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Zhuhai Winbase International Chemical Tank Terminal Co (002492) Fair Value & Analysis

Energy · CN · Market cap 2.3B CNY

ZW Zhuhai Winbase International Chemical Tank Terminal Co 002492 · SHE
Price¥5.64
Fair Value¥4.96
Upside-12.1%
Quality45/100
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Weak Growth
Loss-making · -19.7% net margin
Low debt · generates free cash flow
Mixed vs. peers (5/11)
Narrow moat 30/100
Evidence: High Range ¥4.36 – ¥5.46 Share as image

Fair value as of: Jul 22, 2026

From 15 valuation models · updated 20 days ago

Fair value updated Jul 22, 2026, revised from ¥2.48 to ¥4.96 (+100.0%) since Jun 25, 2026. Share price +6.2% over the past month.

Below-average quality, and screening another 12% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (¥5.46). The favourable scenario is already priced in.
  • Solid but not exceptional quality (45/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

¥9.64 ¥3.53 Fair Value ¥4.96 Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 22, 2026.

How to read this chart

60‑month range ¥3.53 – ¥9.64 · fair‑value band ¥4.36 – ¥5.46 · the ¥5.64 price screens above the ¥4.96 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 22, 2026.

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Analysis

Zhuhai Winbase International Chemical Tank Terminal Co (002492) currently trades at ¥5.64, while our model-based Fair Value estimate is ¥4.96, implying the stock looks roughly 12.1% overvalued today. The Quality Score stands at 45/100 (below-average quality), in the Energy 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: high).

Over the trailing twelve months, Zhuhai Winbase International Chemical Tank Terminal Co generated revenue of 332M CNY at a net margin of -19.7%. Revenue declined 5.9% year over year. It earns a return on equity of -3.9%. Net debt stands at 8.2M CNY. Fundamentals as of Jul 22, 2026

Our scenario range runs from ¥4.36 (bear case) to ¥5.46 (bull case); at ¥5.64, the current price sits above 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 and 1% above its 52-week low, currently below its 200-day average. For context, the median of 10 Energy peers we cover trades at -35% fair-value upside, at -12%, 002492 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 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 ¥1.10 ¥1.36 ¥1.70 80
Rev-Margin DCF ¥1.33 ¥1.86 ¥2.43 74
ROIC Compounder ¥2.07 ¥2.32 ¥2.54 72
All 15 models by family
DCF Models
FCF DCF ¥1.09 ¥1.37 ¥1.76 38
5Y Revenue Exit ¥1.33 ¥1.86 ¥2.52 39
5Y EBITDA Exit ¥2.83 ¥4.58 ¥6.59 41
10Y Revenue Exit ¥1.20 ¥1.65 ¥2.23 36
10Y EBITDA Exit ¥2.16 ¥3.47 ¥5.18 37
Earnings-Based
EPV ¥2.07 ¥2.32 ¥2.54 59
Dividend Discount
Gordon GGM ¥0.3900 ¥0.7700 ¥1.17 70
DDM Multi-Stage ¥0.3900 ¥0.5900 ¥0.8000 61
Multiples
EV/EBIT ¥3.13 ¥4.01 ¥4.90 53
EV/EBITDA ¥4.31 ¥5.59 ¥6.87 54
EV/Revenue ¥1.53 ¥1.98 ¥2.43 43
Asset-Based
NCAV (Graham) ¥1.98 ¥2.66 ¥3.97 50
Growth DCF
Growth DCF ¥1.10 ¥1.36 ¥1.70 80
Rev-Margin DCF ¥1.33 ¥1.86 ¥2.43 74
Economic Profit
ROIC Compounder ¥2.07 ¥2.32 ¥2.54 72

Widest divergence: Multiples (¥4.01) versus Dividend Discount (¥0.5900). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 332M CNY
Revenue growth (YoY) -5.9%
Net margin -19.7%
Return on equity -3.9%
Free cash flow 23.9M CNY FY2025
Operating margin 32.9%
More key figures
EPS (TTM) ¥-0.1600
EPS growth (YoY) -5.5%
Net debt 8.2M CNY FY2024

Figures from reported company fundamentals · as of Jul 22, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 45/100

Of which business quality 47 · Market factors (momentum, volatility) 26

Profitability 5
Margins and returns on capital today
Quality Growth 13
Are margins and returns improving?
Cashflow 47
Earnings quality: real cash, not paper profit
Fin. Strength 80
Balance sheet, leverage, solvency risk
Investment 59
Disciplined investing over empire-building
Low Volatility 56
Calm price path (market factor)
Momentum 13
Price trend over the last 3–12 months (market factor)
52W Momentum 15
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

Zhuhai Winbase International Chemical Tank Terminal Co.,Ltd, together with its subsidiaries, engages in the terminal loading and unloading, and warehousing services for oil products, liquid chemical products, and packaged hazardous chemicals in China and internationally.

Full company description

Zhuhai Winbase International Chemical Tank Terminal Co.,Ltd, together with its subsidiaries, engages in the terminal loading and unloading, and warehousing services for oil products, liquid chemical products, and packaged hazardous chemicals in China and internationally. The company also provides dock berthing, transshipment, and pipeline transportation for ships. In addition, it engages in supply chain management and commercial factoring; invest; financial leasing; factoring; management consulting; and equipment manufacturing activities. Zhuhai Winbase International Chemical Tank Terminal Co.,Ltd was founded in 2000 and is headquartered in Zhuhai, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Zhuhai Winbase International Chemical Tank Terminal Co reported revenue of ¥337M in FY2025 versus ¥412M in FY2021, a compound −4.9%/yr. Reported net income was −¥64.4M in FY2025.

Growth Quality 12/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
337M CNY
Latest YoY
−1.8%
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.
−5.7%
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.
−1.8%
Avg. growth/yr (18Y) 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.
+6.7%
Revenue −4.9%/yr
FY21 ¥412M
FY22 ¥402M
FY23 ¥394M
FY24 ¥343M
FY25 ¥337M
Net income
FY21 ¥117M
FY22 ¥126M
FY23 ¥116M
FY24 ¥65.1M
FY25 −¥64.4M
Character of growth · EPS growth decomposed (2013-2024) +9.3 % p.a.
Revenue per share +8.6 pp

of which total revenue +9.7 pp · buybacks/dilution −1.1 pp

EBIT margin +1.7 pp
Tax rate +1.0 pp
Residual (interest, one-offs) −2.0 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).

002492 screens 12% overvalued. Compare with Enbridge Inc →

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Cite: Fair Value Calculator (2026). "Zhuhai Winbase International Chemical Tank Terminal Co Fair Value". https://www.fairvalue-calculator.com/stock/002492

Peer Group

Oil & Gas Midstream · 87 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 45 · Below median
Fair Value upside −12% · Above median
Return on assets -2% · Bottom 25%
Net margin (TTM) -20% · Bottom 25%
Operating margin (TTM) 33% · Above median
Revenue growth -6% · Bottom 25%
Debt / equity 0.12× · Lower than 75% of peers

Valuation Multiples vs Oil & Gas Midstream median · lower = cheaper

P/B 0.21× · Cheaper than 75% of peers
P/S (TTM) 1.03× · Cheaper than median
P/FCF 14.3× · 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 17 · sector 0
FUTURE 0 · sector 43
PAST 0 · sector 41
HEALTH 94 · sector 54
DIVIDEND 0 · sector 99

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Oil & gas

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Oil & Gas Midstream stocks, each showing price versus our Fair Value estimate (as of Jul 22, 2026).

Stock Price Fair Value vs Fair Value
Enbridge Inc ENB $56.46 $47.20 -16%
The Williams Companies, Inc WMB $73.38 $12.03 -84%
Enterprise Products Partners L.P. EPD $37.99 $24.74 -35%
TC Energy Corporation TRP C$97.79 C$42.00 -57%
Kinder Morgan, Inc KMI $32.54 $11.12 -66%
Energy Transfer LP, ET $19.91 $17.69 -11%
ONEOK, Inc OKE $93.52 $64.05 -32%
Targa Resources Corp TRGP $273.35 $79.61 -71%
MPLX LP owns and MPLX $57.17 $37.05 -35%
Cheniere Energy, Inc LNG $255.83 $211.18 -17%

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Frequently asked questions

Is Zhuhai Winbase International Chemical Tank Terminal Co (002492) overvalued or undervalued?
As of Jul 22, 2026, our model estimates a fair value of ¥4.96 versus a price of ¥5.64, about −12% (overvalued).
What is the fair value of 002492?
Our model-based fair value for Zhuhai Winbase International Chemical Tank Terminal Co is ¥4.96 (as of Jul 22, 2026), built from audited fundamentals. The current price is ¥5.64.
What is the quality score of 002492?
Zhuhai Winbase International Chemical Tank Terminal Co has a Quality Score of 45/100. 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 Zhuhai Winbase International Chemical Tank Terminal Co (002492)?
Zhuhai Winbase International Chemical Tank Terminal Co reported trailing-twelve-month revenue of about 332M CNY (latest available figure, as of Jul 22, 2026).
What is the net profit margin of 002492?
The net profit margin of Zhuhai Winbase International Chemical Tank Terminal Co is about -19.7%, meaning it is currently running at a net loss. Based on the latest reported figures.

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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