CSG Holding Co Ltd (000012) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of CSG Holding Co Ltd stock ¥1.40, price ¥3.49, that is 59.9% below the price, quality 41 out of 100. Rating: strongly overvalued. Calculated from audited financials with 24 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 5, 2026.
How to read this chart
60‑month range ¥3.32 – ¥11.33 · fair‑value band ¥1.40 – ¥2.92 · the ¥3.49 price screens above the ¥1.40 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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CSG Holding Co., Ltd. researches, develops, manufactures, and sells glass products in Mainland and internationally. It operates through Glass, Electronic Glass and Display device, and Solar Energy and Other segments.
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The Glass segment engages in the production and sale of float, photovoltaic, and engineering glass products; and silica sand for glass production.
It also offers architectural, solar, photovoltaic, and float glasses for applications in high-end architectural curtain walls, decoration and furniture, mirror, car windshield, scanners and photocopiers transmitting plates, home appliance panels, display protection, and other fields.
Its Electronic Glass and Display device segment produces and sells display components and special ultra-thin glass products. The Solar Energy and Others segment engages in the production and sale of polysilicon and solar cell module products, photovoltaic energy development, and other products.
It also provides renewable energy products; and new materials and information display products comprising ultra-thin electronic glass and display devices.
In addition, the company engages in the photovoltaic power station project development, construction, operation, maintenance, etc.; and processing and production of quartz sand raw material.
The company was formerly known as China Southern Glass Co., Ltd. and changed its name to CSG Holding Co., Ltd. in March 1993. CSG Holding Co., Ltd. was incorporated in 1984 and is headquartered in Shenzhen, the People's Republic of China.
Stock analysis
CSG Holding Co Ltd (000012) currently trades at ¥3.49, while our model-based Fair Value estimate is ¥1.40, 60% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of ¥2.58 per share, and 3 of the 23 models we run sit above the ¥3.49 price.
Bear case: the Earnings-Based group reads lowest at ¥0.3600, and 20 of the 23 models stay below the price. Data coverage for this calculation is low.
Scenario range: ¥1.40 (bear) to ¥2.92 (bull), the price of ¥3.49 sits above 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 41/100 (below-average quality), in the Basic Materials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
CSG Holding Co Ltd reported revenue of 13.7B CNY in FY2025 versus 13.7B CNY in FY2021, a compound +0.1%/yr. Reported net income was 126M CNY in FY2025, compounding −46.4%/yr from FY2021.
Key figures
Market cap 10.7B CNY (≈ $1.6B) Small · P/S ratio 0.86 · EPS (TTM) ¥−0.2100 · Dividend yield 0.6% · Net margin −4.9% · Return on equity −4.7% · Return on assets (EBIT) 5.2% (5-year average) · Operating margin 1.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 21 out of 100 (medium confidence).
What moves the price
The share trades about 33% below its 52-week high and 5% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −21% fair-value upside, at −60%, 000012 screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (¥0.0100 to ¥6.86). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear¥1.40Fair Value ¥1.40Bull¥2.92
Price ¥3.49 · Downside -59.9%
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.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.
Best data coverage
FCF DCFn/a¥0.6200¥1.6073
Residual Income¥2.50¥2.62¥2.8273
Growth DCFn/a¥0.5800¥1.4671
All 24 models by family
DCF Models
FCF DCFn/a¥0.6200¥1.6073
5Y Revenue Exit¥0.0700¥0.9300¥2.0861
5Y EBITDA Exit¥1.75¥4.22¥7.2468
5Y P/E Exitn/an/a¥0.220064
10Y Revenue Exitn/a¥0.7300¥1.8261
10Y EBITDA Exit¥1.03¥2.92¥5.6661
10Y P/E Exitn/a¥0.0100>¥0.040058
Earnings-Based
Graham-Dodd¥0.2800¥1.05¥1.4359
Lynch FV¥0.2600¥0.3600¥0.470057
PEG = 1.0¥0.2600¥0.3600¥0.470053
EPVn/a¥0.1100¥0.250067
Dividend Discount
Gordon GGM¥1.27¥2.36¥3.3563
DDM Multi-Stage¥1.27¥2.12¥2.5163
Multiples
P/E Multiple¥0.5200¥0.7000¥0.870061
P/S Multiple¥0.5200¥0.7000¥0.870056
P/B Multiple¥5.15¥6.86¥8.5853
EV/EBIT¥0.0200¥0.5600¥1.1055
EV/EBITDA¥2.90¥4.40¥5.8965
EV/Revenuen/a¥0.4100¥1.0149
Asset-Based
NCAV (Graham)¥1.92¥2.58¥3.8552
Growth DCF
Growth DCFn/a¥0.5800¥1.4671
Economic Profit
Residual Income¥2.50¥2.62¥2.8273
ROIC Compoundern/a¥0.1100¥0.250064
Growth Earnings
Growth-Adj P/E¥0.4100¥0.5900¥0.770064
The fair value above starts from this blend and is adjusted for a cyclical trough year.
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.71/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
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.
+4.2%
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.
+8.1%
Revenue growth 33 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.
+16.1%
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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.
−30.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−30.6%
Dividend (yield on the price)0.6%
Per share before 1997divided by the spin-off factor 1.1185
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.−30.6% vs −16.9%, 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.10% → 3%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+48.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about +45.5% a year for the price.
Price, fair value, quality and upside side by side.
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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.Building Materials · 257 stocks
Beats the industry median on 2/12 measures
Overall it trails its industry peers.
Valuation
Quality Score41 · Bottom 25%
Fair Value upside−59.9% · Bottom 25%
Profitability
Return on assets0.4% · Below median
Net margin (12 months)−4.9% · Bottom 25%
Operating margin (12 months)1.5% · Below median
Growth and dividend
Revenue growth (quarter YoY)−23.8% · Bottom 25%
Dividend yield (12 months)0.6% · Bottom 25%
Balance sheet
Debt / equity0.52× · Highest 25%
Valuation Multiplesvs Building Materials median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "CSG Holding Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/000012
Frequently asked questions
Is CSG Holding Co Ltd (000012) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of ¥1.40 versus a price of ¥3.49, about 60% lower (overvalued).
What is the fair value of 000012?
Our model-based fair value for CSG Holding Co Ltd is ¥1.40 (as of Nov 5, 2026), built from audited fundamentals. The current price: ¥3.49.
What is the quality score of 000012?
CSG Holding Co Ltd has a Quality Score of 41/100. 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 CSG Holding Co Ltd (000012)?
Our model-based price target is the fair value of ¥1.40 (as of Nov 5, 2026) from 24 valuation models. Cautious scenario ¥1.40, optimistic scenario ¥2.92. It is a calculation from audited fundamentals, not an analyst target.
What is the CSG Holding Co Ltd stock forecast for 2026?
Our models put fair value at ¥1.40, about 60% lower versus a price of ¥3.49 (overvalued). Cautious scenario ¥1.40, optimistic scenario ¥2.92. The calculation is refreshed regularly with new filings.
What is the revenue of CSG Holding Co Ltd (000012)?
CSG Holding Co Ltd reported trailing-twelve-month revenue of about 12.4B CNY (latest available figure, as of Nov 5, 2026).
Does CSG Holding Co Ltd pay a dividend?
CSG Holding Co Ltd currently shows a dividend yield of 0.57% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of CSG Holding Co Ltd (000012) and when is the ex-dividend date?
CSG Holding Co Ltd pays a dividend of ¥0.02 per share a year, a dividend yield of 0.6%. The last ex-dividend date was Jul 23, 2026. A dividend has been paid every year since 2001. The payout ratio is 31.2% of earnings. Free cash flow covers the dividend 3.14 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into CSG Holding Co Ltd (000012)?
For today's price to be fair in a discounted-cash-flow model, CSG Holding Co Ltd would have to grow free cash flow by +48.0 % per year for five years (discount rate 10.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.2 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of 000012 use?
Our models discount CSG Holding Co Ltd at 10.4 %: a base by market capitalisation (small), damped by beta 0.35, country premium for China. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For CSG Holding Co Ltd that is +48.0 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.4 %) and the same formula as our fair value.
How much growth has CSG Holding Co Ltd (000012) delivered so far?
Over the past 5 years revenue at CSG Holding Co Ltd grew +5.2 % a year. The price currently implies free-cash-flow growth of +48.0 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of CSG Holding Co Ltd (000012) growing?
The median revenue growth in the sector is +9.8 % a year. That is the yardstick for the growth priced into CSG Holding Co Ltd (+48.0 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of CSG Holding Co Ltd (000012)?
The free-cash-flow yield on the price is 1.15 %: that much free cash flow CSG Holding Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (10.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of CSG Holding Co Ltd (000012)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For CSG Holding Co Ltd it is ¥1.40 per share (as of Nov 5, 2026), against a price of ¥3.49. It is the blended result of 24 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is CSG Holding Co Ltd stock overvalued or undervalued in 2026?
As of Nov 5, 2026, 000012 trades above its calculated fair value: price ¥3.49, fair value ¥1.40, a gap of about −60% (overvalued). 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 000012?
No. The price is what the market pays today (¥3.49); the fair value is what the company's own numbers justify (¥1.40). For CSG Holding Co Ltd the two are ¥2.09 per share apart. That gap is exactly why we show both numbers side by side.
How much is CSG Holding Co Ltd worth?
The market values CSG Holding Co Ltd at about 10.7B CNY (market capitalisation, as of Nov 5, 2026). Per share that is ¥3.49; our models calculate a fair value of ¥1.40 per share.
What do the bullish and bearish scenarios say about 000012?
Our models span a range for CSG Holding Co Ltd: cautious scenario ¥1.40, base ¥1.40, optimistic ¥2.92 per share (as of Nov 5, 2026, price ¥3.49). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of CSG Holding Co Ltd (000012)?
Balance-sheet figures for CSG Holding Co Ltd (as of Nov 5, 2026): return on equity −4.7%, debt of 0.52 per unit of equity. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is 000012 from its 52-week high?
CSG Holding Co Ltd trades at ¥3.49, about 33% below its 52-week high of ¥5.22 and 5% above the low of ¥3.32 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of ¥1.40 is for.
Which stocks are comparable to CSG Holding Co Ltd?
From the same area (Basic Materials) we also value CRH plc, Holcim AG, Martin Marietta Materials, Inc, Vulcan Materials Company, 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 CSG Holding Co Ltd stock attractive at the current price?
The data as of Nov 5, 2026: price ¥3.49, calculated fair value ¥1.40 (−60%), Quality Score 41/100, from 24 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 000012 calculated?
We run CSG Holding Co Ltd through 24 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of ¥1.40 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. CSG Holding Co Ltd itself currently trades above fair value. 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 CSG Holding Co Ltd (000012)?
The closing price on Nov 6, 2026 was ¥3.49. Our model-based fair value is ¥1.40, about 60% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with CSG Holding Co Ltd right now?
The price sits above even our optimistic bull case (¥2.92). The favourable scenario is already priced in. Weak quality (41/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (¥1.40 to ¥2.92) leaves room in how you read the outcome.
Where does the earnings growth of CSG Holding Co Ltd (000012) come from?
Earnings per share at CSG Holding Co Ltd grew +3.3 % a year from 2013 to 2024. Broken into its drivers: revenue per share +9.1 %, EBIT margin −3.7 %, tax rate +0.4 %, residual (interest, one-offs) −2.1 %. 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 CSG Holding Co Ltd
How large is the market capitalisation of CSG Holding Co Ltd (000012)?
The market capitalisation of CSG Holding Co Ltd is 10.7B CNY (≈ $1.6B). 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 CSG Holding Co Ltd (000012)?
The price-to-sales ratio of CSG Holding Co Ltd is 0.86 (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 CSG Holding Co Ltd (000012)?
Earnings per share at CSG Holding Co Ltd are ¥−0.2100. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of CSG Holding Co Ltd (000012)?
The dividend yield of CSG Holding Co Ltd is 0.6%. 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 CSG Holding Co Ltd (000012)?
The net margin of CSG Holding Co Ltd is −4.9% (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 CSG Holding Co Ltd (000012)?
The return on equity (ROE) of CSG Holding Co Ltd is −4.7% (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 CSG Holding Co Ltd (000012)?
On an EBIT basis the return on assets of CSG Holding Co Ltd is 5.2% (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 CSG Holding Co Ltd (000012)?
The operating margin of CSG Holding Co Ltd is 1.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at CSG Holding Co Ltd (000012)?
Revenue at CSG Holding Co Ltd is growing −23.8% versus a year earlier (3y avg −3.4%). 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 CSG Holding Co Ltd (000012)?
Earnings per share at CSG Holding Co Ltd are growing +169% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does CSG Holding Co Ltd (000012) carry?
The net debt of CSG Holding Co Ltd is 4.9B CNY (fiscal year 2025, ≈ 39.7 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 5, 2026