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Tande Co Ltd (600665) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Tande Co Ltd ¥6.45, price ¥3.47, upside +85.9%, quality 40 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
  3. Add to watchlist

Real Estate · CN · ISIN CNE0000009W7

TC Thin data Sep 24, 2026

Tande Co Ltd

600665 · SHG

Cheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.

✓Fair value ¥6.45 · Strongly undervalued (+86%)
!Quality 40/100
!Weak Growth (revenue 5y +2.8 %/yr)
!Loss-making · -23.5% net margin (TTM)
!High debt · generates free cash flow
!Trails peers (4/11)
!Narrow moat 10/100
!Evidence only low, so the estimate is less certain
!The models disagree: range ¥2.21 to ¥12.28
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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

¥4.97 ¥2.07 Fair Value ¥6.45 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range ¥2.07 – ¥4.97 · fair‑value band ¥2.21 – ¥12.28 · the ¥3.47 price screens below the ¥6.45 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Tande Co., Ltd. engages in the real estate development business in China. It is involved in the development and sale of real estate properties; and property management activities.

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Tande Co., Ltd. engages in the real estate development business in China. It is involved in the development and sale of real estate properties; and property management activities. The company is also engaged in land consolidation services, external contracting projects; landscaping construction; earthwork construction; metal door and window construction; engineering construction; general machinery and equipment installation services; engineering management services; real estate appraisal; counter and booth rental; land use right rental; house demolition services; real estate brokerage; real estate consulting; non-residential real estate rental; and information consulting services. In addition, it offers municipal park management; tourism development project planning and consulting; commercial complex management services; marketing planning; conference and exhibition services; development and operation of rural folk crafts and products, leisure agriculture and rural tourism resources; management of tourist attractions; and recreational activities at small facilities in the district. Further, the company provides nursing institution and health consultation services. The company was incorporated in 1992 and is based in Xi'an, China. Tande Co., Ltd. is a subsidiary of Xi'an Hi-tech Industry Development Zone Real Estate Development Company.

Stock analysis

Tande Co Ltd (600665) currently trades at ¥3.47, while our model-based Fair Value estimate is ¥6.45, implying the stock looks roughly 46.2% undervalued today.

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Valuation

Bull case: the Dividend Discount group reads highest at a median of ¥11.69 per share, and 4 of the 8 models we run sit above the ¥3.47 price.

Bear case: the DCF Models group reads lowest at ¥1.22, and 4 of the 8 models stay below the price. Evidence for this calculation is low.

Scenario range: ¥2.21 (bear) to ¥12.28 (bull), the price of ¥3.47 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 40/100 (below-average quality), in the Real Estate sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Tande Co Ltd reported revenue of 6.1B CNY in FY2025 versus 6.9B CNY in FY2021, a compound −3.2%/yr. Reported net income was −1.3B CNY in FY2025.

Key figures

Market cap 3.0B CNY (≈ $448M) · P/S ratio 0.48 · EPS (TTM) ¥−1.62 · Net margin −21.3% · Return on equity −48.4% · Return on assets (EBIT) 0.8% · Operating margin −6.1% · Revenue (TTM) 5.9B CNY.

Competitive moat

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

What moves the price

The share trades about 15% below its 52-week high and 30% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Real Estate peers we cover trades at −37% fair-value upside, at 86%, 600665 screens cheaper than that median.

Fair Value models

Bear ¥2.21 Fair Value ¥6.45 Bull ¥12.28
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
FCF DCF ¥2.22 ¥6.89 ¥13.58 74
Growth DCF ¥2.18 ¥6.47 ¥12.32 73
5Y EBITDA Exit n/a ¥0.3100 ¥2.42 72
All 10 models by family
DCF Models
FCF DCF ¥2.22 ¥6.89 ¥13.58 74
5Y Revenue Exit n/a n/a ¥0.9000 69
5Y EBITDA Exit n/a ¥0.3100 ¥2.42 72
10Y Revenue Exit n/a ¥1.22 ¥3.33 64
10Y EBITDA Exit n/a ¥1.87 ¥4.44 65
Dividend Discount
Gordon GGM ¥7.10 ¥12.79 ¥17.61 68
DDM Multi-Stage ¥7.10 ¥11.69 ¥13.67 67
Asset-Based
NCAV (Graham) ¥0.9100 ¥1.22 ¥1.82 54
Growth DCF
Growth DCF ¥2.18 ¥6.47 ¥12.32 73
Rev-Margin DCF n/a n/a ¥1.31 69

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Quality Score breakdown

Overall quality 40/100

Of which business quality 39 · Market factors (momentum, volatility) 52

Profitability 3
Margins and returns on capital today
Quality Growth 15
Are margins and returns improving?
Cashflow 62
Earnings quality: real cash, not paper profit
Fin. Strength 8
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 61
Calm price path (market factor)
Momentum 48
Price trend over the last 3–12 months (market factor)
52W Momentum 46
Distance to the 52-week high (market factor)
Net Issuance 82
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. 35/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−43.3%
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.
−16.7%
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.
+2.8%
Start year 2020 (pandemic). Over 10 years: +7.4% 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.
+9.4%
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.
12.6% (2019) → 2.4% (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

Growth Forecast

Price in line with expectations
The price assumes about as much growth as the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+5.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about +3.6% a year for the price.

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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.Real Estate Services · 546 stocks

Beats the industry median on 4/10 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 40 · Bottom 25%
Fair Value upside +86% · Top 25%
Profitability
Return on assets −2% · Bottom 25%
Net margin (TTM) −23% · Bottom 25%
Operating margin (TTM) −6% · Bottom 25%
Growth and dividend
Revenue growth −14% · Bottom 25%
Balance sheet
Debt / equity 4.62× · Highest 25%

Valuation Multiplesvs Real Estate Services median · lower = cheaper

P/B 0.28× · Cheapest 25%
P/S (TTM) 0.08× · Cheapest 25%
P/FCF 0.8× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 37
FUTURE (revenue growth)0 · sector 12
PAST (return on equity)0 · sector 16
HEALTH (low debt)0 · sector 83
DIVIDEND (yield)0 · sector 65

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 Real Estate Services stocks, each showing price versus our Fair Value estimate.

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Vingroup Joint Stock Company VIC 236,000 VND 25,731 VND −89%
CBRE Group CBRE $141.05 $89.43 −37%
Vonovia SE VNA €17.37 €36.67 +111%
Cellnex Telecom, S.A CLNX €25.33 €23.78 −6%
KE Holdings 2423 HK$42.78 HK$17.18 −60%
Jones Lang LaSalle Incorporated JLL $335.36 $530.17 +58%
Swire Properties Limited 1972 HK$24.40 HK$13.50 −45%
CoStar Group CSGP $28.77 $6.17 −79%
China Resources Mixc Lifestyle Services Limited 1209 HK$37.44 HK$56.43 +51%
CapitaLand Investment Limited 9CI 2.62 SGD 0.5000 SGD −81%

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Tande Co Ltd · Fair Value
¥6.45 +46%Fair Value
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Cite: Fair Value Calculator (2026). "Tande Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/600665

Frequently asked questions

Is Tande Co Ltd (600665) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ¥6.45 versus a price of ¥3.47, about +86% upside (undervalued).
What is the fair value of 600665?
Our model-based fair value for Tande Co Ltd is ¥6.45 (as of Sep 24, 2026), built from audited fundamentals. The current price: ¥3.47.
What is the quality score of 600665?
Tande Co Ltd has a Quality Score of 40/100. 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 Tande Co Ltd (600665)?
Our model-based price target is the fair value of ¥6.45 (as of Sep 24, 2026) from 10 valuation models. Cautious scenario ¥2.21, optimistic scenario ¥12.28. It is a calculation from audited fundamentals, not an analyst target.
What is the Tande Co Ltd stock forecast for 2026?
Our models put fair value at ¥6.45, about +86% upside versus a price of ¥3.47 (undervalued). Cautious scenario ¥2.21, optimistic scenario ¥12.28. The calculation is refreshed regularly with new filings.
What is the revenue of Tande Co Ltd (600665)?
Tande Co Ltd reported trailing-twelve-month revenue of about 5.9B CNY (latest available figure, as of Sep 24, 2026).
What growth is priced into Tande Co Ltd (600665)?
For today's price to be fair in a discounted-cash-flow model, Tande Co Ltd would have to grow free cash flow by +5.4 % per year for five years (discount rate 11.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.8 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 600665 use?
Our models discount Tande Co Ltd at 11.0 %: a base by market capitalisation (small), damped by beta 0.70, country premium for China. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Tande Co Ltd that is +5.4 % per year a year over ten years, using the same discount rate (11.0 %) and the same formula as our fair value.
How much growth has Tande Co Ltd (600665) delivered so far?
Over the past 5 years revenue at Tande Co Ltd grew +2.8 % a year. The price currently implies +5.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Tande Co Ltd (600665) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Tande Co Ltd (+5.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Tande Co Ltd (600665)?
The free-cash-flow yield on the price is 18.03 %: that much free cash flow Tande Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (11.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Tande Co Ltd (600665)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Tande Co Ltd it is ¥6.45 per share (as of Sep 24, 2026), against a price of ¥3.47. It is the blended result of 10 valuation models (cash flow, earnings, asset, dividend).
Is Tande Co Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 600665 trades below its calculated fair value: price ¥3.47, fair value ¥6.45, a gap of about +86% (undervalued). 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 600665?
No. The price is what the market pays today (¥3.47); the fair value is what the company's own numbers justify (¥6.45). For Tande Co Ltd the two are ¥2.98 per share apart. That gap is exactly why we show both numbers side by side.
How much is Tande Co Ltd worth?
The market values Tande Co Ltd at about 3.0B CNY (market capitalisation, as of Sep 24, 2026). Per share that is ¥3.47; our models calculate a fair value of ¥6.45 per share.
What do the bullish and bearish scenarios say about 600665?
Our models span a range for Tande Co Ltd: cautious scenario ¥2.21, base ¥6.45, optimistic ¥12.28 per share (as of Sep 24, 2026, price ¥3.47). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Tande Co Ltd (600665)?
Balance-sheet figures for Tande Co Ltd (as of Sep 24, 2026): return on equity −48.4%, debt of 4.62 per unit of equity. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
How far is 600665 from its 52-week high?
Tande Co Ltd trades at ¥3.47, about 15% below its 52-week high of ¥4.07 and 30% above the low of ¥2.67 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of ¥6.45 is for.
Which stocks are comparable to Tande Co Ltd?
From the same area (Real Estate) we also value Vingroup Joint Stock Company, CBRE Group, Vonovia SE, Cellnex Telecom, S.A, 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 Tande Co Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price ¥3.47, calculated fair value ¥6.45 (+86%), Quality Score 40/100, from 10 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 600665 calculated?
We run Tande Co Ltd through 10 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 ¥6.45, 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. Tande Co Ltd currently trades 86 % below its own fair value, and the market average says nothing about that. 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 Tande Co Ltd (600665)?
The closing price on Sep 23, 2026 was ¥3.47. Our model-based fair value is ¥6.45, about +86% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Tande Co Ltd right now?
The large discount to fair value meets weak quality (40/100). That raises the risk this is a value trap rather than a bargain. The model range is unusually wide (¥2.21 to ¥12.28). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Key figures of Tande Co Ltd

How large is the market capitalisation of Tande Co Ltd (600665)?
The market capitalisation of Tande Co Ltd is 3.0B CNY (≈ $448M). 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 Tande Co Ltd (600665)?
The price-to-sales ratio of Tande Co Ltd is 0.48 (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 Tande Co Ltd (600665)?
Earnings per share at Tande Co Ltd are ¥−1.62. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Tande Co Ltd (600665)?
The net margin of Tande Co Ltd is −21.3% (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 Tande Co Ltd (600665)?
The return on equity (ROE) of Tande Co Ltd is −48.4% (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 Tande Co Ltd (600665)?
On an EBIT basis the return on assets of Tande Co Ltd is 0.8% (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 Tande Co Ltd (600665)?
The operating margin of Tande Co Ltd is −6.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Tande Co Ltd (600665)?
Revenue at Tande Co Ltd is growing −13.9% versus a year earlier (3y avg −16.7%). 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 Tande Co Ltd (600665)?
Earnings per share at Tande Co Ltd are growing +320% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Tande Co Ltd (600665) carry?
The net debt of Tande Co Ltd is 6.2B CNY (fiscal year 2025, ≈ 11.5 yrs of FCF). 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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