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Nanjing Gaoke Co Ltd (600064) Fair Value & Analysis

Real Estate · CN · Market cap 13.5B CNY (≈ $2.0B) · ISIN CNE000000PX6

What is Nanjing Gaoke Co Ltd really worth?

NG Nanjing Gaoke Co Ltd 600064 · SHG
Price¥7.67
Fair Value¥10.76
Upside+40.3%
Quality63/100

A solid business, trading 29% below our fair value of ¥10.76.

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Strengths

Highly profitable · 59.6% net margin
Low debt · generates free cash flow

Risks

!Mixed Growth (revenue 5y +3.2 %/yr)
!Mixed vs. peers (8/14)
!Narrow moat 43/100

For context

·4.17% dividend yield
Evidence: High Range ¥9.63 – ¥16.05

Fair value as of: Aug 15, 2026

From 16 valuation models · updated 21 days ago

Share price −1.5% over the past month.

What runs behind every stock

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

What matters now

  • The price is below even our cautious bear case (¥9.63). The market is more pessimistic than our downside scenario.
  • Solid quality (63/100) at a price below fair value, the discount is the argument here, not the business quality.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Price vs Fair Value (5 years)

¥9.22 ¥4.95 Fair Value ¥10.76 Mar 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 15, 2026.

How to read this chart

60‑month range ¥4.95 – ¥9.22 · fair‑value band ¥9.63 – ¥16.05 · the ¥7.67 price screens below the ¥10.76 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 15, 2026.

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Analysis

Nanjing Gaoke Co Ltd (600064) currently trades at ¥7.67, while our model-based Fair Value estimate is ¥10.76, implying the stock looks roughly 28.7% undervalued today. The Quality Score stands at 63/100 (solid quality), in the Real Estate sector. Bull case: the Economic Profit group reads highest at a median of ¥10.61 per share, and 6 of the 16 models we run sit above the ¥7.67 price. Bear case: the Multiples group reads lowest at ¥2.94, and 10 of the 16 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Nanjing Gaoke Co Ltd generated revenue of 3.0B CNY at a net margin of 59.6%. Revenue declined 42.8% year over year. It earns a return on equity of 8.1%. Net debt stands at 7.3B CNY. Fundamentals as of Aug 15, 2026

Our scenario range runs from ¥9.63 (bear case) to ¥16.05 (bull case); at ¥7.67, 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 19% below its 52-week high and 8% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −19% fair-value upside, at 40%, 600064 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 ¥0.4620 per share, which is 4.3 % 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 ¥4.61 ¥8.08 ¥13.42 76
Growth DCF ¥4.71 ¥7.77 ¥12.18 75
Residual Income ¥9.61 ¥10.61 ¥15.28 74
All 16 models by family
DCF Models
FCF DCF ¥4.61 ¥8.08 ¥13.42 76
5Y Revenue Exit ¥1.77 ¥3.03 ¥4.57 69
5Y EBITDA Exit ¥2.52 ¥4.44 ¥6.64 72
10Y Revenue Exit ¥2.68 ¥4.09 ¥5.84 64
10Y EBITDA Exit ¥3.22 ¥5.07 ¥7.43 66
Dividend Discount
Gordon GGM ¥4.02 ¥8.35 ¥13.25 64
DDM Multi-Stage ¥4.02 ¥6.71 ¥8.77 64
Multiples
P/S Multiple ¥9.63 ¥12.84 ¥16.05 58
P/B Multiple ¥13.49 ¥17.98 ¥22.48 55
EV/EBIT ¥1.83 ¥2.94 ¥4.05 64
EV/EBITDA ¥1.76 ¥2.84 ¥3.93 66
EV/Revenue ¥0.3400 ¥1.13 ¥1.91 49
Asset-Based
NCAV (Graham) ¥5.52 ¥7.40 ¥11.04 54
Growth DCF
Growth DCF ¥4.71 ¥7.77 ¥12.18 75
Rev-Margin DCF ¥1.77 ¥3.11 ¥4.70 69
Economic Profit
Residual Income ¥9.61 ¥10.61 ¥15.28 74

Widest divergence: Economic Profit (¥10.61) versus Multiples (¥2.94). Highest evidence: FCF DCF (76).

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Key figures & financial health

P/E ratio 7.5
P/S ratio 4.03 P/E × margin
EPS (TTM) ¥1.02 price ÷ EPS = P/E 7.5
Dividend yield 4.2% payout 31.4%
Net margin 53.5% FY2025
Return on equity 8.1% TTM
More key figures
Profitability
Return on assets (EBIT) 4.7% avg 5y
Operating margin 10.3% TTM
Growth
Revenue (TTM) 3.0B CNY TTM
Revenue growth (YoY) −42.8% 3y avg −8.7%
EPS growth (YoY) −9.5%
Balance sheet & cash flow
Free cash flow 925M CNY FY2025
Net debt 7.3B CNY FY2025 · ≈ 7.9 yrs of FCF

Figures from reported company fundamentals · as of Aug 15, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 63/100

Of which business quality 62 · Market factors (momentum, volatility) 51

Profitability 38
Margins and returns on capital today
Quality Growth 64
Are margins and returns improving?
Cashflow 74
Earnings quality: real cash, not paper profit
Fin. Strength 43
Balance sheet, leverage, solvency risk
Investment 90
Disciplined investing over empire-building
Low Volatility 90
Calm price path (market factor)
Momentum 38
Price trend over the last 3–12 months (market factor)
52W Momentum 30
Distance to the 52-week high (market factor)
Net Issuance 82
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

Nanjing Gaoke Company Limited, together with its subsidiaries, engages in the development of real estate properties in China.

Full company description

Nanjing Gaoke Company Limited, together with its subsidiaries, engages in the development of real estate properties in China. The company designs and develops mid-to-high-end commercial housing, municipal, and landscape projects; provides sewage treatment and tap water supply services; and grants loans to technology-based small and medium-sized enterprises, as well as provides financing guarantees. It also involves in the industrial investment, venture capital, securities investment, investment management and consulting, and other investment activities; and provision of financing services for small and medium-sized technology companies, and start-up businesses. In addition, the company engages in the production and sale of various Chinese and Western medicine preparations, as well as provision of medical and health care consulting and services. The company was formerly known as Nanjing Xingang High-Tech Co., Ltd and changed its name to Nanjing Gaoke Company Limited in January 2013. The company was founded in 1992 and is based in Nanjing, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Nanjing Gaoke Co Ltd reported revenue of 3.4B CNY in FY2025 versus 4.9B CNY in FY2021, a compound −8.8%/yr. Reported net income was 1.8B CNY in FY2025, compounding −6.1%/yr from FY2021.

Growth Quality 55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
3.4B CNY
Latest YoY
+72.6%
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.
−8.7%
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.
+3.2%
Avg. revenue growth/yr (31Y) 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.
+12.6%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+2.3% (−1.9 + 4.2)
Revenue −8.8%/yr
FY21 4.9B CNY
FY22 4.5B CNY
FY23 4.7B CNY
FY24 2.0B CNY
FY25 3.4B CNY
Net income −6.1%/yr
FY21 2.4B CNY
FY22 2.4B CNY
FY23 1.6B CNY
FY24 1.7B CNY
FY25 1.8B CNY
Character of growth · EPS growth decomposed (2013-2024) +13.1 % p.a.
Revenue per share +0.5 %

of which total revenue +0.5 % · buybacks/dilution +0.0 %

EBIT margin +9.2 %
Tax rate +2.4 %
Residual (interest, one-offs) +0.6 %

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). "Nanjing Gaoke Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/600064

Peer Group

Real Estate - Development · 567 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 64 · Top 25%
Fair Value upside +40% · Above median
Return on equity (TTM) 8% · Above median
Return on assets −1% · Bottom 25%
Net margin (TTM) 60% · Top 25%
Operating margin (TTM) 10% · Above median
Revenue growth −43% · Bottom 25%
Dividend yield (TTM) 4.2% · Above median
Debt / equity 0.21× · Lower than median

Valuation Multiples vs Real Estate - Development median · lower = cheaper

P/E (TTM) 7.5× · Cheaper than median
P/B 0.71× · Pricier than median
P/S (TTM) 4.55× · Pricier than 75% of peers
P/FCF 2.2× · Pricier than median
EV/EBITDA 36.8× · Pricier 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
VALUE87 · sector 45
FUTURE0 · sector 0
PAST32 · sector 11
HEALTH90 · sector 85
DIVIDEND83 · 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 Real Estate - Development stocks, each showing price versus our Fair Value estimate (as of Aug 15, 2026).

Stock Price Fair Value vs Fair Value
Sun Hung Kai Properties Limited 80016 HK$109.70 HK$88.93 −19%
China Resources Land Limited 1109 HK$35.24 HK$72.16 +105%
Vinhomes Joint Stock Company VHM 71,700 VND 109,431 VND +53%
CK Asset Holdings 1113 HK$47.34 HK$68.85 +45%
Hongkong Land Holdings H78 $8.20 $1.52 −81%
DLF Limited DLF ₹667.10 ₹170.24 −74%
China Overseas Land & Investment Limited 0688 HK$13.76 HK$22.92 +67%
Macrotech Developers Limited LODHA ₹1,244 ₹583.42 −53%
Sino Land Company 0083 HK$10.33 HK$6.99 −32%
PT Pantai Indah Kapuk Dua Tbk, PANI 5,925 IDR 1,325 IDR −78%

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Frequently asked questions

Is Nanjing Gaoke Co Ltd (600064) overvalued or undervalued?
As of Aug 15, 2026, our model estimates a fair value of ¥10.76 versus a price of ¥7.67, about +40% upside (undervalued).
What is the fair value of 600064?
Our model-based fair value for Nanjing Gaoke Co Ltd is ¥10.76 (as of Aug 15, 2026), built from audited fundamentals. The current price: ¥7.67.
What is the quality score of 600064?
Nanjing Gaoke Co Ltd has a Quality Score of 63/100. 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 Nanjing Gaoke Co Ltd (600064)?
Nanjing Gaoke Co Ltd reported trailing-twelve-month revenue of about 3.0B CNY (latest available figure, as of Aug 15, 2026).
What is the net profit margin of 600064?
The net profit margin of Nanjing Gaoke Co Ltd is about 59.6%, meaning it keeps roughly 59.6% of revenue as net income. Based on the latest reported figures.
Does Nanjing Gaoke Co Ltd pay a dividend?
Nanjing Gaoke Co Ltd currently shows a dividend yield of about 4.17% relative to its recent price (as of Aug 15, 2026).
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