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Shanghai AJ Group Co Ltd (600643) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Shanghai AJ Group Co Ltd ¥3.82, price ¥4.03, upside -5.2%, quality 38 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Financial Services · CN · ISIN CNE0000008S7

SA Thin data Sep 23, 2026

Shanghai AJ Group Co Ltd

600643 · SHG

Low PriorityFair Value upside is limited and quality is weak.

·Fair value ¥3.82 · Fairly valued (−5%)
!Quality 38/100
!Weak Growth (revenue 5y −18.5 %/yr)
!Loss-making · -146.4% net margin (TTM)
!Low debt · negative free cash flow
!Trails peers (3/11)
!Narrow moat 18/100
!Evidence only low, so the estimate is less certain
!Weak on valuation: 26 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

¥8.16 ¥3.70 Fair Value ¥3.82 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.

How to read this chart

60‑month range ¥3.70 – ¥8.16 · fair‑value band ¥2.46 – ¥5.28 · the ¥4.03 price screens above the ¥3.82 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.

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Company profile

Shanghai Aj Group Co.,Ltd provides wealth and asset management services primarily for the financial industry in China. It offers investment management, business and technical consulting, technical, property, engineering management, and enterprise management consulting.

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Shanghai Aj Group Co.,Ltd provides wealth and asset management services primarily for the financial industry in China. It offers investment management, business and technical consulting, technical, property, engineering management, and enterprise management consulting. The company also provides industrial investment; domestic and international freight forwarding; domestic trade agency; parking and advertising services, as well as trust, securities, financial leasing, and private equity investment services. It is also involved in import and export of goods and technology; wholesale of jewelry; and sale of gold and silver products. The company was formerly known as Shanghai Industrial and Commercial Aiguo Construction Company. Shanghai Aj Group Co.,Ltd was founded in 1979 and is headquartered in Shanghai, China.

Stock analysis

Shanghai AJ Group Co Ltd (600643) currently trades at ¥4.03, while our model-based Fair Value estimate is ¥3.82, implying the stock looks roughly 5.5% fairly valued today.

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Valuation

Bull case: the Asset-Based group reads highest at a median of ¥4.13 per share, and 1 of the 3 models we run sit above the ¥4.03 price.

Bear case: the Dividend Discount group reads lowest at ¥3.46, and 2 of the 3 models stay below the price. Evidence for this calculation is low.

Scenario range: ¥2.46 (bear) to ¥5.28 (bull), the price of ¥4.03 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 38/100 (below-average quality), in the Financial Services sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Shanghai AJ Group Co Ltd reported revenue of 1.6B CNY in FY2025 versus 4.3B CNY in FY2021, a compound −22.4%/yr. Reported net income was −1.9B CNY in FY2025.

Key figures

Market cap 6.4B CNY (≈ $959M) · P/S ratio 4.71 · EPS (TTM) ¥−1.26 · Dividend yield 7.1% · Net margin −122% · Return on equity −18.5% · Return on assets (EBIT) 1.4% · Operating margin 15.6%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (low confidence).

What moves the price

The share trades about 31% below its 52-week high and 9% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −4% fair-value upside, at −5%, 600643 screens richer than that median.

Fair Value models

Bear ¥2.46 Fair Value ¥3.82 Bull ¥5.28
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single 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 ⓘEvidence = 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.
Highest evidence
Gordon GGM ¥2.43 ¥3.75 ¥5.14 68
DDM Multi-Stage ¥2.43 ¥3.46 ¥4.57 67
NCAV (Graham) ¥3.08 ¥4.13 ¥6.16 54
All 3 models by family
Dividend Discount
Gordon GGM ¥2.43 ¥3.75 ¥5.14 68
DDM Multi-Stage ¥2.43 ¥3.46 ¥4.57 67
Asset-Based
NCAV (Graham) ¥3.08 ¥4.13 ¥6.16 54

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Quality Score breakdown

Overall quality 38/100

Of which business quality 39 · Market factors (momentum, volatility) 34

Profitability 1
Margins and returns on capital today
Quality Growth 29
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 41
Balance sheet, leverage, solvency risk
Investment 67
Disciplined investing over empire-building
Low Volatility 74
Calm price path (market factor)
Momentum 22
Price trend over the last 3–12 months (market factor)
52W Momentum 7
Distance to the 52-week high (market factor)
Net Issuance 89
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−20.6%
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.
−19.5%
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.
−18.5%
Start year 2020 (pandemic). Over 10 years: +1.7% a year
Revenue growth 32 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.
+11.4%
Profit margin (trend) ⓘ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.
43.1% (2020) → 5.6% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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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.Asset Management · 659 stocks

Beats the industry median on 3/10 measures
Overall it trails its industry peers.
Valuation
Quality Score 40 · Bottom 25%
Fair Value upside −7% · Below median
Profitability
Return on assets −3% · Bottom 25%
Net margin (TTM) −146% · Bottom 25%
Operating margin (TTM) 15% · Below median
Growth and dividend
Revenue growth −37% · Bottom 25%
Dividend yield (TTM) 7.1% · Top 25%
Balance sheet
Debt / equity 0.26× · Above median

Valuation Multiplesvs Asset Management median · lower = cheaper

P/B 0.10× · Cheapest 25%
P/S (TTM) 0.71× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)26 · sector 55
FUTURE (revenue growth)0 · sector 20
PAST (return on equity)0 · sector 22
HEALTH (low debt)87 · sector 95
DIVIDEND (yield)100 · sector 80

Context: sector, industry, market

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

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Blackstone Inc BX $124.01 $52.88 −57%
Brookfield Corporation BN $37.85 $13.75 −64%
KKR & Co KKR $98.44 $19.97 −80%
Apollo Global Management, Inc APO $124.15 $229.64 +85%
State Street Corporation STT $180.25 $138.33 −23%
Ameriprise Financial, Inc AMP $512.37 $579.51 +13%
Ares Management Corporation ARES $124.72 $119.25 −4%
Northern Trust Corporation NTRS $173.40 $122.02 −30%
Raymond James Financial, Inc RJF $159.39 $312.27 +96%
T. Rowe Price Group TROW $104.17 $208.34 +100%

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Shanghai AJ Group Co Ltd · Fair Value
¥3.82 −5%Fair Value
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Cite: Fair Value Calculator (2026). "Shanghai AJ Group Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/600643

Frequently asked questions

Is Shanghai AJ Group Co Ltd (600643) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of ¥3.82 versus a price of ¥4.03, about −5% upside (fairly valued).
What is the fair value of 600643?
Our model-based fair value for Shanghai AJ Group Co Ltd is ¥3.82 (as of Sep 23, 2026), built from audited fundamentals. The current price: ¥4.03.
What is the quality score of 600643?
Shanghai AJ Group Co Ltd has a Quality Score of 38/100. 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 Shanghai AJ Group Co Ltd (600643)?
Our model-based price target is the fair value of ¥3.82 (as of Sep 23, 2026) from 3 valuation models. Cautious scenario ¥2.46, optimistic scenario ¥5.28. It is a calculation from audited fundamentals, not an analyst target.
What is the Shanghai AJ Group Co Ltd stock forecast for 2026?
Our models put fair value at ¥3.82, about −5% upside versus a price of ¥4.03 (fairly valued). Cautious scenario ¥2.46, optimistic scenario ¥5.28. The calculation is refreshed regularly with new filings.
What is the revenue of Shanghai AJ Group Co Ltd (600643)?
Shanghai AJ Group Co Ltd reported trailing-twelve-month revenue of about 1.4B CNY (latest available figure, as of Sep 23, 2026).
Does Shanghai AJ Group Co Ltd pay a dividend?
Shanghai AJ Group Co Ltd currently shows a dividend yield of about 7.06% relative to its recent price (as of Sep 23, 2026).
What is the intrinsic value of Shanghai AJ Group Co Ltd (600643)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Shanghai AJ Group Co Ltd it is ¥3.82 per share (as of Sep 23, 2026), against a price of ¥4.03. It is the blended result of 3 valuation models (cash flow, earnings, asset, dividend).
Is Shanghai AJ Group Co Ltd stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 600643 trades above its calculated fair value: price ¥4.03, fair value ¥3.82, a gap of about −5% (fairly valued). 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 600643?
No. The price is what the market pays today (¥4.03); the fair value is what the company's own numbers justify (¥3.82). For Shanghai AJ Group Co Ltd the two are ¥0.2100 per share apart. That gap is exactly why we show both numbers side by side.
How much is Shanghai AJ Group Co Ltd worth?
The market values Shanghai AJ Group Co Ltd at about 6.4B CNY (market capitalisation, as of Sep 23, 2026). Per share that is ¥4.03; our models calculate a fair value of ¥3.82 per share.
What do the bullish and bearish scenarios say about 600643?
Our models span a range for Shanghai AJ Group Co Ltd: cautious scenario ¥2.46, base ¥3.82, optimistic ¥5.28 per share (as of Sep 23, 2026, price ¥4.03). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Shanghai AJ Group Co Ltd (600643)?
Balance-sheet figures for Shanghai AJ Group Co Ltd (as of Sep 23, 2026): return on equity −18.5%, debt of 0.26 per unit of equity. They feed the Quality Score of 38/100, which measures business quality independently of the share price.
How far is 600643 from its 52-week high?
Shanghai AJ Group Co Ltd trades at ¥4.03, about 31% below its 52-week high of ¥5.82 and 9% above the low of ¥3.71 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of ¥3.82 is for.
Which stocks are comparable to Shanghai AJ Group Co Ltd?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, KKR & Co, Apollo Global Management, Inc, 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 Shanghai AJ Group Co Ltd stock attractive at the current price?
The data as of Sep 23, 2026: price ¥4.03, calculated fair value ¥3.82 (−5%), Quality Score 38/100, from 3 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 600643 calculated?
We run Shanghai AJ Group Co Ltd through 3 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ¥3.82, 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 14.1 % above its aggregate fair value. Shanghai AJ Group 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 Shanghai AJ Group Co Ltd (600643)?
The closing price on Sep 23, 2026 was ¥4.03. Our model-based fair value is ¥3.82, about −5% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Shanghai AJ Group Co Ltd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (¥2.46 to ¥5.28) leaves room in how you read the outcome. 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.
Where does the earnings growth of Shanghai AJ Group Co Ltd (600643) come from?
Earnings per share at Shanghai AJ Group Co Ltd grew −7.9 % a year from 2013 to 2024. Broken into its drivers: revenue per share +9.7 %, EBIT margin −14.0 %, tax rate −2.1 %, residual (interest, one-offs) −0.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Shanghai AJ Group Co Ltd

How large is the market capitalisation of Shanghai AJ Group Co Ltd (600643)?
The market capitalisation of Shanghai AJ Group Co Ltd is 6.4B CNY (≈ $959M). 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 Shanghai AJ Group Co Ltd (600643)?
The price-to-sales ratio of Shanghai AJ Group Co Ltd is 4.71 (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 Shanghai AJ Group Co Ltd (600643)?
Earnings per share at Shanghai AJ Group Co Ltd are ¥−1.26. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Shanghai AJ Group Co Ltd (600643)?
The dividend yield of Shanghai AJ Group Co Ltd is 7.1%. 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 Shanghai AJ Group Co Ltd (600643)?
The net margin of Shanghai AJ Group Co Ltd is −122% (fiscal year 2025). 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 Shanghai AJ Group Co Ltd (600643)?
The return on equity (ROE) of Shanghai AJ Group Co Ltd is −18.5% (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 Shanghai AJ Group Co Ltd (600643)?
On an EBIT basis the return on assets of Shanghai AJ Group Co Ltd is 1.4% (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 Shanghai AJ Group Co Ltd (600643)?
The operating margin of Shanghai AJ Group Co Ltd is 15.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Shanghai AJ Group Co Ltd (600643)?
Revenue at Shanghai AJ Group Co Ltd is growing −36.8% versus a year earlier (3y avg −19.5%). 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 Shanghai AJ Group Co Ltd (600643)?
Earnings per share at Shanghai AJ Group Co Ltd are growing −91.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Shanghai AJ Group Co Ltd (600643) generate?
The free cash flow of Shanghai AJ Group Co Ltd is −5.2B 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 debt does Shanghai AJ Group Co Ltd (600643) carry?
The net debt of Shanghai AJ Group Co Ltd is 3.7B CNY (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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