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Shanghai Chinafortune Co Ltd (600621) Fair Value & Analysis

Financial Services · CN · Market cap 14.0B CNY (≈ $2.1B) · ISIN CNE0000006D3

What is Shanghai Chinafortune Co Ltd really worth?

SC Shanghai Chinafortune Co Ltd 600621 · SHG
Price¥13.75
Fair Value¥20.97
Upside+52.5%
Quality65/100

A solid business, trading 34% below our fair value of ¥20.97.

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Strengths

Healthy Growth (revenue 5y +15.7 %/yr)
Highly profitable · 40.7% net margin
Moderate debt · generates free cash flow

Risks

!Trails peers (5/14)
!Moderate moat 60/100
!Weak on past: 29 out of 100
!Weak on dividend: 26 out of 100

For context

·1.31% dividend yield
Evidence: High Range ¥15.73 – ¥26.22

Fair value as of: Sep 3, 2026

From 12 valuation models · updated yesterday

Share price +2.5% 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 (¥15.73). The market is more pessimistic than our downside scenario.
  • Solid quality (65/100) at a price below fair value, the discount is the argument here, not the business quality.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Price vs Fair Value (5 years)

¥18.60 ¥9.13 Fair Value ¥20.97 Mar 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 3, 2026.

How to read this chart

60‑month range ¥9.13 – ¥18.60 · fair‑value band ¥15.73 – ¥26.22 · the ¥13.75 price screens below the ¥20.97 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 3, 2026.

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Analysis

Shanghai Chinafortune Co Ltd (600621) currently trades at ¥13.75, while our model-based Fair Value estimate is ¥20.97, implying the stock looks roughly 34.4% undervalued today. The Quality Score stands at 65/100 (solid quality), in the Financial Services sector. Bull case: the Growth DCF group reads highest at a median of ¥135.18 per share, and 6 of the 12 models we run sit above the ¥13.75 price. Bear case: the Asset-Based group reads lowest at ¥5.81, and 6 of the 12 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Shanghai Chinafortune Co Ltd generated revenue of 1.6B CNY at a net margin of 40.7%. Revenue declined 4.5% year over year. It earns a return on equity of 7.3%. Net debt stands at 6.4B CNY. Fundamentals as of Sep 3, 2026

Our scenario range runs from ¥15.73 (bear case) to ¥26.22 (bull case); at ¥13.75, 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 29% below its 52-week high and 15% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −27% fair-value upside, at 53%, 600621 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 ¥0.2990 per share, which is 1.4 % 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
Residual Income ¥6.99 ¥7.33 ¥7.82 76
Owner Earnings ¥20.36 ¥31.13 ¥52.09 75
Growth DCF ¥71.04 ¥135.18 ¥237.84 75
All 12 models by family
DCF Models
Owner Earnings ¥20.36 ¥31.13 ¥52.09 75
5Y P/E Exit ¥39.49 ¥57.26 ¥77.87 71
10Y P/E Exit ¥49.62 ¥71.02 ¥102.22 64
Earnings-Based
Graham-Dodd ¥4.07 ¥24.53 ¥34.19 63
Lynch FV ¥7.00 ¥9.99 ¥12.99 61
Dividend Discount
Gordon GGM ¥1.07 ¥2.23 ¥3.54 66
DDM Multi-Stage ¥1.07 ¥1.88 ¥2.34 66
Multiples
P/E Multiple ¥15.73 ¥20.97 ¥26.22 63
P/B Multiple ¥7.64 ¥10.19 ¥12.73 55
Asset-Based
NCAV (Graham) ¥4.33 ¥5.81 ¥8.67 54
Growth DCF
Growth DCF ¥71.04 ¥135.18 ¥237.84 75
Economic Profit
Residual Income ¥6.99 ¥7.33 ¥7.82 76

Widest divergence: Growth DCF (¥135.18) versus Dividend Discount (¥1.88). Highest evidence: Residual Income (76).

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Key figures & financial health

P/E ratio 22.2
P/S ratio 3.79 P/E × margin
EPS (TTM) ¥0.6200 price ÷ EPS = P/E 22.2
Dividend yield 1.3% payout 29.0%
Net margin 17.1% FY2025
Return on equity 7.3% TTM
More key figures
Profitability
Return on assets (EBIT) 1.5% avg 5y
Operating margin 29.3% TTM
Growth
Revenue (TTM) 1.6B CNY TTM
Revenue growth (YoY) −4.5% 3y avg +15.0%
EPS growth (YoY) +15.4%
Balance sheet & cash flow
Free cash flow 4.6B CNY FY2025
Net debt 6.4B CNY FY2025 · ≈ 1.4 yrs of FCF

Figures from reported company fundamentals · as of Sep 3, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 65/100

Of which business quality 73 · Market factors (momentum, volatility) 43

Profitability 28
Margins and returns on capital today
Quality Growth 62
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 98
Balance sheet, leverage, solvency risk
Investment 58
Disciplined investing over empire-building
Low Volatility 83
Calm price path (market factor)
Momentum 32
Price trend over the last 3–12 months (market factor)
52W Momentum 18
Distance to the 52-week high (market factor)
Net Issuance 88
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 Chinafortune Co., Ltd., through its subsidiaries, engages in the securities business in China. The company is also involved in the securities and futures brokerage business, agency sales of financial products business, investment consulting business, investment transactions in securities and derivative financial instruments, collective and targeted …

Full company description

Shanghai Chinafortune Co., Ltd., through its subsidiaries, engages in the securities business in China. The company is also involved in the securities and futures brokerage business, agency sales of financial products business, investment consulting business, investment transactions in securities and derivative financial instruments, collective and targeted asset management, and asset management business; securities sponsorship, underwriting, and financial advisory business; and margin trading, stock pledge repurchase, agreed repurchase securities, and equity investment businesses. Additionally, it issues securities research reports and develops trading systems for exchanges and financial institutions. The company was formerly known as Shanghai Jinling Co., Ltd. and changed its name to Shanghai Chinafortune Co., Ltd. in January 2013. Shanghai Chinafortune Co., Ltd. was founded in 1952 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 Chinafortune Co Ltd reported revenue of 3.7B CNY in FY2025 versus 2.3B CNY in FY2021, a compound +12.6%/yr. Reported net income was 636M CNY in FY2025, compounding +6.5%/yr from FY2021.

Growth Quality 95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
3.7B CNY
Latest YoY
+63.6%
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.
+15.0%
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.
+15.7%
Avg. revenue growth/yr (33Y) 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.
+6.4% (5.1 + 1.3)
Revenue +12.6%/yr
FY21 2.3B CNY
FY22 2.4B CNY
FY23 2.0B CNY
FY24 2.3B CNY
FY25 3.7B CNY
Net income +6.5%/yr
FY21 495M CNY
FY22 352M CNY
FY23 397M CNY
FY24 365M CNY
FY25 636M CNY
Character of growth · EPS growth decomposed (2014-2025) +2.5 % p.a.
Revenue per share +4.1 %

of which total revenue +10.0 % · buybacks/dilution −5.3 %

EBIT margin +1.9 %
Tax rate +0.2 %
Residual (interest, one-offs) −3.6 %

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). "Shanghai Chinafortune Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/600621

Peer Group

Financial Conglomerates · 55 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 74 · Top 25%
Fair Value upside +53% · Top 25%
Return on equity (TTM) 7% · Below median
Return on assets 1% · Below median
Net margin (TTM) 41% · Top 25%
Operating margin (TTM) 29% · Above median
Revenue growth −5% · Below median
Dividend yield (TTM) 1.3% · Below median
Debt / equity 0.58× · Higher than median

Valuation Multiples vs Financial Conglomerates median · lower = cheaper

P/E (TTM) 22.2× · Pricier than median
P/B 1.52× · Pricier than median
P/S (TTM) 8.73× · Pricier than 75% of peers
P/FCF 0.5× · Cheaper than median
EV/EBITDA 7.7× · 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
VALUE100 · sector 0
FUTURE0 · sector 39
PAST29 · sector 33
HEALTH71 · sector 84
DIVIDEND26 · sector 52

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

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Frequently asked questions

Is Shanghai Chinafortune Co Ltd (600621) overvalued or undervalued?
As of Sep 3, 2026, our model estimates a fair value of ¥20.97 versus a price of ¥13.75, about +53% upside (undervalued).
What is the fair value of 600621?
Our model-based fair value for Shanghai Chinafortune Co Ltd is ¥20.97 (as of Sep 3, 2026), built from audited fundamentals. The current price: ¥13.75.
What is the quality score of 600621?
Shanghai Chinafortune Co Ltd has a Quality Score of 65/100. 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 Chinafortune Co Ltd (600621)?
Shanghai Chinafortune Co Ltd reported trailing-twelve-month revenue of about 1.6B CNY (latest available figure, as of Sep 3, 2026).
What is the net profit margin of 600621?
The net profit margin of Shanghai Chinafortune Co Ltd is about 40.7%, meaning it keeps roughly 40.7% of revenue as net income. Based on the latest reported figures.
Does Shanghai Chinafortune Co Ltd pay a dividend?
Shanghai Chinafortune Co Ltd currently shows a dividend yield of about 1.31% relative to its recent price (as of Sep 3, 2026).
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