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Zhejiang Orient Holdings (600120) Fair Value & Analysis

Consumer Cyclical · CN · Market cap 17.7B CNY

ZO Zhejiang Orient Holdings 600120 · SHG
Price¥5.12
Fair Value¥2.21
Upside-56.8%
Quality46/100
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Mixed Growth
Highly profitable · 55.7% net margin
Low debt · generates free cash flow
1.62% dividend yield
Trails peers (5/13)
Narrow moat 41/100
Evidence: High Range ¥1.71 – ¥2.93 Share as image

Fair value as of: Aug 6, 2026

From 24 valuation models · updated 4 days ago

Fair value updated Aug 6, 2026, revised from ¥2.33 to ¥2.21 (−5.2%) since Jul 11, 2026. Share price +1.2% over the past month.

Below-average quality, and screening another 57% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (¥2.93). The favourable scenario is already priced in.
  • Solid but not exceptional quality (46/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

¥9.03 ¥3.12 Fair Value ¥2.21 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 ¥3.12 – ¥9.03 · fair‑value band ¥1.71 – ¥2.93 · the ¥5.12 price screens above the ¥2.21 fair value. Dashed = 300-day average. As of Aug 6, 2026.

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Analysis

Zhejiang Orient Holdings (600120) currently trades at ¥5.12, while our model-based Fair Value estimate is ¥2.21, implying the stock looks roughly 56.8% overvalued today. The Quality Score stands at 46/100 (below-average 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, Zhejiang Orient Holdings generated revenue of 1.7B CNY at a net margin of 55.7%. Revenue grew 7.8% year over year. It earns a return on equity of 5.0%. Net debt stands at 3.1B CNY. Fundamentals as of Aug 6, 2026

Our scenario range runs from ¥1.71 (bear case) to ¥2.93 (bull case); at ¥5.12, 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 34% below its 52-week high and 18% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -3% fair-value upside, at -57%, 600120 screens richer 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 ¥2.11 ¥2.85 ¥4.18 80
Residual Income ¥3.79 ¥3.89 ¥3.88 76
Rev-Margin DCF ¥0.9500 ¥1.21 ¥1.56 74
All 24 models by family
DCF Models
FCF DCF ¥2.02 ¥2.78 ¥4.27 38
Owner Earnings ¥3.02 ¥4.13 ¥6.33 31
5Y Revenue Exit ¥0.9500 ¥1.16 ¥1.47 39
5Y EBITDA Exit ¥1.49 ¥2.08 ¥2.89 41
5Y P/E Exit ¥3.13 ¥4.88 ¥7.02 38
10Y Revenue Exit ¥1.34 ¥1.57 ¥1.80 36
10Y EBITDA Exit ¥1.68 ¥2.17 ¥2.69 37
10Y P/E Exit ¥2.69 ¥3.98 ¥5.29 35
Earnings-Based
Graham-Dodd ¥1.86 ¥2.84 ¥3.39 54
EPV ¥0.7800 ¥0.9200 ¥1.05 59
Dividend Discount
Gordon GGM ¥1.13 ¥1.31 ¥1.53 70
DDM Multi-Stage ¥1.13 ¥1.48 ¥1.93 61
Multiples
P/E Multiple ¥4.52 ¥6.02 ¥7.53 63
P/S Multiple ¥0.4300 ¥0.5700 ¥0.7200 58
P/B Multiple ¥3.49 ¥4.65 ¥5.82 55
EV/EBIT ¥1.27 ¥1.72 ¥2.17 53
EV/EBITDA ¥1.37 ¥1.85 ¥2.33 54
EV/Revenue ¥0.3300 ¥0.5000 ¥0.6700 43
Asset-Based
NCAV (Graham) ¥2.42 ¥3.24 ¥4.83 50
Growth DCF
Growth DCF ¥2.11 ¥2.85 ¥4.18 80
Rev-Margin DCF ¥0.9500 ¥1.21 ¥1.56 74
Economic Profit
Residual Income ¥3.79 ¥3.89 ¥3.88 76
ROIC Compounder ¥0.7800 ¥0.9200 ¥1.05 72
Growth Earnings
Growth-Adj P/E ¥3.18 ¥4.55 ¥5.91 68

Widest divergence: Growth Earnings (¥4.55) versus Earnings-Based (¥0.9200). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 1.7B CNY
Revenue growth (YoY) +7.8%
Net margin 55.7%
Return on equity 5.0%
Free cash flow 720M CNY FY2025
P/E ratio 18.5
More key figures
Operating margin -1.2%
EPS (TTM) ¥0.2800
Dividend yield 1.6%
Net debt 3.1B CNY FY2025

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

Quality Score breakdown

Overall quality 46/100

Of which business quality 47 · Market factors (momentum, volatility) 36

Profitability 33
Margins and returns on capital today
Quality Growth 29
Are margins and returns improving?
Cashflow 79
Earnings quality: real cash, not paper profit
Fin. Strength 31
Balance sheet, leverage, solvency risk
Investment 62
Disciplined investing over empire-building
Low Volatility 79
Calm price path (market factor)
Momentum 17
Price trend over the last 3–12 months (market factor)
52W Momentum 19
Distance to the 52-week high (market factor)
Net Issuance 51
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

Zhejiang Orient Holdings Group Co., Ltd. engages in the financial and quasi-financial businesses in the People's Republic of China.

Full company description

Zhejiang Orient Holdings Group Co., Ltd. engages in the financial and quasi-financial businesses in the People's Republic of China. The company offers commodity and financial futures brokerage, futures investment, consulting, asset management, risk management, and overseas financial services; and life insurance, health insurance, and accident insurance products. It is also involved in trust, reinsurance, and fund investment businesses; managing VC, PE, government-guided funds, and PIPE funds; and develops various strategies, covering fund of funds, long-only equity, offline IPO, discretionary futures, and quantitative strategies. In addition, the company provides asset management and investment management; financial leasing, operating leasing, lease transaction consulting, commercial factoring; and core wealth collaboration platform. The company was formerly known as Zhejiang Orient Financial Holdings Group Co., Ltd. and changed its name to Zhejiang Orient Holdings Group Co., Ltd. in December 2025. Zhejiang Orient Holdings Group Co., Ltd. was founded in 1988 and is based in Hangzhou, the People's Republic of China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Zhejiang Orient Holdings reported revenue of ¥1.6B in FY2025 versus ¥17.7B in FY2021, a compound −44.9%/yr. Reported net income was ¥935M in FY2025, compounding +9.2%/yr from FY2021.

Growth Quality 55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
1.6B CNY
Avg. growth/yr (3Y)
−22.6%
Avg. growth/yr (5Y)
−6.9%
Avg. growth/yr (30Y)
+5.8%
Revenue −44.9%/yr
FY21 ¥17.7B
FY22 ¥19.9B
FY23 ¥16.2B
FY24 ¥8.2B
FY25 ¥1.6B
Net income +9.2%/yr
FY21 ¥656M
FY22 ¥947M
FY23 ¥536M
FY24 ¥936M
FY25 ¥935M

600120 screens 57% overvalued. Compare with Shenzhou International Group →

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Cite: Fair Value Calculator (2026). "Zhejiang Orient Holdings Fair Value". https://www.fairvalue-calculator.com/stock/600120

Peer Group

Textile Manufacturing · 309 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 46 · Below median
Fair Value upside −57% · Below median
Return on equity (TTM) 5% · Above median
Return on assets -1% · Bottom 25%
Net margin (TTM) 56% · Top 25%
Operating margin (TTM) -1% · Bottom 25%
Revenue growth 8% · Above median
Dividend yield (TTM) 1.6% · Below median
Debt / equity 0.46× · Higher than 75% of peers

Valuation Multiples vs Textile Manufacturing median · lower = cheaper

P/E (TTM) 18.5× · Cheaper than median
P/B 1.07× · Cheaper than median
P/S (TTM) 10.64× · Pricier than 75% of peers
P/FCF 3.6× · Pricier than 75% of peers

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 0 · sector 11
FUTURE 39 · sector 0
PAST 20 · sector 14
HEALTH 77 · sector 95
DIVIDEND 32 · sector 34

VALUE 0: the price sits above our fair-value range.

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

Stock Price Fair Value vs Fair Value
Shenzhou International Group 2313 HK$44.40 HK$75.65 +70%
Tongkun Group 601233 ¥23.56 ¥14.53 -38%
Inner Mongolia ERDOS Resources Co 600295 ¥12.04 ¥14.35 +19%
HMT (Xiamen) New Technical Materials Co 603306 ¥91.75 ¥12.85 -86%
Far Eastern New Century Corporation 1402 27.55 TWD 28.72 TWD +4%
K.P.R. Mill Limited KPRMILL ₹1,083 ₹467.49 -57%
Vardhman Textiles Limited VTL ₹602.20 ₹437.53 -27%
Isiklar Enerji ve Yapi Holding IEYHO 174.20 TRY 323.84 TRY +86%
Shandong Fiberglass Group 605006 ¥16.75 ¥6.42 -62%
Bros Eastern.,Ltd 601339 ¥8.08 ¥7.87 -3%

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Frequently asked questions

Is Zhejiang Orient Holdings (600120) overvalued or undervalued?
As of Aug 6, 2026, our model estimates a fair value of ¥2.21 versus a price of ¥5.12, about −57% (overvalued).
What is the fair value of 600120?
Our model-based fair value for Zhejiang Orient Holdings is ¥2.21 (as of Aug 6, 2026), built from audited fundamentals. The current price is ¥5.12.
What is the quality score of 600120?
Zhejiang Orient Holdings has a Quality Score of 46/100. 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 Zhejiang Orient Holdings (600120)?
Zhejiang Orient Holdings reported trailing-twelve-month revenue of about 1.7B CNY (latest available figure, as of Aug 6, 2026).
What is the net profit margin of 600120?
The net profit margin of Zhejiang Orient Holdings is about 55.7%, meaning it keeps roughly 55.7% of revenue as net income. Based on the latest reported figures.
Does Zhejiang Orient Holdings pay a dividend?
Zhejiang Orient Holdings currently shows a dividend yield of about 1.92% 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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