / equity 0.00× · Lower than 75% of peers

Valuation Multiples vs Specialty Chemicals median · lower = cheaper

P/E (TTM) 33.3× · Pricier than median
P/B 1.29× · Cheaper than median
P/S (TTM) 3.04× · Pricier than median
P/FCF 3.3× · Pricier than median
EV/EBITDA 15.0× · Pricier 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 0
FUTURE 72 · sector 19
PAST 16 · sector 23
HEALTH 100 · sector 95
DIVIDEND 22 · sector 25

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

Insider activity: 45/100

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 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

Is Jiangsu Maysta Chemical Co (603041) overvalued or undervalued?
As of Aug 10, 2026, our model estimates a fair value of ¥5.26 versus a price of ¥11.03, about −52% (overvalued).
What is the fair value of 603041?
Our model-based fair value for Jiangsu Maysta Chemical Co is ¥5.26 (as of Aug 10, 2026), built from audited fundamentals. The current price is ¥11.03.
What is the quality score of 603041?
Jiangsu Maysta Chemical Co has a Quality Score of 59/100. 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 Jiangsu Maysta Chemical Co (603041)?
Jiangsu Maysta Chemical Co reported trailing-twelve-month revenue of about 642M CNY (latest available figure, as of Aug 10, 2026).
What is the net profit margin of 603041?
The net profit margin of Jiangsu Maysta Chemical Co is about 9.2%, meaning it keeps roughly 9.2% of revenue as net income. Based on the latest reported figures.
Does Jiangsu Maysta Chemical Co pay a dividend?
Jiangsu Maysta Chemical Co currently shows a dividend yield of about 1.12% relative to its recent price (as of Aug 10, 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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