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STOCK COMPARISON

Zheshang Securities Co vs Morgan Stanley: Fair Value & Quality

Both stocks run through our valuation models. Here is how Zheshang Securities Co (601878) and Morgan Stanley (MS) compare, as of Sep 24, 2026.

As of Sep 24, 2026, Fair Value Calculator sees Morgan Stanley as the more attractively valued of the two: Zheshang Securities Co trades at ¥9.14 versus a fair value of ¥6.84 (-25%), while Morgan Stanley trades at $198 versus $313 (+58%).
Zheshang Securities Co
601878.SHG · CNY · Financials
-25%
upside to fair value
overvalued
Price¥9.14
Fair Value¥6.84
Quality43/100
Morgan Stanley
MS · USD · Financials
+58%
upside to fair value
undervalued
Price$198
Fair Value$313
Quality67/100
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Head-to-head numbers

Green is the better side of a row, red the weaker one (for valuation multiples: lower = cheaper). Grey rows are for reference only and are not scored.

betterweakerfor reference, not scored

Zheshang Securities CoMorgan Stanley
Valuation
15.8×P/E (TTM)18.0×
4.42×P/S (TTM)4.79×
1.14×P/B3.14×
n/aEV/EBITDA22.1×
n/aPEG2.64×
−25.2%Fair value upside+57.6%
1.9%Dividend yield2.0%
¥0.17Dividend per share$4.00
Profitability
44%Operating margin41%
0.75×EBIT margin trend (5Y)0.66×
7%Return on equity16%
1%Return on assets1%
Growth
40%Revenue growth (YoY)16%
n/aAvg. growth/yr (3Y)22.5%
n/aAvg. growth/yr (5Y)18.3%
+4.2%Value creation/yr+8.3%
Balance & size
1.5×Interest coverage (EBIT/interest)0.4×
0.28×Debt / equity3.13×
$6BMarket cap$351B
mixedGrowth qualitymixed

Zheshang Securities Co leads: 7 to 3 metric wins.

n/a = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Zheshang Securities Coof which business quality 42 · market factors 42 Morgan Stanleyof which business quality 62 · market factors 58
ProfitabilityMargins and returns on capital today
34
31
Quality GrowthAre margins and returns improving?
52
56
CashflowEarnings quality: real cash, not paper profit
0
100
Fin. StrengthBalance sheet, leverage, solvency risk
100
26
InvestmentDisciplined investing over empire-building
43
82
Low VolatilityCalm price path (market factor)
94
57
MomentumPrice trend over the last 3–12 months (market factor)
28
57
52W MomentumDistance to the 52-week high (market factor)
7
62
Net IssuanceShare count: buybacks or dilution?
19
96

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyZheshang Securities CoPrice ¥9.14Morgan StanleyPrice $198
DCF Modelsn/a+106%above the price$408
Earnings-Basedn/a+8%close to the price$214
Dividend Discountn/a-60%below the price$79.85
Multiples-25%below the price¥6.84-40%below the price$119
Asset-Based-41%below the price¥5.39-76%below the price$47.42
Growth DCFn/a+229%above the price$653
Economic Profitn/a-52%below the price$95.82
Minimum-41%below the price¥5.39-76%below the price$47.42
Maximum-25%below the price¥6.84+229%above the price$653
Median-33%below the price¥6.12-40%below the price$119
Geometric mean-34%below the price¥6.07-20%below the price$158

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Zheshang Securities Co: 2 of 2 models see the stock below the current price.

Morgan Stanley: 7 of 13 models see the stock below the current price.

Scenario ranges

From our cautious bear scenario to the optimistic bull scenario. The white tick is the current price (value above it), the green tick the fair value (value below it): if the price sits left of the fair value, there is room to rise.

Zheshang Securities Co
Price ¥9.14
Fair Value ¥6.84
Bear ¥5.13Bull ¥8.55
Morgan Stanley
Price $198
Fair Value $313
Bear $104Bull $427

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Zheshang Securities Co · Financials

Quality score43 · bottom 25%
Fair value upside-25% · below median

Morgan Stanley · Financials

Quality score67 · Top 25%
Fair value upside+58% · Top 25%

Bottom line

As of Sep 24, 2026, Fair Value Calculator sees Morgan Stanley as the more attractively valued of the two: Zheshang Securities Co trades at ¥9.14 versus a fair value of ¥6.84 (-25%), while Morgan Stanley trades at $198 versus $313 (+58%).

Morgan Stanley has the higher quality score (67/100).

Open Morgan Stanley live analysis →

More comparisons

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.