Yongan Futures Co (600927) Fair Value & Analysis
Financial Services · CN · Market cap 18.9B CNY
Fair value as of: Aug 9, 2026
From 2 valuation models · updated yesterday
Fair value updated Aug 9, 2026, revised from ¥7.61 to ¥7.64 (+0.4%) since Jul 25, 2026. Share price +1.8% over the past month.
Below-average quality, and screening another 41% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (¥9.55). The favourable scenario is already priced in.
- Solid but not exceptional quality (49/100) and above fair value, neither a clear bargain nor a standout compounder.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
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
55‑month range ¥10.41 – ¥39.52 · fair‑value band ¥5.73 – ¥9.55 · the ¥13.03 price screens above the ¥7.64 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 9, 2026.
Analysis
Yongan Futures Co (600927) currently trades at ¥13.03, while our model-based Fair Value estimate is ¥7.64, implying the stock looks roughly 41.4% overvalued today. The Quality Score stands at 49/100 (below-average quality), in the Financial Services 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, Yongan Futures Co generated revenue of 2.1B CNY at a net margin of 39.0%. Revenue grew 139.6% year over year. It earns a return on equity of 6.2%. The balance sheet holds a net cash position of 35.7B CNY. Fundamentals as of Aug 9, 2026
Our scenario range runs from ¥5.73 (bear case) to ¥9.55 (bull case); at ¥13.03, 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 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 11% fair-value upside, at -41%, 600927 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 2 models by family
Widest divergence: Multiples (¥7.78) versus Asset-Based (¥6.13). Highest evidence: P/B Multiple (55).
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 55 · Market factors (momentum, volatility) 35
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
Yongan Futures Co.,Ltd., together with its subsidiaries, provides futures brokerage business in China and internationally. The company is also involved in asset management, securities, fund sales, financial, and lending business. It also provides risk management, including basis trading, over-the-counter derivatives, and market making business.
Full company description
Yongan Futures Co.,Ltd., together with its subsidiaries, provides futures brokerage business in China and internationally. The company is also involved in asset management, securities, fund sales, financial, and lending business. It also provides risk management, including basis trading, over-the-counter derivatives, and market making business. The company was formerly known as Zhejiang Yongan Futures Brokerage Co., Ltd. and changed its name to Yongan Futures Co.,Ltd. in September 2012. Yongan Futures Co.,Ltd. was incorporated in 1992 and is headquartered in Hangzhou, China.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Yongan Futures Co reported revenue of ¥1.8B in FY2025 versus ¥37.7B in FY2021, a compound −53.4%/yr. Reported net income was ¥652M in FY2025, compounding −16.0%/yr from FY2021.
600927 screens 41% overvalued. Compare with Huatai Securities Co →
Peer Group
Capital Markets · 425 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 Capital Markets 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 Capital Markets stocks, each showing price versus our Fair Value estimate (as of Aug 9, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Huatai Securities Co HTSC | $0.2700 | $0.0400 | -85% |
| Mirae Asset Securities Co 006800 | 38,750 KRW | 31,645 KRW | -18% |
| Meritz Financial Group 138040 | 117,000 KRW | 87,706 KRW | -25% |
| Korea Investment Holdings 071050 | 239,000 KRW | 318,825 KRW | +33% |
| NH Investment & Securities Co 005940 | 31,000 KRW | 37,133 KRW | +20% |
| Samsung Securities Co 016360 | 107,700 KRW | 126,487 KRW | +17% |
| Motilal Oswal Financial Services Limited MOTILALOFS | ₹967.00 | ₹299.65 | -69% |
| Kiwoom Securities Co 039490 | 322,000 KRW | 358,091 KRW | +11% |
| SSI Securities Corporation SSI | 24,250 VND | 28,021 VND | +16% |
| Bolsas y Mercados Argentinos S.A BYMA | 313.75 ARS | 120.22 ARS | -62% |
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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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