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Fujian Tianma Science and Technology Group (603668) Fair Value & Analysis

Consumer Defensive · CN · Market cap 5.7B CNY

FT Fujian Tianma Science and Technology Group 603668 · SHG
Price¥10.58
Fair Value¥11.82
Upside+11.7%
Quality30/100
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Expensive Growth
Loss-making · -3.1% net margin
Low debt · negative free cash flow
Trails peers (4/11)
Narrow moat 19/100
Evidence: Medium Range ¥6.26 – ¥17.38 Share as image

Fair value as of: Jul 11, 2026

From 8 valuation models · updated 30 days ago

Fair value updated Jul 11, 2026, revised from ¥22.92 to ¥11.82 (−48.4%) since Jun 24, 2026. Share price −10.5% over the past month.

Below-average quality, screening 12% undervalued on our models.

What matters now

  • The model range is unusually wide (¥6.26 to ¥17.38). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Our model range runs from ¥6.26 (bear) to ¥17.38 (bull), base ¥11.82. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 30/100 (below-average quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

¥21.47 ¥6.27 Fair Value ¥11.82 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 ¥6.27 – ¥21.47 · fair‑value band ¥6.26 – ¥17.38 · the ¥10.58 price screens below the ¥11.82 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 11, 2026.

Full chart & analysis →

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Analysis

Fujian Tianma Science and Technology Group (603668) currently trades at ¥10.58, while our model-based Fair Value estimate is ¥11.82, implying the stock looks roughly 11.7% undervalued today. The Quality Score stands at 30/100 (below-average quality), in the Consumer Defensive sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Fujian Tianma Science and Technology Group generated revenue of 6.1B CNY at a net margin of -3.1%. Revenue grew 3.5% year over year. It earns a return on equity of -6.6%. Net debt stands at 2.6B CNY. Fundamentals as of Jul 11, 2026

Our scenario range runs from ¥6.26 (bear case) to ¥17.38 (bull case); at ¥10.58, the current price sits within 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 46% below its 52-week high and 2% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at 102% fair-value upside, at 12%, 603668 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
ROIC Compounder ¥1.70 ¥1.96 ¥2.19 72
Gordon GGM ¥2.20 ¥4.38 ¥6.64 70
DDM Multi-Stage ¥2.20 ¥3.79 ¥4.63 61
All 8 models by family
Earnings-Based
EPV ¥1.70 ¥1.96 ¥2.19 59
Dividend Discount
Gordon GGM ¥2.20 ¥4.38 ¥6.64 70
DDM Multi-Stage ¥2.20 ¥3.79 ¥4.63 61
Multiples
EV/EBIT ¥2.62 ¥3.48 ¥4.33 53
EV/EBITDA ¥8.40 ¥11.18 ¥13.97 54
EV/Revenue ¥1.89 ¥2.67 ¥3.46 43
Asset-Based
NCAV (Graham) ¥2.08 ¥2.79 ¥4.17 50
Economic Profit
ROIC Compounder ¥1.70 ¥1.96 ¥2.19 72

Widest divergence: Dividend Discount (¥3.79) versus Earnings-Based (¥1.96). Highest evidence: ROIC Compounder (72).

Key figures & financial health

Revenue (TTM) 6.1B CNY
Revenue growth (YoY) +3.5%
Net margin -3.1%
Return on equity -6.6%
Free cash flow −155M CNY FY2025
Operating margin 4.3%
More key figures
EPS (TTM) ¥-0.3800
EPS growth (YoY) -66.7%
Net debt 2.6B CNY FY2025

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

Quality Score breakdown

Overall quality 30/100

Of which business quality 28 · Market factors (momentum, volatility) 27

Profitability 12
Margins and returns on capital today
Quality Growth 39
Are margins and returns improving?
Cashflow 9
Earnings quality: real cash, not paper profit
Fin. Strength 14
Balance sheet, leverage, solvency risk
Investment 79
Disciplined investing over empire-building
Low Volatility 65
Calm price path (market factor)
Momentum 14
Price trend over the last 3–12 months (market factor)
52W Momentum 7
Distance to the 52-week high (market factor)
Net Issuance 51
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

Fujian Tianma Science and Technology Group Co., Ltd. researches and develops, produces, and sells special aquatic compound feeds in China.

Full company description

Fujian Tianma Science and Technology Group Co., Ltd. researches and develops, produces, and sells special aquatic compound feeds in China. The company offers seedling and special aquatic compound feeds, which are mainly used in special aquatic animals such as eel, grouper, large yellow croaker, California perch, turtle, soft-shelled turtle, puffer fish, mandarin fish, abalone, sea cucumber, etc. It also provides powdered, sea fish, freshwater species, shrimp, and seedling compound feeds, as well as animal protection products and livestock and poultry feeds. The company sells its products under the Jianma brand. The company was founded in 2002 and is based in Fuqing, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Fujian Tianma Science and Technology Group reported revenue of ¥6.0B in FY2025 versus ¥5.4B in FY2021, a compound +2.6%/yr. Reported net income was −¥179M in FY2025.

Growth Quality 36/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
6.0B CNY
Latest YoY
+2.5%
Avg. growth/yr (3Y)
−5.0%
Avg. growth/yr (5Y)
+10.5%
Avg. growth/yr (14Y)
+20.4%
Revenue +2.6%/yr
FY21 ¥5.4B
FY22 ¥7.0B
FY23 ¥7.0B
FY24 ¥5.9B
FY25 ¥6.0B
Net income
FY21 ¥83.9M
FY22 ¥130M
FY23 −¥188M
FY24 ¥26.0M
FY25 −¥179M

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Cite: Fair Value Calculator (2026). "Fujian Tianma Science and Technology Group Fair Value". https://www.fairvalue-calculator.com/stock/603668

Peer Group

Farm Products · 291 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 30 · Bottom 25%
Fair Value upside +12% · Above median
Return on assets 0% · Below median
Net margin (TTM) -3% · Bottom 25%
Operating margin (TTM) 4% · Below median
Revenue growth 4% · Below median
Debt / equity 0.24× · Higher than median

Valuation Multiples vs Farm Products median · lower = cheaper

P/B 0.40× · Cheaper than median
P/S (TTM) 0.14× · Cheaper than 75% of peers
EV/EBITDA 2.6× · Cheaper 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 49 · sector 26
FUTURE 18 · sector 21
PAST 0 · sector 17
HEALTH 88 · sector 94
DIVIDEND 0 · sector 38

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

Stock Price Fair Value vs Fair Value
Muyuan Foods Group 002714 ¥40.90 ¥48.19 +18%
Wens Foodstuff Group 300498 ¥14.51 ¥12.08 -17%
Mowi ASA MOWI kr 188.40 kr 262.59 +39%
PT Charoen Pokphand Indonesia Tbk, CPIN 3,120 IDR 7,076 IDR +127%
Charoen Pokphand Foods Public Company CPF 22.00 THB 55.71 THB +153%
PT Triputra Agro Persada Tbk TAPG 1,540 IDR 3,105 IDR +102%
PT FAP Agri Tbk FAPA 7,300 IDR 7,463 IDR +2%
PT Japfa Comfeed Indonesia Tbk JPFA 2,070 IDR 7,231 IDR +249%
Thaifoods Group TFGR 10.60 THB 23.53 THB +122%
PT Jhonlin Agro Raya Tbk JARR 1,845 IDR 610.80 IDR -67%

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Frequently asked questions

Is Fujian Tianma Science and Technology Group (603668) overvalued or undervalued?
As of Jul 11, 2026, our model estimates a fair value of ¥11.82 versus a price of ¥10.58, about +12% (undervalued).
What is the fair value of 603668?
Our model-based fair value for Fujian Tianma Science and Technology Group is ¥11.82 (as of Jul 11, 2026), built from audited fundamentals. The current price is ¥10.58.
What is the quality score of 603668?
Fujian Tianma Science and Technology Group has a Quality Score of 30/100. 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 Fujian Tianma Science and Technology Group (603668)?
Fujian Tianma Science and Technology Group reported trailing-twelve-month revenue of about 6.1B CNY (latest available figure, as of Jul 11, 2026).
What is the net profit margin of 603668?
The net profit margin of Fujian Tianma Science and Technology Group is about -3.1%, 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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