Haitong Securities Co., Ltd.

SHSE:600837 Stock Report

Market Cap: CN¥131.0b

Haitong Securities Valuation

Is 600837 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 600837 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: Insufficient data to calculate 600837's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate 600837's fair value for valuation analysis.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 600837?

Key metric: As 600837 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 600837. This is calculated by dividing 600837's market cap by their current revenue.
What is 600837's PS Ratio?
PS Ratio11.9x
SalesCN¥12.42b
Market CapCN¥130.95b

Price to Sales Ratio vs Peers

How does 600837's PS Ratio compare to its peers?

The above table shows the PS ratio for 600837 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average7.6x
000166 Shenwan Hongyuan Group
6x6.8%CN¥127.4b
000776 GF Securities
5.3x10.3%CN¥113.1b
600999 China Merchants Securities
8.8x9.9%CN¥162.5b
601788 Everbright Securities
10.2x7.5%CN¥79.3b
600837 Haitong Securities
11.9x33.8%CN¥131.0b

Price-To-Sales vs Peers: 600837 is expensive based on its Price-To-Sales Ratio (11.9x) compared to the peer average (7.6x).

Price to Sales Ratio vs Industry

How does 600837's PS Ratio compare vs other companies in the CN Capital Markets Industry?

3 CompaniesPrice / SalesEstimated GrowthMarket Cap
600927 Yongan FuturesLtd
0.8x7.3%US$2.76b
600120 Zhejiang Orient Financial Holdings Group
1.2xn/aUS$2.40b
603093 Nanhua Futures
1.3x8.5%US$1.01b
No more companies available in this PS range
600837 11.9xIndustry Avg. 7.4xNo. of Companies10PS0612182430+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 600837 is expensive based on its Price-To-Sales Ratio (11.9x) compared to the CN Capital Markets industry average (7.4x).

Price to Sales Ratio vs Fair Ratio

What is 600837's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

600837 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio11.9x
Fair PS Ratio12.9x

Price-To-Sales vs Fair Ratio: 600837 is good value based on its Price-To-Sales Ratio (11.9x) compared to the estimated Fair Price-To-Sales Ratio (12.9x).

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 600837 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCN¥11.39
CN¥8.30
-27.2%
41.0%CN¥14.00CN¥4.20n/a8
Dec ’25CN¥11.41
CN¥7.74
-32.2%
37.3%CN¥14.00CN¥4.20n/a8
Nov ’25CN¥11.47
CN¥7.26
-36.7%
27.2%CN¥10.00CN¥4.20n/a8
Oct ’25n/a
CN¥7.43
0%
25.9%CN¥10.00CN¥4.20n/a9
Sep ’25CN¥8.62
CN¥7.39
-14.3%
25.9%CN¥10.00CN¥4.20n/a10
Aug ’25CN¥9.00
CN¥8.06
-10.4%
20.2%CN¥10.80CN¥5.72n/a10
Jul ’25CN¥8.53
CN¥8.07
-5.4%
20.0%CN¥10.80CN¥5.72n/a10
Jun ’25CN¥8.29
CN¥8.51
+2.6%
24.3%CN¥12.86CN¥5.72n/a11
May ’25CN¥8.39
CN¥8.97
+6.9%
22.8%CN¥12.86CN¥5.72n/a13
Apr ’25CN¥8.77
CN¥9.40
+7.2%
24.8%CN¥12.86CN¥5.72n/a13
Mar ’25CN¥9.27
CN¥9.42
+1.6%
24.6%CN¥12.86CN¥5.72n/a13
Feb ’25CN¥8.52
CN¥9.52
+11.7%
25.0%CN¥12.86CN¥5.72n/a12
Jan ’25CN¥9.37
CN¥9.70
+3.5%
25.0%CN¥12.86CN¥4.40n/a12
Dec ’24CN¥9.81
CN¥9.88
+0.7%
23.9%CN¥12.86CN¥4.40CN¥11.4112
Nov ’24CN¥9.74
CN¥9.98
+2.5%
21.2%CN¥12.86CN¥5.47CN¥11.4713
Oct ’24CN¥9.95
CN¥9.96
+0.1%
21.1%CN¥12.89CN¥5.47n/a12
Sep ’24CN¥9.82
CN¥9.61
-2.1%
21.8%CN¥12.89CN¥5.47CN¥8.6213
Aug ’24CN¥10.24
CN¥9.62
-6.0%
22.0%CN¥13.02CN¥5.47CN¥9.0013
Jul ’24CN¥9.22
CN¥9.29
+0.7%
25.8%CN¥13.02CN¥4.74CN¥8.5314
Jun ’24CN¥9.42
CN¥9.32
-1.1%
25.5%CN¥13.02CN¥4.74CN¥8.2914
May ’24CN¥9.27
CN¥9.33
+0.7%
25.5%CN¥13.02CN¥4.74CN¥8.3914
Apr ’24CN¥8.81
CN¥9.18
+4.2%
26.8%CN¥13.02CN¥4.74CN¥8.7712
Mar ’24CN¥9.26
CN¥9.31
+0.5%
26.0%CN¥12.97CN¥4.74CN¥9.2713
Feb ’24CN¥9.59
CN¥9.28
-3.2%
26.2%CN¥12.97CN¥4.74CN¥8.5213
Jan ’24CN¥8.69
CN¥9.21
+6.0%
27.1%CN¥12.97CN¥4.74CN¥9.3713
Dec ’23CN¥8.95
CN¥9.35
+4.4%
24.6%CN¥12.97CN¥5.47CN¥9.8113

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/21 03:52
End of Day Share Price 2024/12/20 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Haitong Securities Co., Ltd. is covered by 52 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Sam Mun LeungABCI Securities Company Limited
Yi GuoAvic Securities Co., Ltd
Kathryn DingBNP Paribas Securities (Asia)