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Shenzhen Hepalink Pharmaceutical  (9989) Fair Value & Analysis

Healthcare · HK · Market cap HK$6.1B

SH Shenzhen Hepalink Pharmaceutical  9989 · HK
PriceHK$4.47
Fair ValueHK$6.09
Upside+36.2%
Quality64/100
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Weak Growth
Thin margins · 7.0% net margin
Low debt · generates free cash flow
3.60% dividend yield
Ranks above peers (11/14)
Narrow moat 35/100
Evidence: High Range HK$4.57 – HK$7.62 Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated 3 days ago

Share price +3.5% over the past month.

A solid business, screening 36% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (HK$4.57). The market is more pessimistic than our downside scenario.
  • Solid quality (64/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

HK$10.28 HK$2.22 Fair Value HK$6.09 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range HK$2.22 – HK$10.28 · fair‑value band HK$4.57 – HK$7.62 · the HK$4.47 price screens below the HK$6.09 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Shenzhen Hepalink Pharmaceutical  (9989) currently trades at HK$4.47, while our model-based Fair Value estimate is HK$6.09, implying the stock looks roughly 36.2% undervalued today. The Quality Score stands at 64/100 (solid quality), in the Healthcare 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: high), always confirm before acting.

Over the trailing twelve months, Shenzhen Hepalink Pharmaceutical  generated revenue of HK$5.4B at a net margin of 7.0%. Revenue declined 4.5% year over year. It earns a return on equity of 3.0%. Net debt stands at HK$763M. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$4.57 (bear case) to HK$7.62 (bull case); at HK$4.47, the current price sits below 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 36% below its 52-week high and 20% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -49% fair-value upside, at 36%, 9989 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$13.26 HK$20.98 HK$32.85 80
Residual Income HK$5.89 HK$5.76 HK$4.83 76
Rev-Margin DCF HK$7.55 HK$10.78 HK$14.78 74
All 26 models by family
DCF Models
FCF DCF HK$13.25 HK$21.42 HK$34.30 38
Owner Earnings HK$5.45 HK$8.53 HK$13.40 31
5Y Revenue Exit HK$7.55 HK$10.66 HK$14.53 39
5Y EBITDA Exit HK$9.32 HK$14.15 HK$19.87 41
5Y P/E Exit HK$7.38 HK$10.31 HK$13.40 38
10Y Revenue Exit HK$9.37 HK$12.82 HK$17.43 36
10Y EBITDA Exit HK$10.62 HK$15.26 HK$21.62 37
10Y P/E Exit HK$9.38 HK$12.58 HK$16.55 35
Earnings-Based
Graham-Dodd HK$1.62 HK$6.39 HK$8.67 54
Lynch FV HK$1.58 HK$2.25 HK$2.93 50
PEG = 1.0 HK$1.58 HK$2.25 HK$2.93 46
EPV HK$4.26 HK$4.82 HK$5.30 59
Dividend Discount
Gordon GGM HK$2.58 HK$5.14 HK$7.78 70
DDM Multi-Stage HK$2.58 HK$4.44 HK$5.42 61
Multiples
P/E Multiple HK$3.93 HK$5.24 HK$6.55 63
P/S Multiple HK$3.04 HK$4.05 HK$5.06 58
P/B Multiple HK$3.04 HK$4.05 HK$5.06 55
EV/EBIT HK$6.24 HK$8.08 HK$9.93 53
EV/EBITDA HK$7.93 HK$10.34 HK$12.75 54
EV/Revenue HK$4.66 HK$6.35 HK$8.04 43
Asset-Based
NCAV (Graham) HK$4.10 HK$5.49 HK$8.20 50
Growth DCF
Growth DCF HK$13.26 HK$20.98 HK$32.85 80
Rev-Margin DCF HK$7.55 HK$10.78 HK$14.78 74
Economic Profit
Residual Income HK$5.89 HK$5.76 HK$4.83 76
ROIC Compounder HK$4.26 HK$4.82 HK$5.30 72
Growth Earnings
Growth-Adj P/E HK$2.88 HK$4.12 HK$5.35 68

Widest divergence: DCF Models (HK$12.58) versus Earnings-Based (HK$2.25). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$5.4B
Revenue growth (YoY) -4.5%
Net margin 7.0%
Return on equity 3.0%
Free cash flow HK$1.6B FY2025
P/E ratio 13.8 as of Jul 3, 2026
More key figures
Operating margin 14.4%
EPS (TTM) HK$0.2743
Dividend yield 3.6%
EPS growth (YoY) +19.8%
Net debt HK$763M FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 64/100

Of which business quality 64 · Market factors (momentum, volatility) 38

Profitability 24
Margins and returns on capital today
Quality Growth 32
Are margins and returns improving?
Cashflow 99
Earnings quality: real cash, not paper profit
Fin. Strength 57
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 85
Calm price path (market factor)
Momentum 21
Price trend over the last 3–12 months (market factor)
52W Momentum 13
Distance to the 52-week high (market factor)
Net Issuance 82
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

Shenzhen Hepalink Pharmaceutical Group Co., Ltd. provides pharmaceutical products in Hong Kong, the United States, Europe, Mainland China, and internationally. It operates in four segments: Pharmaceutical preparations, Active Pharmaceutical Ingredients (API), Contract Development and Manufacturing Organization (CDMO), and Others.

Full company description

Shenzhen Hepalink Pharmaceutical Group Co., Ltd. provides pharmaceutical products in Hong Kong, the United States, Europe, Mainland China, and internationally. It operates in four segments: Pharmaceutical preparations, Active Pharmaceutical Ingredients (API), Contract Development and Manufacturing Organization (CDMO), and Others. The company offers pharmaceutical preparations products, such as enoxaparin sodium injection; API products, including heparin and enoxaparin sodium APIs. It also provides molecule biologics CDMO services, which include research and development, manufacturing, quality management, and program management services, as well as technical support services. In addition, the company develops apabetalone (RVX-208), a BET bromodomain protein inhibitor in Phase 3 trial to reduce major adverse cardiovascular events, as well as in Phase 2 trial for diabetic nephropathy and fatty disease; oregovomab, a monoclonal antibody in Phase 3 trial for ovarian cancer, as well as in Phase 2 for pancreatic cancer; tosatoxumab (AR-301), a fully human IgG1 monoclonal antibody in Phase 3 trial for ventilator-associated pneumonia; and H1710, a heparanase inhibitor preparation for solid tumors. Further, it engages in property management, investment management and consulting, biopharmaceutical technology development and consulting, and equity and venture investment activities; provision of services on pharmaceutical related activities; and trading of medical and biopharmaceutical products. Shenzhen Hepalink Pharmaceutical Group Co., Ltd. was formerly known as Shenzhen Hepalink Pharmaceutical Co.,Ltd. and changed its name to Shenzhen Hepalink Pharmaceutical Group Co., Ltd. in February 2017. The company was founded in 1998 and is headquartered in Shenzhen, the People's Republic of China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Shenzhen Hepalink Pharmaceutical  reported revenue of HK$5.5B in FY2025 versus HK$6.4B in FY2021, a compound −3.7%/yr. Reported net income was HK$349M in FY2025, compounding +9.8%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
HK$5.5B
Latest YoY
+3.8%
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.
−8.5%
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.
+0.5%
Avg. growth/yr (19Y) ⓘ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.
+17.0%
Revenue −3.7%/yr
FY21 HK$6.4B
FY22 HK$7.2B
FY23 HK$5.4B
FY24 HK$5.3B
FY25 HK$5.5B
Net income +9.8%/yr
FY21 HK$241M
FY22 HK$727M
FY23 −HK$783M
FY24 HK$647M
FY25 HK$349M
Character of growth · EPS growth decomposed (2014-2025) −0.2 % p.a.
Revenue per share +8.3 pp

of which total revenue +10.0 pp · buybacks/dilution −1.7 pp

EBIT margin −5.8 pp
Tax rate +0.4 pp
Residual (interest, one-offs) −3.1 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).

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Shenzhen Hepalink Pharmaceutical  · Fair Value
HK$6.09 +36%Fair Value
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Cite: Fair Value Calculator (2026). "Shenzhen Hepalink Pharmaceutical  Fair Value". https://www.fairvalue-calculator.com/stock/9989

Peer Group

Drug Manufacturers - Specialty & Generic · 622 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 64 · Top 25%
Fair Value upside +36% · Top 25%
Return on equity (TTM) 3% · Below median
Return on assets 2% · Below median
Net margin (TTM) 7% · Above median
Operating margin (TTM) 14% · Above median
Revenue growth -5% · Below median
Dividend yield (TTM) 3.6% · Top 25%
Debt / equity 0.03× · Lower than median

Valuation Multiples vs Drug Manufacturers - Specialty & Generic median · lower = cheaper

P/E (TTM) 13.8× · Cheaper than 75% of peers
P/B 0.50× · Cheaper than 75% of peers
P/S (TTM) 1.12× · Cheaper than median
P/FCF 0.5× · Cheaper than median
EV/EBITDA 5.4× · 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 82 · sector 7
FUTURE 0 · sector 21
PAST 12 · sector 25
HEALTH 99 · sector 97
DIVIDEND 72 · sector 32

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 Drug Manufacturers - Specialty & Generic stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Jiangsu Hengrui Pharmaceuticals Co 600276 ¥53.76 ¥25.94 -52%
Sun Pharmaceutical Industries Limited SUNPHARMA ₹1,944 ₹989.50 -49%
Divi's Laboratories Limited DIVISLAB ₹8,500 ₹1,932 -77%
Torrent Pharmaceuticals Limited TORNTPHARM ₹4,915 ₹1,163 -76%
PharmaEssentia Corporation 6446 1,440 TWD 233.93 TWD -84%
Cipla Limited CIPLA ₹1,463 ₹1,001 -32%
Zydus Lifesciences Limited ZYDUSLIFE ₹1,167 ₹703.32 -40%
Lupin Limited LUPIN ₹2,281 ₹2,477 +9%
Mankind Pharma Limited MANKIND ₹2,433 ₹983.11 -60%
Dr. Reddy's Laboratories Limited DRREDDY ₹1,200 ₹874.79 -27%

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Frequently asked questions

Is Shenzhen Hepalink Pharmaceutical  (9989) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$6.09 versus a price of HK$4.47, about +36% (undervalued).
What is the fair value of 9989?
Our model-based fair value for Shenzhen Hepalink Pharmaceutical  is HK$6.09 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$4.47.
What is the quality score of 9989?
Shenzhen Hepalink Pharmaceutical  has a Quality Score of 64/100. 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 Shenzhen Hepalink Pharmaceutical  (9989)?
Shenzhen Hepalink Pharmaceutical  reported trailing-twelve-month revenue of about HK$5.4B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 9989?
The net profit margin of Shenzhen Hepalink Pharmaceutical  is about 7.0%, meaning it keeps roughly 7.0% of revenue as net income. Based on the latest reported figures.
Does Shenzhen Hepalink Pharmaceutical  pay a dividend?
Shenzhen Hepalink Pharmaceutical  currently shows a dividend yield of about 3.60% relative to its recent price (as of Aug 13, 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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