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Joinn Laboratories China Co Ltd (6127) Fair Value & Analysis

Healthcare · HK · Market cap HK$13.9B

JL Joinn Laboratories China Co Ltd 6127 · HK
PriceHK$25.08
Fair ValueHK$13.68
Upside-45.5%
Quality58/100
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Healthy Growth
Highly profitable · 29.4% net margin
Low debt · generates free cash flow
0.62% dividend yield
Ranks above peers (8/13)
Narrow moat 33/100
Evidence: High Range HK$11.92 – HK$16.68 Share as image

Fair value as of: Aug 17, 2026

From 26 valuation models · updated today

Fair value updated Aug 17, 2026, revised from HK$14.13 to HK$13.68 (−3.2%) since Aug 13, 2026. Share price −8.7% over the past month.

A solid business, but screening 45% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (HK$16.68). The favourable scenario is already priced in.
  • Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

HK$65.05 HK$6.45 Fair Value HK$13.68 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 17, 2026.

How to read this chart

60‑month range HK$6.45 – HK$65.05 · fair‑value band HK$11.92 – HK$16.68 · the HK$25.08 price screens above the HK$13.68 fair value. Dashed = 300-day average. As of Aug 17, 2026.

Full chart & analysis →

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Analysis

Joinn Laboratories China Co Ltd (6127) currently trades at HK$25.08, while our model-based Fair Value estimate is HK$13.68, implying the stock looks roughly 45.5% overvalued today. The Quality Score stands at 58/100 (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, Joinn Laboratories China Co Ltd generated revenue of HK$1.7B at a net margin of 29.4%. Revenue grew 10.0% year over year. It earns a return on equity of 5.9%. The balance sheet holds a net cash position of HK$910M. Fundamentals as of Aug 17, 2026

Our scenario range runs from HK$11.92 (bear case) to HK$16.68 (bull case); at HK$25.08, 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 12% below its 52-week high and 67% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -50% fair-value upside, at -45%, 6127 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 HK$10.00 HK$17.60 HK$32.51 80
Residual Income HK$10.98 HK$10.69 HK$9.28 76
Rev-Margin DCF HK$8.34 HK$14.84 HK$24.75 74
All 26 models by family
DCF Models
FCF DCF HK$10.47 HK$15.99 HK$32.65 38
Owner Earnings HK$10.08 HK$20.84 HK$43.44 31
5Y Revenue Exit HK$8.34 HK$13.64 HK$24.15 39
5Y EBITDA Exit HK$10.63 HK$18.51 HK$33.19 41
5Y P/E Exit HK$10.43 HK$20.31 HK$33.24 38
10Y Revenue Exit HK$8.71 HK$16.06 HK$23.40 36
10Y EBITDA Exit HK$10.58 HK$20.57 HK$39.31 37
10Y P/E Exit HK$10.44 HK$20.19 HK$37.39 35
Earnings-Based
Graham-Dodd HK$3.65 HK$25.43 HK$35.69 54
Lynch FV HK$8.09 HK$11.55 HK$15.02 50
PEG = 1.0 HK$8.09 HK$11.55 HK$15.02 46
EPV HK$6.76 HK$7.61 HK$8.36 59
Dividend Discount
Gordon GGM HK$0.3700 HK$0.7700 HK$1.22 70
DDM Multi-Stage HK$0.3700 HK$0.6500 HK$0.8100 61
Multiples
P/E Multiple HK$8.85 HK$11.80 HK$14.75 63
P/S Multiple HK$6.84 HK$9.12 HK$11.39 58
P/B Multiple HK$6.84 HK$9.12 HK$11.39 55
EV/EBIT HK$9.40 HK$11.99 HK$14.57 53
EV/EBITDA HK$10.76 HK$13.80 HK$16.84 54
EV/Revenue HK$7.18 HK$9.55 HK$11.93 43
Asset-Based
NCAV (Graham) HK$7.49 HK$10.04 HK$14.99 50
Growth DCF
Growth DCF HK$10.00 HK$17.60 HK$32.51 80
Rev-Margin DCF HK$8.34 HK$14.84 HK$24.75 74
Economic Profit
Residual Income HK$10.98 HK$10.69 HK$9.28 76
ROIC Compounder HK$6.76 HK$7.61 HK$8.36 72
Growth Earnings
Growth-Adj P/E HK$11.03 HK$15.76 HK$20.49 68

Widest divergence: DCF Models (HK$18.51) versus Dividend Discount (HK$0.6500). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$1.7B
Revenue growth (YoY) +10.0%
Net margin 29.4%
Return on equity 5.9%
Free cash flow HK$301M FY2025
P/E ratio 24.1 as of Jul 2, 2026
More key figures
Operating margin -9.7%
EPS (TTM) HK$0.6776
Dividend yield 0.6%
EPS growth (YoY) +540%
Net cash HK$910M FY2025

Figures from reported company fundamentals · as of Aug 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 58/100

Of which business quality 59 · Market factors (momentum, volatility) 51

Profitability 29
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 72
Earnings quality: real cash, not paper profit
Fin. Strength 86
Balance sheet, leverage, solvency risk
Investment 87
Disciplined investing over empire-building
Low Volatility 38
Calm price path (market factor)
Momentum 59
Price trend over the last 3–12 months (market factor)
52W Momentum 54
Distance to the 52-week high (market factor)
Net Issuance 43
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

Joinn Laboratories(China)Co.,Ltd. provides preclinical and non-clinical services in the United States, the People's Republic of China, and internationally. It operates through three segments: Non-Clinical Studies Services; Clinical Trial and Related Services; and Sales of Research Models.

Full company description

Joinn Laboratories(China)Co.,Ltd. provides preclinical and non-clinical services in the United States, the People's Republic of China, and internationally. It operates through three segments: Non-Clinical Studies Services; Clinical Trial and Related Services; and Sales of Research Models. The Non-Clinical Studies Services segment offers drug safety assessment, drug metabolism and pharmacokinetics DMPK studies, and pharmacology and efficacy studies. Its Clinical Trial and Related Services segment provide clinical contract research organization services, co-managed phase I clinical research units, and bioanalytical services. The Sales of Research Models segment engages in the design, production, breeding, and sale of research models, including non-human primates and rodents. The company also offers cell-based assay (CBA) services. In addition, it offers drug quality research and testing services for protein drugs, vaccines, gene and cell therapy products, and provides customized solutions for early-stage drug discovery, screening, and mechanism research. Joinn Laboratories(China)Co.,Ltd. was incorporated in 1995 and is headquartered in Beijing, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Joinn Laboratories China Co Ltd reported revenue of HK$1.7B in FY2025 versus HK$1.5B in FY2021, a compound +2.2%/yr. Reported net income was HK$298M in FY2025, compounding −14.5%/yr from FY2021.

Growth Quality 95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
HK$1.7B
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.
+10.0%
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.
+25.8%
Avg. growth/yr (12Y) 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.
+28.7%
Revenue +2.2%/yr
FY21 HK$1.5B
FY22 HK$2.3B
FY23 HK$2.4B
FY24 HK$2.0B
FY25 HK$1.7B
Net income −14.5%/yr
FY21 HK$557M
FY22 HK$1.1B
FY23 HK$397M
FY24 HK$74.1M
FY25 HK$298M
Character of growth · EPS growth decomposed (2014-2025) +13.7 % p.a.
Revenue per share +21.8 pp

of which total revenue +28.5 pp · buybacks/dilution −6.7 pp

EBIT margin −4.3 pp
Tax rate −0.3 pp
Residual (interest, one-offs) −3.6 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).

6127 screens 45% overvalued. Compare with Thermo Fisher Scientific Inc →

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Cite: Fair Value Calculator (2026). "Joinn Laboratories China Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/6127

Peer Group

Diagnostics & Research · 136 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 58 · Above median
Fair Value upside −46% · Below median
Return on equity (TTM) 6% · Above median
Return on assets -1% · Below median
Net margin (TTM) 29% · Top 25%
Operating margin (TTM) -10% · Below median
Revenue growth 10% · Above median
Dividend yield (TTM) 0.6% · Below median

Valuation Multiples vs Diagnostics & Research median · lower = cheaper

P/E (TTM) 24.1× · Cheaper than median
P/B 1.67× · Cheaper than median
P/S (TTM) 8.26× · Pricier than 75% of peers
P/FCF 5.9× · 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 0
FUTURE 50 · sector 24
PAST 24 · sector 11
HEALTH 100 · sector 96
DIVIDEND 12 · sector 30

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 Diagnostics & Research stocks, each showing price versus our Fair Value estimate (as of Aug 17, 2026).

Stock Price Fair Value vs Fair Value
Thermo Fisher Scientific Inc TMO $603.01 $308.19 -49%
Danaher Corporation DHR $205.79 $103.88 -50%
WuXi AppTec Co 2359 HK$198.90 HK$157.39 -21%
Lonza Group LONN CHF 566.20 CHF 259.80 -54%
IDEXX Laboratories, Inc IDXX $570.58 $255.77 -55%
Agilent Technologies, Inc A $148.24 $61.53 -58%
Waters Corporation WAT $416.15 $121.96 -71%
IQVIA Holdings IQV $243.84 $132.17 -46%
Illumina, Inc ILMN $192.91 $95.51 -50%
Mettler-Toledo International Inc MTD $1,437 $615.78 -57%

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Frequently asked questions

Is Joinn Laboratories China Co Ltd (6127) overvalued or undervalued?
As of Aug 17, 2026, our model estimates a fair value of HK$13.68 versus a price of HK$25.08, about −45% (overvalued).
What is the fair value of 6127?
Our model-based fair value for Joinn Laboratories China Co Ltd is HK$13.68 (as of Aug 17, 2026), built from audited fundamentals. The current price is HK$25.08.
What is the quality score of 6127?
Joinn Laboratories China Co Ltd has a Quality Score of 58/100. 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 Joinn Laboratories China Co Ltd (6127)?
Joinn Laboratories China Co Ltd reported trailing-twelve-month revenue of about HK$1.7B (latest available figure, as of Aug 17, 2026).
What is the net profit margin of 6127?
The net profit margin of Joinn Laboratories China Co Ltd is about 29.4%, meaning it keeps roughly 29.4% of revenue as net income. Based on the latest reported figures.
Does Joinn Laboratories China Co Ltd pay a dividend?
Joinn Laboratories China Co Ltd currently shows a dividend yield of about 0.62% relative to its recent price (as of Aug 17, 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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