Poly Developments and Holdings Group Valuation

Q: What is the Fair Price of 600048 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

600048 (CN¥7.86) is trading above our estimate of [[fair value]] (CN¥1.21)

Is 600048 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-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 600048 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

DiscountedCashFlow

Community Contributor

CN¥1.21

Fair Value

550.9% overvalued

Number of Analysts

Below Fair Value: 600048 (CN¥7.86) is trading above our estimate of fair value (CN¥1.21)

Significantly Below Fair Value: 600048 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 600048?

Key metric: As 600048 is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 600048. This is calculated by dividing 600048's market cap by their current revenue.
What is 600048's PS Ratio?
PS Ratio	0.3x
Sales	CN¥289.27b
Market Cap	CN¥93.26b

600048 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	1.6x
Enterprise Value/EBITDA	27.4x
PEG Ratio	6.3x

Price to Sales Ratio vs Peers

How does 600048's PS Ratio compare to its peers?

The above table shows the PS ratio for 600048 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	0.9x
001979 China Merchants Shekou Industrial Zone Holdings	0.5x	-3.89%	CN¥92.0b
000002 China Vanke	0.3x	-17.92%	CN¥78.0b
600177 Youngor Fashion	2.5x	-3.19%	CN¥34.3b
601155 Seazen Holdings	0.5x	-23.66%	CN¥36.7b
600048 Poly Developments and Holdings Group	0.3x	-2.33%	CN¥93.3b

Price-To-Sales vs Peers: 600048 is good value based on its Price-To-Sales Ratio (0.3x) compared to the peer average (0.9x).

Price to Sales Ratio vs Industry

How does 600048's PS Ratio compare vs other companies in the CN Real Estate Industry?

28 Companies	Price / Sales	Estimated Growth	Market Cap
Industry Avg.	2.6x	-2.2%
600048 Poly Developments and Holdings Group	0.3x	-2.33%	US$13.10b
000002 China Vanke	0.3x	-17.92%	US$10.96b
002244 Hangzhou Binjiang Real Estate GroupLtd	0.4x	-12.91%	US$5.48b

28 Companies		Estimated Growth	Market Cap
Industry Avg.	2.6x	37.8%
600048 Poly Developments and Holdings Group	0.3x	50.38%	US$13.10b

No more companies

Price-To-Sales vs Industry: 600048 is good value based on its Price-To-Sales Ratio (0.3x) compared to the CN Real Estate industry average (2.6x).

Price to Sales Ratio vs Fair Ratio

What is 600048'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.

600048 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.3x
Fair PS Ratio	1.5x

Price-To-Sales vs Fair Ratio: 600048 is good value based on its Price-To-Sales Ratio (0.3x) compared to the estimated Fair Price-To-Sales Ratio (1.5x).

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 600048 forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	CN¥7.86	CN¥9.06 +15.25%	11.28%	CN¥11.00	CN¥7.63	n/a	9
Sep ’26	CN¥7.89	CN¥9.05 +14.72%	11.41%	CN¥11.00	CN¥7.56	n/a	9
Aug ’26	CN¥7.95	CN¥9.89 +24.39%	28.50%	CN¥17.00	CN¥7.56	n/a	8
Jul ’26	CN¥8.02	CN¥10.23 +27.61%	27.30%	CN¥17.00	CN¥7.56	n/a	9
Jun ’26	CN¥8.13	CN¥10.23 +25.88%	27.30%	CN¥17.00	CN¥7.56	n/a	9
May ’26	CN¥8.37	CN¥9.99 +19.38%	27.53%	CN¥17.00	CN¥7.17	n/a	10
Apr ’26	CN¥8.24	CN¥10.07 +22.17%	27.29%	CN¥17.00	CN¥7.17	n/a	10
Mar ’26	CN¥8.70	CN¥10.09 +15.94%	27.11%	CN¥17.00	CN¥7.17	n/a	10
Feb ’26	CN¥8.32	CN¥10.18 +22.32%	26.04%	CN¥17.00	CN¥8.07	n/a	10
Jan ’26	CN¥8.86	CN¥10.55 +19.04%	24.24%	CN¥17.00	CN¥8.07	n/a	10
Dec ’25	CN¥10.24	CN¥10.55 +3.00%	24.24%	CN¥17.00	CN¥8.07	n/a	10
Nov ’25	CN¥10.94	CN¥10.41 -4.87%	24.97%	CN¥17.00	CN¥8.07	n/a	10
Oct ’25	CN¥11.03	CN¥9.27 -15.98%	8.96%	CN¥10.60	CN¥8.07	CN¥7.86	10
Sep ’25	CN¥8.12	CN¥9.35 +15.11%	9.95%	CN¥10.80	CN¥8.07	CN¥7.89	10
Aug ’25	CN¥8.46	CN¥10.95 +29.41%	20.61%	CN¥15.96	CN¥8.40	CN¥7.95	11
Jul ’25	CN¥9.31	CN¥12.25 +31.61%	35.68%	CN¥25.00	CN¥8.40	CN¥8.02	12
Jun ’25	CN¥10.22	CN¥12.00 +17.44%	37.86%	CN¥25.00	CN¥8.40	CN¥8.13	11
May ’25	CN¥8.91	CN¥12.29 +37.94%	37.44%	CN¥25.00	CN¥8.40	CN¥8.37	12
Apr ’25	CN¥9.09	CN¥13.21 +45.34%	33.24%	CN¥25.00	CN¥8.95	CN¥8.24	12
Mar ’25	CN¥9.58	CN¥13.69 +42.87%	32.88%	CN¥25.00	CN¥8.95	CN¥8.70	12
Feb ’25	CN¥9.24	CN¥14.09 +52.50%	31.49%	CN¥25.00	CN¥8.95	CN¥8.32	12
Jan ’25	CN¥9.90	CN¥16.64 +68.05%	17.68%	CN¥25.00	CN¥13.00	CN¥8.86	12
Dec ’24	CN¥10.25	CN¥16.97 +65.56%	17.13%	CN¥25.00	CN¥13.00	CN¥10.24	12
Nov ’24	CN¥10.94	CN¥16.97 +55.12%	17.13%	CN¥25.00	CN¥13.00	CN¥10.94	12
Oct ’24	CN¥12.74	CN¥17.99 +41.22%	15.40%	CN¥25.00	CN¥14.50	CN¥11.03	12

AnalystPriceTarget

Community Contributor

CN¥9.06

Fair Value

13.2% undervalued

Number of Analysts

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

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Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/10/07 18:04
End of Day Share Price	2025/09/30 00:00
Earnings	2025/06/30
Annual Earnings	2024/12/31

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.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* 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.

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 Github.

Analyst Sources

Poly Developments and Holdings Group Co., Ltd. is covered by 38 analysts. 15 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Shaoshen Zhang	Avic Securities Co., Ltd
Tian Shixin	BOCI Research Ltd.
Eric Du	BofA Global Research