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Huangshan Tourism Development Co (600054) Fair Value & Analysis

Consumer Cyclical · CN · Market cap 8.2B CNY

HT Huangshan Tourism Development Co 600054 · SHG
Price¥11.24
Fair Value¥8.82
Upside-21.5%
Quality59/100
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Expensive Growth
Solidly profitable · 13.7% net margin
Low debt · generates free cash flow
1.25% dividend yield
Ranks above peers (10/15)
Moderate moat 48/100
Evidence: High Range ¥6.22 – ¥11.03 Share as image

Fair value as of: Aug 6, 2026

From 25 valuation models · updated 4 days ago

Fair value updated Aug 6, 2026, revised from ¥8.73 to ¥8.82 (+1.0%) since Jul 5, 2026. Share price +2.0% over the past month.

A solid business, but screening 22% overvalued on our models.

What matters now

  • Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder.
  • Our model range runs from ¥6.22 (bear) to ¥11.03 (bull), base ¥8.82. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 59/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

¥14.56 ¥8.19 Fair Value ¥8.82 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 6, 2026.

How to read this chart

60‑month range ¥8.19 – ¥14.56 · fair‑value band ¥6.22 – ¥11.03 · the ¥11.24 price screens above the ¥8.82 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 6, 2026.

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Analysis

Huangshan Tourism Development Co (600054) currently trades at ¥11.24, while our model-based Fair Value estimate is ¥8.82, implying the stock looks roughly 21.5% overvalued today. The Quality Score stands at 59/100 (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: high).

Over the trailing twelve months, Huangshan Tourism Development Co generated revenue of 2.1B CNY at a net margin of 13.7%. Revenue grew 3.5% year over year. It earns a return on equity of 6.3%. The balance sheet holds a net cash position of 1.6B CNY. Fundamentals as of Aug 6, 2026

Our scenario range runs from ¥6.22 (bear case) to ¥11.03 (bull case); at ¥11.24, 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 24% below its 52-week high and 6% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -62% fair-value upside, at -22%, 600054 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 ¥4.58 ¥5.92 ¥7.96 80
Residual Income ¥5.12 ¥5.28 ¥5.30 76
Rev-Margin DCF ¥4.66 ¥6.22 ¥8.13 74
All 25 models by family
DCF Models
FCF DCF ¥4.57 ¥5.98 ¥8.18 38
5Y Revenue Exit ¥4.66 ¥6.25 ¥8.34 39
5Y EBITDA Exit ¥8.25 ¥13.28 ¥19.44 41
5Y P/E Exit ¥7.02 ¥10.88 ¥15.13 38
10Y Revenue Exit ¥4.53 ¥5.98 ¥8.05 36
10Y EBITDA Exit ¥6.89 ¥10.87 ¥16.70 37
10Y P/E Exit ¥6.11 ¥9.20 ¥13.35 35
Earnings-Based
Graham-Dodd ¥2.73 ¥10.46 ¥14.17 54
Lynch FV ¥2.55 ¥3.65 ¥4.74 50
PEG = 1.0 ¥2.55 ¥3.65 ¥4.74 46
EPV ¥6.49 ¥7.15 ¥7.71 59
Dividend Discount
Gordon GGM ¥1.53 ¥3.05 ¥4.62 70
DDM Multi-Stage ¥1.53 ¥2.64 ¥3.22 61
Multiples
P/E Multiple ¥6.62 ¥8.82 ¥11.03 63
P/S Multiple ¥2.60 ¥3.47 ¥4.34 58
P/B Multiple ¥5.11 ¥6.82 ¥8.52 55
EV/EBIT ¥11.58 ¥14.65 ¥17.72 53
EV/EBITDA ¥11.06 ¥13.96 ¥16.86 54
EV/Revenue ¥4.79 ¥5.83 ¥6.87 43
Asset-Based
NCAV (Graham) ¥3.28 ¥4.39 ¥6.55 50
Growth DCF
Growth DCF ¥4.58 ¥5.92 ¥7.96 80
Rev-Margin DCF ¥4.66 ¥6.22 ¥8.13 74
Economic Profit
Residual Income ¥5.12 ¥5.28 ¥5.30 76
ROIC Compounder ¥6.49 ¥7.62 ¥9.21 72
Growth Earnings
Growth-Adj P/E ¥4.76 ¥6.79 ¥8.83 68

Widest divergence: DCF Models (¥9.20) versus Dividend Discount (¥2.64). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 2.1B CNY
Revenue growth (YoY) +3.5%
Net margin 13.7%
Return on equity 6.3%
Free cash flow 141M CNY FY2025
P/E ratio 27.8
More key figures
Operating margin 16.5%
EPS (TTM) ¥0.4000
Dividend yield 1.3%
EPS growth (YoY) -6.1%
Net cash 1.6B CNY FY2024

Figures from reported company fundamentals · as of Aug 6, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 59/100

Of which business quality 61 · Market factors (momentum, volatility) 47

Profitability 36
Margins and returns on capital today
Quality Growth 29
Are margins and returns improving?
Cashflow 60
Earnings quality: real cash, not paper profit
Fin. Strength 99
Balance sheet, leverage, solvency risk
Investment 49
Disciplined investing over empire-building
Low Volatility 87
Calm price path (market factor)
Momentum 34
Price trend over the last 3–12 months (market factor)
52W Momentum 23
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

Huangshan Tourism Development Co.,Ltd. engages in the tourism business in China. The company is involved in the environmental sanitation and cleaning of Scenic Areas, tickets management, scenic area development and management, scenic area sewage treatment and management.

Full company description

Huangshan Tourism Development Co.,Ltd. engages in the tourism business in China. The company is involved in the environmental sanitation and cleaning of Scenic Areas, tickets management, scenic area development and management, scenic area sewage treatment and management. It also provides cableway; operates hotels and travel agency businesses; and engages in Huizhou cuisine catering, as well as smart tourism, small town projects, new retailing and supply chains. The company was founded in 1996 and is based in Huangshan, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Huangshan Tourism Development Co reported revenue of ¥2.1B in FY2025 versus ¥895M in FY2021, a compound +23.9%/yr. Reported net income was ¥292M in FY2025, compounding +61.1%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
2.1B CNY
Latest YoY
+9.2%
Avg. growth/yr (3Y)
+38.2%
Avg. growth/yr (5Y)
+23.3%
Avg. growth/yr (32Y)
+11.4%
Revenue +23.9%/yr
FY21 ¥895M
FY22 ¥800M
FY23 ¥1.9B
FY24 ¥1.9B
FY25 ¥2.1B
Net income +61.1%/yr
FY21 ¥43.5M
FY22 −¥130M
FY23 ¥423M
FY24 ¥315M
FY25 ¥292M

600054 screens 22% overvalued. Compare with Marriott International, Inc →

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Cite: Fair Value Calculator (2026). "Huangshan Tourism Development Co Fair Value". https://www.fairvalue-calculator.com/stock/600054

Peer Group

Lodging · 170 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 59 · Above median
Fair Value upside −22% · Above median
Return on equity (TTM) 6% · Above median
Return on assets 5% · Top 25%
Net margin (TTM) 14% · Above median
Operating margin (TTM) 16% · Above median
Revenue growth 4% · Below median
Dividend yield (TTM) 1.3% · Above median
Debt / equity 0.00× · Lower than 75% of peers

Valuation Multiples vs Lodging median · lower = cheaper

P/E (TTM) 28.1× · Pricier than median
P/B 1.72× · Pricier than median
P/S (TTM) 3.86× · Pricier than median
P/FCF 8.6× · Pricier than 75% of peers
EV/EBITDA 10.3× · Cheaper than median
PEG 1.12× · 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 5 · sector 1
FUTURE 18 · sector 18
PAST 25 · sector 11
HEALTH 100 · sector 91
DIVIDEND 25 · sector 23

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 Lodging stocks, each showing price versus our Fair Value estimate (as of Aug 6, 2026).

Stock Price Fair Value vs Fair Value
Marriott International, Inc MAR $369.05 $135.64 -63%
Hilton Worldwide Holdings HLT $328.48 $123.67 -62%
InterContinental Hotels Group IHG $159.87 $85.18 -47%
Hyatt Hotels Corporation H $191.00 $47.69 -75%
H World Group HTHT $42.67 $47.55 +11%
Accor SA AC €47.25 €39.26 -17%
The Indian Hotels Company INDHOTEL ₹743.20 ₹260.68 -65%
Wyndham Hotels & Resorts, Inc WH $78.54 $24.02 -69%
Hanjin Kal, 180640 113,500 KRW 36,890 KRW -67%
Jabal Omar Development Company 4250 16.00 SAR 11.64 SAR -27%

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Frequently asked questions

Is Huangshan Tourism Development Co (600054) overvalued or undervalued?
As of Aug 6, 2026, our model estimates a fair value of ¥8.82 versus a price of ¥11.24, about −22% (overvalued).
What is the fair value of 600054?
Our model-based fair value for Huangshan Tourism Development Co is ¥8.82 (as of Aug 6, 2026), built from audited fundamentals. The current price is ¥11.24.
What is the quality score of 600054?
Huangshan Tourism Development Co has a Quality Score of 59/100. 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 Huangshan Tourism Development Co (600054)?
Huangshan Tourism Development Co reported trailing-twelve-month revenue of about 2.1B CNY (latest available figure, as of Aug 6, 2026).
What is the net profit margin of 600054?
The net profit margin of Huangshan Tourism Development Co is about 13.7%, meaning it keeps roughly 13.7% of revenue as net income. Based on the latest reported figures.
Does Huangshan Tourism Development Co pay a dividend?
Huangshan Tourism Development Co currently shows a dividend yield of about 1.31% relative to its recent price (as of Aug 6, 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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