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NORINCO International Cooperation Ltd (000065) Fair Value & Analysis

Industrials · CN · Market cap 14.4B CNY

NI NORINCO International Cooperation Ltd 000065 · SHE
Price¥9.11
Fair Value¥11.12
Upside+22.0%
Quality39/100
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Healthy Growth
Thin margins · 5.4% net margin
Low debt · generates free cash flow
1.18% dividend yield
Trails peers (4/14)
Narrow moat 35/100
Evidence: High Range ¥8.01 – ¥13.90 Share as image

Fair value as of: Jul 21, 2026

From 24 valuation models · updated 20 days ago

Share price −0.9% over the past month.

Below-average quality, screening 22% undervalued on our models.

What matters now

  • Our model range runs from ¥8.01 (bear) to ¥13.90 (bull), base ¥11.12. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 39/100 (below-average quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

¥19.55 ¥5.44 Fair Value ¥11.12 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 ¥5.44 – ¥19.55 · fair‑value band ¥8.01 – ¥13.90 · the ¥9.11 price screens below the ¥11.12 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

NORINCO International Cooperation Ltd (000065) currently trades at ¥9.11, while our model-based Fair Value estimate is ¥11.12, implying the stock looks roughly 22.0% undervalued today. The Quality Score stands at 39/100 (below-average quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, NORINCO International Cooperation Ltd generated revenue of 12.3B CNY at a net margin of 5.4%. Revenue declined 35.6% year over year. It earns a return on equity of 5.9%. The balance sheet holds a net cash position of 1.4B CNY. Fundamentals as of Jul 21, 2026

Our scenario range runs from ¥8.01 (bear case) to ¥13.90 (bull case); at ¥9.11, the current price sits within 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 44% below its 52-week high, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -45% fair-value upside, at 22%, 000065 screens cheaper 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 ¥7.44 ¥12.67 ¥21.86 80
Residual Income ¥7.64 ¥7.97 ¥8.31 76
Rev-Margin DCF ¥8.51 ¥14.79 ¥23.23 74
All 24 models by family
DCF Models
FCF DCF ¥7.54 ¥13.43 ¥24.20 38
Owner Earnings ¥8.51 ¥15.29 ¥27.67 31
5Y Revenue Exit ¥8.51 ¥15.06 ¥24.25 39
5Y EBITDA Exit ¥10.72 ¥19.78 ¥31.59 41
5Y P/E Exit ¥9.45 ¥17.08 ¥26.12 38
10Y Revenue Exit ¥7.87 ¥14.08 ¥24.22 36
10Y EBITDA Exit ¥9.63 ¥17.62 ¥30.58 37
10Y P/E Exit ¥8.78 ¥15.59 ¥25.83 35
Earnings-Based
Graham-Dodd ¥4.23 ¥22.13 ¥30.62 54
Lynch FV ¥6.07 ¥8.67 ¥11.27 50
PEG = 1.0 ¥6.07 ¥8.67 ¥11.27 46
EPV ¥8.17 ¥9.34 ¥10.37 59
Multiples
P/E Multiple ¥9.81 ¥13.08 ¥16.35 63
P/S Multiple ¥7.94 ¥10.59 ¥13.23 58
P/B Multiple ¥7.94 ¥10.59 ¥13.23 55
EV/EBIT ¥12.04 ¥15.68 ¥19.31 53
EV/EBITDA ¥12.90 ¥16.82 ¥20.75 54
EV/Revenue ¥8.92 ¥12.25 ¥15.59 43
Asset-Based
NCAV (Graham) ¥4.78 ¥6.40 ¥9.56 50
Growth DCF
Growth DCF ¥7.44 ¥12.67 ¥21.86 80
Rev-Margin DCF ¥8.51 ¥14.79 ¥23.23 74
Economic Profit
Residual Income ¥7.64 ¥7.97 ¥8.31 76
ROIC Compounder ¥8.17 ¥9.34 ¥11.53 72
Growth Earnings
Growth-Adj P/E ¥9.05 ¥12.93 ¥16.81 68

Widest divergence: DCF Models (¥15.29) versus Asset-Based (¥6.40). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 12.3B CNY
Revenue growth (YoY) -35.6%
Net margin 5.4%
Return on equity 5.9%
Free cash flow 550M CNY FY2025
P/E ratio 20.7
More key figures
Operating margin 10.2%
EPS (TTM) ¥0.6000
Dividend yield 1.2%
EPS growth (YoY) -44.1%
Net cash 1.4B CNY FY2024

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

Quality Score breakdown

Overall quality 39/100

Of which business quality 40 · Market factors (momentum, volatility) 29

Profitability 28
Margins and returns on capital today
Quality Growth 37
Are margins and returns improving?
Cashflow 40
Earnings quality: real cash, not paper profit
Fin. Strength 54
Balance sheet, leverage, solvency risk
Investment 66
Disciplined investing over empire-building
Low Volatility 66
Calm price path (market factor)
Momentum 18
Price trend over the last 3–12 months (market factor)
52W Momentum 7
Distance to the 52-week high (market factor)
Net Issuance 19
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

NORINCO International Cooperation Ltd. engages in the engineering construction and services, resources and equipment supply chain, power operations, and industrial manufacturing businesses in China and internationally.

Full company description

NORINCO International Cooperation Ltd. engages in the engineering construction and services, resources and equipment supply chain, power operations, and industrial manufacturing businesses in China and internationally. The company is involved in engineering and logistics; municipal heating pipeline construction and residential renovation; acquisition and sale of coking coal resources; warehousing; export of heavy equipment, commercial and special vehicles, mining vehicles and equipment, petroleum equipment and services, ship trade, civil drones, logistics automation systems, and other products; investment, construction, and operation of power energy projects; and production and sale of tinplate packaging containers, including tinplate spray, chemical, milk powder, and sundry cans. It also provides transportation, mining, solar and wind power, investment management, and freight forwarding services. In addition, the company engages in general contracting of industrial, energy, transportation, and civil engineering construction projects; dispatch of labor personnel; and design, production, construction, machinery installation, and repair of aluminum profiles, aluminum doors and windows, aluminum products, building curtain walls, and indoor and outdoor decoration projects. NORINCO International Cooperation Ltd. was founded in 1984 and is headquartered in Beijing, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

NORINCO International Cooperation Ltd reported revenue of ¥13.6B in FY2025 versus ¥13.1B in FY2021, a compound +1.0%/yr. Reported net income was ¥723M in FY2025, compounding +3.8%/yr from FY2021.

Growth Quality 85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
13.6B CNY
Avg. growth/yr (3Y)
+18.7%
Avg. growth/yr (5Y)
+16.6%
Avg. growth/yr (28Y)
+21.6%
Revenue +1.0%/yr
FY21 ¥13.1B
FY22 ¥13.4B
FY23 ¥21.5B
FY24 ¥19.1B
FY25 ¥13.6B
Net income +3.8%/yr
FY21 ¥624M
FY22 ¥636M
FY23 ¥918M
FY24 ¥1.0B
FY25 ¥723M

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Cite: Fair Value Calculator (2026). "NORINCO International Cooperation Ltd Fair Value". https://www.fairvalue-calculator.com/stock/000065

Peer Group

Engineering & Construction · 837 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 39 · Bottom 25%
Fair Value upside +22% · Above median
Return on equity (TTM) 6% · Below median
Return on assets 2% · Above median
Net margin (TTM) 5% · Above median
Operating margin (TTM) 10% · Above median
Revenue growth -36% · Bottom 25%
Dividend yield (TTM) 1.2% · Below median
Debt / equity 0.35× · Higher than median

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 20.7× · Pricier than median
P/B 1.30× · Pricier than median
P/S (TTM) 1.18× · Pricier than median
P/FCF 3.9× · Pricier than median
EV/EBITDA 9.9× · Pricier than median

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 63 · sector 16
FUTURE 0 · sector 18
PAST 24 · sector 26
HEALTH 82 · sector 94
DIVIDEND 24 · sector 33

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 Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).

Stock Price Fair Value vs Fair Value
Larsen & Toubro Limited LT ₹3,815 ₹1,994 -48%
Samsung C&T Corporation 028260 346,000 KRW 268,779 KRW -22%
Hyundai Engineering & Construction Co 000720 99,000 KRW 63,993 KRW -35%
United Integrated Services Co 2404 1,250 TWD 925.62 TWD -26%
Samsung E&A Co 028050 42,550 KRW 44,840 KRW +5%
Rail Vikas Nigam Limited RVNL ₹232.67 ₹61.46 -74%
Daewoo Engineering & Construction Co 047040 16,240 KRW 6,507 KRW -60%
NBCC (India) Limited NBCC ₹96.32 ₹48.22 -50%
Cemindia Projects Limited CEMPRO ₹1,330 ₹730.69 -45%
KEPCO Engineering & Construction Company 052690 92,700 KRW 20,172 KRW -78%

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Frequently asked questions

Is NORINCO International Cooperation Ltd (000065) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of ¥11.12 versus a price of ¥9.11, about +22% (undervalued).
What is the fair value of 000065?
Our model-based fair value for NORINCO International Cooperation Ltd is ¥11.12 (as of Jul 21, 2026), built from audited fundamentals. The current price is ¥9.11.
What is the quality score of 000065?
NORINCO International Cooperation Ltd has a Quality Score of 39/100. 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 NORINCO International Cooperation Ltd (000065)?
NORINCO International Cooperation Ltd reported trailing-twelve-month revenue of about 12.3B CNY (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 000065?
The net profit margin of NORINCO International Cooperation Ltd is about 5.4%, meaning it keeps roughly 5.4% of revenue as net income. Based on the latest reported figures.
Does NORINCO International Cooperation Ltd pay a dividend?
NORINCO International Cooperation Ltd currently shows a dividend yield of about 1.18% relative to its recent price (as of Jul 21, 2026).

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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