Shanghai M&G Stationery Inc (603899) Fair Value & Analysis
Industrials · CN · Market cap 20.9B CNY (≈ $3.1B) · ISIN CNE100001V60
What is Shanghai M&G Stationery Inc really worth?
A solid business, trading 23% below our fair value of ¥30.05.
Strengths
Risks
For context
Fair value as of: Aug 17, 2026
From 26 valuation models · updated 19 days ago
Share price +0.9% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- Solid quality (64/100) at a price below fair value, the discount is the argument here, not the business quality.
- The price sits in the lower half of our model range, the side with the larger margin of safety.
- The data supports the verdict: every model runs on fully documented inputs.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 17, 2026.
How to read this chart
60‑month range ¥20.63 – ¥90.76 · fair‑value band ¥22.54 – ¥37.56 · the ¥23.16 price screens below the ¥30.05 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 17, 2026.
Analysis
Shanghai M&G Stationery Inc (603899) currently trades at ¥23.16, while our model-based Fair Value estimate is ¥30.05, implying the stock looks roughly 22.9% undervalued today. The Quality Score stands at 64/100 (solid quality), in the Industrials sector. Bull case: the DCF Models group reads highest at a median of ¥52.12 per share, and 21 of the 26 models we run sit above the ¥23.16 price. Bear case: the Asset-Based group reads lowest at ¥6.79, and 5 of the 26 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Shanghai M&G Stationery Inc generated revenue of 25.3B CNY at a net margin of 5.2%. Revenue grew 5.4% year over year. It earns a return on equity of 13.9%. The balance sheet holds a net cash position of 4.4B CNY. Fundamentals as of Aug 17, 2026
Our scenario range runs from ¥22.54 (bear case) to ¥37.56 (bull case); at ¥23.16, the current price sits within 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 33% below its 52-week high and 10% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at −62% fair-value upside, at 30%, 603899 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 ¥0.3058 per share, which is 1.0 % 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.
All 26 models by family
Widest divergence: DCF Models (¥52.12) versus Asset-Based (¥6.79). Highest evidence: FCF DCF (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 17, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 65 · Market factors (momentum, volatility) 43
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
Shanghai M&G Stationery Inc. provides writing tools, student and office stationery, and other related products in China and internationally. The company offers student stationery comprising erasers; pencil sharpener; sliding eraser pen; aluminum alloy and colored soft ruler; geometry set squares; sharpeners; and metal and aluminum alloy compass set.
Full company description
Shanghai M&G Stationery Inc. provides writing tools, student and office stationery, and other related products in China and internationally. The company offers student stationery comprising erasers; pencil sharpener; sliding eraser pen; aluminum alloy and colored soft ruler; geometry set squares; sharpeners; and metal and aluminum alloy compass set. It also provides wooden, wooden free, and colored pencils; washable colors and marker pen; acrylic paints and markers; water and oil pastel colors; and paint brushes. In addition, it offers office stationery, including whiteboard markers and erasers; cutter blades; scissors; knives; glue sticks; rubber rings; paper and binder clips; push pins; magnetic buttons; PVC and EVA zipper bags; button file bags; calculators; pen holders; staplers; staples; steel punches; staple removers; metal book end; and ball pens. Further, it provides handwriting tools, such as gel and liquid roller pens, pencil leads, and highlighter displays; correction tapes and correction tapes refill; paper products, which include sticky notes and notebooks; and adhesives products comprising tape dispensers and tapes. Additionally, the company sells its products under the M&G brand, as well as through e-commerce channels. The company was founded in 1989 and is headquartered in Shanghai, China. Shanghai M&G Stationery Inc. operates as a subsidiary of M&G Holding Group Co., Ltd.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Shanghai M&G Stationery Inc reported revenue of 25.1B CNY in FY2025 versus 17.6B CNY in FY2021, a compound +9.2%/yr. Reported net income was 1.3B CNY in FY2025, compounding −3.6%/yr from FY2021.
of which total revenue +24.9 % · buybacks/dilution −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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Peer Group
Business Equipment & Supplies · 74 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 Business Equipment & Supplies median · lower = cheaper
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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Business Equipment & Supplies stocks, each showing price versus our Fair Value estimate (as of Aug 17, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| GRG Banking Equipment Co 002152 | ¥9.85 | ¥9.65 | −2% |
| XGD Inc 300130 | ¥17.93 | ¥19.69 | +10% |
| DOMS Industries Limited DOMS | ₹2,215 | ₹782.96 | −65% |
| Hengbao Co 002104 | ¥11.82 | ¥2.09 | −82% |
| Shaanxi Fenghuo Electronics Co 000561 | ¥7.72 | ¥1.75 | −77% |
| Shenzhen Comix Group 002301 | ¥7.99 | ¥3.01 | −62% |
| Shandong New Beiyang Information Technology Co 002376 | ¥6.75 | ¥2.10 | −69% |
| Cashway Fintech Co 603106 | ¥7.21 | ¥1.68 | −77% |
| Qingdao Hiron Commercial Cold Chain Co 603187 | ¥11.00 | ¥21.12 | +92% |
| F.I.L.A. - Fabbrica Italiana Lapis ed Affini S.p.A FILA | €10.70 | €7.14 | −33% |
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