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Asia Cuanon Tech (Shanghai) (603378) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Asia Cuanon Tech (Shanghai) stock ¥2.60, price ¥3.90, that is 33.3% below the price, quality 23 out of 100. Rating: overvalued. Calculated from audited financials with 2 of our 26 valuation models and 37 quality factors, updated daily.

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Basic Materials CN · ISIN CNE100002VH2

AC Asia Cuanon Tech (Shanghai) logo Thin data Nov 8, 2026

Asia Cuanon Tech (Shanghai)

603378 · SHG
Expensive, weak quality

Our calculation puts a fair price 33% below what the stock costs today.

Generates free cash flow over the last twelve months
Negative equity (buybacks among others)
Revenue last quarter 44% below a year ago.
Fair value ¥2.60 · Overvalued
Quality 23/100
Weak Growth (revenue 5y −33.3 %/yr in CNY)
Trails peers (1/7)
Narrow moat 5/100
Thin data
⟳ Cyclical
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

¥30.62 ¥3.46 Fair Value ¥2.60 May 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.

How to read this chart

60‑month range ¥3.46 – ¥30.62 · fair‑value band ¥2.44 – ¥2.82 · the ¥3.90 price screens above the ¥2.60 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 8, 2026.

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Company profile

Asia Cuanon Technology (Shanghai) Co.,Ltd. manufactures and sells functional architectural coatings, decorated insulation panels, thermal insulation materials, and floor coatings.

Show moreShow less

It offers natural stone coating, stucco coating, paint, interior wall latex paint, fillers, insulation layers, thermosetting polystyrene panels, shimo expanded polystyrene panels(SEPS), rockwool(panel/belt), polystyrene, rockwool composite panels, and asia cuanon flexible granite.

The company was founded in 1998 and is headquartered in Shanghai, China.

Stock analysis

Asia Cuanon Tech (Shanghai) (603378) currently trades at ¥3.90, while our model-based Fair Value estimate is ¥2.60, 33% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 2 models at a data quality of 94/100, which puts the data coverage at low.

Scenario range: ¥2.44 (bear) to ¥2.82 (bull), the price of ¥3.90 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 23/100 (below-average quality), in the Basic Materials sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Asia Cuanon Tech (Shanghai) reported revenue of 462M CNY in FY2025 versus 4.7B CNY in FY2021, a compound −44.0%/yr. Reported net income was −1.4B CNY in FY2025.

Key figures

Market cap 1.7B CNY (≈ $258M) Micro · P/S ratio 5.68 · EPS (TTM) ¥−3.36 · Dividend yield 4.5% · Return on equity −263% · Return on assets (EBIT) −3.9% (5-year average) · Operating margin −109% · Revenue (TTM) 322M CNY.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 5 out of 100 (medium confidence).

What moves the price

The share trades about 52% below its 52-week high and 13% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at −43% fair-value upside, at −33%, 603378 screens cheaper than that median.

Fair Value models

Bear ¥2.44 Fair Value ¥2.60 Bull ¥2.82
Price ¥3.90 · Downside -33.3%
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
Gordon GGM ¥1.22 ¥1.30 ¥1.41 69
DDM Multi-Stage ¥1.22 ¥1.39 ¥1.59 67
All 2 models by family
Dividend Discount
Gordon GGM ¥1.22 ¥1.30 ¥1.41 69
DDM Multi-Stage ¥1.22 ¥1.39 ¥1.59 67

The fair value above starts from this blend and is adjusted for a cyclical trough year.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 23/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 0
How much profit the company makes from its sales and capital
Quality Growth 0
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 3
Debt, balance sheet and risk of trouble
Investment 96
Does it invest with discipline instead of growing at any price?
Low Volatility 27
How calm the share price moves, does not count
Price momentum 12
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 3
Distance to the 52-week high, does not count
New shares 85
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−77.5%
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.
−47.0%
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.
−33.3%
Start year 2020 (pandemic). Over 10 years: −6.4% 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.
+0.7%
Profit margin (trend) ⓘ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.
10.2% (2020) → −55.6% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

603378 screens overvalued: fair value 33% below the price. Compare with Linde plc →

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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.Specialty Chemicals · 728 stocks

Beats the industry median on 1/7 measures
Overall it trails its industry peers.
Valuation
Quality Score 23 · Bottom 25%
Fair Value upside −33.3% · Below median
Profitability
Return on equity (12 months) Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets −34.4% · Bottom 25%
Operating margin (12 months) −108.9% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −44.0% · Bottom 25%
Dividend yield (12 months) 4.5% · Top 25%
Balance sheet
Debt / equity Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.

Valuation Multiplesvs Specialty Chemicals median · lower = cheaper

P/B Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
P/S (12 months) 5.36× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)0 · sector 67
PAST (return on equity)0 · sector 27
HEALTH (low debt)0 · sector 95
DIVIDEND (yield)89 · sector 31

VALUE 0: the price sits above our fair-value range.

PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Specialty Chemicals stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Nan Ya Plastics Corporation 1303 263.00 TWD 420.80 TWD +60% vs 603378
Wanhua Chemical Group 600309 ¥72.65 ¥68.03 −6% vs 603378
Linde plc LIN $515.25 $446.62 −13% vs 603378
PPG Industries, Inc PPG $122.38 $77.68 −37% vs 603378
DSM-Firmenich AG DSFIR CHF 100.50 CHF 57.70 −43% vs 603378
The Sherwin-Williams Company SHW $344.10 $146.37 −57% vs 603378
Givaudan SA GIVN CHF 4,054 CHF 1,554 −62% vs 603378
EMS-CHEMIE HOLDING AG EMSN CHF 848.50 CHF 284.63 −66% vs 603378
Ecolab Inc ECL $300.68 $96.56 −68% vs 603378
Air Products and Chemicals, Inc APD $304.84 $75.33 −75% vs 603378

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Asia Cuanon Tech (Shanghai): fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Asia Cuanon Tech (Shanghai) Fair Value". https://www.fairvalue-calculator.com/stock/603378

Frequently asked questions

Is Asia Cuanon Tech (Shanghai) (603378) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of ¥2.60 versus a price of ¥3.90, about 33% lower (overvalued).
What is the fair value of 603378?
Our model-based fair value for Asia Cuanon Tech (Shanghai) is ¥2.60 (as of Nov 8, 2026), built from audited fundamentals. The current price: ¥3.90.
What is the quality score of 603378?
Asia Cuanon Tech (Shanghai) has a Quality Score of 23/100. 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 Asia Cuanon Tech (Shanghai) (603378)?
Our model-based price target is the fair value of ¥2.60 (as of Nov 8, 2026) from 2 valuation models. Cautious scenario ¥2.44, optimistic scenario ¥2.82. It is a calculation from audited fundamentals, not an analyst target.
What is the Asia Cuanon Tech (Shanghai) stock forecast for 2026?
Our models put fair value at ¥2.60, about 33% lower versus a price of ¥3.90 (overvalued). Cautious scenario ¥2.44, optimistic scenario ¥2.82. The calculation is refreshed regularly with new filings.
What is the revenue of Asia Cuanon Tech (Shanghai) (603378)?
Asia Cuanon Tech (Shanghai) reported trailing-twelve-month revenue of about 322M CNY (latest available figure, as of Nov 8, 2026).
Does Asia Cuanon Tech (Shanghai) pay a dividend?
Asia Cuanon Tech (Shanghai) currently shows a dividend yield of 4.46% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Asia Cuanon Tech (Shanghai) (603378)?
Asia Cuanon Tech (Shanghai) has a dividend yield of 4.5%.
What is the intrinsic value of Asia Cuanon Tech (Shanghai) (603378)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Asia Cuanon Tech (Shanghai) it is ¥2.60 per share (as of Nov 8, 2026), against a price of ¥3.90. It is the blended result of 2 valuation models in 1 family (Dividend Discount).
Is Asia Cuanon Tech (Shanghai) stock overvalued or undervalued in 2026?
As of Nov 8, 2026, 603378 trades above its calculated fair value: price ¥3.90, fair value ¥2.60, a gap of about −33% (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 603378?
No. The price is what the market pays today (¥3.90); the fair value is what the company's own numbers justify (¥2.60). For Asia Cuanon Tech (Shanghai) the two are ¥1.30 per share apart. That gap is exactly why we show both numbers side by side.
How much is Asia Cuanon Tech (Shanghai) worth?
The market values Asia Cuanon Tech (Shanghai) at about 1.7B CNY (market capitalisation, as of Nov 8, 2026). Per share that is ¥3.90; our models calculate a fair value of ¥2.60 per share.
What do the bullish and bearish scenarios say about 603378?
Our models span a range for Asia Cuanon Tech (Shanghai): cautious scenario ¥2.44, base ¥2.60, optimistic ¥2.82 per share (as of Nov 8, 2026, price ¥3.90). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Asia Cuanon Tech (Shanghai) (603378)?
Balance-sheet figures for Asia Cuanon Tech (Shanghai) (as of Nov 8, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 23/100, which measures business quality independently of the share price.
How far is 603378 from its 52-week high?
Asia Cuanon Tech (Shanghai) trades at ¥3.90, about 52% below its 52-week high of ¥8.10 and 13% above the low of ¥3.46 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of ¥2.60 is for.
Which stocks are comparable to Asia Cuanon Tech (Shanghai)?
From the same area (Basic Materials) we also value Linde plc, Ecolab Inc, The Sherwin-Williams Company, Nan Ya Plastics Corporation, 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 Asia Cuanon Tech (Shanghai) stock attractive at the current price?
The data as of Nov 8, 2026: price ¥3.90, calculated fair value ¥2.60 (−33%), Quality Score 23/100, from 2 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 603378 calculated?
We run Asia Cuanon Tech (Shanghai) through 2 models from 1 family: Dividend Discount. Every model gets the same audited fundamentals; the fair value of ¥2.60 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 13.3% above its aggregate fair value. Asia Cuanon Tech (Shanghai) 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 Asia Cuanon Tech (Shanghai) (603378)?
The closing price on Nov 6, 2026 was ¥3.90. Our model-based fair value is ¥2.60, about 33% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Asia Cuanon Tech (Shanghai) right now?
The price sits above even our optimistic bull case (¥2.82). The favourable scenario is already priced in. Weak quality (23/100) 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.

Key figures of Asia Cuanon Tech (Shanghai)

How large is the market capitalisation of Asia Cuanon Tech (Shanghai) (603378)?
The market capitalisation of Asia Cuanon Tech (Shanghai) is 1.7B CNY (≈ $258M). 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 Asia Cuanon Tech (Shanghai) (603378)?
The price-to-sales ratio of Asia Cuanon Tech (Shanghai) is 5.68 (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 Asia Cuanon Tech (Shanghai) (603378)?
Earnings per share at Asia Cuanon Tech (Shanghai) are ¥−3.36. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Asia Cuanon Tech (Shanghai) (603378)?
The dividend yield of Asia Cuanon Tech (Shanghai) is 4.5%. 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 return on equity of Asia Cuanon Tech (Shanghai) (603378)?
The return on equity (ROE) of Asia Cuanon Tech (Shanghai) is −263% (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 Asia Cuanon Tech (Shanghai) (603378)?
On an EBIT basis the return on assets of Asia Cuanon Tech (Shanghai) is −3.9% (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 Asia Cuanon Tech (Shanghai) (603378)?
The operating margin of Asia Cuanon Tech (Shanghai) is −109% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Asia Cuanon Tech (Shanghai) (603378)?
Revenue at Asia Cuanon Tech (Shanghai) is growing −44.0% versus a year earlier (3y avg −47.0%). 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 Asia Cuanon Tech (Shanghai) (603378)?
Earnings per share at Asia Cuanon Tech (Shanghai) are growing −98.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Asia Cuanon Tech (Shanghai) (603378) generate?
The free cash flow of Asia Cuanon Tech (Shanghai) is −59.0M 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 Asia Cuanon Tech (Shanghai) (603378) carry?
The net debt of Asia Cuanon Tech (Shanghai) is 2.0B CNY (fiscal year 2025). 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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