Huatai Securities Co., Ltd.

SHSE:601688 Stock Report

Market Cap: CN¥103.8b

Huatai Securities Valuation

Is 601688 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • 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 601688 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 601688 (CN¥12.73) is trading below our estimate of fair value (CN¥13.86)

Significantly Below Fair Value: 601688 is trading below fair value, but not by a significant amount.


Key Valuation Metric

Which metric is best to use when looking at relative valuation for 601688?

Other financial metrics that can be useful for relative valuation.

601688 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/Revenuen/a
Enterprise Value/EBITDAn/a
PEG Ratio0.9x

Price to Earnings Ratio vs Peers

How does 601688's PE Ratio compare to its peers?

The above table shows the PE ratio for 601688 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average18.8x
601211 Guotai Junan Securities
15.2x14.1%CN¥112.7b
600999 China Merchants Securities
15.7x10.5%CN¥113.3b
000166 Shenwan Hongyuan Group
27.3x17.8%CN¥101.1b
002736 Guosen Securities
17.2x14.6%CN¥79.1b
601688 Huatai Securities
10.1x10.7%CN¥105.0b

Price-To-Earnings vs Peers: 601688 is good value based on its Price-To-Earnings Ratio (10.1x) compared to the peer average (18.8x).


Price to Earnings Ratio vs Industry

How does 601688's PE Ratio compare vs other companies in the CN Capital Markets Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a16.2%
n/an/an/a
No. of CompaniesPE048121620

Fetching data

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a16.2%
n/an/an/a
No more companies

Price-To-Earnings vs Industry: 601688 is good value based on its Price-To-Earnings Ratio (10.1x) compared to the CN Capital Markets industry average (27x).


Price to Earnings Ratio vs Fair Ratio

What is 601688'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.

601688 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio10.1x
Fair PE Ratio22.4x

Price-To-Earnings vs Fair Ratio: 601688 is good value based on its Price-To-Earnings Ratio (10.1x) compared to the estimated Fair Price-To-Earnings Ratio (22.4x).


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 601688 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCN¥12.73
CN¥17.86
+40.3%
12.2%CN¥22.04CN¥13.10n/a12
Jul ’25CN¥12.50
CN¥17.86
+42.9%
12.2%CN¥22.04CN¥13.10n/a12
Jun ’25CN¥13.58
CN¥18.09
+33.2%
11.3%CN¥22.04CN¥13.10n/a13
May ’25CN¥13.77
CN¥18.01
+30.8%
9.0%CN¥20.13CN¥14.00n/a13
Apr ’25CN¥14.26
CN¥17.84
+25.1%
11.7%CN¥20.70CN¥13.63n/a13
Mar ’25CN¥14.82
CN¥18.13
+22.4%
12.4%CN¥21.00CN¥13.63n/a13
Feb ’25CN¥13.87
CN¥18.31
+32.0%
12.3%CN¥21.00CN¥13.63n/a12
Jan ’25CN¥13.95
CN¥17.97
+28.8%
15.7%CN¥21.00CN¥11.67n/a11
Dec ’24CN¥14.47
CN¥18.00
+24.4%
14.9%CN¥20.70CN¥11.67n/a12
Nov ’24CN¥16.05
CN¥17.92
+11.6%
15.3%CN¥20.70CN¥11.67n/a12
Oct ’24CN¥15.81
CN¥17.72
+12.1%
15.7%CN¥20.70CN¥11.67n/a12
Sep ’24CN¥16.16
CN¥17.28
+6.9%
16.6%CN¥20.70CN¥11.67n/a13
Aug ’24CN¥16.56
CN¥16.42
-0.8%
20.9%CN¥20.70CN¥9.49n/a13
Jul ’24CN¥13.77
CN¥16.42
+19.3%
20.9%CN¥20.70CN¥9.49CN¥12.5013
Jun ’24CN¥13.74
CN¥16.49
+20.0%
20.4%CN¥20.70CN¥9.49CN¥13.5813
May ’24CN¥14.05
CN¥16.52
+17.6%
20.5%CN¥20.70CN¥9.49CN¥13.7714
Apr ’24CN¥12.77
CN¥16.32
+27.8%
21.6%CN¥21.80CN¥9.49CN¥14.2613
Mar ’24CN¥12.79
CN¥16.41
+28.3%
21.3%CN¥21.20CN¥9.49CN¥14.8213
Feb ’24CN¥13.22
CN¥16.37
+23.8%
21.6%CN¥21.20CN¥9.49CN¥13.8713
Jan ’24CN¥12.74
CN¥16.28
+27.8%
21.3%CN¥21.20CN¥9.49CN¥13.9513
Dec ’23CN¥13.17
CN¥16.84
+27.9%
17.7%CN¥21.20CN¥11.67CN¥14.4712
Nov ’23CN¥12.28
CN¥17.19
+40.0%
17.5%CN¥21.20CN¥10.83CN¥16.0512
Oct ’23CN¥12.12
CN¥17.61
+45.3%
18.1%CN¥21.70CN¥10.83CN¥15.8112
Sep ’23CN¥13.00
CN¥17.97
+38.2%
20.1%CN¥22.08CN¥10.83CN¥16.1611
Aug ’23CN¥13.17
CN¥18.69
+41.9%
22.0%CN¥25.60CN¥10.83CN¥16.5611
Jul ’23CN¥14.03
CN¥18.78
+33.9%
22.2%CN¥25.60CN¥10.83CN¥13.7711

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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