Northeast Securities Co Ltd (000686) fair value: what the stock is really worth
As of Sep 22, 2026: fair value of Northeast Securities Co Ltd ¥7.31, price ¥7.80, upside -6.3%, quality 60 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range ¥5.06 – ¥10.24 · fair‑value band ¥5.48 – ¥9.14 · the ¥7.80 price screens above the ¥7.31 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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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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Northeast Securities Co., Ltd. engages in the wealth management, institutional, investment banking, credit, asset management, and securities investment businesses in China. 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 ¥7.80, while our model-based Fair Value estimate is ¥7.31, implying the stock looks roughly 6.7% fairly valued today.
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Valuation
How firm this estimate is: it rests on 24 models at a data quality of 94/100, which puts the evidence level at medium.
Scenario range: ¥5.48 (bear) to ¥9.14 (bull), the price of ¥7.80 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 60/100 (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 18.3B CNY (≈ $2.7B) · P/E ratio 11.0 · P/S ratio 3.21 · EPS (TTM) ¥0.7100 · Dividend yield 1.9% · Net margin 29.3% · Return on equity 8.3% · Return on assets (EBIT) 1.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 24% below its 52-week high and 5% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −20% fair-value upside, at −6%, 000686 screens cheaper than that median.
Fair Value models
Bear ¥5.48Fair Value ¥7.31Bull ¥9.14
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (¥0.4096 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.Evidence ⓘEvidence = 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.
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.
+3.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+1.7%
Dividend (yield on the price)1.9%
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.2% vs 1%, 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.
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
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).
less than -40 %
Yearly growth needed for the next five years to justify today's price.
Compare Northeast Securities Co 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.Capital Markets · 463 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score70 · Top 25%
Fair Value upside−9% · Below median
Profitability
Return on equity (TTM)8% · Above median
Return on assets2% · Above median
Net margin (TTM)31% · Above median
Operating margin (TTM)41% · Above median
Growth and dividend
Revenue growth35% · Above median
Dividend yield (TTM)1.9% · Below median
Balance sheet
Debt / equity0.77× · Highest 25%
Valuation Multiplesvs Capital Markets median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
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 Sep 24, 2026, our model estimates a fair value of ¥7.31 versus a price of ¥7.80, about −6% upside (fairly valued).
What is the fair value of 000686?
Our model-based fair value for Northeast Securities Co Ltd is ¥7.31 (as of Sep 24, 2026), built from audited fundamentals. The current price: ¥7.80.
What is the quality score of 000686?
Northeast Securities Co Ltd has a Quality Score of 60/100. 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 ¥7.31 (as of Sep 24, 2026) from 2 valuation models. Cautious scenario ¥5.48, optimistic scenario ¥9.14. 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 ¥7.31, about −6% upside versus a price of ¥7.80 (fairly valued). Cautious scenario ¥5.48, optimistic scenario ¥9.14. 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 5.4B CNY (latest available figure, as of Sep 24, 2026).
Does Northeast Securities Co Ltd pay a dividend?
Northeast Securities Co Ltd currently shows a dividend yield of about 1.92% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Northeast Securities Co Ltd (000686)?
For today's price to be fair in a discounted-cash-flow model, Northeast Securities Co Ltd would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 9.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -8.6 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 000686 use?
Our models discount Northeast Securities Co Ltd at 9.3 %: a base by market capitalisation (mid), damped by beta 0.57, 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 Northeast Securities Co Ltd that is less than minus 40 % per year a year over ten years, using the same discount rate (9.3 %) and the same formula as our fair value.
How much growth has Northeast Securities Co Ltd (000686) delivered so far?
Over the past 5 years revenue at Northeast Securities Co Ltd grew -8.6 % a year. The price currently implies less than minus 40 % per year free-cash-flow growth a 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 Northeast Securities Co Ltd (000686) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Northeast Securities Co Ltd (less than minus 40 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Northeast Securities Co Ltd (000686)?
The free-cash-flow yield on the price is 4.98 %: that much free cash flow Northeast Securities Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (9.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
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 ¥7.31 per share (as of Sep 24, 2026), against a price of ¥7.80. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Northeast Securities Co Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 000686 trades above its calculated fair value: price ¥7.80, fair value ¥7.31, a gap of about −6% (fairly valued). 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 (¥7.80); the fair value is what the company's own numbers justify (¥7.31). For Northeast Securities Co Ltd the two are ¥0.4900 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 18.3B CNY (market capitalisation, as of Sep 24, 2026). Per share that is ¥7.80; our models calculate a fair value of ¥7.31 per share.
What do the bullish and bearish scenarios say about 000686?
Our models span a range for Northeast Securities Co Ltd: cautious scenario ¥5.48, base ¥7.31, optimistic ¥9.14 per share (as of Sep 24, 2026, price ¥7.80). 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 11.0 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥7.31 is built from several models across several years. Other multiples: P/B 0.9, P/S 3.4.
How solid is the balance sheet of Northeast Securities Co Ltd (000686)?
Balance-sheet figures for Northeast Securities Co Ltd (as of Sep 24, 2026): return on equity 8.3%, debt of 0.77 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is 000686 from its 52-week high?
Northeast Securities Co Ltd trades at ¥7.80, about 24% below its 52-week high of ¥10.24 and 5% above the low of ¥7.40 (as of Sep 22, 2026). Distance from the high says nothing about value: that is what the fair value of ¥7.31 is for.
Which stocks are comparable to Northeast Securities Co Ltd?
From the same area (Financial Services) we also value Morgan Stanley, a financial holding company,, 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 Sep 24, 2026: price ¥7.80, calculated fair value ¥7.31 (−6%), Quality Score 60/100, from 2 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 2 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ¥7.31, 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 14.1 % above its aggregate fair value. Northeast Securities Co Ltd itself currently trades above fair value. 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 Sep 22, 2026 was ¥7.80. Our model-based fair value is ¥7.31, about −6% upside (fairly valued). 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?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. 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 18.3B CNY (≈ $2.7B). 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 Northeast Securities Co Ltd (000686)?
The price-to-sales ratio of Northeast Securities Co Ltd is 3.21 (P/E × margin). 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 ¥0.7100 (price ÷ EPS = P/E 11.0). 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 1.9% (payout 21.1%). 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 29.3% (fiscal year 2025). 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 8.3% (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 41.2% (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 +34.9% 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 +100% versus a year earlier. How much earnings per share grew versus a year earlier.
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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