First Capital Securities Co Ltd Class A (002797) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of First Capital Securities Co Ltd Class A stock ¥5.18, price ¥5.82, that is 11.0% below the price, quality 65 out of 100. Rating: overvalued. 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 5, 2026.
How to read this chart
60‑month range ¥4.64 – ¥10.35 · fair‑value band ¥3.16 – ¥7.01 · the ¥5.82 price screens above the ¥5.18 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 3 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 5, 2026.
Follow First Capital Securities Co Ltd Class A in your weekly email
Every Wednesday you see whether First Capital Securities Co Ltd Class A is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
First Capital Securities Co., Ltd. engages in securities business in China.
Show moreShow less
It offers fixed-income products, such as treasury bonds, central bank bills, policy financial bonds and short-term financing bonds, medium-term notes, non-publicly oriented debt financing instruments, government bonds, corporate bonds, financial bonds, and other fixed-income products, as well as provides interest rate swaps.
The company also provides investment banking, asset management, securities and futures brokerage, corporate financing, private equity fund management, credit, research, and alternative investment services, as well as other financial products.
The company was founded in 1993 and is headquartered in Shenzhen, China.
Stock analysis
First Capital Securities Co Ltd Class A (002797) currently trades at ¥5.82, while our model-based Fair Value estimate is ¥5.18, 11% below the price, so the stock looks overvalued today.
Show more
Valuation
Bull case: the Growth DCF group reads highest at a median of ¥10.60 per share, and 5 of the 13 models we run sit above the ¥5.82 price.
Bear case: the Dividend Discount group reads lowest at ¥2.20, and 8 of the 13 models stay below the price. Data coverage for this calculation is low.
Scenario range: ¥3.16 (bear) to ¥7.01 (bull), the price of ¥5.82 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 65/100 (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.
First Capital Securities Co Ltd Class A reported revenue of 3.5B CNY in FY2025 versus 3.6B CNY in FY2021, a compound −0.7%/yr. Reported net income was 841M CNY in FY2025, compounding +3.1%/yr from FY2021.
Key figures
Market cap 24.5B CNY (≈ $3.7B) Mid · P/E ratio 27.7 · P/S ratio 6.90 · EPS (TTM) ¥0.2100 · Dividend yield 1.4% · Net margin 24.2% · Return on equity 4.9% · Return on assets (EBIT) 1.7% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 49 out of 100 (low confidence).
What moves the price
The share trades about 26% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −39% fair-value upside, at −11%, 002797 screens cheaper than that median.
Fair Value models
Bear¥3.16Fair Value ¥5.18Bull¥7.01
Price ¥5.82 · Downside -11.0%
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 (¥0.1094 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
−9.3%
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.
+5.5%
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.
−0.1%
Start year 2020 (pandemic). Over 10 years: +2.1% a year
Revenue growth 20 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.
+22.5%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+0.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−0.9%
Dividend (yield on the price)1.4%
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.2.5% vs 1.6%, steady
Profit margin 2019 to 2024 ⓘ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.22% → 28%
2025 sits 110% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
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).
less than -40 %
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+9.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about +7.8% a year for the forecasts.
Compare First Capital Securities Co Ltd Class A with another stock
Price, fair value, quality and upside side by side.
Free, no sign-up
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.Financial Conglomerates · 49 stocks
Beats the industry median on 4/14 measures
Overall it trails its industry peers.
Valuation
Quality Score65 · Above median
Fair Value upside−11.0% · Below median
Profitability
Return on equity (12 months)4.9% · Bottom 25%
Return on assets1.5% · Above median
Net margin (12 months)24.2% · Above median
Operating margin (12 months)13.5% · Below median
Growth and dividend
Revenue growth (quarter YoY)−40.9% · Bottom 25%
Dividend yield (12 months)1.4% · Bottom 25%
Balance sheet
Debt / equity0.39× · Above median
Valuation Multiplesvs Financial Conglomerates median · lower = cheaper
P/E (12 months)27.7× · Priciest 25%
P/B1.41× · Pricier than median
P/S (12 months)6.90× · Priciest 25%
Price / free cash flow (fiscal year)15.7× · Pricier than median
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). "First Capital Securities Co Ltd Class A Fair Value". https://www.fairvalue-calculator.com/stock/002797
Frequently asked questions
Is First Capital Securities Co Ltd Class A (002797) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of ¥5.18 versus a price of ¥5.82, about 11% lower (overvalued).
What is the fair value of 002797?
Our model-based fair value for First Capital Securities Co Ltd Class A is ¥5.18 (as of Nov 5, 2026), built from audited fundamentals. The current price: ¥5.82.
What is the quality score of 002797?
First Capital Securities Co Ltd Class A has a Quality Score of 65/100. 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 First Capital Securities Co Ltd Class A (002797)?
Our model-based price target is the fair value of ¥5.18 (as of Nov 5, 2026) from 13 valuation models. Cautious scenario ¥3.16, optimistic scenario ¥7.01. It is a calculation from audited fundamentals, not an analyst target.
What is the First Capital Securities Co Ltd Class A stock forecast for 2026?
Our models put fair value at ¥5.18, about 11% lower versus a price of ¥5.82 (overvalued). Cautious scenario ¥3.16, optimistic scenario ¥7.01. The calculation is refreshed regularly with new filings.
What is the revenue of First Capital Securities Co Ltd Class A (002797)?
First Capital Securities Co Ltd Class A reported trailing-twelve-month revenue of about 3.5B CNY (latest available figure, as of Nov 5, 2026).
Does First Capital Securities Co Ltd Class A pay a dividend?
First Capital Securities Co Ltd Class A currently shows a dividend yield of 1.41% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of First Capital Securities Co Ltd Class A (002797) and when is the ex-dividend date?
First Capital Securities Co Ltd Class A pays a dividend of ¥0.082 per share a year, a dividend yield of 1.4%. The last ex-dividend date was Sep 17, 2026. A dividend has been paid every year since at least 2016. The payout ratio is 39.0% of earnings. Free cash flow covers the dividend 4.53 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 First Capital Securities Co Ltd Class A (002797)?
For today's price to be fair in a discounted-cash-flow model, First Capital Securities Co Ltd Class A would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 9.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -0.1 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of 002797 use?
Our models discount First Capital Securities Co Ltd Class A at 9.1 %: a base by market capitalisation (mid), damped by beta 0.50, 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 First Capital Securities Co Ltd Class A that is less than minus 40 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.1 %) and the same formula as our fair value.
How much growth has First Capital Securities Co Ltd Class A (002797) delivered so far?
Over the past 5 years revenue at First Capital Securities Co Ltd Class A grew -0.1 % a year. The price currently implies free-cash-flow growth of less than minus 40 % 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 First Capital Securities Co Ltd Class A (002797) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into First Capital Securities Co Ltd Class A (less than minus 40 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of First Capital Securities Co Ltd Class A (002797)?
The free-cash-flow yield on the price is 6.38 %: that much free cash flow First Capital Securities Co Ltd Class A produces per unit of market value. When it exceeds the discount rate of our models (9.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of First Capital Securities Co Ltd Class A (002797)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For First Capital Securities Co Ltd Class A it is ¥5.18 per share (as of Nov 5, 2026), against a price of ¥5.82. 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 First Capital Securities Co Ltd Class A stock overvalued or undervalued in 2026?
As of Nov 5, 2026, 002797 trades above its calculated fair value: price ¥5.82, fair value ¥5.18, a gap of about −11% (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 002797?
No. The price is what the market pays today (¥5.82); the fair value is what the company's own numbers justify (¥5.18). For First Capital Securities Co Ltd Class A the two are ¥0.6400 per share apart. That gap is exactly why we show both numbers side by side.
How much is First Capital Securities Co Ltd Class A worth?
The market values First Capital Securities Co Ltd Class A at about 24.5B CNY (market capitalisation, as of Nov 5, 2026). Per share that is ¥5.82; our models calculate a fair value of ¥5.18 per share.
What do the bullish and bearish scenarios say about 002797?
Our models span a range for First Capital Securities Co Ltd Class A: cautious scenario ¥3.16, base ¥5.18, optimistic ¥7.01 per share (as of Nov 5, 2026, price ¥5.82). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 002797?
First Capital Securities Co Ltd Class A trades at a price-to-earnings ratio of 27.7 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥5.18 is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2017 to 2025), reported earnings, FY2025 ex one-offs: 55.2. Other multiples: P/B 1.4, P/S 6.9, EV/EBITDA 3.2.
How solid is the balance sheet of First Capital Securities Co Ltd Class A (002797)?
Balance-sheet figures for First Capital Securities Co Ltd Class A (as of Nov 5, 2026): return on equity 4.9%, debt of 0.39 per unit of equity. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is 002797 from its 52-week high?
First Capital Securities Co Ltd Class A trades at ¥5.82, about 26% below its 52-week high of ¥7.90 and 6% above the low of ¥5.50 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of ¥5.18 is for.
Which stocks are comparable to First Capital Securities Co Ltd Class A?
From the same area (Financial Services) we also value ORIX Corporation, Bajaj Finserv Ltd, Yuanta Financial Holding, China Galaxy Securities Co, 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 First Capital Securities Co Ltd Class A stock attractive at the current price?
The data as of Nov 5, 2026: price ¥5.82, calculated fair value ¥5.18 (−11%), Quality Score 65/100, 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 002797 calculated?
We run First Capital Securities Co Ltd Class A 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 ¥5.18 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. First Capital Securities Co Ltd Class A 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 First Capital Securities Co Ltd Class A (002797)?
The closing price on Nov 6, 2026 was ¥5.82. Our model-based fair value is ¥5.18, about 11% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with First Capital Securities Co Ltd Class A right now?
A fairly wide model range (¥3.16 to ¥7.01) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. 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 First Capital Securities Co Ltd Class A (002797) come from?
Earnings per share at First Capital Securities Co Ltd Class A grew −3.3 % a year from 2013 to 2024. Broken into its drivers: revenue per share +3.4 %, EBIT margin −7.5 %, tax rate +2.0 %, residual (interest, one-offs) −0.9 %. 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 First Capital Securities Co Ltd Class A
How large is the market capitalisation of First Capital Securities Co Ltd Class A (002797)?
The market capitalisation of First Capital Securities Co Ltd Class A is 24.5B CNY (≈ $3.7B). 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 First Capital Securities Co Ltd Class A (002797)?
The price-to-sales ratio of First Capital Securities Co Ltd Class A is 6.90 (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 First Capital Securities Co Ltd Class A (002797)?
Earnings per share at First Capital Securities Co Ltd Class A are ¥0.2100 (price ÷ EPS = P/E 27.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of First Capital Securities Co Ltd Class A (002797)?
The dividend yield of First Capital Securities Co Ltd Class A is 1.4% (payout 39.0%). 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 First Capital Securities Co Ltd Class A (002797)?
The net margin of First Capital Securities Co Ltd Class A is 24.2% (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 First Capital Securities Co Ltd Class A (002797)?
The return on equity (ROE) of First Capital Securities Co Ltd Class A is 4.9% (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 First Capital Securities Co Ltd Class A (002797)?
On an EBIT basis the return on assets of First Capital Securities Co Ltd Class A is 1.7% (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 First Capital Securities Co Ltd Class A (002797)?
The operating margin of First Capital Securities Co Ltd Class A is 13.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at First Capital Securities Co Ltd Class A (002797)?
Revenue at First Capital Securities Co Ltd Class A is growing −40.9% versus a year earlier (3y avg +5.5%). 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 First Capital Securities Co Ltd Class A (002797)?
Earnings per share at First Capital Securities Co Ltd Class A are growing −56.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does First Capital Securities Co Ltd Class A (002797) hold?
First Capital Securities Co Ltd Class A holds more cash than debt, 11.1B CNY net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
Free · no account needed
Watch First Capital Securities Co Ltd Class A in the live analysis
One click puts First Capital Securities Co Ltd Class A on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.
Thin data
Nov 5, 2026