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Hengan Intl Group Ltd-H (1044) Fair Value & Analysis

Consumer Defensive · HK · Market cap HK$25.0B (≈ $3.2B) · ISIN KYG4402L1510

What is Hengan Intl Group Ltd-H really worth?

HI Hengan Intl Group Ltd-H 1044 · HK
PriceHK$21.24
Fair ValueHK$53.95
Upside+154.0%
Quality63/100

A solid business, trading 61% below our fair value of HK$53.95.

Watch Hengan Intl Group Ltd-H for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card. Watch for free

Strengths

✓Solidly profitable · 11.0% net margin
✓Low debt · generates free cash flow
✓Ranks above peers (12/15)

Risks

!Weak Growth (revenue 5y +0.6 %/yr)
!Moderate moat 49/100
!Weak on future: 20 out of 100

For context

·6.59% dividend yield
Evidence: High Range HK$40.46 – HK$67.43

Fair value as of: Aug 28, 2026

From 24 valuation models · updated 8 days ago

Fair value updated Aug 28, 2026, revised from HK$53.81 to HK$53.95 (+0.3%) since Aug 13, 2026. Share price −10.8% over the past month.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price is below even our cautious bear case (HK$40.46). The market is more pessimistic than our downside scenario.
  • Solid quality (63/100) at a price below fair value, the discount is the argument here, not the business quality.

Price vs Fair Value (5 years)

HK$41.11 HK$18.16 Fair Value HK$53.95 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 28, 2026.

How to read this chart

60‑month range HK$18.16 – HK$41.11 · fair‑value band HK$40.46 – HK$67.43 · the HK$21.24 price screens below the HK$53.95 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 28, 2026.

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Analysis

Hengan Intl Group Ltd-H (1044) currently trades at HK$21.24, while our model-based Fair Value estimate is HK$53.95, implying the stock looks roughly 60.6% undervalued today. The Quality Score stands at 63/100 (solid quality), in the Consumer Defensive sector. Bull case: the DCF Models group reads highest at a median of HK$56.83 per share, and 20 of the 24 models we run sit above the HK$21.24 price. Bear case: the Asset-Based group reads lowest at HK$12.67, and 4 of the 24 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Hengan Intl Group Ltd-H generated revenue of HK$23.1B at a net margin of 11.0%. Revenue grew 3.9% year over year. It earns a return on equity of 11.8%. Net debt stands at HK$145M. Fundamentals as of Aug 28, 2026

Our scenario range runs from HK$40.46 (bear case) to HK$67.43 (bull case); at HK$21.24, 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 last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat. The share trades about 27% below its 52-week high, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at −36% fair-value upside, at 154%, 1044 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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
FCF DCF best evidence HK$36.19 HK$50.93 HK$74.61 80
Growth DCF HK$36.37 HK$50.74 HK$73.70 78
Owner Earnings HK$39.76 HK$56.83 HK$84.23 76
All 24 models by family
DCF Models
FCF DCF best evidence HK$36.19 HK$50.93 HK$74.61 80
Owner Earnings HK$39.76 HK$56.83 HK$84.23 76
5Y Revenue Exit HK$34.62 HK$48.43 HK$66.45 73
5Y EBITDA Exit HK$44.10 HK$66.86 HK$94.28 75
5Y P/E Exit HK$41.88 HK$62.53 HK$85.00 71
10Y Revenue Exit HK$34.29 HK$47.26 HK$65.55 67
10Y EBITDA Exit HK$41.10 HK$60.32 HK$87.56 68
10Y P/E Exit HK$39.66 HK$57.25 HK$80.22 64
Earnings-Based
Graham-Dodd HK$14.98 HK$55.36 HK$74.79 64
Lynch FV HK$13.26 HK$18.95 HK$24.63 61
PEG = 1.0 HK$13.26 HK$18.95 HK$24.63 57
EPV HK$36.75 HK$40.63 HK$44.03 74
Multiples
P/E Multiple HK$34.70 HK$46.27 HK$57.83 63
P/S Multiple HK$24.06 HK$32.08 HK$40.10 58
P/B Multiple HK$28.09 HK$37.45 HK$46.82 55
EV/EBIT HK$52.08 HK$64.95 HK$77.82 66
EV/EBITDA HK$51.91 HK$64.72 HK$77.53 67
EV/Revenue HK$34.53 HK$43.55 HK$52.57 54
Asset-Based
NCAV (Graham) HK$9.46 HK$12.67 HK$18.91 54
Growth DCF
Growth DCF HK$36.37 HK$50.74 HK$73.70 78
Rev-Margin DCF HK$34.62 HK$48.31 HK$64.82 73
Economic Profit
Residual Income HK$17.36 HK$20.34 HK$40.12 72
ROIC Compounder HK$38.43 HK$44.68 HK$51.71 72
Growth Earnings
Growth-Adj P/E HK$24.73 HK$35.33 HK$45.93 67

Widest divergence: DCF Models (HK$56.83) versus Asset-Based (HK$12.67). Highest evidence: FCF DCF (80).

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Key figures & financial health

P/E ratio 8.5 as of Jul 2, 2026
P/S ratio 0.93 P/E × margin
EPS (TTM) HK$1.21 price ÷ EPS = P/E 8.5
Dividend yield 6.6% payout 116%
Net margin 11.0% FY2025
Return on equity 11.8% TTM
More key figures
Profitability
Return on assets (EBIT) 8.8% avg 5y
Operating margin 10.5% TTM
Growth
Revenue (TTM) HK$23.1B TTM
Revenue growth (YoY) +3.9% 3y avg +0.7%
EPS growth (YoY) +30.8%
Balance sheet & cash flow
Free cash flow HK$2.2B FY2025
Net debt HK$145M FY2025 · ≈ 0.1 yrs of FCF

Figures from reported company fundamentals · as of Aug 28, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 63/100

Of which business quality 60 · Market factors (momentum, volatility) 41

Profitability 42
Margins and returns on capital today
Quality Growth 39
Are margins and returns improving?
Cashflow 52
Earnings quality: real cash, not paper profit
Fin. Strength 69
Balance sheet, leverage, solvency risk
Investment 88
Disciplined investing over empire-building
Low Volatility 92
Calm price path (market factor)
Momentum 25
Price trend over the last 3–12 months (market factor)
52W Momentum 11
Distance to the 52-week high (market factor)
Net Issuance 86
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Hengan International Group Company Limited, together with its subsidiaries, manufactures, distributes, and sells consumer goods in China, Hong Kong, Macau, and internationally. It operates through three segments: Personal Hygiene Products, Tissue Paper Products, and Others.

Full company description

Hengan International Group Company Limited, together with its subsidiaries, manufactures, distributes, and sells consumer goods in China, Hong Kong, Macau, and internationally. It operates through three segments: Personal Hygiene Products, Tissue Paper Products, and Others. The company offers sanitary napkins and disposable cosmetics; baby products; adult, baby, children, and household wet wipes; and adult diapers and pull ups, leak-proof diapers, nursing pads, sanitary wipes, and other adult hygiene care products. It also provides tissue products, including facial tissues, handkerchiefs, toilet papers, paper napkins, kitchen paper towels, hand towels, and finished raw papers; and home furnishing, such as lazy-person cleaning cloths, food storage bags, cling films, resealable bags, cleaning bags, aluminum foil, tablecloths, PE gloves, and others. In addition, the company engages in e-commerce, trading, and procurement; manufacturing, distribution, and sale of protective equipment, medical instrument, skin care products, and antiseptics, as well as heating and power and gas; online sale of cosmetic products and personal hygiene products; distribution of disposable fibre-based products; manufacturing and sale of facial cotton products; importing, processing, and trading of papers; consultancy; and wholesale of personal effects. It sells its products under the Xinxiangyin, Zhupi, Pinnuo, Youxuan, Rouying, An'erle, Qimo, An'erkang, Bianlitu, Jialaina, and Yueshi brand names. The company was founded in 1985 and is headquartered in Jinjiang, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Hengan Intl Group Ltd-H reported revenue of 23.1B CNY in FY2025 versus 20.8B CNY in FY2021, a compound +2.6%/yr. Reported net income was 2.5B CNY in FY2025, compounding −6.2%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
HK$23.1B
Latest YoY
+1.8%
Avg. revenue 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.
+0.7%
Avg. revenue 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.
+0.6%
Avg. revenue growth/yr (28Y) ⓘ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.
+12.5%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
−0.9% (−7.5 + 6.6)
Revenue +2.6%/yr
FY21 20.8B CNY
FY22 22.6B CNY
FY23 23.8B CNY
FY24 22.7B CNY
FY25 23.1B CNY
Net income −6.2%/yr
FY21 3.3B CNY
FY22 1.9B CNY
FY23 2.8B CNY
FY24 2.3B CNY
FY25 2.5B CNY
Character of growth · EPS growth decomposed (2014-2025) −2.4 % p.a.
Revenue per share +3.0 %

of which total revenue +2.2 % · buybacks/dilution +0.7 %

EBIT margin −4.8 %
Tax rate +0.5 %
Residual (interest, one-offs) −1.0 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Hengan Intl Group Ltd-H · Fair Value
HK$53.95 +61%Fair Value
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Cite: Fair Value Calculator (2026). "Hengan Intl Group Ltd-H Fair Value". https://www.fairvalue-calculator.com/stock/1044

Peer Group

Household & Personal Products · 244 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 63 · Above median
Fair Value upside +154% · Top 25%
Return on equity (TTM) 12% · Above median
Return on assets 4% · Above median
Net margin (TTM) 11% · Above median
Operating margin (TTM) 10% · Above median
Revenue growth 4% · Above median
Dividend yield (TTM) 6.6% · Top 25%
Debt / equity 0.01× · Lower than median

Valuation Multiples vs Household & Personal Products median · lower = cheaper

P/E (TTM) 8.5× · Cheaper than 75% of peers
P/B 1.15× · Cheaper than median
P/S (TTM) 1.08× · Pricier than median
P/FCF 1.5× · Pricier than median
EV/EBITDA 2.4× · Cheaper than 75% of peers
PEG 3.18× · Pricier than 75% of peers

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 28
FUTURE20 · sector 8
PAST47 · sector 27
HEALTH100 · sector 98
DIVIDEND100 · sector 56

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

Similar stocks

10 more Household & Personal Products stocks, each showing price versus our Fair Value estimate (as of Aug 28, 2026).

Stock Price Fair Value vs Fair Value
L'Oréal S.A LORL C$24.76 C$22.64 −9%
Unilever PLC UNA €55.92 €40.47 −28%
Colgate-Palmolive Company CL $90.75 $55.28 −39%
500696 500696 ₹2,093 ₹641.55 −69%
Hindustan Unilever Limited HINDUNILVR ₹2,015 ₹789.46 −61%
Kenvue Inc KVUE $18.95 $10.97 −42%
Kimberly-Clark Corporation KMB $109.55 $79.71 −27%
Henkel AG HEN3 €75.82 €85.95 +13%
The Estée Lauder Companies Inc ESLA €86.54 €18.84 −78%
Church & Dwight Co CHD $101.26 $65.12 −36%

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Frequently asked questions

Is Hengan Intl Group Ltd-H (1044) overvalued or undervalued?
As of Aug 28, 2026, our model estimates a fair value of HK$53.95 versus a price of HK$21.24, about +154% upside (undervalued).
What is the fair value of 1044?
Our model-based fair value for Hengan Intl Group Ltd-H is HK$53.95 (as of Aug 28, 2026), built from audited fundamentals. The current price: HK$21.24.
What is the quality score of 1044?
Hengan Intl Group Ltd-H has a Quality Score of 63/100. 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 Hengan Intl Group Ltd-H (1044)?
Hengan Intl Group Ltd-H reported trailing-twelve-month revenue of about HK$23.1B (latest available figure, as of Aug 28, 2026).
What is the net profit margin of 1044?
The net profit margin of Hengan Intl Group Ltd-H is about 11.0%, meaning it keeps roughly 11.0% of revenue as net income. Based on the latest reported figures.
Does Hengan Intl Group Ltd-H pay a dividend?
Hengan Intl Group Ltd-H currently shows a dividend yield of about 6.59% relative to its recent price (as of Aug 28, 2026).
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