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Shanghai International Port Group Co Ltd (600018) Fair Value & Analysis

Industrials · CN · Market cap 121B CNY (≈ $18.1B) · ISIN CNE0000013N8

What is Shanghai International Port Group Co Ltd really worth?

SI Shanghai International Port Group Co Ltd 600018 · SHG
Price¥5.43
Fair Value¥6.15
Upside+13.3%
Quality55/100

A solid business, trading 12% below our fair value of ¥6.15.

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Strengths

Highly profitable · 33.8% net margin
Low debt · generates free cash flow
Ranks above peers (9/15)

Risks

!Mixed Growth (revenue 5y +8.7 %/yr)
!Moderate moat 58/100
!Evidence only low, so the estimate is less certain

For context

·3.59% dividend yield
Evidence: Low Range ¥5.33 – ¥9.41

Fair value as of: Aug 20, 2026

From 26 valuation models · updated 16 days ago

Share price +5.0% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
  • The price sits in the lower half of our model range, the side with the larger margin of safety.
  • Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.

Price vs Fair Value (5 years)

¥6.43 ¥3.78 Fair Value ¥6.15 Mar 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 20, 2026.

How to read this chart

60‑month range ¥3.78 – ¥6.43 · fair‑value band ¥5.33 – ¥9.41 · the ¥5.43 price screens below the ¥6.15 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 20, 2026.

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Analysis

Shanghai International Port Group Co Ltd (600018) currently trades at ¥5.43, while our model-based Fair Value estimate is ¥6.15, implying the stock looks roughly 11.7% undervalued today. The Quality Score stands at 55/100 (solid quality), in the Industrials sector. Bull case: the Growth Earnings group reads highest at a median of ¥10.30 per share, and 12 of the 26 models we run sit above the ¥5.43 price. Bear case: the Earnings-Based group reads lowest at ¥2.93, and 14 of the 26 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, Shanghai International Port Group Co Ltd generated revenue of 40.4B CNY at a net margin of 33.8%. Revenue grew 8.0% year over year. It earns a return on equity of 9.7%. Net debt stands at 3.5B CNY. Fundamentals as of Aug 20, 2026

Our scenario range runs from ¥5.33 (bear case) to ¥9.41 (bull case); at ¥5.43, 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 7% below its 52-week high and 12% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at 42% fair-value upside, at 13%, 600018 screens richer 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 ¥0.2684 per share, which is 4.4 % 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 ¥2.18 ¥3.32 ¥4.98 80
Growth DCF ¥2.24 ¥3.27 ¥4.71 78
Owner Earnings ¥5.20 ¥7.81 ¥11.65 76
All 26 models by family
DCF Models
FCF DCF best evidence ¥2.18 ¥3.32 ¥4.98 80
Owner Earnings ¥5.20 ¥7.81 ¥11.65 76
5Y Revenue Exit ¥1.99 ¥3.14 ¥4.57 72
5Y EBITDA Exit ¥4.38 ¥7.47 ¥11.01 74
5Y P/E Exit ¥5.89 ¥10.22 ¥14.67 70
10Y Revenue Exit ¥1.98 ¥3.02 ¥4.36 66
10Y EBITDA Exit ¥3.54 ¥5.99 ¥9.15 67
10Y P/E Exit ¥4.50 ¥7.87 ¥11.87 63
Earnings-Based
Graham-Dodd ¥3.96 ¥10.56 ¥13.81 65
Lynch FV ¥2.05 ¥2.93 ¥3.80 61
PEG = 1.0 ¥2.05 ¥2.93 ¥3.80 57
EPV ¥3.22 ¥3.78 ¥4.28 74
Dividend Discount
Gordon GGM ¥1.89 ¥3.94 ¥6.25 66
DDM Multi-Stage ¥1.89 ¥2.94 ¥4.05 66
Multiples
P/E Multiple ¥9.18 ¥12.24 ¥15.30 63
P/S Multiple ¥2.55 ¥3.40 ¥4.25 58
P/B Multiple ¥7.43 ¥9.91 ¥12.38 55
EV/EBIT ¥5.82 ¥7.80 ¥9.78 66
EV/EBITDA ¥6.37 ¥8.53 ¥10.70 67
EV/Revenue ¥2.01 ¥2.93 ¥3.84 53
Asset-Based
NCAV (Graham) ¥3.03 ¥4.06 ¥6.05 54
Growth DCF
Growth DCF ¥2.24 ¥3.27 ¥4.71 78
Rev-Margin DCF ¥1.99 ¥3.16 ¥4.44 72
Economic Profit
Residual Income ¥5.27 ¥5.83 ¥8.57 76
ROIC Compounder ¥3.22 ¥3.78 ¥4.28 72
Growth Earnings
Growth-Adj P/E ¥7.21 ¥10.30 ¥13.39 67

Widest divergence: Growth Earnings (¥10.30) versus Earnings-Based (¥2.93). Highest evidence: FCF DCF (80).

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Key figures & financial health

P/E ratio 9.2
P/S ratio 3.15 P/E × margin
EPS (TTM) ¥0.5900 price ÷ EPS = P/E 9.2
Dividend yield 3.6% payout 33.1%
Net margin 34.2% FY2025
Return on equity 9.7% TTM
More key figures
Profitability
Return on assets (EBIT) 7.6% avg 5y
Operating margin 31.9% TTM
Growth
Revenue (TTM) 40.4B CNY TTM
Revenue growth (YoY) +8.0% 3y avg +2.0%
EPS growth (YoY) +2.5%
Balance sheet & cash flow
Free cash flow 4.9B CNY FY2025
Net debt 3.5B CNY FY2025 · ≈ 0.7 yrs of FCF

Figures from reported company fundamentals · as of Aug 20, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 55/100

Of which business quality 54 · Market factors (momentum, volatility) 61

Profitability 41
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 48
Earnings quality: real cash, not paper profit
Fin. Strength 70
Balance sheet, leverage, solvency risk
Investment 47
Disciplined investing over empire-building
Low Volatility 99
Calm price path (market factor)
Momentum 43
Price trend over the last 3–12 months (market factor)
52W Momentum 47
Distance to the 52-week high (market factor)
Net Issuance 80
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

Shanghai International Port (Group) Co., Ltd. engages in the operation and management of ports in China. The company operates through container, bulk cargo, port logistics, and port services segment. It offers loading and unloading, storage, transit, land and water transportation of domestic and foreign goods.

Full company description

Shanghai International Port (Group) Co., Ltd. engages in the operation and management of ports in China. The company operates through container, bulk cargo, port logistics, and port services segment. It offers loading and unloading, storage, transit, land and water transportation of domestic and foreign goods. It also provides container unpacking, cleaning, repairing, manufacturing and leasing services; engages in the distribution and logistic information management. In addition, it offers facilities and services for international passengers, ship piloting, towing, shipping agency, freight forwarding; ship and port services, such as supply of fuel materials and daily necessities; port facility leasing; port information and technical consulting services; port wharf construction; operates port terminals; wholesale, import and export of port lifting equipment, handling machinery, electromechanical equipment and accessories. The company was formerly known as Shanghai Port Authority and changed its name to Shanghai International Port (Group) Co., Ltd. in 2003. The company was founded in 1988 and is based in Shanghai, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Shanghai International Port Group Co Ltd reported revenue of 39.6B CNY in FY2025 versus 34.4B CNY in FY2021, a compound +3.6%/yr. Reported net income was 13.6B CNY in FY2025, compounding −1.7%/yr from FY2021.

Growth Quality 74/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
39.6B CNY
Latest YoY
+3.9%
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.
+2.0%
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.
+8.7%
Avg. revenue growth/yr (22Y) 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.
+14.6%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+11.9% (8.3 + 3.6)
Revenue +3.6%/yr
FY21 34.4B CNY
FY22 37.3B CNY
FY23 37.6B CNY
FY24 38.1B CNY
FY25 39.6B CNY
Net income −1.7%/yr
FY21 14.5B CNY
FY22 17.2B CNY
FY23 13.2B CNY
FY24 15.0B CNY
FY25 13.6B CNY
Character of growth · EPS growth decomposed (2013-2024) +10.2 % p.a.
Revenue per share +2.8 %

of which total revenue +3.0 % · buybacks/dilution −0.2 %

EBIT margin +6.1 %
Tax rate +1.3 %
Residual (interest, one-offs) −0.2 %

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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Cite: Fair Value Calculator (2026). "Shanghai International Port Group Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/600018

Peer Group

Marine Shipping · 233 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 55 · Above median
Fair Value upside +13% · Above median
Return on equity (TTM) 10% · Above median
Return on assets 3% · Below median
Net margin (TTM) 34% · Top 25%
Operating margin (TTM) 32% · Top 25%
Revenue growth 8% · Above median
Dividend yield (TTM) 3.6% · Above median
Debt / equity 0.25× · Higher than median

Valuation Multiples vs Marine Shipping median · lower = cheaper

P/E (TTM) 9.2× · Cheaper than median
P/B 0.86× · Cheaper than median
P/S (TTM) 3.00× · Pricier than 75% of peers
P/FCF 3.7× · Pricier than median
EV/EBITDA 8.4× · Pricier than median
PEG 2.44× · Pricier than median

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
VALUE51 · sector 29
FUTURE40 · sector 24
PAST39 · sector 27
HEALTH88 · sector 89
DIVIDEND72 · sector 53

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 Marine Shipping stocks, each showing price versus our Fair Value estimate (as of Aug 20, 2026).

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HMM Co 011200 21,450 KRW 33,795 KRW +58%
Orient Overseas (International) Limited 0316 HK$166.90 HK$237.61 +42%
Ningbo Zhoushan Port Company 601018 ¥3.39 ¥5.58 +65%
Qingdao Port International Co 601298 ¥8.69 ¥15.97 +84%
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Frequently asked questions

Is Shanghai International Port Group Co Ltd (600018) overvalued or undervalued?
As of Aug 20, 2026, our model estimates a fair value of ¥6.15 versus a price of ¥5.43, about +13% upside (undervalued).
What is the fair value of 600018?
Our model-based fair value for Shanghai International Port Group Co Ltd is ¥6.15 (as of Aug 20, 2026), built from audited fundamentals. The current price: ¥5.43.
What is the quality score of 600018?
Shanghai International Port Group Co Ltd has a Quality Score of 55/100. 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 Shanghai International Port Group Co Ltd (600018)?
Shanghai International Port Group Co Ltd reported trailing-twelve-month revenue of about 40.4B CNY (latest available figure, as of Aug 20, 2026).
What is the net profit margin of 600018?
The net profit margin of Shanghai International Port Group Co Ltd is about 33.8%, meaning it keeps roughly 33.8% of revenue as net income. Based on the latest reported figures.
Does Shanghai International Port Group Co Ltd pay a dividend?
Shanghai International Port Group Co Ltd currently shows a dividend yield of about 3.59% relative to its recent price (as of Aug 20, 2026).
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