JF Wealth Holdings Ltd (9636) fair value: what the stock is really worth
As of Sep 30, 2026: fair value of JF Wealth Holdings Ltd HK$50.73, price HK$28.44, upside +78.4%, quality 70 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 1, 2026.
How to read this chart
43‑month range HK$5.63 – HK$77.98 · fair‑value band HK$31.72 – HK$86.54 · the HK$28.44 price screens below the HK$50.73 fair value. Dashed = 300-day average. As of Oct 1, 2026.
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JF SmartInvest Holdings Ltd, an investment holding company, through its subsidiaries, provides online investment decision-making solution services in the People's Republic of China.
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JF SmartInvest Holdings Ltd, an investment holding company, through its subsidiaries, provides online investment decision-making solution services in the People's Republic of China. The company provides financial software sales and services, including market data processing, data analysis, investment decision making support, cloud chart viewing, prerecorded online investor education courses, livestreaming broadcasts, express market reviews, and indicator analysis tools, as well as various online high-end premium services. It is also involved in media promotion; multi-channel network operation; operation energy services; and information and technology activities, as well as value-added telecommunications business, audiovisual network services, and production of radio and television program services. The company was formerly known as JF Wealth Holdings Ltd and changed its name to JF SmartInvest Holdings Ltd in June 2024. JF SmartInvest Holdings Ltd was founded in 2011 and is headquartered in Shanghai, China.
Stock analysis
JF Wealth Holdings Ltd (9636) currently trades at HK$28.44, while our model-based Fair Value estimate is HK$50.73, implying the stock looks roughly 43.9% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of HK$78.67 per share, and 18 of the 26 models we run sit above the HK$28.44 price.
Bear case: the Dividend Discount group reads lowest at HK$10.91, and 8 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: HK$31.72 (bear) to HK$86.54 (bull), the price of HK$28.44 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 70/100 (solid quality), in the Consumer Defensive sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
JF Wealth Holdings Ltd reported revenue of 3.4B CNY in FY2025 versus 1.9B CNY in FY2022, a compound +22.8%/yr. Reported net income was 922M CNY in FY2025, compounding +26.0%/yr from FY2022.
Key figures
Market cap HK$13.3B (≈ $1.7B) · P/E ratio 158.0 · P/S ratio 42.5 · Dividend yield 1.1% · Net margin 26.9% · Return on equity 3.4% · Return on assets (EBIT) 18.1% · Operating margin 8.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 63% below its 52-week high and 15% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at 26% fair-value upside, at 78%, 9636 screens cheaper than that median.
Fair Value models
Bear HK$31.72Fair Value HK$50.73Bull HK$86.54
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+48.7%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+22.8%
’22
’23
’24
’25
What shareholders gained per year (last 3 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+37.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+36.7%
Dividend (yield on the price)1.1%
Profit margin 2022 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.26% → 31%
2025 sits 224% above its own trend. The rate follows the median trend of the last 3 years, not that single year.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−0.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+10.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in CNY, China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about −2.3% a year for the price and +8.9% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Education & Training Services · 126 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score74 · Top 25%
Fair Value upside+77.8% · Above median
Profitability
Return on equity (TTM)40.3% · Top 25%
Return on assets11.8% · Top 25%
Net margin (TTM)26.9% · Top 25%
Operating margin (TTM)−8.6% · Bottom 25%
Growth and dividend
Revenue growth−5.5% · Bottom 25%
Dividend yield (TTM)1.1% · Below median
Valuation Multiplesvs Education & Training Services median · lower = cheaper
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Is JF Wealth Holdings Ltd (9636) overvalued or undervalued?
As of Oct 1, 2026, our model estimates a fair value of HK$50.73 versus a price of HK$28.44, about +78% upside (undervalued).
What is the fair value of 9636?
Our model-based fair value for JF Wealth Holdings Ltd is HK$50.73 (as of Oct 1, 2026), built from audited fundamentals. The current price: HK$28.44.
What is the quality score of 9636?
JF Wealth Holdings Ltd has a Quality Score of 70/100. 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 price target for JF Wealth Holdings Ltd (9636)?
Our model-based price target is the fair value of HK$50.73 (as of Oct 1, 2026) from 26 valuation models. Cautious scenario HK$31.72, optimistic scenario HK$86.54. It is a calculation from audited fundamentals, not an analyst target.
What is the JF Wealth Holdings Ltd stock forecast for 2026?
Our models put fair value at HK$50.73, about +78% upside versus a price of HK$28.44 (undervalued). Cautious scenario HK$31.72, optimistic scenario HK$86.54. The calculation is refreshed regularly with new filings.
What is the revenue of JF Wealth Holdings Ltd (9636)?
JF Wealth Holdings Ltd reported trailing-twelve-month revenue of about 2.6B CNY (latest available figure, as of Oct 1, 2026).
Does JF Wealth Holdings Ltd pay a dividend?
JF Wealth Holdings Ltd currently shows a dividend yield of about 1.11% relative to its recent price (as of Oct 1, 2026).
What growth is priced into JF Wealth Holdings Ltd (9636)?
For today's price to be fair in a discounted-cash-flow model, JF Wealth Holdings Ltd would have to grow free cash flow by -0.6 % per year for five years (discount rate 10.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 3 years revenue grew +22.9 % per year. As of Oct 1, 2026.
What discount rate (WACC) does the fair value of 9636 use?
Our models discount JF Wealth Holdings Ltd at 10.3 %: a base by market capitalisation (small), damped by beta 0.07, country premium for Hong Kong. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For JF Wealth Holdings Ltd that is -0.6 % per year a year over ten years, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has JF Wealth Holdings Ltd (9636) delivered so far?
Over the past 3 years revenue at JF Wealth Holdings Ltd grew +22.9 % a year. The price currently implies -0.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of JF Wealth Holdings Ltd (9636) growing?
The median revenue growth in the sector is +2.6 % a year. That is the yardstick for the growth priced into JF Wealth Holdings Ltd (-0.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of JF Wealth Holdings Ltd (9636)?
The free-cash-flow yield on the price is 6.74 %: that much free cash flow JF Wealth Holdings Ltd produces per unit of market value. When it exceeds the discount rate of our models (10.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of JF Wealth Holdings Ltd (9636)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For JF Wealth Holdings Ltd it is HK$50.73 per share (as of Oct 1, 2026), against a price of HK$28.44. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is JF Wealth Holdings Ltd stock overvalued or undervalued in 2026?
As of Oct 1, 2026, 9636 trades below its calculated fair value: price HK$28.44, fair value HK$50.73, a gap of about +78% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 9636?
No. The price is what the market pays today (HK$28.44); the fair value is what the company's own numbers justify (HK$50.73). For JF Wealth Holdings Ltd the two are HK$22.29 per share apart. That gap is exactly why we show both numbers side by side.
How much is JF Wealth Holdings Ltd worth?
The market values JF Wealth Holdings Ltd at about HK$13.3B (market capitalisation, as of Oct 1, 2026). Per share that is HK$28.44; our models calculate a fair value of HK$50.73 per share.
What do the bullish and bearish scenarios say about 9636?
Our models span a range for JF Wealth Holdings Ltd: cautious scenario HK$31.72, base HK$50.73, optimistic HK$86.54 per share (as of Oct 1, 2026, price HK$28.44). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 9636?
JF Wealth Holdings Ltd trades at a price-to-earnings ratio of 158.0 (as of Oct 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of HK$50.73 is built from several models across several years. Other multiples: P/B 3.8, P/S 3.3, EV/EBITDA 10.9.
How solid is the balance sheet of JF Wealth Holdings Ltd (9636)?
Balance-sheet figures for JF Wealth Holdings Ltd (as of Oct 1, 2026): return on equity 40.3%. They feed the Quality Score of 70/100, which measures business quality independently of the share price.
How far is 9636 from its 52-week high?
JF Wealth Holdings Ltd trades at HK$28.44, about 63% below its 52-week high of HK$76.81 and 15% above the low of HK$24.76 (as of Sep 30, 2026). Distance from the high says nothing about value: that is what the fair value of HK$50.73 is for.
Which stocks are comparable to JF Wealth Holdings Ltd?
From the same area (Consumer Defensive) we also value New Oriental Education & Technology Group, TAL Education Group, Laureate Education, Inc, Covista Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is JF Wealth Holdings Ltd stock attractive at the current price?
The data as of Oct 1, 2026: price HK$28.44, calculated fair value HK$50.73 (+78%), Quality Score 70/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 9636 calculated?
We run JF Wealth Holdings Ltd through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of HK$50.73, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.7 % above its aggregate fair value. JF Wealth Holdings Ltd currently trades 44 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of JF Wealth Holdings Ltd (9636)?
The closing price on Sep 30, 2026 was HK$28.44. Our model-based fair value is HK$50.73, about +78% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with JF Wealth Holdings Ltd right now?
The rarer combination: high quality (70/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (HK$31.72). The market is more pessimistic than our downside scenario. The model range is unusually wide (HK$31.72 to HK$86.54). The outcome hinges heavily on assumptions, so read the point estimate with caution.
Key figures of JF Wealth Holdings Ltd
How large is the market capitalisation of JF Wealth Holdings Ltd (9636)?
The market capitalisation of JF Wealth Holdings Ltd is HK$13.3B (≈ $1.7B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of JF Wealth Holdings Ltd (9636)?
The price-to-sales ratio of JF Wealth Holdings Ltd is 42.5 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of JF Wealth Holdings Ltd (9636)?
The dividend yield of JF Wealth Holdings Ltd is 1.1%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of JF Wealth Holdings Ltd (9636)?
The net margin of JF Wealth Holdings Ltd is 26.9% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of JF Wealth Holdings Ltd (9636)?
The return on equity (ROE) of JF Wealth Holdings Ltd is 3.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of JF Wealth Holdings Ltd (9636)?
On an EBIT basis the return on assets of JF Wealth Holdings Ltd is 18.1% (avg 4y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of JF Wealth Holdings Ltd (9636)?
The operating margin of JF Wealth Holdings Ltd is 8.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at JF Wealth Holdings Ltd (9636)?
Revenue at JF Wealth Holdings Ltd is growing −38.6% versus a year earlier (3y avg +22.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at JF Wealth Holdings Ltd (9636)?
Earnings per share at JF Wealth Holdings Ltd are growing −96.4% versus a year earlier. How much earnings per share grew versus a year earlier.
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