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Anjoy Foods Group Co., Ltd. (2648) Fair Value & Analysis

Consumer Defensive · HK · Market cap HK$22.0B (≈ $2.8B)

What is Anjoy Foods Group Co., Ltd. really worth?

AF Anjoy Foods Group Co., Ltd. 2648 · HK
PriceHK$63.00
Fair ValueHK$99.78
Upside+58.4%
Quality62/100

A solid business, trading 37% below our fair value of HK$99.78.

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Strengths

✓Healthy Growth (revenue 3y +10.2 %/yr)
✓Low debt · generates free cash flow
✓Ranks above peers (13/14)

Risks

!Thin margins · 8.8% net margin
!Moderate moat 53/100

For context

·4.55% dividend yield
Evidence: High Range HK$74.84 – HK$124.73

Fair value as of: Aug 22, 2026

From 24 valuation models · updated 14 days ago

Fair value updated Aug 22, 2026, revised from HK$99.60 to HK$99.78 (+0.2%) since Aug 13, 2026. Share price −10.9% 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$74.84). The market is more pessimistic than our downside scenario.
  • Solid quality (62/100) at a price below fair value, the discount is the argument here, not the business quality.

Price vs Fair Value (14 months)

HK$89.16 HK$54.36 Fair Value HK$99.78 Jul 2025 Sep 2026

White line = price, green steps = our fair value per fiscal year. As of Aug 22, 2026.

How to read this chart

14‑month range HK$54.36 – HK$89.16 · fair‑value band HK$74.84 – HK$124.73 · the HK$63.00 price screens below the HK$99.78 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Aug 22, 2026.

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Analysis

Anjoy Foods Group Co., Ltd. (2648) currently trades at HK$63.00, while our model-based Fair Value estimate is HK$99.78, implying the stock looks roughly 36.9% undervalued today. The Quality Score stands at 62/100 (solid quality), in the Consumer Defensive sector. Bull case: the DCF Models group reads highest at a median of HK$107.41 per share, and 20 of the 24 models we run sit above the HK$63.00 price. Bear case: the Asset-Based group reads lowest at HK$31.14, and 4 of the 24 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Anjoy Foods Group Co., Ltd. generated revenue of HK$17.3B at a net margin of 8.8%. Revenue grew 30.8% year over year. It earns a return on equity of 10.2%. The stock trades on a trailing P/E of 12.0 (as of Jul 2, 2026). Fundamentals as of Aug 22, 2026

Our scenario range runs from HK$74.84 (bear case) to HK$124.73 (bull case); at HK$63.00, 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 32% below its 52-week high and 16% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at −27% fair-value upside, at 58%, 2648 screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly HK$0.3528 per share, which is 0.4 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

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$68.54 HK$107.41 HK$172.29 76
Growth DCF HK$68.57 HK$105.35 HK$165.79 74
Residual Income HK$39.54 HK$43.02 HK$56.53 73
All 24 models by family
DCF Models
FCF DCF best evidence HK$68.54 HK$107.41 HK$172.29 76
Owner Earnings HK$54.50 HK$83.18 HK$131.07 72
5Y Revenue Exit HK$66.01 HK$102.33 HK$150.69 69
5Y EBITDA Exit HK$77.90 HK$126.09 HK$185.32 71
5Y P/E Exit HK$71.87 HK$114.03 HK$160.98 67
10Y Revenue Exit HK$64.72 HK$99.10 HK$149.71 63
10Y EBITDA Exit HK$74.19 HK$116.22 HK$177.86 65
10Y P/E Exit HK$70.24 HK$107.53 HK$158.07 61
Earnings-Based
Graham-Dodd HK$27.73 HK$115.08 HK$156.87 61
Lynch FV HK$29.06 HK$41.52 HK$53.97 58
PEG = 1.0 HK$29.06 HK$41.52 HK$53.97 55
EPV HK$59.04 HK$66.39 HK$72.82 71
Multiples
P/E Multiple HK$64.23 HK$85.64 HK$107.05 63
P/S Multiple HK$52.00 HK$69.33 HK$86.66 58
P/B Multiple HK$52.00 HK$69.33 HK$86.66 55
EV/EBIT HK$89.67 HK$114.58 HK$139.49 66
EV/EBITDA HK$89.04 HK$113.73 HK$138.43 67
EV/Revenue HK$65.95 HK$87.82 HK$109.68 54
Asset-Based
NCAV (Graham) HK$23.24 HK$31.14 HK$46.48 54
Growth DCF
Growth DCF HK$68.57 HK$105.35 HK$165.79 74
Rev-Margin DCF HK$66.01 HK$101.66 HK$146.13 69
Economic Profit
Residual Income HK$39.54 HK$43.02 HK$56.53 73
ROIC Compounder HK$63.31 HK$79.85 HK$102.04 69
Growth Earnings
Growth-Adj P/E HK$49.79 HK$71.12 HK$92.46 65

Widest divergence: DCF Models (HK$107.41) versus Asset-Based (HK$31.14). Highest evidence: FCF DCF (76).

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Key figures & financial health

P/E ratio 12.0 as of Jul 2, 2026
P/S ratio 1.01 P/E × margin
EPS (TTM) HK$3.38 price ÷ EPS = P/E 12.0
Dividend yield 4.5% payout 84.7%
Net margin 8.4% FY2025
Return on equity 10.2% TTM
More key figures
Profitability
Return on assets (EBIT) 10.0% avg 5y
Operating margin 15.6% TTM
Growth
Revenue (TTM) HK$17.3B TTM
Revenue growth (YoY) +30.8% 3y avg +10.2%
EPS growth (YoY) +25.9%
Balance sheet & cash flow
Free cash flow HK$1.4B FY2025

Figures from reported company fundamentals · as of Aug 22, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 62/100

Of which business quality 62 · Market factors (momentum, volatility) 45

Profitability 43
Margins and returns on capital today
Quality Growth 30
Are margins and returns improving?
Cashflow 57
Earnings quality: real cash, not paper profit
Fin. Strength 95
Balance sheet, leverage, solvency risk
Investment 63
Disciplined investing over empire-building
Low Volatility 70
Calm price path (market factor)
Momentum 36
Price trend over the last 3–12 months (market factor)
52W Momentum 33
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.

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

Anjoy Foods Group Co., Ltd. engages in the research, development, processing, production, wholesaling, retailing, and sale of quick-frozen food products in China. It sells frozen food, including quick-frozen prepared food, quick-frozen rice and flour products, and quick-frozen prepared dishes.

Full company description

Anjoy Foods Group Co., Ltd. engages in the research, development, processing, production, wholesaling, retailing, and sale of quick-frozen food products in China. It sells frozen food, including quick-frozen prepared food, quick-frozen rice and flour products, and quick-frozen prepared dishes. The company offers quick-frozen flavored and processed food such as stuffed meatballs, fish tofu, fish roe buns, and pork sausage under the Anjoy brand. Its quick-frozen prepared products include dishes such as crayfish, shrimp paste, fried crispy strips, beef and lamb rolls, Qianye tofu, and egg dumplings. It also provides quick-frozen flour and rice products such as shumai, steamed buns, Chinese pancakes, and brown sugar buns; frozen baked goods such as toast, pineapple buns, scones, soft buns, and bagels; and ready-to-heat and ready-to-cook products. In addition, the company offers hot pot and barbecue food, semi-finished food, and rice and flour products. Further, it sells its products through distributors, targeted enterprises and other institutional customers, new retail channels, e-commerce platforms, and supermarkets. Anjoy Foods Group Co., Ltd. was founded in 2001 and is headquartered in Xiamen, the People's Republic of China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Anjoy Foods Group Co., Ltd. reported revenue of 16.2B CNY in FY2025 versus 9.3B CNY in FY2021, a compound +15.0%/yr. Reported net income was 1.4B CNY in FY2025, compounding +18.8%/yr from FY2021.

Growth Quality 81/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
HK$16.2B
Latest YoY
+7.7%
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.
+10.2%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+12.4% (7.9 + 4.5)
Revenue +15.0%/yr
FY21 9.3B CNY
FY22 12.1B CNY
FY23 14.0B CNY
FY24 15.0B CNY
FY25 16.2B CNY
Net income +18.8%/yr
FY21 682M CNY
FY22 1.1B CNY
FY23 1.5B CNY
FY24 1.5B CNY
FY25 1.4B CNY

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Cite: Fair Value Calculator (2026). "Anjoy Foods Group Co., Ltd. Fair Value". https://www.fairvalue-calculator.com/stock/2648

Peer Group

Packaged Foods · 648 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 62 · Top 25%
Fair Value upside +58% · Top 25%
Return on equity (TTM) 10% · Above median
Return on assets 7% · Top 25%
Net margin (TTM) 9% · Top 25%
Operating margin (TTM) 16% · Top 25%
Revenue growth 31% · Top 25%
Dividend yield (TTM) 4.5% · Above median

Valuation Multiples vs Packaged Foods median · lower = cheaper

P/E (TTM) 12.0× · Cheaper than median
P/B 1.42× · Cheaper than median
P/S (TTM) 1.27× · Pricier than median
P/FCF 1.9× · Cheaper than median
EV/EBITDA 6.3× · Cheaper than median

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 25
FUTURE100 · sector 21
PAST41 · sector 28
HEALTH100 · sector 96
DIVIDEND91 · sector 53

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 Packaged Foods stocks, each showing price versus our Fair Value estimate (as of Aug 22, 2026).

Stock Price Fair Value vs Fair Value
Nestlé S.A NESN CHF 78.62 CHF 57.26 −27%
Danone S.A BN €64.28 €48.41 −25%
Nestlé India Limited NESTLEIND ₹1,478 ₹251.94 −83%
The Kraft Heinz Company KHC $25.13 $24.59 −2%
Foshan Haitian Flavouring and Food Company 603288 ¥35.05 ¥21.93 −37%
Inner Mongolia Yili Industrial Group 600887 ¥25.51 ¥32.50 +27%
Yihai Kerry Arawana Holdings 300999 ¥25.28 ¥9.89 −61%
General Mills, Inc GIS $40.44 $28.32 −30%
Wilmar International Limited F34 3.64 SGD 3.89 SGD +7%
Britannia Industries Limited BRITANNIA ₹5,511 ₹1,765 −68%

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Frequently asked questions

Is Anjoy Foods Group Co., Ltd. (2648) overvalued or undervalued?
As of Aug 22, 2026, our model estimates a fair value of HK$99.78 versus a price of HK$63.00, about +58% upside (undervalued).
What is the fair value of 2648?
Our model-based fair value for Anjoy Foods Group Co., Ltd. is HK$99.78 (as of Aug 22, 2026), built from audited fundamentals. The current price: HK$63.00.
What is the quality score of 2648?
Anjoy Foods Group Co., Ltd. has a Quality Score of 62/100. 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 Anjoy Foods Group Co., Ltd. (2648)?
Anjoy Foods Group Co., Ltd. reported trailing-twelve-month revenue of about HK$17.3B (latest available figure, as of Aug 22, 2026).
What is the net profit margin of 2648?
The net profit margin of Anjoy Foods Group Co., Ltd. is about 8.8%, meaning it keeps roughly 8.8% of revenue as net income. Based on the latest reported figures.
Does Anjoy Foods Group Co., Ltd. pay a dividend?
Anjoy Foods Group Co., Ltd. currently shows a dividend yield of about 4.55% relative to its recent price (as of Aug 22, 2026).
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