Anjoy Foods Group (2648) Fair Value & Analysis
Consumer Defensive · HK · Market cap HK$22.0B
Fair value as of: Aug 13, 2026
From 24 valuation models · updated yesterday
Fair value updated Aug 13, 2026, revised from HK$94.20 to HK$99.60 (+5.7%) since Jul 7, 2026. Share price −5.6% over the past month.
A solid business, screening 43% undervalued on our models.
What matters now
- The price is below even our cautious bear case (HK$74.70). 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 (13 months)
White line = price, green steps = our fair value per fiscal year. As of Aug 13, 2026.
How to read this chart
13‑month range HK$54.36 – HK$89.16 · fair‑value band HK$74.70 – HK$124.50 · the HK$69.75 price screens below the HK$99.60 fair value. As of Aug 13, 2026.
Analysis
Anjoy Foods Group (2648) currently trades at HK$69.75, while our model-based Fair Value estimate is HK$99.60, implying the stock looks roughly 42.8% undervalued today. The Quality Score stands at 62/100 (solid quality), in the Consumer Defensive 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, Anjoy Foods Group 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 13, 2026
Our scenario range runs from HK$74.70 (bear case) to HK$124.50 (bull case); at HK$69.75, 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 24% below its 52-week high and 28% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -14% fair-value upside, at 43%, 2648 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.
All 24 models by family
Widest divergence: DCF Models (HK$107.41) versus Asset-Based (HK$31.14). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 62 · Market factors (momentum, volatility) 52
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
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 reported revenue of HK$16.2B in FY2025 versus HK$9.3B in FY2021, a compound +15.0%/yr. Reported net income was HK$1.4B in FY2025, compounding +18.8%/yr from FY2021.
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Peer Group
Packaged Foods · 652 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.
Valuation Multiples vs Packaged Foods median · lower = cheaper
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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Packaged Foods stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Nestlé India Limited NESTLEIND | ₹1,507 | ₹362.37 | -76% |
| Britannia Industries Limited BRITANNIA | ₹5,646 | ₹1,870 | -67% |
| Tata Consumer Products Limited TATACONSUM | ₹1,062 | ₹327.27 | -69% |
| PT Indofood CBP Sukses Makmur Tbk ICBP | 7,550 IDR | 12,864 IDR | +70% |
| Samyang Foods Co 003230 | 1,219,000 KRW | 1,010,543 KRW | -17% |
| Vietnam Dairy Products Joint Stock Company VNM | 61,600 VND | 52,858 VND | -14% |
| Patanjali Foods Limited PATANJALI | ₹352.60 | ₹144.77 | -59% |
| PT Mayora Indah Tbk, MYOR | 1,665 IDR | 2,699 IDR | +62% |
| PT Cisarua Mountain Dairy Tbk CMRY | 4,630 IDR | 4,350 IDR | -6% |
| Nongshim Co 004370 | 389,500 KRW | 530,619 KRW | +36% |
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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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