NORINCO International Cooperation Ltd (000065) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of NORINCO International Cooperation Ltd stock ¥10.99, price ¥9.87, upside +11.4%, quality 39 out of 100. Rating: undervalued. Calculated from audited financials with 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 8, 2026.
How to read this chart
60‑month range ¥6.10 – ¥19.33 · fair‑value band ¥7.59 – ¥14.29 · the ¥9.87 price screens below the ¥10.99 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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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.
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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.
Stock analysis
NORINCO International Cooperation Ltd (000065) currently trades at ¥9.87, while our model-based Fair Value estimate is ¥10.99, implying the stock looks roughly 10% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of ¥15.03 per share, and 17 of the 26 models we run sit above the ¥9.87 price.
Bear case: the Dividend Discount group reads lowest at ¥4.13, and 9 of the 26 models stay below the price. Data coverage for this calculation is medium.
Scenario range: ¥7.59 (bear) to ¥14.29 (bull), the price of ¥9.87 sits inside 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 39/100 (below-average quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
NORINCO International Cooperation Ltd reported revenue of 13.6B CNY in FY2025 versus 13.1B CNY in FY2021, a compound +1.0%/yr. Reported net income was 723M CNY in FY2025, compounding +3.8%/yr from FY2021.
Key figures
Market cap 11.5B CNY (≈ $1.7B) Small · P/E ratio 14.7 · P/S ratio 0.94 · EPS (TTM) ¥0.6700 · Dividend yield 1.4% · Net margin 6.1% · Return on equity 7.0% · Return on assets (EBIT) 4.3% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 36 out of 100 (low confidence).
What moves the price
The share trades about 38% below its 52-week high and 15% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −42% fair-value upside, at 11%, 000065 screens cheaper than that median.
Fair Value models
Bear¥7.59Fair Value ¥10.99Bull¥14.29
Price ¥9.87 · Upside +11.4%
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 (¥0.4571 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
FCF DCF¥8.19¥13.82¥23.1778
Growth DCF¥8.03¥12.87¥20.3777
Residual Income¥7.35¥7.56¥8.1476
All 26 models by family
DCF Models
FCF DCF¥8.19¥13.82¥23.1778
Owner Earnings¥5.04¥8.17¥13.3675
5Y Revenue Exit¥8.62¥14.88¥23.5971
5Y EBITDA Exit¥10.70¥19.31¥30.4673
5Y P/E Exit¥9.51¥16.77¥25.3369
10Y Revenue Exit¥8.13¥13.85¥23.0665
10Y EBITDA Exit¥9.68¥16.96¥28.6466
10Y P/E Exit¥8.93¥15.18¥24.4862
Earnings-Based
Graham-Dodd¥4.23¥22.13¥30.6263
Lynch FV¥6.07¥8.67¥11.2761
PEG = 1.0¥6.07¥8.67¥11.2757
EPV¥7.33¥8.22¥8.9774
Dividend Discount
Gordon GGM¥2.33¥4.35¥6.1867
DDM Multi-Stage¥2.33¥3.90¥4.6367
Multiples
P/E Multiple¥9.81¥13.08¥16.3563
P/S Multiple¥7.94¥10.59¥13.2358
P/B Multiple¥8.65¥11.53¥14.4155
EV/EBIT¥12.10¥15.74¥19.3866
EV/EBITDA¥12.96¥16.89¥20.8167
EV/Revenue¥8.98¥12.32¥15.6554
Asset-Based
NCAV (Graham)¥4.13¥5.54¥8.2754
Growth DCF
Growth DCF¥8.03¥12.87¥20.3777
Rev-Margin DCF¥8.62¥14.66¥22.7571
Economic Profit
Residual Income¥7.35¥7.56¥8.1476
ROIC Compounder¥7.33¥8.22¥8.9772
Growth Earnings
Growth-Adj P/E¥9.05¥12.93¥16.8167
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.85/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
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.
+18.7%
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.
+16.6%
Revenue growth 28 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.
+21.6%
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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.
−3.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−5.1%
Dividend (yield on the price)1.4%
Per share before 2005divided by the spin-off factor 1.36
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.−5.1% vs 5.0%, slowing
Profit margin 2020 to 2025 ⓘ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.7% → 7%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+12.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about +10.7% a year for the price.
Compare NORINCO International Cooperation Ltd with another stock
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.Engineering & Construction · 791 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score39 · Bottom 25%
Fair Value upside+11.4% · Above median
Profitability
Return on equity (12 months)7.0% · Above median
Return on assets2.8% · Above median
Net margin (12 months)6.1% · Above median
Operating margin (12 months)9.9% · Above median
Growth and dividend
Revenue growth (quarter YoY)−0.3% · Below median
Dividend yield (12 months)1.4% · Below median
Balance sheet
Debt / equity0.35× · Above median
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
P/E (12 months)14.7× · Cheaper than median
P/B1.03× · Cheaper than median
P/S (12 months)0.94× · Pricier than median
Price / free cash flow (fiscal year)20.8× · Pricier than median
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Cite: Fair Value Calculator (2026). "NORINCO International Cooperation Ltd Fair Value". https://www.fairvalue-calculator.com/stock/000065
Frequently asked questions
Is NORINCO International Cooperation Ltd (000065) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of ¥10.99 versus a price of ¥9.87, about +11% upside (undervalued).
What is the fair value of 000065?
Our model-based fair value for NORINCO International Cooperation Ltd is ¥10.99 (as of Nov 8, 2026), built from audited fundamentals. The current price: ¥9.87.
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 price target for NORINCO International Cooperation Ltd (000065)?
Our model-based price target is the fair value of ¥10.99 (as of Nov 8, 2026) from 26 valuation models. Cautious scenario ¥7.59, optimistic scenario ¥14.29. It is a calculation from audited fundamentals, not an analyst target.
What is the NORINCO International Cooperation Ltd stock forecast for 2026?
Our models put fair value at ¥10.99, about +11% upside versus a price of ¥9.87 (undervalued). Cautious scenario ¥7.59, optimistic scenario ¥14.29. The calculation is refreshed regularly with new filings.
What is the revenue of NORINCO International Cooperation Ltd (000065)?
NORINCO International Cooperation Ltd reported trailing-twelve-month revenue of about 12.2B CNY (latest available figure, as of Nov 8, 2026).
Does NORINCO International Cooperation Ltd pay a dividend?
NORINCO International Cooperation Ltd currently shows a dividend yield of 1.39% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of NORINCO International Cooperation Ltd (000065) and when is the ex-dividend date?
NORINCO International Cooperation Ltd pays a dividend of ¥0.137 per share a year, a dividend yield of 1.4%. The last ex-dividend date was Jun 17, 2026. A dividend has been paid every year since 2009. The payout ratio is 20.4% of earnings. Free cash flow covers the dividend 3.46 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into NORINCO International Cooperation Ltd (000065)?
For today's price to be fair in a discounted-cash-flow model, NORINCO International Cooperation Ltd would have to grow free cash flow by +12.6 % per year for five years (discount rate 10.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +1.1 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of 000065 use?
Our models discount NORINCO International Cooperation Ltd at 10.4 %: a base by market capitalisation (small), damped by beta 0.48, country premium for China. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For NORINCO International Cooperation Ltd that is +12.6 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.4 %) and the same formula as our fair value.
How much growth has NORINCO International Cooperation Ltd (000065) delivered so far?
Over the past 5 years revenue at NORINCO International Cooperation Ltd grew +1.1 % a year. The price currently implies free-cash-flow growth of +12.6 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of NORINCO International Cooperation Ltd (000065) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into NORINCO International Cooperation Ltd (+12.6 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of NORINCO International Cooperation Ltd (000065)?
The free-cash-flow yield on the price is 4.80 %: that much free cash flow NORINCO International Cooperation Ltd produces per unit of market value. When it exceeds the discount rate of our models (10.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of NORINCO International Cooperation Ltd (000065)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For NORINCO International Cooperation Ltd it is ¥10.99 per share (as of Nov 8, 2026), against a price of ¥9.87. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is NORINCO International Cooperation Ltd stock overvalued or undervalued in 2026?
As of Nov 8, 2026, 000065 trades below its calculated fair value: price ¥9.87, fair value ¥10.99, a gap of about +11% (undervalued). 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 000065?
No. The price is what the market pays today (¥9.87); the fair value is what the company's own numbers justify (¥10.99). For NORINCO International Cooperation Ltd the two are ¥1.12 per share apart. That gap is exactly why we show both numbers side by side.
How much is NORINCO International Cooperation Ltd worth?
The market values NORINCO International Cooperation Ltd at about 11.5B CNY (market capitalisation, as of Nov 8, 2026). Per share that is ¥9.87; our models calculate a fair value of ¥10.99 per share.
What do the bullish and bearish scenarios say about 000065?
Our models span a range for NORINCO International Cooperation Ltd: cautious scenario ¥7.59, base ¥10.99, optimistic ¥14.29 per share (as of Nov 8, 2026, price ¥9.87). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 000065?
NORINCO International Cooperation Ltd trades at a price-to-earnings ratio of 14.7 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥10.99 is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2018 to 2025), reported earnings: 10.5. Other multiples: P/B 1.0, P/S 0.9, EV/EBITDA 7.1.
How solid is the balance sheet of NORINCO International Cooperation Ltd (000065)?
Balance-sheet figures for NORINCO International Cooperation Ltd (as of Nov 8, 2026): return on equity 7.0%, debt of 0.35 per unit of equity. They feed the Quality Score of 39/100, which measures business quality independently of the share price.
How far is 000065 from its 52-week high?
NORINCO International Cooperation Ltd trades at ¥9.87, about 38% below its 52-week high of ¥16.00 and 15% above the low of ¥8.59 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of ¥10.99 is for.
Which stocks are comparable to NORINCO International Cooperation Ltd?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Larsen & Toubro Limited, Comfort Systems USA, Inc, 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 NORINCO International Cooperation Ltd stock attractive at the current price?
The data as of Nov 8, 2026: price ¥9.87, calculated fair value ¥10.99 (+11%), Quality Score 39/100, from 26 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 000065 calculated?
We run NORINCO International Cooperation Ltd through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of ¥10.99 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. NORINCO International Cooperation Ltd currently trades 10% below its own fair value, and the market average says nothing about that. 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 NORINCO International Cooperation Ltd (000065)?
The closing price on Nov 6, 2026 was ¥9.87. Our model-based fair value is ¥10.99, about +11% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with NORINCO International Cooperation Ltd right now?
A fairly wide model range (¥7.59 to ¥14.29) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Where does the earnings growth of NORINCO International Cooperation Ltd (000065) come from?
Earnings per share at NORINCO International Cooperation Ltd grew +11.5 % a year from 2013 to 2024. Broken into its drivers: revenue per share +10.8 %, EBIT margin −0.7 %, tax rate +1.0 %, residual (interest, one-offs) +0.3 %. 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 NORINCO International Cooperation Ltd
How large is the market capitalisation of NORINCO International Cooperation Ltd (000065)?
The market capitalisation of NORINCO International Cooperation Ltd is 11.5B CNY (≈ $1.7B). 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 NORINCO International Cooperation Ltd (000065)?
The price-to-sales ratio of NORINCO International Cooperation Ltd is 0.94 (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 NORINCO International Cooperation Ltd (000065)?
Earnings per share at NORINCO International Cooperation Ltd are ¥0.6700 (price ÷ EPS = P/E 14.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of NORINCO International Cooperation Ltd (000065)?
The dividend yield of NORINCO International Cooperation Ltd is 1.4% (payout 20.4%). 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 NORINCO International Cooperation Ltd (000065)?
The net margin of NORINCO International Cooperation Ltd is 6.1% (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 NORINCO International Cooperation Ltd (000065)?
The return on equity (ROE) of NORINCO International Cooperation Ltd is 7.0% (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 NORINCO International Cooperation Ltd (000065)?
On an EBIT basis the return on assets of NORINCO International Cooperation Ltd is 4.3% (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 NORINCO International Cooperation Ltd (000065)?
The operating margin of NORINCO International Cooperation Ltd is 9.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at NORINCO International Cooperation Ltd (000065)?
Revenue at NORINCO International Cooperation Ltd is growing −0.3% versus a year earlier (3y avg +0.3%). 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 NORINCO International Cooperation Ltd (000065)?
Earnings per share at NORINCO International Cooperation Ltd are growing +63.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does NORINCO International Cooperation Ltd (000065) hold?
NORINCO International Cooperation Ltd holds more cash than debt, 1.4B CNY net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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Nov 8, 2026