JTF International Holdings Ltd. (9689) fair value: what the stock is really worth
As of Nov 13, 2026: fair value (intrinsic value) of JTF International Holdings Ltd. stock HK$2.18, price HK$0.87, upside +152.0%, quality 61 out of 100. Rating: strongly undervalued. Calculated from audited financials with 7 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 15, 2026.
How to read this chart
60‑month range HK$0.2150 – HK$0.9200 · fair‑value band HK$1.88 – HK$2.65 · the HK$0.8650 price screens below the HK$2.18 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 15, 2026.
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JTF International Holdings Limited, an investment holding company, engages in the blending and selling of fuel oil in the People's Republic of China. It also sells fuel, refined oil and other petrochemical products, such as methyl tertiary butyl ether, xylene, xylene mixture, and asphalt.
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JTF International Holdings Limited was incorporated in 2014 and is headquartered in Guangzhou, the People's Republic of China. JTF International Holdings Limited is a subsidiary of Thrive Shine Limited.
Stock analysis
JTF International Holdings Ltd. (9689) currently trades at HK$0.8650, while our model-based Fair Value estimate is HK$2.18, implying the stock looks roughly 60% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of HK$2.43 per share, and 6 of the 7 models we run sit above the HK$0.8650 price.
Bear case: the Asset-Based group reads lowest at HK$0.4100, and 1 of the 7 models stay below the price. Data coverage for this calculation is low.
Scenario range: HK$1.88 (bear) to HK$2.65 (bull), the price of HK$0.8650 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 61/100 (solid quality), in the Energy sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
JTF International Holdings Ltd. reported revenue of 1.2B CNY in FY2025 versus 2.0B CNY in FY2021, a compound −12.6%/yr. Reported net income was −10.5M CNY in FY2025.
Key figures
Market cap HK$965M (≈ $123M) Micro · P/E ratio 21.6 · P/S ratio 0.52 · Net margin 1.7% · Return on equity 7.5% · Return on assets (EBIT) 3.4% (5-year average) · Operating margin 2.7% · Revenue (TTM) 1.9B CNY.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 29 out of 100 (medium confidence).
What moves the price
The share trades about 6% below its 52-week high and 184% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Energy peers we cover trades at −48% fair-value upside, at 152%, 9689 screens cheaper than that median.
Fair Value models
BearHK$1.88Fair Value HK$2.18BullHK$2.65
Price HK$0.8650 · Upside +152.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.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.Coverage ⓘCoverage = 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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+6.4%
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.
−8.1%
Revenue growth 5 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.
+1.6%
Start year 2020 (pandemic). Over 10 years: +6.6% a year
Revenue growth 10 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.
+6.6%
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Profit margin (trend) ⓘ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.
2.7% (2020) → −0.5% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
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).
−19.0%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in CNY, China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about −20.3% a year for the price.
Compare JTF International Holdings Ltd. with another stock
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.Oil & Gas Refining & Marketing · 119 stocks
Beats the industry median on 4/12 measures
Overall it trails its industry peers.
Valuation
Quality Score61 · Above median
Fair Value upside+152.0% · Top 25%
Profitability
Return on equity (12 months)7.5% · Below median
Return on assets−1.3% · Bottom 25%
Net margin (12 months)1.7% · Below median
Operating margin (12 months)2.7% · Below median
Growth and dividend
Revenue growth (quarter YoY)169.0% · Top 25%
Valuation Multiplesvs Oil & Gas Refining & Marketing median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "JTF International Holdings Ltd. Fair Value". https://www.fairvalue-calculator.com/stock/9689
Frequently asked questions
Is JTF International Holdings Ltd. (9689) overvalued or undervalued?
As of Nov 15, 2026, our model estimates a fair value of HK$2.18 versus a price of HK$0.8650, about +152% upside (undervalued).
What is the fair value of 9689?
Our model-based fair value for JTF International Holdings Ltd. is HK$2.18 (as of Nov 15, 2026), built from audited fundamentals. The current price: HK$0.8650.
What is the quality score of 9689?
JTF International Holdings Ltd. has a Quality Score of 61/100. 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 JTF International Holdings Ltd. (9689)?
Our model-based price target is the fair value of HK$2.18 (as of Nov 15, 2026) from 7 valuation models. Cautious scenario HK$1.88, optimistic scenario HK$2.65. It is a calculation from audited fundamentals, not an analyst target.
What is the JTF International Holdings Ltd. stock forecast for 2026?
Our models put fair value at HK$2.18, about +152% upside versus a price of HK$0.8650 (undervalued). Cautious scenario HK$1.88, optimistic scenario HK$2.65. The calculation is refreshed regularly with new filings.
What is the revenue of JTF International Holdings Ltd. (9689)?
JTF International Holdings Ltd. reported trailing-twelve-month revenue of about 1.9B CNY (latest available figure, as of Nov 15, 2026).
What growth is priced into JTF International Holdings Ltd. (9689)?
Today's price is already fair in a discounted-cash-flow model if free cash flow at JTF International Holdings Ltd. shrinks by 19.0 % per year for five years (discount rate 13.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew 1.6 % per year. As of Nov 15, 2026.
What discount rate (WACC) does the fair value of 9689 use?
Our models discount JTF International Holdings Ltd. at 13.3 %: a base by market capitalisation (micro), 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 JTF International Holdings Ltd. that is -19.0 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (13.3 %) and the same formula as our fair value.
How much growth has JTF International Holdings Ltd. (9689) delivered so far?
Over the past 5 years revenue at JTF International Holdings Ltd. grew 1.6 % a year. The price currently implies free-cash-flow growth of -19.0 % per 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 JTF International Holdings Ltd. (9689) growing?
The median revenue growth in the sector is +13.1 % a year. That is the yardstick for the growth priced into JTF International Holdings Ltd. (-19.0 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of JTF International Holdings Ltd. (9689)?
The free-cash-flow yield on the price is 43.99 %: that much free cash flow JTF International Holdings Ltd. produces per unit of market value. When it exceeds the discount rate of our models (13.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of JTF International Holdings Ltd. (9689)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For JTF International Holdings Ltd. it is HK$2.18 per share (as of Nov 15, 2026), against a price of HK$0.8650. It is the blended result of 7 valuation models in 4 families (DCF Models, Multiples, Asset-Based, Growth DCF).
Is JTF International Holdings Ltd. stock overvalued or undervalued in 2026?
As of Nov 15, 2026, 9689 trades below its calculated fair value: price HK$0.8650, fair value HK$2.18, a gap of about +152% (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 9689?
No. The price is what the market pays today (HK$0.8650); the fair value is what the company's own numbers justify (HK$2.18). For JTF International Holdings Ltd. the two are HK$1.32 per share apart. That gap is exactly why we show both numbers side by side.
How much is JTF International Holdings Ltd. worth?
The market values JTF International Holdings Ltd. at about HK$965M (market capitalisation, as of Nov 15, 2026). Per share that is HK$0.8650; our models calculate a fair value of HK$2.18 per share.
What do the bullish and bearish scenarios say about 9689?
Our models span a range for JTF International Holdings Ltd.: cautious scenario HK$1.88, base HK$2.18, optimistic HK$2.65 per share (as of Nov 15, 2026, price HK$0.8650). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 9689?
JTF International Holdings Ltd. trades at a price-to-earnings ratio of 21.6 (as of Nov 15, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of HK$2.18 is built from several models across several years. Other multiples: P/B 2.0, P/S 0.4, EV/EBITDA 15.8.
How solid is the balance sheet of JTF International Holdings Ltd. (9689)?
Balance-sheet figures for JTF International Holdings Ltd. (as of Nov 15, 2026): return on equity 7.5%. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is 9689 from its 52-week high?
JTF International Holdings Ltd. trades at HK$0.8650, about 6% below its 52-week high of HK$0.9200 and 184% above the low of HK$0.3050 (as of Nov 13, 2026). Distance from the high says nothing about value: that is what the fair value of HK$2.18 is for.
Which stocks are comparable to JTF International Holdings Ltd.?
From the same area (Energy) we also value Reliance Industries Limited, Valero Energy Corporation, Phillips 66, Marathon Petroleum Corporation, 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 JTF International Holdings Ltd. stock attractive at the current price?
The data as of Nov 15, 2026: price HK$0.8650, calculated fair value HK$2.18 (+152%), Quality Score 61/100, from 7 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 9689 calculated?
We run JTF International Holdings Ltd. through 7 models from 4 families: DCF Models, Multiples, Asset-Based, Growth DCF. Every model gets the same audited fundamentals; the fair value of HK$2.18 builds on their evidence-weighted average, 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 14.1% above its aggregate fair value. JTF International Holdings Ltd. currently trades 60% 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 JTF International Holdings Ltd. (9689)?
The closing price on Nov 13, 2026 was HK$0.8650. Our model-based fair value is HK$2.18, about +152% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with JTF International Holdings Ltd. right now?
The price is below even our cautious bear case (HK$1.88). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (61/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of JTF International Holdings Ltd.
How large is the market capitalisation of JTF International Holdings Ltd. (9689)?
The market capitalisation of JTF International Holdings Ltd. is HK$965M (≈ $123M). 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 JTF International Holdings Ltd. (9689)?
The price-to-sales ratio of JTF International Holdings Ltd. is 0.52 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of JTF International Holdings Ltd. (9689)?
The net margin of JTF International Holdings Ltd. is 1.7% (last twelve months). 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 JTF International Holdings Ltd. (9689)?
The return on equity (ROE) of JTF International Holdings Ltd. is 7.5% (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 JTF International Holdings Ltd. (9689)?
On an EBIT basis the return on assets of JTF International Holdings Ltd. is 3.4% (avg 5y). 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 JTF International Holdings Ltd. (9689)?
The operating margin of JTF International Holdings Ltd. is 2.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at JTF International Holdings Ltd. (9689)?
Revenue at JTF International Holdings Ltd. is growing 169% versus a year earlier (3y avg −8.1%). 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 JTF International Holdings Ltd. (9689)?
Earnings per share at JTF International Holdings Ltd. are down 75.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does JTF International Holdings Ltd. (9689) carry?
The net debt of JTF International Holdings Ltd. is 276M CNY (fiscal year 2025, ≈ 0.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 15, 2026