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Shanghai Tianchen Co (600620) Fair Value & Analysis

Real Estate · CN · Market cap 2.9B CNY

ST Shanghai Tianchen Co 600620 · SHG
Price¥4.33
Fair Value¥0.8300
Upside-80.8%
Quality36/100
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Mixed Growth
Thin margins · 2.0% net margin
Low debt · negative free cash flow
0.22% dividend yield
Trails peers (2/13)
Narrow moat 17/100
Evidence: High Range ¥0.6700 – ¥0.9800 Share as image

Fair value as of: Aug 9, 2026

From 9 valuation models · updated yesterday

Share price +8.5% over the past month.

Below-average quality, and screening another 81% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (¥0.9800). The favourable scenario is already priced in.
  • Weak quality (36/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

¥13.75 ¥3.82 Fair Value ¥0.8300 Mar 2021 Aug 2026

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 ¥3.82 – ¥13.75 · fair‑value band ¥0.6700 – ¥0.9800 · the ¥4.33 price screens above the ¥0.8300 fair value. Dashed = 300-day average. As of Aug 9, 2026.

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Analysis

Shanghai Tianchen Co (600620) currently trades at ¥4.33, while our model-based Fair Value estimate is ¥0.8300, implying the stock looks roughly 80.8% overvalued today. The Quality Score stands at 36/100 (below-average quality), in the Real Estate 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, Shanghai Tianchen Co generated revenue of 306M CNY at a net margin of 2.0%. Revenue grew 9.2% year over year. It earns a return on equity of 0.4%. The balance sheet holds a net cash position of 219M CNY. Fundamentals as of Aug 9, 2026

Our scenario range runs from ¥0.6700 (bear case) to ¥0.9800 (bull case); at ¥4.33, 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 49% below its 52-week high, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -30% fair-value upside, at -81%, 600620 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
Residual Income ¥1.44 ¥1.36 ¥1.00 76
Gordon GGM ¥0.1700 ¥0.3300 ¥0.5000 70
DDM Multi-Stage ¥0.1700 ¥0.2900 ¥0.3500 61
All 9 models by family
Dividend Discount
Gordon GGM ¥0.1700 ¥0.3300 ¥0.5000 70
DDM Multi-Stage ¥0.1700 ¥0.2900 ¥0.3500 61
Multiples
P/S Multiple ¥0.3500 ¥0.4700 ¥0.5900 58
P/B Multiple ¥0.3500 ¥0.4700 ¥0.5900 55
EV/EBIT ¥0.7200 ¥0.9300 ¥1.15 53
EV/EBITDA ¥0.9500 ¥1.24 ¥1.54 54
EV/Revenue ¥0.4300 ¥0.5800 ¥0.7300 43
Asset-Based
NCAV (Graham) ¥1.06 ¥1.42 ¥2.12 50
Economic Profit
Residual Income ¥1.44 ¥1.36 ¥1.00 76

Widest divergence: Asset-Based (¥1.42) versus Dividend Discount (¥0.2900). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 306M CNY
Revenue growth (YoY) +9.2%
Net margin 2.0%
Return on equity 0.4%
Free cash flow −508M CNY FY2025
P/E ratio 419.0
More key figures
Operating margin -11.8%
EPS (TTM) ¥0.0100
Dividend yield 0.2%
EPS growth (YoY) -30.0%
Net cash 219M CNY FY2024

Figures from reported company fundamentals · as of Aug 9, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 36/100

Of which business quality 35 · Market factors (momentum, volatility) 29

Profitability 17
Margins and returns on capital today
Quality Growth 46
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 50
Balance sheet, leverage, solvency risk
Investment 78
Disciplined investing over empire-building
Low Volatility 79
Calm price path (market factor)
Momentum 8
Price trend over the last 3–12 months (market factor)
52W Momentum 7
Distance to the 52-week high (market factor)
Net Issuance 47
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

Shanghai Tianchen Co.,Ltd, together with its subsidiaries, provides taxi passenger transportation services in China. It also engages in real estate decoration business; sales and construction of tianchen health city project; and property management business. The company sells and leases real estate properties.

Full company description

Shanghai Tianchen Co.,Ltd, together with its subsidiaries, provides taxi passenger transportation services in China. It also engages in real estate decoration business; sales and construction of tianchen health city project; and property management business. The company sells and leases real estate properties. Shanghai Tianchen Co.,Ltd was formerly known as Shanghai Union Agricultural Co., Ltd. The company was founded in 1992 and is based in Shanghai, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Shanghai Tianchen Co reported revenue of ¥299M in FY2025 versus ¥41.8M in FY2021, a compound +63.5%/yr. Reported net income was ¥19.0M in FY2025, compounding −37.3%/yr from FY2021.

Growth Quality 44/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
299M CNY
Latest YoY
−12.5%
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.
+7.0%
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.
+52.0%
Avg. growth/yr (33Y) 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.
+5.5%
Revenue +63.5%/yr
FY21 ¥41.8M
FY22 ¥244M
FY23 ¥297M
FY24 ¥342M
FY25 ¥299M
Net income −37.3%/yr
FY21 ¥123M
FY22 ¥35.9M
FY23 ¥21.8M
FY24 ¥32.1M
FY25 ¥19.0M
Character of growth · EPS growth decomposed (2013-2024) −11.8 % p.a.
Revenue per share +23.6 pp

of which total revenue +25.1 pp · buybacks/dilution −1.5 pp

EBIT margin −26.7 pp
Tax rate −1.5 pp
Residual (interest, one-offs) −7.1 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

600620 screens 81% overvalued. Compare with Swiss Prime Site AG →

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Cite: Fair Value Calculator (2026). "Shanghai Tianchen Co Fair Value". https://www.fairvalue-calculator.com/stock/600620

Peer Group

Real Estate - Diversified · 137 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 36 · Bottom 25%
Fair Value upside −81% · Bottom 25%
Return on equity (TTM) 0% · Below median
Return on assets 0% · Bottom 25%
Net margin (TTM) 2% · Below median
Operating margin (TTM) -12% · Bottom 25%
Revenue growth 9% · Above median
Dividend yield (TTM) 0.2% · Below median
Debt / equity 0.16× · Lower than median

Valuation Multiples vs Real Estate - Diversified median · lower = cheaper

P/E (TTM) 419.0× · Pricier than 75% of peers
P/B 1.98× · Pricier than 75% of peers
P/S (TTM) 9.42× · Pricier than 75% of peers
EV/EBITDA 96.1× · 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 46
FUTURE 46 · sector 32
PAST 2 · sector 17
HEALTH 92 · sector 75
DIVIDEND 4 · sector 45

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.

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.

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10 more Real Estate - Diversified stocks, each showing price versus our Fair Value estimate (as of Aug 9, 2026).

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Frequently asked questions

Is Shanghai Tianchen Co (600620) overvalued or undervalued?
As of Aug 9, 2026, our model estimates a fair value of ¥0.8300 versus a price of ¥4.33, about −81% (overvalued).
What is the fair value of 600620?
Our model-based fair value for Shanghai Tianchen Co is ¥0.8300 (as of Aug 9, 2026), built from audited fundamentals. The current price is ¥4.33.
What is the quality score of 600620?
Shanghai Tianchen Co has a Quality Score of 36/100. 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 Shanghai Tianchen Co (600620)?
Shanghai Tianchen Co reported trailing-twelve-month revenue of about 306M CNY (latest available figure, as of Aug 9, 2026).
What is the net profit margin of 600620?
The net profit margin of Shanghai Tianchen Co is about 2.0%, meaning it keeps roughly 2.0% of revenue as net income. Based on the latest reported figures.
Does Shanghai Tianchen Co pay a dividend?
Shanghai Tianchen Co currently shows a dividend yield of about 0.22% relative to its recent price (as of Aug 9, 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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