Nanhua Futures Co Ltd (603093) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Nanhua Futures Co Ltd stock ¥4.85, price ¥12.87, that is 62.4% below the price, quality 58 out of 100. Rating: strongly overvalued. Calculated from audited financials with 6 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 ¥8.32 – ¥27.79 · fair‑value band ¥4.50 – ¥5.36 · the ¥12.87 price screens above the ¥4.85 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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Nanhua Futures Co., Ltd. provides future brokerage, wealth management, risk management, financial, and future investment consulting services in China and internationally.
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It offers future brokerage services, including commodity and financial future services; asset management business; and wealth management services, such as asset management, public fund, and securities investment fund agency services.
The company also provides over-the-counter derivative, trading, market making, and other risk management-related services; and securities brokerage, foreign exchange trading, future investment consulting, financial training, securities investment consulting, and other services.
The company was incorporated in 1996 and is based in Hangzhou, China. Nanhua Futures Co., Ltd. operates as a subsidiary of Hengdian Group Holding Co.,Ltd.
Stock analysis
Nanhua Futures Co Ltd (603093) currently trades at ¥12.87, while our model-based Fair Value estimate is ¥4.85, 62% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of ¥7.91 per share, and 0 of the 6 models we run sit above the ¥12.87 price.
Bear case: the Dividend Discount group reads lowest at ¥0.9150, and 6 of the 6 models stay below the price. Data coverage for this calculation is medium.
Scenario range: ¥4.50 (bear) to ¥5.36 (bull), the price of ¥12.87 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 58/100 (solid quality), in the Financial Services sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Nanhua Futures Co Ltd reported revenue of 1.4B CNY in FY2025 versus 10.5B CNY in FY2021, a compound −39.8%/yr. Reported net income was 486M CNY in FY2025, compounding +18.9%/yr from FY2021.
Key figures
Market cap 13.6B CNY (≈ $2.0B) Mid · P/E ratio 15.6 · P/S ratio 8.01 · EPS (TTM) ¥0.8400 · Dividend yield 0.4% · Net margin 37.8% · Return on equity 12.7% · Return on assets (EBIT) 1.0% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 69 out of 100 (low confidence).
What moves the price
The share trades about 50% below its 52-week high and 15% 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 −62%, 603093 screens richer than that median.
Fair Value models
Bear¥4.50Fair Value ¥4.85Bull¥5.36
Price ¥12.87 · Downside -62.4%
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 (¥0.6770 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.
Best data coverage
Residual Income¥5.29¥5.70¥6.3076
Gordon GGM¥0.8000¥0.8600¥0.960069
DDM Multi-Stage¥0.8000¥0.9700¥1.2067
All 6 models by family
Dividend Discount
Gordon GGM¥0.8000¥0.8600¥0.960069
DDM Multi-Stage¥0.8000¥0.9700¥1.2067
Multiples
P/E Multiple¥5.38¥7.17¥8.9663
P/B Multiple¥6.48¥8.64¥10.8055
Asset-Based
NCAV (Graham)¥3.09¥4.13¥6.1751
Economic Profit
Residual Income¥5.29¥5.70¥6.3076
The fair value above starts from this blend and is adjusted for dilution from new shares.
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 is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−75.9%
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.
−41.2%
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.
−32.6%
Start year 2020 (pandemic). Over 10 years: +4.6% a year
Revenue growth 13 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.
+8.3%
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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.
+33.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+33.1%
Dividend (yield on the price)0.4%
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.33.1% vs 12.4%, picking up
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.1% → 9%
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.Capital Markets · 384 stocks
Beats the industry median on 6/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score58 · Above median
Fair Value upside−62.4% · Bottom 25%
Profitability
Return on equity (12 months)12.7% · Above median
Return on assets0.7% · Bottom 25%
Net margin (12 months)37.8% · Above median
Operating margin (12 months)47.1% · Above median
Growth and dividend
Revenue growth (quarter YoY)43.0% · Above median
Dividend yield (12 months)0.4% · Bottom 25%
Valuation Multiplesvs Capital Markets 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). "Nanhua Futures Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/603093
Frequently asked questions
Is Nanhua Futures Co Ltd (603093) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of ¥4.85 versus a price of ¥12.87, about 62% lower (overvalued).
What is the fair value of 603093?
Our model-based fair value for Nanhua Futures Co Ltd is ¥4.85 (as of Nov 5, 2026), built from audited fundamentals. The current price: ¥12.87.
What is the quality score of 603093?
Nanhua Futures Co Ltd has a Quality Score of 58/100. 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 Nanhua Futures Co Ltd (603093)?
Our model-based price target is the fair value of ¥4.85 (as of Nov 5, 2026) from 6 valuation models. Cautious scenario ¥4.50, optimistic scenario ¥5.36. It is a calculation from audited fundamentals, not an analyst target.
What is the Nanhua Futures Co Ltd stock forecast for 2026?
Our models put fair value at ¥4.85, about 62% lower versus a price of ¥12.87 (overvalued). Cautious scenario ¥4.50, optimistic scenario ¥5.36. The calculation is refreshed regularly with new filings.
What is the revenue of Nanhua Futures Co Ltd (603093)?
Nanhua Futures Co Ltd reported trailing-twelve-month revenue of about 1.7B CNY (latest available figure, as of Nov 5, 2026).
Does Nanhua Futures Co Ltd pay a dividend?
Nanhua Futures Co Ltd currently shows a dividend yield of 0.37% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of Nanhua Futures Co Ltd (603093) and when is the ex-dividend date?
Nanhua Futures Co Ltd pays a dividend of ¥0.048 per share a year, a dividend yield of 0.4%. The last ex-dividend date was Aug 10, 2026. The payout ratio is 5.7% 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 Nanhua Futures Co Ltd (603093)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Nanhua Futures Co Ltd it is ¥4.85 per share (as of Nov 5, 2026), against a price of ¥12.87. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Nanhua Futures Co Ltd stock overvalued or undervalued in 2026?
As of Nov 5, 2026, 603093 trades above its calculated fair value: price ¥12.87, fair value ¥4.85, a gap of about −62% (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 603093?
No. The price is what the market pays today (¥12.87); the fair value is what the company's own numbers justify (¥4.85). For Nanhua Futures Co Ltd the two are ¥8.03 per share apart. That gap is exactly why we show both numbers side by side.
How much is Nanhua Futures Co Ltd worth?
The market values Nanhua Futures Co Ltd at about 13.6B CNY (market capitalisation, as of Nov 5, 2026). Per share that is ¥12.87; our models calculate a fair value of ¥4.85 per share.
What do the bullish and bearish scenarios say about 603093?
Our models span a range for Nanhua Futures Co Ltd: cautious scenario ¥4.50, base ¥4.85, optimistic ¥5.36 per share (as of Nov 5, 2026, price ¥12.87). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 603093?
Nanhua Futures Co Ltd trades at a price-to-earnings ratio of 15.6 (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 ¥4.85 is built from several models across several years. Other multiples: P/B 2.4, P/S 8.0.
How solid is the balance sheet of Nanhua Futures Co Ltd (603093)?
Balance-sheet figures for Nanhua Futures Co Ltd (as of Nov 5, 2026): return on equity 12.7%. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is 603093 from its 52-week high?
Nanhua Futures Co Ltd trades at ¥12.87, about 50% below its 52-week high of ¥25.89 and 15% above the low of ¥11.22 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of ¥4.85 is for.
Which stocks are comparable to Nanhua Futures 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 Nanhua Futures Co Ltd stock attractive at the current price?
The data as of Nov 5, 2026: price ¥12.87, calculated fair value ¥4.85 (−62%), Quality Score 58/100, from 6 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 603093 calculated?
We run Nanhua Futures Co Ltd through 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of ¥4.85 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. Nanhua Futures 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 Nanhua Futures Co Ltd (603093)?
The closing price on Nov 6, 2026 was ¥12.87. Our model-based fair value is ¥4.85, about 62% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Nanhua Futures Co Ltd right now?
The price sits above even our optimistic bull case (¥5.36). The favourable scenario is already priced in. Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder. 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 Nanhua Futures Co Ltd (603093) come from?
Earnings per share at Nanhua Futures Co Ltd grew +12.5 % a year from 2013 to 2024. Broken into its drivers: revenue per share +21.5 %, EBIT margin −8.5 %, tax rate +1.7 %, residual (interest, one-offs) −0.4 %. 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 Nanhua Futures Co Ltd
How large is the market capitalisation of Nanhua Futures Co Ltd (603093)?
The market capitalisation of Nanhua Futures Co Ltd is 13.6B CNY (≈ $2.0B). 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 Nanhua Futures Co Ltd (603093)?
The price-to-sales ratio of Nanhua Futures Co Ltd is 8.01 (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 Nanhua Futures Co Ltd (603093)?
Earnings per share at Nanhua Futures Co Ltd are ¥0.8400 (price ÷ EPS = P/E 15.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Nanhua Futures Co Ltd (603093)?
The dividend yield of Nanhua Futures Co Ltd is 0.4% (payout 5.7%). 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 Nanhua Futures Co Ltd (603093)?
The net margin of Nanhua Futures Co Ltd is 37.8% (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 Nanhua Futures Co Ltd (603093)?
The return on equity (ROE) of Nanhua Futures Co Ltd is 12.7% (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 Nanhua Futures Co Ltd (603093)?
On an EBIT basis the return on assets of Nanhua Futures Co Ltd is 1.0% (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 Nanhua Futures Co Ltd (603093)?
The operating margin of Nanhua Futures Co Ltd is 47.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Nanhua Futures Co Ltd (603093)?
Revenue at Nanhua Futures Co Ltd is growing +43.0% versus a year earlier (3y avg −41.2%). 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 Nanhua Futures Co Ltd (603093)?
Earnings per share at Nanhua Futures Co Ltd are growing +8.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Nanhua Futures Co Ltd (603093) generate?
The free cash flow of Nanhua Futures Co Ltd is 7.0B 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 cash does Nanhua Futures Co Ltd (603093) hold?
Nanhua Futures Co Ltd holds more cash than debt, 32.9B CNY net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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Nov 5, 2026