Zhongtai Securities Valuation

Q: What is the Fair Price of 600918 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

600918 (CN¥6.83) is trading above our estimate of [[fair value]] (CN¥1.09)

Is 600918 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

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 600918 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 600918 (CN¥6.83) is trading above our estimate of fair value (CN¥1.09)

Significantly Below Fair Value: 600918 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 600918?

Key metric: As 600918 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 600918. This is calculated by dividing 600918's market cap by their current earnings.
What is 600918's PE Ratio?
PE Ratio	116.3x
Earnings	CN¥409.18m
Market Cap	CN¥47.60b

600918 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	3.3x

Price to Earnings Ratio vs Peers

How does 600918's PE Ratio compare to its peers?

The above table shows the PE ratio for 600918 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	33.5x
600061 SDIC CapitalLtd	25x	15.6%	CN¥50.2b
601059 Cinda Securities	38.9x	n/a	CN¥49.3b
002673 Western SecuritiesLtd	38.6x	n/a	CN¥39.3b
601878 Zheshang Securities	31.3x	13.4%	CN¥52.9b
600918 Zhongtai Securities	116.3x	35.8%	CN¥47.6b

Price-To-Earnings vs Peers: 600918 is expensive based on its Price-To-Earnings Ratio (116.3x) compared to the peer average (33.5x).

Price to Earnings Ratio vs Industry

How does 600918's PE Ratio compare vs other companies in the CN Capital Markets Industry?

0 Companies	Price / Earnings	Estimated Growth	Market Cap

No more companies available in this PE range

0 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: 600918 is expensive based on its Price-To-Earnings Ratio (116.3x) compared to the CN Capital Markets industry average (33x).

Price to Earnings Ratio vs Fair Ratio

What is 600918'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.

600918 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	116.3x
Fair PE Ratio	42.9x

Price-To-Earnings vs Fair Ratio: 600918 is expensive based on its Price-To-Earnings Ratio (116.3x) compared to the estimated Fair Price-To-Earnings Ratio (42.9x).

Analyst Price Targets

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

Analyst Forecast: Insufficient data to show price forecast.

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