Industrial Securities Co Ltd (601377) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Industrial Securities Co Ltd stock ¥9.05, price ¥5.50, upside +64.5%, quality 55 out of 100. Rating: strongly undervalued. Calculated from audited financials with 13 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range ¥4.86 – ¥10.74 · fair‑value band ¥4.89 – ¥13.78 · the ¥5.50 price screens below the ¥9.05 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 7, 2026.
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Industrial Securities Co.,Ltd. operates as a securities company in China and internationally. It operates through Wealth Management Business, Institutional Services Business, and Proprietary Investment Business segments.
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The company provides securities and futures brokerage services, such as buying and selling stocks, funds, bonds, futures, options; sales of financial products; fund investment advisory services; margin trading; stock-pledged repurchase; and equity incentive financing.
It also offers asset management, fund asset management, and private equity fund management services; securities research and sales trading services, asset custody and fund services, and institutional trading services; as well as equity financing, debt financing, financial advisory services, financing for small and medium-sized enterprises, and regional equity market services.
In addition, it provides proprietary investment and trading of various products, including stocks, bonds, derivatives, equities, and alternative investments. The company was founded in 1991 and is headquartered in Fuzhou, China.
Stock analysis
Industrial Securities Co Ltd (601377) currently trades at ¥5.50, while our model-based Fair Value estimate is ¥9.05, implying the stock looks roughly 39% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of ¥11.44 per share, and 7 of the 13 models we run sit above the ¥5.50 price.
Bear case: the Dividend Discount group reads lowest at ¥1.86, and 6 of the 13 models stay below the price. Data coverage for this calculation is low.
Scenario range: ¥4.89 (bear) to ¥13.78 (bull), the price of ¥5.50 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 55/100 (solid quality), in the Financial Services sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Industrial Securities Co Ltd reported revenue of 18.2B CNY in FY2025 versus 21.9B CNY in FY2021, a compound −4.6%/yr. Reported net income was 2.9B CNY in FY2025, compounding −11.8%/yr from FY2021.
Key figures
Market cap 49.9B CNY (≈ $7.5B) Mid · P/E ratio 13.4 · P/S ratio 4.98 · EPS (TTM) ¥0.4100 · Dividend yield 3.6% · Net margin 28.3% · Return on equity 7.0% · Return on assets (EBIT) 1.9% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 57 out of 100 (low confidence).
What moves the price
The share trades about 29% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −11% fair-value upside, at 65%, 601377 screens cheaper than that median.
Fair Value models
Bear¥4.89Fair Value ¥9.05Bull¥13.78
Price ¥5.50 · Upside +64.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (¥0.1795 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+14.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−2.5%
Start year 2020 (pandemic). Over 10 years: +4.6% a year
Revenue growth 18 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.7%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−7.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−11.2%
Dividend (yield on the price)3.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−11.2% vs 0.3%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.30% → 40%
AI conclusion: Sharp profit growth from brokerage and asset management forms the main strength, while limited signals of a durable moat together with low ROE mark the key weakness in this competitive setting.
Main risk: The company relies heavily on short-term wholesale funding such as repo transactions which could increase its exposure to liquidity risk during periods of market volatility and make refinancing more difficult or costly.
Bull case: The firm could strengthen its funding profile through longer-term instruments or greater government support from its major Fujian shareholder while expanding stable fee-based asset management to reduce reliance on volatile short-term markets.
Bear case: Persistent market volatility could trigger higher funding costs or restricted access to short-term debt markets forcing the company to scale back operations or seek emergency support in its capital-intensive brokerage and asset management activities.
Industrial Securities keeps posting sharp profit growth from its core brokerage and asset management activities, while a major shareholder has steadily added to its stake in recent weeks. At the same time the firm keeps tapping short-term debt markets to fund operations in a capital-intensive business. Will the earnings momentum prove more durable than the sector-wide pressure on trading volumes and valuations?
Compare Industrial Securities Co Ltd with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Capital Markets · 384 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score55 · Below median
Fair Value upside+64.5% · Above median
Profitability
Return on equity (12 months)7.0% · Below median
Return on assets1.1% · Below median
Net margin (12 months)36.6% · Above median
Operating margin (12 months)48.1% · Above median
Growth and dividend
Revenue growth (quarter YoY)37.3% · Above median
Dividend yield (12 months)3.6% · Above median
Balance sheet
Debt / equity0.58× · Highest 25%
Valuation Multiplesvs Capital Markets median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Industrial Securities Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/601377
Frequently asked questions
Is Industrial Securities Co Ltd (601377) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of ¥9.05 versus a price of ¥5.50, about +65% upside (undervalued).
What is the fair value of 601377?
Our model-based fair value for Industrial Securities Co Ltd is ¥9.05 (as of Nov 7, 2026), built from audited fundamentals. The current price: ¥5.50.
What is the quality score of 601377?
Industrial Securities Co Ltd has a Quality Score of 55/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Industrial Securities Co Ltd (601377)?
Our model-based price target is the fair value of ¥9.05 (as of Nov 7, 2026) from 13 valuation models. Cautious scenario ¥4.89, optimistic scenario ¥13.78. It is a calculation from audited fundamentals, not an analyst target.
What is the Industrial Securities Co Ltd stock forecast for 2026?
Our models put fair value at ¥9.05, about +65% upside versus a price of ¥5.50 (undervalued). Cautious scenario ¥4.89, optimistic scenario ¥13.78. The calculation is refreshed regularly with new filings.
What is the revenue of Industrial Securities Co Ltd (601377)?
Industrial Securities Co Ltd reported trailing-twelve-month revenue of about 13.0B CNY (latest available figure, as of Nov 7, 2026).
Does Industrial Securities Co Ltd pay a dividend?
Industrial Securities Co Ltd currently shows a dividend yield of 3.64% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Industrial Securities Co Ltd (601377) and when is the ex-dividend date?
Industrial Securities Co Ltd pays a dividend of ¥0.2 per share a year, a dividend yield of 3.6%. The last ex-dividend date was Oct 15, 2026. The payout ratio is 48.8% of earnings. Our assessment: Low payout. A low payout ratio: the dividend takes at most 60 % of earnings. Whether free cash flow covers it as well, we cannot see for this company.
What is the intrinsic value of Industrial Securities Co Ltd (601377)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Industrial Securities Co Ltd it is ¥9.05 per share (as of Nov 7, 2026), against a price of ¥5.50. It is the blended result of 13 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Industrial Securities Co Ltd stock overvalued or undervalued in 2026?
As of Nov 7, 2026, 601377 trades below its calculated fair value: price ¥5.50, fair value ¥9.05, a gap of about +65% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 601377?
No. The price is what the market pays today (¥5.50); the fair value is what the company's own numbers justify (¥9.05). For Industrial Securities Co Ltd the two are ¥3.55 per share apart. That gap is exactly why we show both numbers side by side.
How much is Industrial Securities Co Ltd worth?
The market values Industrial Securities Co Ltd at about 49.9B CNY (market capitalisation, as of Nov 7, 2026). Per share that is ¥5.50; our models calculate a fair value of ¥9.05 per share.
What do the bullish and bearish scenarios say about 601377?
Our models span a range for Industrial Securities Co Ltd: cautious scenario ¥4.89, base ¥9.05, optimistic ¥13.78 per share (as of Nov 7, 2026, price ¥5.50). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 601377?
Industrial Securities Co Ltd trades at a price-to-earnings ratio of 13.4 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥9.05 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 24.6. Other multiples: P/B 0.9, P/S 5.0, EV/EBITDA 10.9.
How solid is the balance sheet of Industrial Securities Co Ltd (601377)?
Balance-sheet figures for Industrial Securities Co Ltd (as of Nov 7, 2026): return on equity 7.0%, debt of 0.58 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is 601377 from its 52-week high?
Industrial Securities Co Ltd trades at ¥5.50, about 29% below its 52-week high of ¥7.77 and 3% above the low of ¥5.32 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of ¥9.05 is for.
Which stocks are comparable to Industrial Securities Co Ltd?
From the same area (Financial Services) we also value Morgan Stanley, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Industrial Securities Co Ltd stock attractive at the current price?
The data as of Nov 7, 2026: price ¥5.50, calculated fair value ¥9.05 (+65%), Quality Score 55/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 601377 calculated?
We run Industrial Securities Co Ltd through 13 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of ¥9.05 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Industrial Securities Co Ltd currently trades 39% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Industrial Securities Co Ltd (601377)?
The closing price on Nov 6, 2026 was ¥5.50. Our model-based fair value is ¥9.05, about +65% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Industrial Securities Co Ltd right now?
The model range is unusually wide (¥4.89 to ¥13.78). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (55/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Industrial Securities Co Ltd (601377) come from?
Earnings per share at Industrial Securities Co Ltd grew −5.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +3.3 %, EBIT margin −5.5 %, tax rate +1.8 %, residual (interest, one-offs) −4.9 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Industrial Securities Co Ltd
How large is the market capitalisation of Industrial Securities Co Ltd (601377)?
The market capitalisation of Industrial Securities Co Ltd is 49.9B CNY (≈ $7.5B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Industrial Securities Co Ltd (601377)?
The price-to-sales ratio of Industrial Securities Co Ltd is 4.98 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Industrial Securities Co Ltd (601377)?
Earnings per share at Industrial Securities Co Ltd are ¥0.4100 (price ÷ EPS = P/E 13.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Industrial Securities Co Ltd (601377)?
The dividend yield of Industrial Securities Co Ltd is 3.6% (payout 48.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Industrial Securities Co Ltd (601377)?
The net margin of Industrial Securities Co Ltd is 28.3% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Industrial Securities Co Ltd (601377)?
The return on equity (ROE) of Industrial Securities Co Ltd is 7.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Industrial Securities Co Ltd (601377)?
On an EBIT basis the return on assets of Industrial Securities Co Ltd is 1.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Industrial Securities Co Ltd (601377)?
The operating margin of Industrial Securities Co Ltd is 48.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Industrial Securities Co Ltd (601377)?
Revenue at Industrial Securities Co Ltd is growing +37.3% versus a year earlier (3y avg +10.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Industrial Securities Co Ltd (601377)?
Earnings per share at Industrial Securities Co Ltd are growing +67.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Industrial Securities Co Ltd (601377) generate?
The free cash flow of Industrial Securities Co Ltd is 27.8B CNY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Industrial Securities Co Ltd (601377) carry?
The net debt of Industrial Securities Co Ltd is 159B CNY (fiscal year 2025, ≈ 5.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 7, 2026