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Hansoh Pharmaceutical Group (3692) Fair Value & Analysis

Healthcare · HK · Market cap HK$199B

HP Hansoh Pharmaceutical Group 3692 · HK
PriceHK$33.86
Fair ValueHK$16.14
Upside-52.3%
Quality74/100
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Healthy Growth
Highly profitable · 37.0% net margin
Low debt · generates free cash flow
1.21% dividend yield
Mixed vs. peers (7/14)
Wide moat 76/100
Evidence: High Range HK$12.24 – HK$27.60 Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated today

Fair value updated Aug 13, 2026, revised from HK$18.00 to HK$16.14 (−10.3%) since Jul 13, 2026. Share price +4.0% over the past month.

A solid business, but screening 52% overvalued on our models.

What matters now

  • A high-quality business (quality 74/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • The price sits above even our optimistic bull case (HK$27.60). The favourable scenario is already priced in.
  • A fairly wide model range (HK$12.24 to HK$27.60) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

HK$43.08 HK$9.09 Fair Value HK$16.14 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$9.09 – HK$43.08 · fair‑value band HK$12.24 – HK$27.60 · the HK$33.86 price screens above the HK$16.14 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Hansoh Pharmaceutical Group (3692) currently trades at HK$33.86, while our model-based Fair Value estimate is HK$16.14, implying the stock looks roughly 52.3% overvalued today. The Quality Score stands at 74/100 (solid quality), in the Healthcare sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Hansoh Pharmaceutical Group generated revenue of HK$15.0B at a net margin of 37.0%. Revenue grew 32.0% year over year. It earns a return on equity of 17.4%. The balance sheet holds a net cash position of HK$3.3B. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$12.24 (bear case) to HK$27.60 (bull case); at HK$33.86, the current price sits above 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 23% below its 52-week high and 30% 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 -52%, 3692 screens richer 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$14.05 HK$24.76 HK$43.26 80
Residual Income HK$6.07 HK$7.91 HK$21.89 76
Rev-Margin DCF HK$8.42 HK$13.20 HK$19.53 74
All 26 models by family
DCF Models
FCF DCF HK$14.22 HK$26.10 HK$47.35 38
Owner Earnings HK$12.50 HK$22.88 HK$41.44 31
5Y Revenue Exit HK$8.42 HK$13.21 HK$19.55 39
5Y EBITDA Exit HK$11.27 HK$19.21 HK$29.21 41
5Y P/E Exit HK$14.50 HK$26.00 HK$39.37 38
10Y Revenue Exit HK$10.05 HK$15.33 HK$23.18 36
10Y EBITDA Exit HK$12.14 HK$19.78 HK$31.43 37
10Y P/E Exit HK$14.30 HK$24.81 HK$40.10 35
Earnings-Based
Graham-Dodd HK$6.23 HK$30.95 HK$42.69 54
Lynch FV HK$8.35 HK$11.93 HK$15.51 50
PEG = 1.0 HK$8.35 HK$11.93 HK$15.51 46
EPV HK$7.51 HK$8.66 HK$9.68 59
Dividend Discount
Gordon GGM HK$3.05 HK$6.34 HK$10.05 70
DDM Multi-Stage HK$3.05 HK$5.34 HK$6.65 61
Multiples
P/E Multiple HK$15.12 HK$20.16 HK$25.20 63
P/S Multiple HK$6.51 HK$8.68 HK$10.84 58
P/B Multiple HK$11.68 HK$15.58 HK$19.47 55
EV/EBIT HK$11.95 HK$15.75 HK$19.54 53
EV/EBITDA HK$10.62 HK$13.98 HK$17.33 54
EV/Revenue HK$5.77 HK$8.00 HK$10.23 43
Asset-Based
NCAV (Graham) HK$2.92 HK$3.91 HK$5.84 50
Growth DCF
Growth DCF HK$14.05 HK$24.76 HK$43.26 80
Rev-Margin DCF HK$8.42 HK$13.20 HK$19.53 74
Economic Profit
Residual Income HK$6.07 HK$7.91 HK$21.89 76
ROIC Compounder HK$8.28 HK$11.26 HK$15.21 72
Growth Earnings
Growth-Adj P/E HK$13.13 HK$18.75 HK$24.38 68

Widest divergence: DCF Models (HK$19.78) versus Asset-Based (HK$3.91). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$15.0B
Revenue growth (YoY) +32.0%
Net margin 37.0%
Return on equity 17.4%
Free cash flow HK$6.2B FY2025
P/E ratio 30.7 as of Jul 13, 2026
More key figures
Operating margin 29.6%
EPS (TTM) HK$0.5300
Dividend yield 1.2%
EPS growth (YoY) +45.8%
Net cash HK$3.3B FY2025

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

Quality Score breakdown

Overall quality 74/100

Of which business quality 74 · Market factors (momentum, volatility) 45

Profitability 65
Margins and returns on capital today
Quality Growth 62
Are margins and returns improving?
Cashflow 86
Earnings quality: real cash, not paper profit
Fin. Strength 86
Balance sheet, leverage, solvency risk
Investment 54
Disciplined investing over empire-building
Low Volatility 71
Calm price path (market factor)
Momentum 33
Price trend over the last 3–12 months (market factor)
52W Momentum 34
Distance to the 52-week high (market factor)
Net Issuance 78
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

Hansoh Pharmaceutical Group Company Limited, an investment holding company, engages in the research, development, production, and sale of pharmaceutical products in the People's Republic of China.

Full company description

Hansoh Pharmaceutical Group Company Limited, an investment holding company, engages in the research, development, production, and sale of pharmaceutical products in the People's Republic of China. The company provides products for therapeutic areas, including anti-infection, central nervous system, oncology, and metabolic and other diseases, as well as autoimmune diseases. Its principal products include Ameile, Hansoh Xinfu, Pulaile, Xintai, Xinmei, Gainuo, Tanneng, and Pulaitan; Hengmu, Hengsen, Oulanning, Ailanning, and Ameining; XINYUE; and Saint Luolai, Fulaimei, Ruibote, Fulaidi, Punuoan tablets, etc. It has licence agreements with GlaxoSmithKline Intellectual Property (No.4) Limited to develop, manufacture, and commercialize HS-20089 and HS-20093 for the treatment of patients with extensive-stage small-cell lung cancer (ES-SCLC) with disease progression on or after platinum-based chemotherapy; Biotheus Inc. to develop, produce, and commercialize bispecific antibody-drug conjugate product; and with Merck Sharp & Dohme LLC (MSD) to develop, manufacture, and commercialize HS-10535, an investigational pre-clinical oral small molecule glucagon-like peptide-1 (GLP-1) receptor agonist. The company was founded in 1995 and is headquartered in Shanghai, China. Hansoh Pharmaceutical Group Company Limited operates as a subsidiary of Stellar Infinity Company Ltd.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Hansoh Pharmaceutical Group reported revenue of HK$15.0B in FY2025 versus HK$9.9B in FY2021, a compound +10.9%/yr. Reported net income was HK$5.6B in FY2025, compounding +19.6%/yr from FY2021.

Growth Quality 95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
HK$15.0B
Latest YoY
+22.6%
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.
+17.0%
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.
+11.6%
Avg. growth/yr (9Y) ⓘ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.
+12.0%
Revenue +10.9%/yr
FY21 HK$9.9B
FY22 HK$9.4B
FY23 HK$10.1B
FY24 HK$12.3B
FY25 HK$15.0B
Net income +19.6%/yr
FY21 HK$2.7B
FY22 HK$2.6B
FY23 HK$3.3B
FY24 HK$4.4B
FY25 HK$5.6B

3692 screens 52% overvalued. Compare with Jiangsu Hengrui Pharmaceuticals Co →

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Hansoh Pharmaceutical Group · Fair Value
HK$16.14 −52%Fair Value
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Cite: Fair Value Calculator (2026). "Hansoh Pharmaceutical Group Fair Value". https://www.fairvalue-calculator.com/stock/3692

Peer Group

Drug Manufacturers - Specialty & Generic · 624 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 74 · Top 25%
Fair Value upside −52% · Below median
Return on equity (TTM) 17% · Top 25%
Return on assets 9% · Top 25%
Net margin (TTM) 37% · Top 25%
Operating margin (TTM) 30% · Top 25%
Revenue growth 32% · Top 25%
Dividend yield (TTM) 1.2% · Below median

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

P/E (TTM) 30.7× · Pricier than median
P/B 5.63× · Pricier than 75% of peers
P/S (TTM) 13.25× · Pricier than 75% of peers
P/FCF 4.1× · Pricier than median
EV/EBITDA 34.0× · Pricier 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 0 · sector 6
FUTURE 100 · sector 21
PAST 69 · sector 25
HEALTH 100 · sector 97
DIVIDEND 24 · sector 34

VALUE 0: the price sits above our fair-value range.

Insider activity: 40/100

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 Hansoh Pharmaceutical Group (3692) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$16.14 versus a price of HK$33.86, about −52% (overvalued).
What is the fair value of 3692?
Our model-based fair value for Hansoh Pharmaceutical Group is HK$16.14 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$33.86.
What is the quality score of 3692?
Hansoh Pharmaceutical Group has a Quality Score of 74/100. 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 Hansoh Pharmaceutical Group (3692)?
Hansoh Pharmaceutical Group reported trailing-twelve-month revenue of about HK$15.0B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 3692?
The net profit margin of Hansoh Pharmaceutical Group is about 37.0%, meaning it keeps roughly 37.0% of revenue as net income. Based on the latest reported figures.
Does Hansoh Pharmaceutical Group pay a dividend?
Hansoh Pharmaceutical Group currently shows a dividend yield of about 1.30% 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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