Southwest Securities Co Ltd (600369) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Southwest Securities Co Ltd stock ¥2.96, price ¥3.91, that is 24.3% below the price, quality 48 out of 100. Rating: overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range ¥3.43 – ¥5.56 · fair‑value band ¥2.60 – ¥3.92 · the ¥3.91 price screens above the ¥2.96 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 5, 2026.
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Southwest Securities Co., Ltd. operates as a securities company in China. The company operates through Securities Brokerage, Proprietary Securities Trading, Investment Banking, Asset Management, and Other Businesses segments.
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It is involved in buying and selling of securities; sale of financial products, margin trading, and stock transactions; pledging, repurchase agreements, stock options, institutional brokerage, investment advisory, futures IB, and equity incentive financing; and investment and trading in equity, fixed-income, derivatives, and other financial products.
The company also offers equity financing, bond financing, M&A restructuring financial advisory, and listing services; investment management services; and think tank support to local governments and industrial groups.
In addition, it engages in the market making and other related businesses; and futures brokerage and risk management businesses. The company was founded in 1990 and is headquartered in Chongqing, China.
Stock analysis
Southwest Securities Co Ltd (600369) currently trades at ¥3.91, while our model-based Fair Value estimate is ¥2.96, 24% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of ¥3.46 per share, and 1 of the 6 models we run sit above the ¥3.91 price.
Bear case: the Dividend Discount group reads lowest at ¥1.78, and 5 of the 6 models stay below the price. Data coverage for this calculation is low.
Scenario range: ¥2.60 (bear) to ¥3.92 (bull), the price of ¥3.91 sits inside 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 48/100 (below-average quality), in the Financial Services sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Southwest Securities Co Ltd reported revenue of 2.9B CNY in FY2025 versus 4.0B CNY in FY2021, a compound −7.5%/yr. Reported net income was 1.1B CNY in FY2025, compounding +0.6%/yr from FY2021.
Key figures
Market cap 26.0B CNY (≈ $3.9B) Mid · P/E ratio 20.6 · P/S ratio 7.01 · EPS (TTM) ¥0.1900 · Dividend yield 2.7% · Net margin 33.6% · Return on equity 4.8% · Return on assets (EBIT) 0.9% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 55 out of 100 (medium confidence).
What moves the price
The share trades about 18% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −11% fair-value upside, at −24%, 600369 screens richer than that median.
Fair Value models
Bear¥2.60Fair Value ¥2.96Bull¥3.92
Price ¥3.91 · Downside -24.3%
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 (¥0.0718 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.11/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−10.5%
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.
+3.5%
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.
−6.6%
Start year 2020 (pandemic). Over 10 years: −9.8% a year
Revenue growth 28 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.
+12.0%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+0.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−2.3%
Dividend (yield on the price)2.7%
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.−2.3% vs −4.0%, steady
Profit margin 2019 to 2024 ⓘ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.23% → 26%
2025 sits 78% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 2.5%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Compare Southwest Securities Co Ltd with another stock
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.Capital Markets · 384 stocks
Beats the industry median on 5/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score48 · Below median
Fair Value upside−24.3% · Below median
Profitability
Return on equity (12 months)4.8% · Below median
Return on assets1.0% · Below median
Net margin (12 months)33.6% · Above median
Operating margin (12 months)32.2% · Above median
Growth and dividend
Revenue growth (quarter YoY)45.5% · Top 25%
Dividend yield (12 months)2.7% · Above median
Balance sheet
Debt / equity0.25× · Above median
Valuation Multiplesvs Capital Markets median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Southwest Securities Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/600369
Frequently asked questions
Is Southwest Securities Co Ltd (600369) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of ¥2.96 versus a price of ¥3.91, about 24% lower (overvalued).
What is the fair value of 600369?
Our model-based fair value for Southwest Securities Co Ltd is ¥2.96 (as of Nov 5, 2026), built from audited fundamentals. The current price: ¥3.91.
What is the quality score of 600369?
Southwest Securities Co Ltd has a Quality Score of 48/100. 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 Southwest Securities Co Ltd (600369)?
Our model-based price target is the fair value of ¥2.96 (as of Nov 5, 2026) from 6 valuation models. Cautious scenario ¥2.60, optimistic scenario ¥3.92. It is a calculation from audited fundamentals, not an analyst target.
What is the Southwest Securities Co Ltd stock forecast for 2026?
Our models put fair value at ¥2.96, about 24% lower versus a price of ¥3.91 (overvalued). Cautious scenario ¥2.60, optimistic scenario ¥3.92. The calculation is refreshed regularly with new filings.
What is the revenue of Southwest Securities Co Ltd (600369)?
Southwest Securities Co Ltd reported trailing-twelve-month revenue of about 3.7B CNY (latest available figure, as of Nov 5, 2026).
Does Southwest Securities Co Ltd pay a dividend?
Southwest Securities Co Ltd currently shows a dividend yield of 2.71% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of Southwest Securities Co Ltd (600369) and when is the ex-dividend date?
Southwest Securities Co Ltd pays a dividend of ¥0.106 per share a year, a dividend yield of 2.7%. The last ex-dividend date was Oct 14, 2026. The payout ratio is 55.8% of earnings. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What is the intrinsic value of Southwest Securities Co Ltd (600369)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Southwest Securities Co Ltd it is ¥2.96 per share (as of Nov 5, 2026), against a price of ¥3.91. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Southwest Securities Co Ltd stock overvalued or undervalued in 2026?
As of Nov 5, 2026, 600369 trades above its calculated fair value: price ¥3.91, fair value ¥2.96, a gap of about −24% (overvalued). 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 600369?
No. The price is what the market pays today (¥3.91); the fair value is what the company's own numbers justify (¥2.96). For Southwest Securities Co Ltd the two are ¥0.9500 per share apart. That gap is exactly why we show both numbers side by side.
How much is Southwest Securities Co Ltd worth?
The market values Southwest Securities Co Ltd at about 26.0B CNY (market capitalisation, as of Nov 5, 2026). Per share that is ¥3.91; our models calculate a fair value of ¥2.96 per share.
What do the bullish and bearish scenarios say about 600369?
Our models span a range for Southwest Securities Co Ltd: cautious scenario ¥2.60, base ¥2.96, optimistic ¥3.92 per share (as of Nov 5, 2026, price ¥3.91). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 600369?
Southwest Securities Co Ltd trades at a price-to-earnings ratio of 20.6 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥2.96 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 40.5. Other multiples: P/B 1.0, P/S 7.0.
How solid is the balance sheet of Southwest Securities Co Ltd (600369)?
Balance-sheet figures for Southwest Securities Co Ltd (as of Nov 5, 2026): return on equity 4.8%, debt of 0.25 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is 600369 from its 52-week high?
Southwest Securities Co Ltd trades at ¥3.91, about 18% below its 52-week high of ¥4.77 and 6% above the low of ¥3.68 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of ¥2.96 is for.
Which stocks are comparable to Southwest Securities Co Ltd?
From the same area (Financial Services) we also value Morgan Stanley, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, 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 Southwest Securities Co Ltd stock attractive at the current price?
The data as of Nov 5, 2026: price ¥3.91, calculated fair value ¥2.96 (−24%), Quality Score 48/100, from 6 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 600369 calculated?
We run Southwest Securities Co Ltd through 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of ¥2.96 builds on their evidence-weighted average, 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 13.0% above its aggregate fair value. Southwest Securities Co Ltd itself currently trades above fair value. 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 Southwest Securities Co Ltd (600369)?
The closing price on Nov 6, 2026 was ¥3.91. Our model-based fair value is ¥2.96, about 24% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Southwest Securities Co Ltd right now?
Weak quality (48/100) and above fair value at the same time, the margin of safety is missing on both counts. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of Southwest Securities Co Ltd
How large is the market capitalisation of Southwest Securities Co Ltd (600369)?
The market capitalisation of Southwest Securities Co Ltd is 26.0B CNY (≈ $3.9B). 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 Southwest Securities Co Ltd (600369)?
The price-to-sales ratio of Southwest Securities Co Ltd is 7.01 (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 Southwest Securities Co Ltd (600369)?
Earnings per share at Southwest Securities Co Ltd are ¥0.1900 (price ÷ EPS = P/E 20.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Southwest Securities Co Ltd (600369)?
The dividend yield of Southwest Securities Co Ltd is 2.7% (payout 55.8%). 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 Southwest Securities Co Ltd (600369)?
The net margin of Southwest Securities Co Ltd is 33.6% (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 Southwest Securities Co Ltd (600369)?
The return on equity (ROE) of Southwest Securities Co Ltd is 4.8% (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 Southwest Securities Co Ltd (600369)?
On an EBIT basis the return on assets of Southwest Securities Co Ltd is 0.9% (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 Southwest Securities Co Ltd (600369)?
The operating margin of Southwest Securities Co Ltd is 32.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Southwest Securities Co Ltd (600369)?
Revenue at Southwest Securities Co Ltd is growing +45.5% versus a year earlier (3y avg +3.5%). 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 Southwest Securities Co Ltd (600369)?
Earnings per share at Southwest Securities Co Ltd are growing +82.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Southwest Securities Co Ltd (600369) generate?
The free cash flow of Southwest Securities Co Ltd is −4.7B 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 cash does Southwest Securities Co Ltd (600369) hold?
Southwest Securities Co Ltd holds more cash than debt, 17.2B CNY net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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Thin data
Nov 5, 2026