Tbea Co Ltd (600089) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Tbea Co Ltd stock ¥24.91, price ¥18.51, upside +34.6%, quality 44 out of 100. Rating: undervalued. Calculated from audited financials with 16 of our 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. As of Nov 6, 2026.
How to read this chart
60‑month range ¥7.61 – ¥32.78 · fair‑value band ¥18.68 – ¥31.13 · the ¥18.51 price screens below the ¥24.91 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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TBEA Co., Ltd., together with its subsidiaries, provides power transmission, renewable energy, new materials, and energy solutions in China and internationally.
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The company produces and sells transformers, switches, electric wires and cables, cable accessories, smart distribution grids, and charging facilities.
It also provides power control systems, photovoltaic products, polycrystalline silicon, flexible equipment for power transmission and distribution, white carbon black, silicon chips, and inverters.
In addition, the company offers alloy materials, including alloy rods, aluminum alloy rod products, aluminum alloy ingots, remelting aluminum ingots, alloy oil immersed transformers, and slab ingot products; electronic aluminum foils; etched and formed electrode foils; heat-insulated aluminum profiles for windows and doors, curtain wall aluminum profiles, and industry profiles; aluminum substrate plate strips; target rods, wires, and ingots; and high-purity aluminum materials.
Further, it is involved in mining and selling coal products; UHV DC and AC engineering construction activities; and supplying DC converter transformers, HV contact changers, dry flat wave reactors, mutual inductors, and casing and other core power transmission and transformation equipment, as well as charging solutions.
Additionally, the company generates electricity from nuclear, thermal, hydro, wind, and solar resources. TBEA Co., Ltd. was founded in 1949 and is headquartered in Changji, China.
Stock analysis
Tbea Co Ltd (600089) currently trades at ¥18.51, while our model-based Fair Value estimate is ¥24.91, implying the stock looks roughly 26% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ¥31.28 per share, and 10 of the 16 models we run sit above the ¥18.51 price.
Bear case: the Dividend Discount group reads lowest at ¥8.33, and 6 of the 16 models stay below the price. Data coverage for this calculation is medium.
Scenario range: ¥18.68 (bear) to ¥31.13 (bull), the price of ¥18.51 sits below 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 44/100 (below-average quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Tbea Co Ltd reported revenue of 97.3B CNY in FY2025 versus 69.0B CNY in FY2021, a compound +9.0%/yr. Reported net income was 6.0B CNY in FY2025, compounding −4.8%/yr from FY2021.
Key figures
Market cap 93.5B CNY (≈ $14.0B) Large · P/E ratio 17.8 · P/S ratio 0.89 · EPS (TTM) ¥1.04 · Dividend yield 1.9% · Net margin 5.1% · Return on equity 5.5% · Return on assets (EBIT) 8.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 37 out of 100 (low confidence).
What moves the price
The share trades about 44% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −35% fair-value upside, at 35%, 600089 screens cheaper than that median.
Fair Value models
Bear¥18.68Fair Value ¥24.91Bull¥31.13
Price ¥18.51 · Upside +34.6%
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 (¥0.5775 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.
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.46/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−0.5%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+0.3%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+16.9%
Start year 2020 (pandemic). Over 10 years: +10.0% a year
Revenue growth 31 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+29.7%
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What shareholders gained per year (last 5 years) ⓘ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.
+23.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+21.4%
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.21.4% vs 10.6%, picking up
Profit margin 2020 to 2025 ⓘ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.8% → 9%
AI conclusion: The business draws strength from growth in power equipment and new-energy sales yet remains limited by negative free cash flow and pressures in coal and materials segments.
Main risk: A shift to non-silicon or perovskite tandem cells might render TBEA's polysilicon production underutilized or obsolete and could affect margins in the new-energy materials segment.
Bull case: TBEA could leverage its transmission expertise and solid-state transformers to supply power infrastructure for AI data centers and EV charging while upgrading polysilicon for higher-purity needs.
Bear case: If non-silicon solar technologies advance rapidly and tariffs persist, TBEA's polysilicon segment could face severe margin pressure while export growth in power equipment slows sharply.
TBEA posted first-half revenue growth of nearly 17 percent on stronger power equipment and new-energy sales, while attributable profit fell about 20 percent amid pressures from coal and materials businesses. Our models see the shares as undervalued as the company shifts emphasis toward transmission and international supply chains. Will momentum in high-voltage projects and qualifications outpace the drag from non-core segments?
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.Electrical Equipment & Parts · 560 stocks
Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score44 · Below median
Fair Value upside+34.6% · Top 25%
Profitability
Return on equity (12 months)5.5% · Below median
Return on assets2.6% · Below median
Net margin (12 months)5.1% · Below median
Operating margin (12 months)6.5% · Above median
Growth and dividend
Revenue growth (quarter YoY)26.5% · Above median
Dividend yield (12 months)1.9% · Above median
Balance sheet
Debt / equity0.52× · Highest 25%
Valuation Multiplesvs Electrical Equipment & Parts 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). "Tbea Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/600089
Frequently asked questions
Is Tbea Co Ltd (600089) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of ¥24.91 versus a price of ¥18.51, about +35% upside (undervalued).
What is the fair value of 600089?
Our model-based fair value for Tbea Co Ltd is ¥24.91 (as of Nov 6, 2026), built from audited fundamentals. The current price: ¥18.51.
What is the quality score of 600089?
Tbea Co Ltd has a Quality Score of 44/100. 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 Tbea Co Ltd (600089)?
Our model-based price target is the fair value of ¥24.91 (as of Nov 6, 2026) from 16 valuation models. Cautious scenario ¥18.68, optimistic scenario ¥31.13. It is a calculation from audited fundamentals, not an analyst target.
What is the Tbea Co Ltd stock forecast for 2026?
Our models put fair value at ¥24.91, about +35% upside versus a price of ¥18.51 (undervalued). Cautious scenario ¥18.68, optimistic scenario ¥31.13. The calculation is refreshed regularly with new filings.
What is the revenue of Tbea Co Ltd (600089)?
Tbea Co Ltd reported trailing-twelve-month revenue of about 105B CNY (latest available figure, as of Nov 6, 2026).
Does Tbea Co Ltd pay a dividend?
Tbea Co Ltd currently shows a dividend yield of 1.94% relative to its recent price (as of Nov 6, 2026).
What is the intrinsic value of Tbea Co Ltd (600089)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Tbea Co Ltd it is ¥24.91 per share (as of Nov 6, 2026), against a price of ¥18.51. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Tbea Co Ltd stock overvalued or undervalued in 2026?
As of Nov 6, 2026, 600089 trades below its calculated fair value: price ¥18.51, fair value ¥24.91, a gap of about +35% (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 600089?
No. The price is what the market pays today (¥18.51); the fair value is what the company's own numbers justify (¥24.91). For Tbea Co Ltd the two are ¥6.40 per share apart. That gap is exactly why we show both numbers side by side.
How much is Tbea Co Ltd worth?
The market values Tbea Co Ltd at about 93.5B CNY (market capitalisation, as of Nov 6, 2026). Per share that is ¥18.51; our models calculate a fair value of ¥24.91 per share.
What do the bullish and bearish scenarios say about 600089?
Our models span a range for Tbea Co Ltd: cautious scenario ¥18.68, base ¥24.91, optimistic ¥31.13 per share (as of Nov 6, 2026, price ¥18.51). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 600089?
Tbea Co Ltd trades at a price-to-earnings ratio of 17.8 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥24.91 is built from several models across several years. Other multiples: PEG 0.7, P/B 1.3, P/S 0.9, EV/EBITDA 7.8.
What is the PEG ratio of 600089?
The PEG ratio of Tbea Co Ltd is 0.71 (P/E divided by earnings growth, as of Nov 6, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Tbea Co Ltd (600089)?
Balance-sheet figures for Tbea Co Ltd (as of Nov 6, 2026): return on equity 5.5%, debt of 0.52 per unit of equity. They feed the Quality Score of 44/100, which measures business quality independently of the share price.
How far is 600089 from its 52-week high?
Tbea Co Ltd trades at ¥18.51, about 44% below its 52-week high of ¥32.78 and 8% above the low of ¥17.07 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of ¥24.91 is for.
Which stocks are comparable to Tbea Co Ltd?
From the same area (Industrials) we also value Contemporary Amperex Technology Co, ABB Ltd, Vertiv Holdings, Delta Electronics (Thailand) Public Company, 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 Tbea Co Ltd stock attractive at the current price?
The data as of Nov 6, 2026: price ¥18.51, calculated fair value ¥24.91 (+35%), Quality Score 44/100, from 16 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 600089 calculated?
We run Tbea Co Ltd through 16 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 ¥24.91, 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 15.5% above its aggregate fair value. Tbea Co Ltd currently trades 26% 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 Tbea Co Ltd (600089)?
The closing price on Nov 5, 2026 was ¥18.51. Our model-based fair value is ¥24.91, about +35% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Tbea Co Ltd right now?
The large discount to fair value meets weak quality (44/100). That raises the risk this is a value trap rather than a bargain. The price sits below our cautious bear case: the market assumes less than even our pessimistic scenario. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Where does the earnings growth of Tbea Co Ltd (600089) come from?
Earnings per share at Tbea Co Ltd grew +20.2 % a year from 2013 to 2024. Broken into its drivers: revenue per share +10.0 %, EBIT margin +14.9 %, tax rate −0.9 %, residual (interest, one-offs) −4.0 %. 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 Tbea Co Ltd
How large is the market capitalisation of Tbea Co Ltd (600089)?
The market capitalisation of Tbea Co Ltd is 93.5B CNY (≈ $14.0B). 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 Tbea Co Ltd (600089)?
The price-to-sales ratio of Tbea Co Ltd is 0.89 (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 Tbea Co Ltd (600089)?
Earnings per share at Tbea Co Ltd are ¥1.04 (price ÷ EPS = P/E 17.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Tbea Co Ltd (600089)?
The dividend yield of Tbea Co Ltd is 1.9% (payout 34.6%). 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 Tbea Co Ltd (600089)?
The net margin of Tbea Co Ltd is 5.1% (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 Tbea Co Ltd (600089)?
The return on equity (ROE) of Tbea Co Ltd is 5.5% (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 Tbea Co Ltd (600089)?
On an EBIT basis the return on assets of Tbea Co Ltd is 8.0% (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 Tbea Co Ltd (600089)?
The operating margin of Tbea Co Ltd is 6.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Tbea Co Ltd (600089)?
Revenue at Tbea Co Ltd is growing +26.5% versus a year earlier (3y avg +0.3%). 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 Tbea Co Ltd (600089)?
Earnings per share at Tbea Co Ltd are growing −53.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Tbea Co Ltd (600089) generate?
The free cash flow of Tbea Co Ltd is −12.7B 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 debt does Tbea Co Ltd (600089) carry?
The net debt of Tbea Co Ltd is 16.6B CNY (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 6, 2026