Mudanjiang Hengfeng Paper Co (SHSE:600356) Cyclically Adjusted PS Ratio: 1.13 (As of Aug. 06, 2026) — Near Median

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

SHSE:600356 Mudanjiang Hengfeng Paper Co Ltd SHSE:600356
74 GF Score
Price ¥8.32
GF Value ¥8.42
Valuation Fairly Valued
! 5 Warning Signs
View Full Analysis

What is Mudanjiang Hengfeng Paper Co Cyclically Adjusted PS Ratio?

Mudanjiang Hengfeng Paper Co SHSE:600356 -0.24% 74 Cyclically Adjusted PS Ratio is 1.13 as of Aug. 06, 2026, which is 9% below its 10-year median of 1.24. GuruFocus rates SHSE:600356 with a GF Score™ of 74/100 and a GF Value™ of ¥8.42 (Fairly Valued). The stock has 5 warning signs investors should review. Among 248 Forest Products companies, Mudanjiang Hengfeng Paper Co ranks worse than 71.77% on this metric.

As of today (2026-08-06), Mudanjiang Hengfeng Paper Co's current share price is ¥8.32. Mudanjiang Hengfeng Paper Co's Cyclically Adjusted Revenue per Share for the quarter that ended in Mar. 2026 was ¥7.35. Mudanjiang Hengfeng Paper Co's Cyclically Adjusted PS Ratio for today is 1.13.

The historical rank and industry rank for Mudanjiang Hengfeng Paper Co's Cyclically Adjusted PS Ratio or its related term are showing as below:

SHSE:600356' s Cyclically Adjusted PS Ratio Range Over the Past 10 Years
Min: 0.88   Med: 1.24   Max: 2.24
Current: 1.01

During the past years, Mudanjiang Hengfeng Paper Co's highest Cyclically Adjusted PS Ratio was 2.24. The lowest was 0.88. And the median was 1.24.

SHSE:600356's Cyclically Adjusted PS Ratio is ranked worse than
71.77% of 248 companies
in the Forest Products industry
Industry Median: 0.48 vs SHSE:600356: 1.01

The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio. The Cyclically Adjusted Revenue per Share is the average of the inflation adjusted revenue per share of a company over the past 10 years.

Mudanjiang Hengfeng Paper Co's adjusted revenue per share data for the three months ended in Mar. 2026 was ¥2.057. Add all the adjusted revenue per share for the past 10 years together and divide 10 will get our Cyclically Adjusted Revenue per Share, which is ¥7.35 for the trailing ten years ended in Mar. 2026.

Shiller PE for Stocks: The True Measure of Stock Valuation


Mudanjiang Hengfeng Paper Co  (SHSE:600356) Cyclically Adjusted PS Ratio Explanation

Compared with the regular PS Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PS Ratio smoothed out the fluctuations of revenue during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PS Ratio should give similar results to regular PS Ratio.


Mudanjiang Hengfeng Paper Co Cyclically Adjusted PS Ratio Related Terms


Mudanjiang Hengfeng Paper Co Cyclically Adjusted PS Ratio Historical Data

* Premium members only.

The historical data trend for Mudanjiang Hengfeng Paper Co's Cyclically Adjusted PS Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Mudanjiang Hengfeng Paper Co Cyclically Adjusted PS Ratio Chart

Mudanjiang Hengfeng Paper Co Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted PS Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1.30 1.17 1.23 1.12 1.21

Mudanjiang Hengfeng Paper Co Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Cyclically Adjusted PS Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1.10 1.15 1.36 1.21 1.18

Mudanjiang Hengfeng Paper Co Cyclically Adjusted PS Ratio Competitor Comparison

For the Paper & Paper Products subindustry, Mudanjiang Hengfeng Paper Co's Cyclically Adjusted PS Ratio, along with its competitors' market caps and Cyclically Adjusted PS Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Mudanjiang Hengfeng Paper Co Cyclically Adjusted PS Ratio vs Forest Products Industry

For the Forest Products industry and Basic Materials sector, Mudanjiang Hengfeng Paper Co's Cyclically Adjusted PS Ratio distribution charts can be found below:

* The bar in red indicates where Mudanjiang Hengfeng Paper Co's Cyclically Adjusted PS Ratio falls into.


SHSE:600356
74GF Score
Mudanjiang Hengfeng Paper Co Ltd SHSE:600356
Cyclically Adjusted PS Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Mudanjiang Hengfeng Paper Co Cyclically Adjusted PS Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PS Ratio takes the Revenue per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/S calculation. Because it considers this 10-year average, it's often referred to as the CAPS Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio.

Mudanjiang Hengfeng Paper Co's Cyclically Adjusted PS Ratio for today is calculated as

Cyclically Adjusted PS Ratio=Share Price/ Cyclically Adjusted Revenue per Share
=8.32/7.35
=1.13

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Mudanjiang Hengfeng Paper Co's Cyclically Adjusted Revenue per Share for the quarter that ended in Mar. 2026 is calculated as:

For example, Mudanjiang Hengfeng Paper Co's adjusted Revenue per Share data for the three months ended in Mar. 2026 was:

Adj_RevenuePerShare=Revenue per Share/CPI of Mar. 2026 (Change)*Current CPI (Mar. 2026)
=2.057/116.3033*116.3033
=2.057

Current CPI (Mar. 2026) = 116.3033.

Mudanjiang Hengfeng Paper Co Quarterly Data

Revenue per Share CPI Adj_RevenuePerShare
201606 1.080 101.400 1.239
201609 1.121 102.400 1.273
201612 1.336 102.600 1.514
201703 1.153 103.200 1.299
201706 1.034 103.100 1.166
201709 1.326 104.100 1.481
201712 1.367 104.500 1.521
201803 1.250 105.300 1.381
201806 1.122 104.900 1.244
201809 1.391 106.600 1.518
201812 1.536 106.500 1.677
201903 1.537 107.700 1.660
201906 1.168 107.700 1.261
201909 1.527 109.800 1.617
201912 1.611 111.200 1.685
202003 1.201 112.300 1.244
202006 1.883 110.400 1.984
202009 1.558 111.700 1.622
202012 1.535 111.500 1.601
202103 1.712 112.662 1.767
202106 1.688 111.769 1.756
202109 1.637 112.215 1.697
202112 1.743 113.108 1.792
202203 1.690 114.335 1.719
202206 2.019 114.558 2.050
202209 2.025 115.339 2.042
202212 2.465 115.116 2.490
202303 2.018 115.116 2.039
202306 1.809 114.558 1.837
202309 2.691 115.339 2.714
202312 2.489 114.781 2.522
202403 1.680 115.227 1.696
202406 2.432 114.781 2.464
202409 2.386 115.785 2.397
202412 2.892 114.893 2.928
202503 2.165 115.116 2.187
202506 2.409 114.907 2.438
202509 2.314 115.471 2.331
202512 2.539 115.832 2.549
202603 2.057 116.303 2.057

Add all the adjusted revenue per share together and divide 10 will get our Cyclically Adjusted Revenue per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

What does a Cyclically Adjusted PS Ratio of 1.13 mean?
Mudanjiang Hengfeng Paper Co (SHSE:600356) has a Cyclically Adjusted PS Ratio of 1.13 as of Aug. 06, 2026. Cyclically Adjusted PS Ratio is the ratio of share price to a company's inflation-adjusted revenue per share over a 10-year period. View historical data on Mudanjiang Hengfeng Paper Co and its competitors. This is near median its historical median of 1.24. Over the past decade, Mudanjiang Hengfeng Paper Co's Cyclically Adjusted PS Ratio has ranged from 0.88 to 2.24. According to the industry distribution chart, Mudanjiang Hengfeng Paper Co ranks #178 out of 248 companies in the Forest Products industry, placing it in the top 71.8%.
Is Mudanjiang Hengfeng Paper Co's Cyclically Adjusted PS Ratio too high?
Mudanjiang Hengfeng Paper Co's current Cyclically Adjusted PS Ratio of 1.13 is near median its 10-year median of 1.24. Over the past 10 years, this metric has ranged from a low of 0.88 to a high of 2.24. The Forest Products industry median Cyclically Adjusted PS Ratio is 0.48. Mudanjiang Hengfeng Paper Co's value of 1.13 is 135.4% above this industry median. Based on the distribution chart, Mudanjiang Hengfeng Paper Co ranks #178 out of 248 companies in the Forest Products industry, which is below the industry midpoint. Overall, Mudanjiang Hengfeng Paper Co has a GF Score™ of 74/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Mudanjiang Hengfeng Paper Co's Cyclically Adjusted PS Ratio compare to competitors?
According to the Forest Products industry distribution chart, Mudanjiang Hengfeng Paper Co ranks #178 out of 248 companies for Cyclically Adjusted PS Ratio. This places Mudanjiang Hengfeng Paper Co in the lower half of its industry. The industry median Cyclically Adjusted PS Ratio is 0.48. Mudanjiang Hengfeng Paper Co's value of 1.13 is 135.4% above this benchmark. Historically, Mudanjiang Hengfeng Paper Co's own Cyclically Adjusted PS Ratio has ranged from 0.88 to 2.24 over the past decade. While the company's 10-year median is 1.24 vs. the industry median of 0.48, Mudanjiang Hengfeng Paper Co has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PS Ratio for a Forest Products company?
The median Cyclically Adjusted PS Ratio among Forest Products companies is 0.48, based on 248 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PS Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PS Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Mudanjiang Hengfeng Paper Co's current Cyclically Adjusted PS Ratio of 1.13 is 135.4% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PS Ratio mean?
A high Cyclically Adjusted PS Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PS Ratio is the ratio of share price to a company's inflation-adjusted revenue per share over a 10-year period. View historical data on Mudanjiang Hengfeng Paper Co and its competitors. For the Forest Products industry, the median Cyclically Adjusted PS Ratio is 0.48 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Mudanjiang Hengfeng Paper Co's current Cyclically Adjusted PS Ratio is 1.13, which is near median its own 10-year median of 1.24. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Mudanjiang Hengfeng Paper Co stock overvalued right now?
Based on GuruFocus' analysis, Mudanjiang Hengfeng Paper Co (SHSE:600356) is currently considered Fairly Valued. The stock's GF Value™ is ¥8.42, compared to a current price of ¥8.32 — trading 1.2% below its estimated fair value. The current Cyclically Adjusted PS Ratio is 1.13, which is near median its 10-year median of 1.24 and 135.4% above the Forest Products industry median of 0.48. Mudanjiang Hengfeng Paper Co's overall GF Score™ is 74/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PS Ratio calculated?
Cyclically Adjusted PS Ratio is calculated from a company's financial statements. For Mudanjiang Hengfeng Paper Co (SHSE:600356), the current Cyclically Adjusted PS Ratio is 1.13 as of Aug. 06, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Mudanjiang Hengfeng Paper Co (SHSE:600356) Overvalued in 2026?

Based on GuruFocus' analysis, Mudanjiang Hengfeng Paper Co stock appears to be undervalued. The current stock price of ¥8.32 is trading 1.2% below its estimated GF Value™ of ¥8.42. GuruFocus considers Mudanjiang Hengfeng Paper Co to be Fairly Valued.

Key valuation signals for SHSE:600356:

  • Cyclically Adjusted PS Ratio: 1.13 (near median its 10-year median of 1.24)
  • GF Value™: ¥8.42 vs. price of ¥8.32 (1.2% below fair value)
  • GF Score™: 74/100 with 5 warning signs
  • Industry Position: 135.4% above the Forest Products median (#178 of 248)

No single metric tells the full story. See the SHSE:600356 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Mudanjiang Hengfeng Paper Co Business Description

Address No. 11 Hengfeng Road, Yangming District, Heilongjiang Province, Mudanjiang, CHN, 157013
Mudanjiang Hengfeng Paper Co Ltd manufactures cigarette-related papers in China. Its main products include cigarette paper, plug wrap paper, aluminum foil backing paper, tipping base paper and over a hundred types of industrial specialty paper.
74GF Score

Get the complete analysis for SHSE:600356

Cyclically Adjusted PS Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

¥8.32
Price
¥8.42
GF Value