Sinolink Securities Co., Ltd.

SHSE:600109 Stock Report

Market Cap: CN¥32.5b

Sinolink Securities Valuation

Is 600109 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 600109 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 600109 (CN¥8.8) is trading above our estimate of fair value (CN¥1.87)

Significantly Below Fair Value: 600109 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 600109?

Key metric: As 600109 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 600109. This is calculated by dividing 600109's market cap by their current earnings.
What is 600109's PE Ratio?
PE Ratio23.6x
EarningsCN¥1.38b
Market CapCN¥32.48b

Price to Earnings Ratio vs Peers

How does 600109's PE Ratio compare to its peers?

The above table shows the PE ratio for 600109 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average49.3x
601696 BOC International (China)
41.2x14.7%CN¥30.9b
600369 Southwest Securities
60.6x21.6%CN¥31.2b
601990 Nanjing Securities
39.9x6.3%CN¥32.1b
002797 First Capital Securities
55.6x7.6%CN¥35.8b
600109 Sinolink Securities
23.6x9.8%CN¥32.5b

Price-To-Earnings vs Peers: 600109 is good value based on its Price-To-Earnings Ratio (23.6x) compared to the peer average (49.3x).

Price to Earnings Ratio vs Industry

How does 600109's PE Ratio compare vs other companies in the CN Capital Markets Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No more companies available in this PE range
600109 23.6xIndustry Avg. 32.0xNo. of Companies11PE020406080100+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 600109 is good value based on its Price-To-Earnings Ratio (23.6x) compared to the CN Capital Markets industry average (32x).

Price to Earnings Ratio vs Fair Ratio

What is 600109's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

600109 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio23.6x
Fair PE Ratio28.2x

Price-To-Earnings vs Fair Ratio: 600109 is good value based on its Price-To-Earnings Ratio (23.6x) compared to the estimated Fair Price-To-Earnings Ratio (28.2x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 600109 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCN¥8.80
CN¥9.28
+5.4%
14.7%CN¥11.80CN¥7.70n/a6
Nov ’25CN¥9.03
CN¥9.28
+2.7%
14.7%CN¥11.80CN¥7.70n/a6
Oct ’25CN¥9.81
CN¥8.77
-10.6%
9.5%CN¥10.02CN¥7.70n/a5
Sep ’25CN¥7.35
CN¥9.78
+33.0%
15.5%CN¥11.40CN¥7.70n/a4
Aug ’25CN¥7.89
CN¥10.50
+33.1%
7.5%CN¥11.40CN¥9.27n/a5
Jul ’25CN¥7.56
CN¥10.50
+38.9%
7.5%CN¥11.40CN¥9.27n/a5
Jun ’25CN¥8.20
CN¥10.50
+28.0%
7.5%CN¥11.40CN¥9.27n/a5
May ’25CN¥8.76
CN¥10.55
+20.4%
7.8%CN¥11.40CN¥9.27n/a5
Apr ’25CN¥8.67
CN¥10.91
+25.9%
6.2%CN¥11.40CN¥9.62n/a5
Mar ’25CN¥9.17
CN¥10.91
+19.0%
6.2%CN¥11.40CN¥9.62n/a5
Feb ’25CN¥8.30
CN¥10.85
+30.7%
5.8%CN¥11.40CN¥9.62n/a6
Jan ’25CN¥9.08
CN¥10.85
+19.4%
5.8%CN¥11.40CN¥9.62n/a6
Dec ’24CN¥9.55
CN¥10.85
+13.6%
5.8%CN¥11.40CN¥9.62n/a6
Nov ’24CN¥9.13
CN¥10.73
+17.6%
5.9%CN¥11.39CN¥9.62CN¥9.035
Oct ’24CN¥9.29
CN¥10.73
+15.5%
5.9%CN¥11.39CN¥9.62CN¥9.815
Sep ’24CN¥9.39
CN¥10.56
+12.5%
5.6%CN¥11.39CN¥9.62CN¥7.355
Aug ’24CN¥9.74
CN¥10.44
+7.2%
4.2%CN¥10.90CN¥9.62CN¥7.895
Jul ’24CN¥8.67
CN¥10.44
+20.4%
4.2%CN¥10.90CN¥9.62CN¥7.565
Jun ’24CN¥8.80
CN¥10.44
+18.6%
4.2%CN¥10.90CN¥9.62CN¥8.205
May ’24CN¥9.39
CN¥10.13
+7.8%
5.1%CN¥10.70CN¥9.60CN¥8.764
Apr ’24CN¥8.96
CN¥10.31
+15.0%
5.9%CN¥11.05CN¥9.58CN¥8.675
Mar ’24CN¥9.36
CN¥10.14
+8.4%
8.3%CN¥11.05CN¥8.76CN¥9.175
Feb ’24CN¥10.35
CN¥10.14
-2.0%
8.3%CN¥11.05CN¥8.76CN¥8.305
Jan ’24CN¥8.70
CN¥10.00
+15.0%
8.9%CN¥11.05CN¥8.76CN¥9.084
Dec ’23CN¥9.36
CN¥9.80
+4.7%
9.6%CN¥11.05CN¥8.76CN¥9.553
Nov ’23CN¥8.10
CN¥10.44
+28.9%
4.2%CN¥11.05CN¥10.03CN¥9.133

Analyst Forecast: Target price is less than 20% higher than the current share price.

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