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Changsha Tongcheng Holdings (000419) Fair Value & Analysis

Consumer Cyclical · CN · Market cap 2.7B CNY

CT Changsha Tongcheng Holdings 000419 · SHE
Price¥5.02
Fair Value¥4.77
Upside-5.0%
Quality56/100
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Weak Growth
Thin margins · 7.7% net margin
Low debt · generates free cash flow
2.64% dividend yield
Ranks above peers (9/15)
Narrow moat 33/100
Evidence: Medium Range ¥3.65 – ¥5.98 Share as image

Fair value as of: Jul 21, 2026

From 24 valuation models · updated 20 days ago

Share price +7.3% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • Our model range runs from ¥3.65 (bear) to ¥5.98 (bull), base ¥4.77. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 56/100 (solid quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

¥7.90 ¥3.41 Fair Value ¥4.77 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 ¥3.41 – ¥7.90 · fair‑value band ¥3.65 – ¥5.98 · the ¥5.02 price screens above the ¥4.77 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

Changsha Tongcheng Holdings (000419) currently trades at ¥5.02, while our model-based Fair Value estimate is ¥4.77, implying the stock looks roughly 5.0% fairly valued today. The Quality Score stands at 56/100 (solid quality), in the Consumer Cyclical 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: medium).

Over the trailing twelve months, Changsha Tongcheng Holdings generated revenue of 1.9B CNY at a net margin of 7.7%. Revenue declined 20.9% year over year. It earns a return on equity of 4.2%. The balance sheet holds a net cash position of 407M CNY. Fundamentals as of Jul 21, 2026

Our scenario range runs from ¥3.65 (bear case) to ¥5.98 (bull case); at ¥5.02, 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 29% below its 52-week high and 5% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 50% fair-value upside, at -5%, 000419 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 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. Evidence
Highest evidence
Growth DCF ¥2.74 ¥3.06 ¥3.64 80
Residual Income ¥4.57 ¥4.53 ¥3.97 76
Rev-Margin DCF ¥3.39 ¥4.36 ¥5.57 74
All 24 models by family
DCF Models
FCF DCF ¥2.70 ¥3.03 ¥3.69 38
Owner Earnings ¥5.74 ¥7.07 ¥9.67 31
5Y Revenue Exit ¥3.39 ¥4.34 ¥5.76 39
5Y EBITDA Exit ¥4.30 ¥5.87 ¥8.02 41
5Y P/E Exit ¥4.03 ¥5.42 ¥7.12 38
10Y Revenue Exit ¥3.05 ¥3.80 ¥4.67 36
10Y EBITDA Exit ¥3.65 ¥4.78 ¥6.07 37
10Y P/E Exit ¥3.49 ¥4.49 ¥5.52 35
Earnings-Based
Graham-Dodd ¥1.54 ¥2.41 ¥2.89 54
EPV ¥3.32 ¥3.58 ¥3.81 59
Dividend Discount
Gordon GGM ¥1.42 ¥1.67 ¥1.95 70
DDM Multi-Stage ¥1.42 ¥1.85 ¥2.37 61
Multiples
P/E Multiple ¥3.73 ¥4.98 ¥6.22 63
P/S Multiple ¥2.88 ¥3.85 ¥4.81 58
P/B Multiple ¥2.88 ¥3.85 ¥4.81 55
EV/EBIT ¥5.16 ¥6.32 ¥7.48 53
EV/EBITDA ¥5.91 ¥7.33 ¥8.74 54
EV/Revenue ¥4.02 ¥5.03 ¥6.04 43
Asset-Based
NCAV (Graham) ¥3.12 ¥4.18 ¥6.24 50
Growth DCF
Growth DCF ¥2.74 ¥3.06 ¥3.64 80
Rev-Margin DCF ¥3.39 ¥4.36 ¥5.57 74
Economic Profit
Residual Income ¥4.57 ¥4.53 ¥3.97 76
ROIC Compounder ¥3.32 ¥3.58 ¥3.81 72
Growth Earnings
Growth-Adj P/E ¥2.63 ¥3.76 ¥4.89 68

Widest divergence: Multiples (¥4.98) versus Dividend Discount (¥1.67). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 1.9B CNY
Revenue growth (YoY) -20.9%
Net margin 7.7%
Return on equity 4.2%
Free cash flow 58.4M CNY FY2025
P/E ratio 18.9
More key figures
Operating margin 12.0%
EPS (TTM) ¥0.2600
Dividend yield 2.6%
EPS growth (YoY) +231%
Net cash 407M CNY FY2024

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

Quality Score breakdown

Overall quality 56/100

Of which business quality 54 · Market factors (momentum, volatility) 37

Profitability 25
Margins and returns on capital today
Quality Growth 49
Are margins and returns improving?
Cashflow 36
Earnings quality: real cash, not paper profit
Fin. Strength 66
Balance sheet, leverage, solvency risk
Investment 92
Disciplined investing over empire-building
Low Volatility 84
Calm price path (market factor)
Momentum 18
Price trend over the last 3–12 months (market factor)
52W Momentum 16
Distance to the 52-week high (market factor)
Net Issuance 82
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

Changsha Tongcheng Holdings Co.Ltd, together with its subsidiaries, engages in the commercial retail business in China. The company operates shopping centers, department stores, electrical appliances chains, second-hand luxury goods franchises, and online professional platforms.

Full company description

Changsha Tongcheng Holdings Co.Ltd, together with its subsidiaries, engages in the commercial retail business in China. The company operates shopping centers, department stores, electrical appliances chains, second-hand luxury goods franchises, and online professional platforms. It also provides warehousing and logistics services; pawning, micro loans, commercial factoring, and SME refinancing funds; and financial services. In addition, the company engages in distribution, self-operation, joint venture, and commercial property leasing; and hotel operation center, product operation center, and property management center. Changsha Tongcheng Holdings Co.Ltd was incorporated in 1996 and is headquartered in Changsha, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Changsha Tongcheng Holdings reported revenue of ¥2.0B in FY2025 versus ¥2.3B in FY2021, a compound −4.2%/yr. Reported net income was ¥123M in FY2025, compounding −2.9%/yr from FY2021.

Growth Quality 32/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
2.0B CNY
Latest YoY
−6.0%
Avg. growth/yr (3Y) 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.
−2.8%
Avg. growth/yr (5Y) 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.
−3.3%
Avg. growth/yr (30Y) 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.
+4.9%
Revenue −4.2%/yr
FY21 ¥2.3B
FY22 ¥2.1B
FY23 ¥2.1B
FY24 ¥2.1B
FY25 ¥2.0B
Net income −2.9%/yr
FY21 ¥138M
FY22 ¥146M
FY23 ¥130M
FY24 ¥150M
FY25 ¥123M
Character of growth · EPS growth decomposed (2013-2024) +0.8 % p.a.
Revenue per share −7.6 pp

of which total revenue −7.6 pp · buybacks/dilution +0.0 pp

EBIT margin +11.7 pp
Tax rate +1.3 pp
Residual (interest, one-offs) −4.7 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Changsha Tongcheng Holdings Fair Value". https://www.fairvalue-calculator.com/stock/000419

Peer Group

Department Stores · 127 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 56 · Above median
Fair Value upside −5% · Above median
Return on equity (TTM) 4% · Above median
Return on assets 1% · Below median
Net margin (TTM) 8% · Top 25%
Operating margin (TTM) 12% · Top 25%
Revenue growth -21% · Bottom 25%
Dividend yield (TTM) 2.6% · Above median

Valuation Multiples vs Department Stores median · lower = cheaper

P/E (TTM) 18.9× · Cheaper than median
P/B 0.79× · Cheaper than median
P/S (TTM) 1.44× · Pricier than 75% of peers
P/FCF 6.8× · Pricier than 75% of peers
EV/EBITDA 9.9× · Pricier than median
PEG 0.99× · 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 27 · sector 26
FUTURE 0 · sector 2
PAST 17 · sector 16
HEALTH 100 · sector 96
DIVIDEND 53 · sector 37

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 Department Stores stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).

Stock Price Fair Value vs Fair Value
Falabella S.A FALABELLA 5,875 CLP 8,880 CLP +51%
El Puerto de Liverpool, S.A. LIVEPOLC1 99.62 MXN 263.70 MXN +165%
99 Speed Mart Retail Holdings 5326 3.70 MYR 1.45 MYR -61%
Cencosud S.A CENCOSUD 2,040 CLP 2,516 CLP +23%
Vishal Mega Mart Limited VMM ₹113.94 ₹37.39 -67%
SHINSEGAE Inc 004170 610,000 KRW 200,259 KRW -67%
Organización Soriana, S. A. B. de C. V., SORIANAB 30.04 MXN 59.59 MXN +98%
Lotte Shopping Co 023530 155,300 KRW 81,725 KRW -47%
Lojas Renner S.A LREN3 R$14.10 R$33.36 +137%
La Comer, S.A. LACOMERUBC 34.37 MXN 51.49 MXN +50%

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Frequently asked questions

Is Changsha Tongcheng Holdings (000419) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of ¥4.77 versus a price of ¥5.02, about −5% (fairly valued).
What is the fair value of 000419?
Our model-based fair value for Changsha Tongcheng Holdings is ¥4.77 (as of Jul 21, 2026), built from audited fundamentals. The current price is ¥5.02.
What is the quality score of 000419?
Changsha Tongcheng Holdings has a Quality Score of 56/100. 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 Changsha Tongcheng Holdings (000419)?
Changsha Tongcheng Holdings reported trailing-twelve-month revenue of about 1.9B CNY (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 000419?
The net profit margin of Changsha Tongcheng Holdings is about 7.7%, meaning it keeps roughly 7.7% of revenue as net income. Based on the latest reported figures.
Does Changsha Tongcheng Holdings pay a dividend?
Changsha Tongcheng Holdings currently shows a dividend yield of about 2.64% 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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