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Shenzhen Kingkey Smart Agriculture Times Co (000048) Fair Value & Analysis

Consumer Defensive · CN · Market cap 9.2B CNY

SK Shenzhen Kingkey Smart Agriculture Times Co 000048 · SHE
Price¥21.40
Fair Value¥9.95
Upside-53.5%
Quality44/100
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Mixed Growth
Thin margins · 3.1% net margin
Low debt · generates free cash flow
Trails peers (3/13)
Narrow moat 21/100
Evidence: High Range ¥7.47 – ¥12.45 Share as image

Fair value as of: Jul 21, 2026

From 24 valuation models · updated 20 days ago

Fair value updated Jul 21, 2026, revised from ¥6.92 to ¥9.95 (+43.8%) since Jun 25, 2026. Share price −0.6% over the past month.

Below-average quality, and screening another 54% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (¥12.45). The favourable scenario is already priced in.
  • Weak quality (44/100) and above fair value at the same time, the margin of safety is missing on both counts.
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Price vs Fair Value (5 years)

¥24.10 ¥12.06 Fair Value ¥9.95 Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 21, 2026.

How to read this chart

60‑month range ¥12.06 – ¥24.10 · fair‑value band ¥7.47 – ¥12.45 · the ¥21.40 price screens above the ¥9.95 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 21, 2026.

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Analysis

Shenzhen Kingkey Smart Agriculture Times Co (000048) currently trades at ¥21.40, while our model-based Fair Value estimate is ¥9.95, implying the stock looks roughly 53.5% overvalued today. The Quality Score stands at 44/100 (below-average quality), in the Consumer Defensive sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Shenzhen Kingkey Smart Agriculture Times Co generated revenue of 4.9B CNY at a net margin of 3.1%. Revenue declined 12.0% year over year. It earns a return on equity of 3.7%. Net debt stands at 547M CNY. Fundamentals as of Jul 21, 2026

Our scenario range runs from ¥7.47 (bear case) to ¥12.45 (bull case); at ¥21.40, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 12% below its 52-week high and 72% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at 102% fair-value upside, at -54%, 000048 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF ¥8.76 ¥14.41 ¥23.25 80
Residual Income ¥5.60 ¥5.49 ¥4.76 76
Rev-Margin DCF ¥6.60 ¥10.68 ¥15.80 74
All 24 models by family
DCF Models
FCF DCF ¥8.79 ¥14.87 ¥24.68 38
Owner Earnings ¥11.00 ¥18.63 ¥30.92 31
5Y Revenue Exit ¥6.60 ¥10.69 ¥16.07 39
5Y EBITDA Exit ¥12.60 ¥22.73 ¥35.26 41
5Y P/E Exit ¥5.74 ¥8.98 ¥12.51 38
10Y Revenue Exit ¥7.12 ¥11.15 ¥16.96 36
10Y EBITDA Exit ¥11.14 ¥19.64 ¥32.26 37
10Y P/E Exit ¥6.75 ¥9.94 ¥14.13 35
Earnings-Based
Graham-Dodd ¥1.96 ¥8.25 ¥11.25 54
Lynch FV ¥2.09 ¥2.99 ¥3.89 50
PEG = 1.0 ¥2.09 ¥2.99 ¥3.89 46
EPV ¥4.71 ¥5.45 ¥6.09 59
Multiples
P/E Multiple ¥4.54 ¥6.05 ¥7.57 63
P/S Multiple ¥3.67 ¥4.90 ¥6.12 58
P/B Multiple ¥3.67 ¥4.90 ¥6.12 55
EV/EBIT ¥7.83 ¥10.43 ¥13.03 53
EV/EBITDA ¥16.00 ¥21.33 ¥26.65 54
EV/Revenue ¥5.60 ¥7.99 ¥10.37 43
Asset-Based
NCAV (Graham) ¥3.85 ¥5.16 ¥7.70 50
Growth DCF
Growth DCF ¥8.76 ¥14.41 ¥23.25 80
Rev-Margin DCF ¥6.60 ¥10.68 ¥15.80 74
Economic Profit
Residual Income ¥5.60 ¥5.49 ¥4.76 76
ROIC Compounder ¥4.71 ¥5.45 ¥6.09 72
Growth Earnings
Growth-Adj P/E ¥3.55 ¥5.08 ¥6.60 68

Widest divergence: DCF Models (¥11.15) versus Earnings-Based (¥2.99). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 4.9B CNY
Revenue growth (YoY) -12.0%
Net margin 3.1%
Return on equity 3.7%
Free cash flow 393M CNY FY2025
Operating margin -8.8%
More key figures
EPS (TTM) ¥-0.3700
EPS growth (YoY) -80.8%
Net debt 547M CNY FY2025

Figures from reported company fundamentals · as of Jul 21, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 44/100

Of which business quality 47 · Market factors (momentum, volatility) 72

Profitability 23
Margins and returns on capital today
Quality Growth 4
Are margins and returns improving?
Cashflow 61
Earnings quality: real cash, not paper profit
Fin. Strength 57
Balance sheet, leverage, solvency risk
Investment 70
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 85
Price trend over the last 3–12 months (market factor)
52W Momentum 76
Distance to the 52-week high (market factor)
Net Issuance 68
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Shenzhen Kingkey Smart Agriculture Times Co.,Ltd engages in the real estate and breeding businesses in China. The company is involved in pig breeding and sales; feed production and sales; breeding and sales of breeder chickens and broiler chickens; research and development, production, and sales of pig feed, chicken feed, and aquatic feed; breeding of fine …

Full company description

Shenzhen Kingkey Smart Agriculture Times Co.,Ltd engages in the real estate and breeding businesses in China. The company is involved in pig breeding and sales; feed production and sales; breeding and sales of breeder chickens and broiler chickens; research and development, production, and sales of pig feed, chicken feed, and aquatic feed; breeding of fine breeds; pig slaughtering; and meat product packaging, refrigeration and transportation. It also provides real estate development, property leasing, and smart community services. The company was formerly known as Shenzhen Kondarl (Group) Co., Ltd. and changed its name to Shenzhen Kingkey Smart Agriculture Times Co.,Ltd in April 2020. The company was founded in 1979 and is headquartered in Shenzhen, China.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Shenzhen Kingkey Smart Agriculture Times Co reported revenue of ¥4.9B in FY2025 versus ¥3.2B in FY2021, a compound +10.9%/yr. Reported net income was ¥153M in FY2025, compounding −20.8%/yr from FY2021.

Growth Quality 60/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
4.9B CNY
Latest YoY
−18.3%
Avg. growth/yr (3Y)
−6.7%
Avg. growth/yr (5Y)
+3.7%
Avg. growth/yr (34Y)
+9.5%
Revenue +10.9%/yr
FY21 ¥3.2B
FY22 ¥6.0B
FY23 ¥12.4B
FY24 ¥6.0B
FY25 ¥4.9B
Net income −20.8%/yr
FY21 ¥389M
FY22 ¥773M
FY23 ¥1.7B
FY24 ¥714M
FY25 ¥153M

000048 screens 54% overvalued. Compare with Muyuan Foods Group →

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Cite: Fair Value Calculator (2026). "Shenzhen Kingkey Smart Agriculture Times Co Fair Value". https://www.fairvalue-calculator.com/stock/000048

Peer Group

Farm Products · 291 stocks

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.

Quality Score 44 · Below median
Fair Value upside −54% · Bottom 25%
Return on equity (TTM) 4% · Below median
Return on assets 2% · Below median
Net margin (TTM) 3% · Below median
Operating margin (TTM) -9% · Bottom 25%
Revenue growth -12% · Bottom 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.12× · Higher than median

Valuation Multiples vs Farm Products median · lower = cheaper

P/B 0.33× · Cheaper than median
P/S (TTM) 0.28× · Cheaper than median
P/FCF 3.5× · Pricier than median
EV/EBITDA 1.7× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 26
FUTURE 0 · sector 21
PAST 15 · sector 17
HEALTH 94 · sector 94
DIVIDEND 0 · sector 38

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

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Farm Products stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).

Stock Price Fair Value vs Fair Value
Muyuan Foods Group 002714 ¥40.90 ¥48.19 +18%
Wens Foodstuff Group 300498 ¥14.51 ¥12.08 -17%
Mowi ASA MOWI kr 188.40 kr 262.59 +39%
PT Charoen Pokphand Indonesia Tbk, CPIN 3,120 IDR 7,076 IDR +127%
Charoen Pokphand Foods Public Company CPF 22.00 THB 55.71 THB +153%
PT Triputra Agro Persada Tbk TAPG 1,540 IDR 3,105 IDR +102%
PT FAP Agri Tbk FAPA 7,300 IDR 7,463 IDR +2%
PT Japfa Comfeed Indonesia Tbk JPFA 2,070 IDR 7,231 IDR +249%
Thaifoods Group TFGR 10.60 THB 23.53 THB +122%
PT Jhonlin Agro Raya Tbk JARR 1,845 IDR 610.80 IDR -67%

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Frequently asked questions

Is Shenzhen Kingkey Smart Agriculture Times Co (000048) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of ¥9.95 versus a price of ¥21.40, about −54% (overvalued).
What is the fair value of 000048?
Our model-based fair value for Shenzhen Kingkey Smart Agriculture Times Co is ¥9.95 (as of Jul 21, 2026), built from audited fundamentals. The current price is ¥21.40.
What is the quality score of 000048?
Shenzhen Kingkey Smart Agriculture Times Co has a Quality Score of 44/100. 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 revenue of Shenzhen Kingkey Smart Agriculture Times Co (000048)?
Shenzhen Kingkey Smart Agriculture Times Co reported trailing-twelve-month revenue of about 4.9B CNY (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 000048?
The net profit margin of Shenzhen Kingkey Smart Agriculture Times Co is about 3.1%, meaning it keeps roughly 3.1% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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