Shenzhen Kingdom Sci-Tech Co (600446) Fair Value & Analysis
Technology · CN · Market cap 10.5B CNY
Fair value as of: Aug 9, 2026
From 9 valuation models · updated yesterday
Share price +9.8% over the past month.
A solid business, but screening 64% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (¥5.32). The favourable scenario is already priced in.
- Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (¥2.77 to ¥5.32) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 9, 2026.
How to read this chart
60‑month range ¥8.92 – ¥22.43 · fair‑value band ¥2.77 – ¥5.32 · the ¥11.13 price screens above the ¥4.05 fair value. Dashed = 300-day average. As of Aug 9, 2026.
Analysis
Shenzhen Kingdom Sci-Tech Co (600446) currently trades at ¥11.13, while our model-based Fair Value estimate is ¥4.05, implying the stock looks roughly 63.6% overvalued today. The Quality Score stands at 59/100 (solid quality), in the Technology 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, Shenzhen Kingdom Sci-Tech Co generated revenue of 2.4B CNY at a net margin of -5.2%. Revenue declined 11.3% year over year. It earns a return on equity of -3.2%. Net debt stands at 183M CNY. Fundamentals as of Aug 9, 2026
Our scenario range runs from ¥2.77 (bear case) to ¥5.32 (bull case); at ¥11.13, 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 53% below its 52-week high, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -27% fair-value upside, at -64%, 600446 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.
All 9 models by family
Widest divergence: Growth DCF (¥5.43) versus Dividend Discount (¥0.0700). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 9, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 61 · Market factors (momentum, volatility) 25
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
Shenzhen Kingdom Sci-Tech Co., Ltd engages in financial technology business in China. The company offers securities business integrated service platform, margin trading and securities lending solutions, stock option solutions, publicly offered securities settlement solution, science and technology innovation growth solution, securities lending and borrowing …
Full company description
Shenzhen Kingdom Sci-Tech Co., Ltd engages in financial technology business in China. The company offers securities business integrated service platform, margin trading and securities lending solutions, stock option solutions, publicly offered securities settlement solution, science and technology innovation growth solution, securities lending and borrowing integrated service platform, and QFII investment and trading solutions; and wealth management solutions, such as off-site counter, full commission management, investment advisory trading, asset allocation, product management, institutional wealth management, and wealth account solutions. It also provides integrated operations, institutional operation, business monitoring, and Jin Hutong overall solutions, as well as real time risk control solutions for transactions; various services comprising overall solutions for information technology innovation, new brokerage, domestic cryptographic modification, securities firm mergers and acquisitions, devOps integrated management, non-functional testing, IT consulting and planning, and joint research and design solutions; and technical services. In addition, the company offers KOCA, an open cloud-native technology platform; KOCA-LDP, a low-latency technology platform; KOCA-HARE, a high-speed message bus; KOCA-LCP, a low-code technology platform; KOCA-DIDA, a big data technology platform; and KOCA-AMO, a monitoring and maintenance platform. The company was founded in 1998 and is headquartered in Shenzhen, the People's Republic of China.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Shenzhen Kingdom Sci-Tech Co reported revenue of ¥2.4B in FY2025 versus ¥6.6B in FY2021, a compound −22.3%/yr. Reported net income was −¥168M in FY2025.
600446 screens 64% overvalued. Compare with SAP SE →
Peer Group
Software - Application · 709 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.
Valuation Multiples vs Software - Application median · lower = cheaper
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: 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.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Software - Application stocks, each showing price versus our Fair Value estimate (as of Aug 9, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| SAP SE SAPS | C$12.69 | C$16.26 | +28% |
| Shopify Inc SHOP | C$173.23 | C$20.54 | -88% |
| Uber Technologies, Inc UBER | $72.67 | $51.11 | -30% |
| Salesforce, Inc CRM | $170.77 | $182.10 | +7% |
| ServiceNow, Inc NOW | $107.71 | $33.12 | -69% |
| Cadence Design Systems, Inc CDNS | $384.17 | $80.41 | -79% |
| Snowflake Inc SNOW | $271.87 | $34.04 | -87% |
| Adobe Inc ADBE | $230.61 | $379.48 | +65% |
| Automatic Data Processing, Inc ADP | $241.92 | $177.51 | -27% |
| Intuit Inc INTU | $291.09 | $258.69 | -11% |
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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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