EN DE

Chow Tai Seng Jewellery Co (002867) Fair Value & Analysis

Consumer Cyclical · CN · Market cap 13.2B CNY

CT Chow Tai Seng Jewellery Co 002867 · SHE
Price¥12.65
Fair Value¥17.16
Upside+35.7%
Quality69/100
Watch Chow Tai Seng Jewellery Co for free, get notified when fair value or trend changes. Watch for free
Mixed Growth
Solidly profitable · 14.1% net margin
Low debt · generates free cash flow
7.32% dividend yield
Ranks above peers (10/14)
Wide moat 67/100
Evidence: High Range ¥9.09 – ¥22.91 Share as image

Fair value as of: Jul 22, 2026

From 26 valuation models · updated 19 days ago

Share price +6.3% over the past month.

A solid business, screening 36% undervalued on our models.

What matters now

  • Solid quality (69/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (¥9.09 to ¥22.91) leaves room in how you read the outcome.
Share this valuation: 𝕏 WhatsApp

Price vs Fair Value (5 years)

¥19.43 ¥8.99 Fair Value ¥17.16 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 ¥8.99 – ¥19.43 · fair‑value band ¥9.09 – ¥22.91 · the ¥12.65 price screens below the ¥17.16 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 22, 2026.

Full chart & analysis →

Which stocks are undervalued right now? Check free Discover now →

Analysis

Chow Tai Seng Jewellery Co (002867) currently trades at ¥12.65, while our model-based Fair Value estimate is ¥17.16, implying the stock looks roughly 35.7% undervalued today. The Quality Score stands at 69/100 (solid quality), in the Consumer Cyclical sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Chow Tai Seng Jewellery Co generated revenue of 8.1B CNY at a net margin of 14.1%. Revenue declined 26.9% year over year. It earns a return on equity of 17.1%. The balance sheet holds a net cash position of 1.1B CNY. Fundamentals as of Jul 22, 2026

Our scenario range runs from ¥9.09 (bear case) to ¥22.91 (bull case); at ¥12.65, 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 13% below its 52-week high and 12% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -41% fair-value upside, at 36%, 002867 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 BearBaseBull Evidence
Highest evidence
Growth DCF ¥4.86 ¥7.87 ¥12.92 80
Residual Income ¥6.56 ¥8.00 ¥16.81 76
Rev-Margin DCF ¥6.61 ¥11.41 ¥17.53 74
All 26 models by family
DCF Models
FCF DCF ¥4.88 ¥8.12 ¥13.69 38
Owner Earnings ¥13.73 ¥23.89 ¥41.33 31
5Y Revenue Exit ¥6.61 ¥11.59 ¥18.39 39
5Y EBITDA Exit ¥10.25 ¥19.00 ¥30.05 41
5Y P/E Exit ¥12.50 ¥23.59 ¥36.34 38
10Y Revenue Exit ¥5.76 ¥10.28 ¥17.28 36
10Y EBITDA Exit ¥8.39 ¥15.68 ¥26.95 37
10Y P/E Exit ¥9.87 ¥19.03 ¥32.16 35
Earnings-Based
Graham-Dodd ¥6.91 ¥30.95 ¥42.41 54
Lynch FV ¥8.05 ¥11.51 ¥14.96 50
PEG = 1.0 ¥8.05 ¥11.51 ¥14.96 46
EPV ¥11.09 ¥12.81 ¥14.32 59
Dividend Discount
Gordon GGM ¥8.38 ¥17.43 ¥27.65 70
DDM Multi-Stage ¥8.38 ¥14.69 ¥18.29 61
Multiples
P/E Multiple ¥16.77 ¥22.36 ¥27.95 63
P/S Multiple ¥7.31 ¥9.75 ¥12.18 58
P/B Multiple ¥12.96 ¥17.28 ¥21.60 55
EV/EBIT ¥19.01 ¥25.11 ¥31.20 53
EV/EBITDA ¥13.88 ¥18.26 ¥22.64 54
EV/Revenue ¥7.55 ¥10.47 ¥13.40 43
Asset-Based
NCAV (Graham) ¥2.99 ¥4.00 ¥5.97 50
Growth DCF
Growth DCF ¥4.86 ¥7.87 ¥12.92 80
Rev-Margin DCF ¥6.61 ¥11.41 ¥17.53 74
Economic Profit
Residual Income ¥6.56 ¥8.00 ¥16.81 76
ROIC Compounder ¥12.46 ¥16.45 ¥21.62 72
Growth Earnings
Growth-Adj P/E ¥13.48 ¥19.25 ¥25.03 68

Widest divergence: Growth Earnings (¥19.25) versus Asset-Based (¥4.00). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 8.1B CNY
Revenue growth (YoY) -26.9%
Net margin 14.1%
Return on equity 17.1%
Free cash flow 354M CNY FY2025
P/E ratio 11.5
More key figures
Operating margin 24.0%
EPS (TTM) ¥1.06
Dividend yield 7.3%
EPS growth (YoY) +17.4%
Net cash 1.1B CNY FY2024

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

Quality Score breakdown

Overall quality 69/100

Of which business quality 66 · Market factors (momentum, volatility) 52

Profitability 68
Margins and returns on capital today
Quality Growth 49
Are margins and returns improving?
Cashflow 32
Earnings quality: real cash, not paper profit
Fin. Strength 86
Balance sheet, leverage, solvency risk
Investment 91
Disciplined investing over empire-building
Low Volatility 86
Calm price path (market factor)
Momentum 40
Price trend over the last 3–12 months (market factor)
52W Momentum 36
Distance to the 52-week high (market factor)
Net Issuance 81
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

Chow Tai Seng Jewellery Co., Ltd. designs and sells jewelry in China. The company offers inlaid jewelry and plain gold jewelry; and silver jewelry, jade, pearls, colored gems, platinum, K gold and other specialty products in sets. It sells its products under the Zhou Dasheng brand through franchises, self-operated stores, and e-commerce channels.

Full company description

Chow Tai Seng Jewellery Co., Ltd. designs and sells jewelry in China. The company offers inlaid jewelry and plain gold jewelry; and silver jewelry, jade, pearls, colored gems, platinum, K gold and other specialty products in sets. It sells its products under the Zhou Dasheng brand through franchises, self-operated stores, and e-commerce channels. The company was formerly known as Shenzhen Chow Tai Sang Jewelry Co., Ltd. The company was incorporated in 2007 and is headquartered in Shenzhen, China. Chow Tai Seng Jewellery Co., Ltd. is a subsidiary of Shenzhen Zhou's Investment Co., Ltd.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Chow Tai Seng Jewellery Co reported revenue of ¥8.8B in FY2025 versus ¥9.2B in FY2021, a compound −0.9%/yr. Reported net income was ¥1.1B in FY2025, compounding −2.6%/yr from FY2021.

Growth Quality 86/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
8.8B CNY
Avg. growth/yr (3Y)
+14.9%
Avg. growth/yr (5Y)
+20.6%
Avg. growth/yr (13Y)
+16.9%
Revenue −0.9%/yr
FY21 ¥9.2B
FY22 ¥11.1B
FY23 ¥16.3B
FY24 ¥13.9B
FY25 ¥8.8B
Net income −2.6%/yr
FY21 ¥1.2B
FY22 ¥1.1B
FY23 ¥1.3B
FY24 ¥1.0B
FY25 ¥1.1B

Watch 002867: get an alert when its fair value changes →

Share or link this analysis
For bloggers & editors: embed code + live data

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). "Chow Tai Seng Jewellery Co Fair Value". https://www.fairvalue-calculator.com/stock/002867

Peer Group

Luxury Goods · 132 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 69 · Top 25%
Fair Value upside +36% · Above median
Return on equity (TTM) 17% · Above median
Return on assets 11% · Top 25%
Net margin (TTM) 14% · Top 25%
Operating margin (TTM) 24% · Top 25%
Revenue growth -27% · Bottom 25%
Dividend yield (TTM) 7.3% · Top 25%
Debt / equity 0.00× · Lower than median

Valuation Multiples vs Luxury Goods median · lower = cheaper

P/E (TTM) 11.5× · Cheaper than median
P/B 2.04× · Pricier than median
P/S (TTM) 1.63× · Pricier than median
P/FCF 5.5× · Pricier than median
EV/EBITDA 8.3× · Cheaper 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 81 · sector 13
FUTURE 0 · sector 50
PAST 68 · sector 38
HEALTH 100 · sector 99
DIVIDEND 100 · sector 38

Insider activity: 45/100

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 Luxury Goods stocks, each showing price versus our Fair Value estimate (as of Jul 22, 2026).

Stock Price Fair Value vs Fair Value
Compagnie Financière Richemont SA CFR CHF 197.40 CHF 117.30 -41%
Christian Dior SE DIO €455.40 €502.30 +10%
Kering SA KER €248.50 €60.61 -76%
Tapestry, Inc TPR $140.73 $19.95 -86%
Chow Tai Fook Jewellery Group 1929 HK$11.82 HK$12.28 +4%
The Swatch Group UHRN CHF 40.95 CHF 21.48 -48%
Prada S.p.A 1913 HK$43.26 HK$64.05 +48%
Pandora A/S PNDORA kr 779.40 kr 1,424 +83%
Brunello Cucinelli S.p.A BC €80.32 €42.69 -47%
Kalyan Jewellers India Limited KALYANKJIL ₹546.60 ₹238.57 -56%

Compare Chow Tai Seng Jewellery Co with another stock

Price, fair value, quality and upside side by side.

Free, no sign-up

Explore undervalued stocks

More undervalued Consumer Cyclical stocks →

All undervalued stocks TechnologyFinancial ServicesHealthcareConsumer CyclicalConsumer DefensiveCommunication ServicesIndustrialsEnergyBasic MaterialsReal EstateUtilities Deeply Undervalued StocksUndervalued Blue-Chip StocksUndervalued Small-Cap StocksUndervalued Dividend Stocks

Frequently asked questions

Is Chow Tai Seng Jewellery Co (002867) overvalued or undervalued?
As of Jul 22, 2026, our model estimates a fair value of ¥17.16 versus a price of ¥12.65, about +36% (undervalued).
What is the fair value of 002867?
Our model-based fair value for Chow Tai Seng Jewellery Co is ¥17.16 (as of Jul 22, 2026), built from audited fundamentals. The current price is ¥12.65.
What is the quality score of 002867?
Chow Tai Seng Jewellery Co has a Quality Score of 69/100. 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 Chow Tai Seng Jewellery Co (002867)?
Chow Tai Seng Jewellery Co reported trailing-twelve-month revenue of about 8.1B CNY (latest available figure, as of Jul 22, 2026).
What is the net profit margin of 002867?
The net profit margin of Chow Tai Seng Jewellery Co is about 14.1%, meaning it keeps roughly 14.1% of revenue as net income. Based on the latest reported figures.
Does Chow Tai Seng Jewellery Co pay a dividend?
Chow Tai Seng Jewellery Co currently shows a dividend yield of about 7.32% relative to its recent price (as of Jul 22, 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.

14 days Pro free · no card

Track Chow Tai Seng Jewellery Co and try Pro for 14 days

One email gets you 14 days of full Pro (review alerts, the 35,000+ stock screener, the diversification check) plus the monthly Top-25 report of the most undervalued quality stocks. No card, cancel anytime.

Zero risk: nothing is ever charged. After 14 days you decide whether to stay.