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Northeast Securities Co Ltd (000686) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Northeast Securities Co Ltd stock ¥9.15, price ¥7.18, upside +27.4%, quality 70 out of 100. Rating: undervalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services CN · ISIN CNE0000004H9

NS Northeast Securities Co Ltd logo Some data Nov 5, 2026

Northeast Securities Co Ltd

000686 · SHE
Undervalued, but in a downtrend

The stock costs 22% less than our calculation considers fair.

Fair value ¥9.15 · Undervalued (22%)
Quality 70/100
Highly profitable · 31.7% net margin (TTM)
0.7% dividend yield · Low payout
Last quarter vs. a year ago: revenue +26%, profit +67%.
Mixed Growth (revenue YoY −22.6 %/yr in CNY)
Mixed vs. peers (7/13)
Moderate moat 60/100 · thin data
Some data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

¥10.24 ¥5.06 Fair Value ¥9.15 May 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.

How to read this chart

60‑month range ¥5.06 – ¥10.24 · fair‑value band ¥7.04 – ¥12.39 · the ¥7.18 price screens below the ¥9.15 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.

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Company profile

Northeast Securities Co., Ltd. engages in the wealth management, institutional, investment banking, credit, asset management, and securities investment businesses in China.

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The company offers securities brokerage and asset allocation services; trading services for stocks, bonds, funds, futures, and options; research and consulting services to public and private fund, listed company, non-listed public company, government and enterprise, and financial peer clients; and designs and customizes investment and financing business solutions.

It also provides financing and financial advisory service; regional equity market listing recommendations, reforms, supervision, and private bond financing; margin trading, stock pledge, securities lending, and equity incentive exercise financing; asset management, orient fund, and private equity funds; equity investment, off-exchange derivatives, new third board market making, alternative investments, as well as fixed income, currencies, and commodities services.

The company was founded in 1988 and is headquartered in Changchun, China.

Stock analysis

Northeast Securities Co Ltd (000686) currently trades at ¥7.18, while our model-based Fair Value estimate is ¥9.15, implying the stock looks roughly 22% undervalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of ¥8.81 per share, and 5 of the 6 models we run sit above the ¥7.18 price.

Bear case: the Asset-Based group reads lowest at ¥5.63, and 1 of the 6 models stay below the price. Data coverage for this calculation is medium.

Scenario range: ¥7.04 (bear) to ¥12.39 (bull), the price of ¥7.18 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 70/100 (solid quality), in the Financial Services sector.

Mixed Growth: Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.

Northeast Securities Co Ltd reported revenue of 5.0B CNY in FY2025 versus 8.8B CNY in FY2021, a compound −13.3%/yr. Reported net income was 1.5B CNY in FY2025, compounding −2.8%/yr from FY2021.

Key figures

Market cap 16.8B CNY (≈ $2.5B) Mid · P/E ratio 9.3 · P/S ratio 2.99 · EPS (TTM) ¥0.7700 · Dividend yield 0.7% · Net margin 31.7% · Return on equity 9.0% · Return on assets (EBIT) 1.5% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 60 out of 100 (low confidence).

What moves the price

The share trades about 30% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −11% fair-value upside, at 27%, 000686 screens cheaper than that median.

Fair Value models

Bear ¥7.04 Fair Value ¥9.15 Bull ¥12.39
Price ¥7.18 · Upside +27.4%
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 (¥0.6155 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
Residual Income ¥7.04 ¥7.46 ¥8.17 76
DDM Multi-Stage ¥4.50 ¥7.81 ¥9.63 67
Gordon GGM ¥4.50 ¥9.15 ¥14.18 66
All 6 models by family
Dividend Discount
Gordon GGM ¥4.50 ¥9.15 ¥14.18 66
DDM Multi-Stage ¥4.50 ¥7.81 ¥9.63 67
Multiples
P/E Multiple ¥6.05 ¥8.06 ¥10.08 63
P/B Multiple ¥7.16 ¥9.55 ¥11.94 55
Asset-Based
NCAV (Graham) ¥4.20 ¥5.63 ¥8.40 54
Economic Profit
Residual Income ¥7.04 ¥7.46 ¥8.17 76

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Quality Score breakdown

Overall quality 70/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 35
How much profit the company makes from its sales and capital
Quality Growth 58
Are margins and returns getting better?
Cashflow 64
Do the profits arrive as real cash?
Financial strength 100
Debt, balance sheet and risk of trouble
Investment 73
Does it invest with discipline instead of growing at any price?
Low Volatility 80
How calm the share price moves, does not count
Price momentum 24
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 12
Distance to the 52-week high, does not count
New shares 86
Buys back shares or issues new ones?

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Revenue & earnings trend

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. 55/100
Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.
What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+2.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+1.7%
Dividend (yield on the price)0.7%
Per share before 2001divided by the spin-off factor 1.1758
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.1.7% vs 0.7%, steady
Profit margin 2019 to 2024 ⓘ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.14% → 18%
2025 sits 117% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)

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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.Capital Markets · 384 stocks

Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 70 · Top 25%
Fair Value upside +27.4% · Above median
Profitability
Return on equity (12 months) 9.0% · Below median
Return on assets 1.3% · Below median
Net margin (12 months) 31.7% · Above median
Operating margin (12 months) 29.9% · Below median
Growth and dividend
Revenue growth (quarter YoY) 25.5% · Above median
Dividend yield (12 months) 0.7% · Bottom 25%
Balance sheet
Debt / equity 0.77× · Highest 25%

Valuation Multiplesvs Capital Markets median · lower = cheaper

P/E (12 months) 9.3× · Cheaper than median
P/B 0.83× · Cheaper than median
P/S (12 months) 2.99× · Cheaper than median
Price / free cash flow (fiscal year) 18.5× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)70 · sector 42
FUTURE (revenue growth)100 · sector 67
PAST (return on equity)36 · sector 38
HEALTH (low debt)–
DIVIDEND (yield)14 · sector 47

HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.

Context: sector, industry, market

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

Similar stocks

10 more Capital Markets stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Morgan Stanley MS $181.44 $260.72 +44% vs 000686
The Charles Schwab Corporation SCHW $91.49 $117.60 +29% vs 000686
Guotai Haitong Securities Co 601211 ¥16.46 ¥18.02 +9% vs 000686
Nomura Holdings NMR $9.42 $10.20 +8% vs 000686
The Goldman Sachs Group GS $865.82 $766.86 −11% vs 000686
CITIC Securities Company 600030 ¥25.72 ¥20.42 −21% vs 000686
Robinhood Markets, Inc HOOD $80.91 $47.60 −41% vs 000686
Macquarie Group MQG A$248.86 A$123.84 −50% vs 000686
East Money Information Co 300059 ¥18.78 ¥6.72 −64% vs 000686
Interactive Brokers Group IBKR $75.82 $17.48 −77% vs 000686

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Northeast Securities Co Ltd: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Northeast Securities Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/000686

Frequently asked questions

Is Northeast Securities Co Ltd (000686) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of ¥9.15 versus a price of ¥7.18, about +27% upside (undervalued).
What is the fair value of 000686?
Our model-based fair value for Northeast Securities Co Ltd is ¥9.15 (as of Nov 5, 2026), built from audited fundamentals. The current price: ¥7.18.
What is the quality score of 000686?
Northeast Securities Co Ltd has a Quality Score of 70/100. 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 Northeast Securities Co Ltd (000686)?
Our model-based price target is the fair value of ¥9.15 (as of Nov 5, 2026) from 6 valuation models. Cautious scenario ¥7.04, optimistic scenario ¥12.39. It is a calculation from audited fundamentals, not an analyst target.
What is the Northeast Securities Co Ltd stock forecast for 2026?
Our models put fair value at ¥9.15, about +27% upside versus a price of ¥7.18 (undervalued). Cautious scenario ¥7.04, optimistic scenario ¥12.39. The calculation is refreshed regularly with new filings.
What is the revenue of Northeast Securities Co Ltd (000686)?
Northeast Securities Co Ltd reported trailing-twelve-month revenue of about 5.6B CNY (latest available figure, as of Nov 5, 2026).
Does Northeast Securities Co Ltd pay a dividend?
Northeast Securities Co Ltd currently shows a dividend yield of 0.70% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of Northeast Securities Co Ltd (000686) and when is the ex-dividend date?
Northeast Securities Co Ltd pays a dividend of ¥0.05 per share a year, a dividend yield of 0.7%. The last ex-dividend date was May 28, 2026. A dividend has been paid every year since 2013. The payout ratio is 6.5% of earnings. Our assessment: Low payout. A low payout ratio: the dividend takes at most 60 % of earnings. Whether free cash flow covers it as well, we cannot see for this company.
What is the intrinsic value of Northeast Securities Co Ltd (000686)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Northeast Securities Co Ltd it is ¥9.15 per share (as of Nov 5, 2026), against a price of ¥7.18. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Northeast Securities Co Ltd stock overvalued or undervalued in 2026?
As of Nov 5, 2026, 000686 trades below its calculated fair value: price ¥7.18, fair value ¥9.15, a gap of about +27% (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 000686?
No. The price is what the market pays today (¥7.18); the fair value is what the company's own numbers justify (¥9.15). For Northeast Securities Co Ltd the two are ¥1.97 per share apart. That gap is exactly why we show both numbers side by side.
How much is Northeast Securities Co Ltd worth?
The market values Northeast Securities Co Ltd at about 16.8B CNY (market capitalisation, as of Nov 5, 2026). Per share that is ¥7.18; our models calculate a fair value of ¥9.15 per share.
What do the bullish and bearish scenarios say about 000686?
Our models span a range for Northeast Securities Co Ltd: cautious scenario ¥7.04, base ¥9.15, optimistic ¥12.39 per share (as of Nov 5, 2026, price ¥7.18). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 000686?
Northeast Securities Co Ltd trades at a price-to-earnings ratio of 9.3 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥9.15 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 21.5. Other multiples: P/B 0.8, P/S 3.0.
How solid is the balance sheet of Northeast Securities Co Ltd (000686)?
Balance-sheet figures for Northeast Securities Co Ltd (as of Nov 5, 2026): return on equity 9.0%, debt of 0.77 per unit of equity. They feed the Quality Score of 70/100, which measures business quality independently of the share price.
How far is 000686 from its 52-week high?
Northeast Securities Co Ltd trades at ¥7.18, about 30% below its 52-week high of ¥10.24 and 4% above the low of ¥6.90 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of ¥9.15 is for.
Which stocks are comparable to Northeast Securities Co Ltd?
From the same area (Financial Services) we also value Morgan Stanley, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, 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 Northeast Securities Co Ltd stock attractive at the current price?
The data as of Nov 5, 2026: price ¥7.18, calculated fair value ¥9.15 (+27%), Quality Score 70/100, from 6 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 000686 calculated?
We run Northeast Securities Co Ltd through 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of ¥9.15 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 13.0% above its aggregate fair value. Northeast Securities Co Ltd currently trades 22% 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 Northeast Securities Co Ltd (000686)?
The closing price on Nov 6, 2026 was ¥7.18. Our model-based fair value is ¥9.15, about +27% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Northeast Securities Co Ltd right now?
Solid quality (70/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Northeast Securities Co Ltd (000686) come from?
Earnings per share at Northeast Securities Co Ltd grew −10.4 % a year from 2013 to 2024. Broken into its drivers: revenue per share +5.2 %, EBIT margin −15.8 %, tax rate +1.5 %, 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 Northeast Securities Co Ltd

How large is the market capitalisation of Northeast Securities Co Ltd (000686)?
The market capitalisation of Northeast Securities Co Ltd is 16.8B CNY (≈ $2.5B). 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 Northeast Securities Co Ltd (000686)?
The price-to-sales ratio of Northeast Securities Co Ltd is 2.99 (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 Northeast Securities Co Ltd (000686)?
Earnings per share at Northeast Securities Co Ltd are ¥0.7700 (price ÷ EPS = P/E 9.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Northeast Securities Co Ltd (000686)?
The dividend yield of Northeast Securities Co Ltd is 0.7% (payout 6.5%). 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 Northeast Securities Co Ltd (000686)?
The net margin of Northeast Securities Co Ltd is 31.7% (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 Northeast Securities Co Ltd (000686)?
The return on equity (ROE) of Northeast Securities Co Ltd is 9.0% (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 Northeast Securities Co Ltd (000686)?
On an EBIT basis the return on assets of Northeast Securities Co Ltd is 1.5% (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 Northeast Securities Co Ltd (000686)?
The operating margin of Northeast Securities Co Ltd is 29.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Northeast Securities Co Ltd (000686)?
Revenue at Northeast Securities Co Ltd is growing +25.5% versus a year earlier (3y avg −7.2%). 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 Northeast Securities Co Ltd (000686)?
Earnings per share at Northeast Securities Co Ltd are growing +67.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Northeast Securities Co Ltd (000686) generate?
The free cash flow of Northeast Securities Co Ltd is 910M CNY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Northeast Securities Co Ltd (000686) hold?
Northeast Securities Co Ltd holds more cash than debt, 34.0B CNY net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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