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Shanxi Antai Group (600408) Fair Value & Analysis

Basic Materials · CN · Market cap 2.8B CNY

SA Shanxi Antai Group 600408 · SHG
Price¥2.83
Fair Value¥0.6700
Upside-76.3%
Quality48/100
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Weak Growth
Loss-making · -5.6% net margin
Low debt · generates free cash flow
Mixed vs. peers (6/12)
Narrow moat 11/100
Evidence: Medium Range ¥0.3300 – ¥1.00 Share as image

Fair value as of: Aug 8, 2026

From 10 valuation models · updated 3 days ago

Share price +13.7% over the past month.

Below-average quality, and screening another 76% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (¥1.00). The favourable scenario is already priced in.
  • The model range is unusually wide (¥0.3300 to ¥1.00). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid but not exceptional quality (48/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

¥6.89 ¥1.45 Fair Value ¥0.6700 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 8, 2026.

How to read this chart

60‑month range ¥1.45 – ¥6.89 · fair‑value band ¥0.3300 – ¥1.00 · the ¥2.83 price screens above the ¥0.6700 fair value. Dashed = 300-day average. As of Aug 8, 2026.

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Analysis

Shanxi Antai Group (600408) currently trades at ¥2.83, while our model-based Fair Value estimate is ¥0.6700, implying the stock looks roughly 76.3% overvalued today. The Quality Score stands at 48/100 (below-average quality), in the Basic Materials 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: medium).

Over the trailing twelve months, Shanxi Antai Group generated revenue of 5.2B CNY at a net margin of -5.6%. Revenue grew 18.7% year over year. It earns a return on equity of -21.5%. Net debt stands at 673M CNY. Fundamentals as of Aug 8, 2026

Our scenario range runs from ¥0.3300 (bear case) to ¥1.00 (bull case); at ¥2.83, 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 59% below its 52-week high and 43% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -56% fair-value upside, at -76%, 600408 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 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. Evidence
Highest evidence
Growth DCF ¥1.44 ¥2.09 ¥2.94 80
Rev-Margin DCF ¥1.22 ¥2.02 ¥2.87 74
EV/EBITDA ¥0.5500 ¥0.8900 ¥1.22 54
All 10 models by family
DCF Models
FCF DCF ¥1.38 ¥2.08 ¥3.01 38
5Y Revenue Exit ¥1.22 ¥1.99 ¥2.94 39
5Y EBITDA Exit ¥0.7900 ¥1.24 ¥1.73 41
10Y Revenue Exit ¥1.22 ¥1.91 ¥2.72 36
10Y EBITDA Exit ¥1.01 ¥1.42 ¥1.88 37
Multiples
EV/EBITDA ¥0.5500 ¥0.8900 ¥1.22 54
EV/Revenue ¥1.23 ¥1.95 ¥2.67 43
Asset-Based
NCAV (Graham) ¥0.6000 ¥0.8000 ¥1.20 50
Growth DCF
Growth DCF ¥1.44 ¥2.09 ¥2.94 80
Rev-Margin DCF ¥1.22 ¥2.02 ¥2.87 74

Widest divergence: Growth DCF (¥2.02) versus Asset-Based (¥0.8000). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 5.2B CNY
Revenue growth (YoY) +18.7%
Net margin -5.6%
Return on equity -21.5%
Free cash flow 186M CNY FY2025
Operating margin -1.3%
More key figures
EPS (TTM) ¥-0.2900
EPS growth (YoY) -66.9%
Net debt 673M CNY FY2025

Figures from reported company fundamentals · as of Aug 8, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 48/100

Of which business quality 46 · Market factors (momentum, volatility) 36

Profitability 18
Margins and returns on capital today
Quality Growth 41
Are margins and returns improving?
Cashflow 45
Earnings quality: real cash, not paper profit
Fin. Strength 27
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 27
Price trend over the last 3–12 months (market factor)
52W Momentum 36
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

Shanxi Antai Group Co.,Ltd engages in the production and sale of coke and steel products in China. The company offers h-beams; coke products; and ferrous sulfate, sulfur paste, and other chemical products. It is also involved in the steel section business, as well as manufactures and sale coal washing, coke, pig iron, cement, and electrical products.

Full company description

Shanxi Antai Group Co.,Ltd engages in the production and sale of coke and steel products in China. The company offers h-beams; coke products; and ferrous sulfate, sulfur paste, and other chemical products. It is also involved in the steel section business, as well as manufactures and sale coal washing, coke, pig iron, cement, and electrical products. It also exports its products to the United States, Europe, Japan, and Korea, and internationally. Shanxi Antai Group Co.,Ltd was incorporated in 1993 and is based in Jiexiu, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Shanxi Antai Group reported revenue of ¥5.0B in FY2025 versus ¥13.0B in FY2021, a compound −21.3%/yr. Reported net income was −¥300M in FY2025.

Growth Quality 18/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
5.0B CNY
Latest YoY
−25.3%
Avg. growth/yr (3Y) 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.
−26.8%
Avg. growth/yr (5Y) 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.
−10.7%
Avg. growth/yr (26Y) 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.
+10.8%
Revenue −21.3%/yr
FY21 ¥13.0B
FY22 ¥12.7B
FY23 ¥10.0B
FY24 ¥6.7B
FY25 ¥5.0B
Net income
FY21 ¥283M
FY22 −¥297M
FY23 −¥678M
FY24 −¥335M
FY25 −¥300M

600408 screens 76% overvalued. Compare with PT Alamtri Minerals Indonesia Tbk, →

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Cite: Fair Value Calculator (2026). "Shanxi Antai Group Fair Value". https://www.fairvalue-calculator.com/stock/600408

Peer Group

Coking Coal · 28 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 48 · Above median
Fair Value upside −76% · Bottom 25%
Return on assets -2% · Below median
Net margin (TTM) -6% · Below median
Operating margin (TTM) -1% · Above median
Revenue growth 19% · Above median
Debt / equity 0.39× · Higher than 75% of peers

Valuation Multiples vs Coking Coal median · lower = cheaper

P/B 0.34× · Cheaper than median
P/S (TTM) 0.08× · Cheaper than 75% of peers
P/FCF 2.2× · Cheaper than median
EV/EBITDA 15.5× · Pricier 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 0 · sector 3
FUTURE 94 · sector 18
PAST 0 · sector 0
HEALTH 81 · sector 97
DIVIDEND 0 · sector 11

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

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Coal

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Coking Coal stocks, each showing price versus our Fair Value estimate (as of Aug 8, 2026).

Stock Price Fair Value vs Fair Value
PT Alamtri Minerals Indonesia Tbk, ADMR 1,515 IDR 1,267 IDR -16%
Warrior Met Coal, Inc HCC $78.91 $18.35 -77%
Shanxi Meijin Energy Co 000723 ¥3.34 ¥1.24 -63%
Alpha Metallurgical Resources, Inc AMR $143.80 $45.29 -69%
Shougang Fushan Resources Group 0639 HK$2.39 HK$2.34 -2%
Shanxi Coking Co 600740 ¥3.54 ¥1.75 -51%
Kailuan Energy Chemical Co 600997 ¥5.41 ¥1.72 -68%
Baotailong New Materials Co 601011 ¥2.63 ¥1.91 -27%
SunCoke Energy, Inc SXC $8.37 $3.67 -56%
Ramaco Resources, Inc METC $10.18 $1.80 -82%

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Frequently asked questions

Is Shanxi Antai Group (600408) overvalued or undervalued?
As of Aug 8, 2026, our model estimates a fair value of ¥0.6700 versus a price of ¥2.83, about −76% (overvalued).
What is the fair value of 600408?
Our model-based fair value for Shanxi Antai Group is ¥0.6700 (as of Aug 8, 2026), built from audited fundamentals. The current price is ¥2.83.
What is the quality score of 600408?
Shanxi Antai Group 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 revenue of Shanxi Antai Group (600408)?
Shanxi Antai Group reported trailing-twelve-month revenue of about 5.2B CNY (latest available figure, as of Aug 8, 2026).
What is the net profit margin of 600408?
The net profit margin of Shanxi Antai Group is about -5.6%, meaning it is currently running at a net loss. Based on the latest reported figures.

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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