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United Laboratories International Holdings Ltd (3933) Fair Value & Analysis

Healthcare · HK · Market cap HK$18.2B (≈ $2.3B) · ISIN KYG8813K1085

What is United Laboratories International Holdings Ltd really worth?

UL United Laboratories International Holdings Ltd 3933 · HK
PriceHK$8.36
Fair ValueHK$25.04
Upside+199.7%
Quality43/100

Below-average quality, trading 67% below our fair value of HK$25.04.

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Strengths

✓Solidly profitable · 15.8% net margin
✓Low debt · generates free cash flow
✓Ranks above peers (10/15)

Risks

!Expensive Growth (revenue 5y +8.5 %/yr)
!Narrow moat 41/100

For context

·5.03% dividend yield
Evidence: High Range HK$15.82 – HK$31.74

Fair value as of: Sep 2, 2026

From 25 valuation models · updated 2 days ago

Fair value updated Sep 2, 2026, revised from HK$24.97 to HK$25.04 (+0.3%) since Aug 13, 2026. Share price −8.5% 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 large discount to fair value meets weak quality (43/100). That raises the risk this is a value trap rather than a bargain.
  • The price is below even our cautious bear case (HK$15.82). The market is more pessimistic than our downside scenario.
  • A fairly wide model range (HK$15.82 to HK$31.74) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

HK$17.58 HK$2.76 Fair Value HK$25.04 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 2, 2026.

How to read this chart

60‑month range HK$2.76 – HK$17.58 · fair‑value band HK$15.82 – HK$31.74 · the HK$8.36 price screens below the HK$25.04 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 2, 2026.

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Analysis

United Laboratories International Holdings Ltd (3933) currently trades at HK$8.36, while our model-based Fair Value estimate is HK$25.04, implying the stock looks roughly 66.6% undervalued today. The Quality Score stands at 43/100 (below-average quality), in the Healthcare sector. Bull case: the DCF Models group reads highest at a median of HK$20.85 per share, and 24 of the 25 models we run sit above the HK$8.36 price. Bear case: the Asset-Based group reads lowest at HK$5.92, and 1 of the 25 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, United Laboratories International Holdings Ltd generated revenue of HK$13.2B at a net margin of 15.8%. Revenue declined 13.5% year over year. It earns a return on equity of 13.0%. The balance sheet holds a net cash position of HK$6.2B. Fundamentals as of Sep 2, 2026

Our scenario range runs from HK$15.82 (bear case) to HK$31.74 (bull case); at HK$8.36, 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 53% below its 52-week high and 5% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at −45% fair-value upside, at 200%, 3933 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$0.4196 per share, which is 1.7 % 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$9.48 HK$13.01 HK$18.75 81
Growth DCF HK$9.51 HK$12.92 HK$18.41 79
5Y EBITDA Exit HK$15.37 HK$24.64 HK$35.98 75
All 25 models by family
DCF Models
FCF DCF best evidence HK$9.48 HK$13.01 HK$18.75 81
5Y Revenue Exit HK$12.77 HK$19.54 HK$28.57 72
5Y EBITDA Exit HK$15.37 HK$24.64 HK$35.98 75
5Y P/E Exit HK$16.52 HK$26.89 HK$38.35 70
10Y Revenue Exit HK$11.23 HK$17.22 HK$26.02 66
10Y EBITDA Exit HK$13.26 HK$20.85 HK$31.92 67
10Y P/E Exit HK$14.00 HK$22.45 HK$33.82 63
Earnings-Based
Graham-Dodd HK$7.20 HK$27.66 HK$37.48 64
Lynch FV HK$6.75 HK$9.64 HK$12.54 61
PEG = 1.0 HK$6.75 HK$9.64 HK$12.54 57
EPV HK$13.07 HK$14.54 HK$15.82 74
Dividend Discount
Gordon GGM HK$4.86 HK$10.10 HK$16.02 66
DDM Multi-Stage HK$4.86 HK$8.52 HK$10.60 66
Multiples
P/E Multiple HK$17.47 HK$23.29 HK$29.11 63
P/S Multiple HK$13.50 HK$18.00 HK$22.50 58
P/B Multiple HK$13.50 HK$18.00 HK$22.50 55
EV/EBIT HK$18.95 HK$23.85 HK$28.75 66
EV/EBITDA HK$19.81 HK$25.00 HK$30.19 67
EV/Revenue HK$14.74 HK$19.24 HK$23.73 54
Asset-Based
NCAV (Graham) HK$4.42 HK$5.92 HK$8.83 54
Growth DCF
Growth DCF HK$9.51 HK$12.92 HK$18.41 79
Rev-Margin DCF HK$12.77 HK$19.35 HK$27.33 72
Economic Profit
Residual Income HK$8.20 HK$9.61 HK$17.78 73
ROIC Compounder HK$14.00 HK$17.05 HK$20.87 72
Growth Earnings
Growth-Adj P/E HK$12.57 HK$17.96 HK$23.35 67

Widest divergence: DCF Models (HK$20.85) versus Asset-Based (HK$5.92). Highest evidence: FCF DCF (81).

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Key figures & financial health

P/E ratio 7.2 as of Jul 2, 2026
P/S ratio 1.14 P/E × margin
EPS (TTM) HK$1.04 price ÷ EPS = P/E 7.2
Dividend yield 5.0% payout 40.4%
Net margin 15.8% FY2025
Return on equity 13.0% TTM
More key figures
Profitability
Return on assets (EBIT) 10.9% avg 5y
Operating margin −0.5% TTM
Growth
Revenue (TTM) HK$13.2B TTM
Revenue growth (YoY) −13.5% 3y avg +5.2%
EPS growth (YoY) −84.7%
Balance sheet & cash flow
Free cash flow HK$855M FY2025
Net cash HK$6.2B FY2025

Figures from reported company fundamentals · as of Sep 2, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 43/100

Of which business quality 49 · Market factors (momentum, volatility) 28

Profitability 45
Margins and returns on capital today
Quality Growth 13
Are margins and returns improving?
Cashflow 55
Earnings quality: real cash, not paper profit
Fin. Strength 86
Balance sheet, leverage, solvency risk
Investment 7
Disciplined investing over empire-building
Low Volatility 70
Calm price path (market factor)
Momentum 15
Price trend over the last 3–12 months (market factor)
52W Momentum 2
Distance to the 52-week high (market factor)
Net Issuance 57
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

The United Laboratories International Holdings Limited, an investment holding company, engages in the research and development, manufacture, distribution, and sale of pharmaceutical products. It operates through three segments: Bulk Medicine, Intermediate Products, and Finished Products.

Full company description

The United Laboratories International Holdings Limited, an investment holding company, engages in the research and development, manufacture, distribution, and sale of pharmaceutical products. It operates through three segments: Bulk Medicine, Intermediate Products, and Finished Products. The company offers amoxicillin products; insulin series, antibiotics, and ophthalmic products; and veterinary drugs. It also provides 6-aminopenicillanic acid and penicillin G potassium products. In addition, the company provides endocrine and metabolism, anti-infection, and other human-used finished products, including ophthalmic drugs, topical dermatological drugs, etc.; and health and wellness products, such as general dietary supplements, healthcare food products, cross-border nutritional supplements, and medical and aesthetic skincare products for various categories comprising bone and joint nutrition, intestinal regulation, cardiovascular health, vision protection, and immunity enhancement. Further, it is involved in the research and development, production, sale, and technical services of economic and companion animal medicines for livestock, poultry, and aquatic products and pets. The company has operations in the People's Republic of China, India, Europe, the Middle East, South America, rest of Asian regions, and internationally. The United Laboratories International Holdings Limited was founded in 1990 and is headquartered in Yuen Long, Hong Kong.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

United Laboratories International Holdings Ltd reported revenue of 13.2B CNY in FY2025 versus 9.7B CNY in FY2021, a compound +8.0%/yr. Reported net income was 2.1B CNY in FY2025, compounding +20.5%/yr from FY2021.

Growth Quality 61/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
HK$13.2B
Latest YoY
−4.0%
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.
+5.2%
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.
+8.5%
Avg. revenue growth/yr (21Y) ⓘ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.
+12.1%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+27.7% (22.7 + 5.0)
Revenue +8.0%/yr
FY21 9.7B CNY
FY22 11.3B CNY
FY23 13.7B CNY
FY24 13.8B CNY
FY25 13.2B CNY
Net income +20.5%/yr
FY21 988M CNY
FY22 1.6B CNY
FY23 2.7B CNY
FY24 2.7B CNY
FY25 2.1B CNY
Character of growth · EPS growth decomposed (2014-2025) +22.5 % p.a.
Revenue per share +6.8 %

of which total revenue +8.2 % · buybacks/dilution −1.3 %

EBIT margin +7.4 %
Tax rate −0.8 %
Residual (interest, one-offs) +7.7 %

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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United Laboratories International Holdings Ltd · Fair Value
HK$25.04 +67%Fair Value
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Cite: Fair Value Calculator (2026). "United Laboratories International Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/3933

Peer Group

Drug Manufacturers - Specialty & Generic · 608 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 43 · Below median
Fair Value upside +200% · Top 25%
Return on equity (TTM) 13% · Above median
Return on assets 5% · Above median
Net margin (TTM) 16% · Top 25%
Operating margin (TTM) 0% · Bottom 25%
Revenue growth −14% · Bottom 25%
Dividend yield (TTM) 5.0% · Top 25%
Debt / equity 0.17× · Higher than median

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

P/E (TTM) 7.2× · Cheaper than 75% of peers
P/B 1.05× · Cheaper than median
P/S (TTM) 1.38× · Cheaper than median
P/FCF 2.7× · Pricier than median
EV/EBITDA 3.5× · Cheaper than 75% of peers
PEG 0.60× · Cheaper 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 2
FUTURE0 · sector 22
PAST52 · sector 26
HEALTH92 · sector 97
DIVIDEND100 · sector 29

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 Drug Manufacturers - Specialty & Generic stocks, each showing price versus our Fair Value estimate (as of Sep 2, 2026).

Stock Price Fair Value vs Fair Value
Merck KGaA MRK €140.25 €106.48 −24%
Takeda Pharmaceutical Company TAK $18.03 $11.11 −38%
Jiangsu Hengrui Pharmaceuticals Co 600276 ¥53.76 ¥25.94 −52%
Sun Pharmaceutical Industries Limited SUNPHARMA ₹1,944 ₹989.50 −49%
Galderma Group GALD CHF 178.55 CHF 55.07 −69%
Haleon plc HLN $10.11 $7.64 −24%
Teva Pharmaceutical Industries Limited TEVA $36.05 $15.33 −57%
Sandoz Group SDZ CHF 70.66 CHF 39.21 −45%
Zoetis Inc ZTS $77.10 $104.88 +36%
Hansoh Pharmaceutical Group 3692 HK$35.12 HK$16.18 −54%

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Frequently asked questions

Is United Laboratories International Holdings Ltd (3933) overvalued or undervalued?
As of Sep 2, 2026, our model estimates a fair value of HK$25.04 versus a price of HK$8.36, about +200% upside (undervalued).
What is the fair value of 3933?
Our model-based fair value for United Laboratories International Holdings Ltd is HK$25.04 (as of Sep 2, 2026), built from audited fundamentals. The current price: HK$8.36.
What is the quality score of 3933?
United Laboratories International Holdings Ltd has a Quality Score of 43/100. 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 United Laboratories International Holdings Ltd (3933)?
United Laboratories International Holdings Ltd reported trailing-twelve-month revenue of about HK$13.2B (latest available figure, as of Sep 2, 2026).
What is the net profit margin of 3933?
The net profit margin of United Laboratories International Holdings Ltd is about 15.8%, meaning it keeps roughly 15.8% of revenue as net income. Based on the latest reported figures.
Does United Laboratories International Holdings Ltd pay a dividend?
United Laboratories International Holdings Ltd currently shows a dividend yield of about 5.03% relative to its recent price (as of Sep 2, 2026).
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