EN DE

Ningbo Ocean Shipping Co (601022) Fair Value & Analysis

Industrials · CN · Market cap 10.5B CNY

NO Ningbo Ocean Shipping Co 601022 · SHG
Price¥8.05
Fair Value¥10.50
Upside+30.4%
Quality61/100
Watch Ningbo Ocean Shipping Co for free, get notified when fair value or trend changes. Watch for free
Expensive Growth
Thin margins · 9.8% net margin
Low debt · negative free cash flow
1.85% dividend yield
Mixed vs. peers (6/13)
Narrow moat 42/100
Evidence: High Range ¥7.40 – ¥13.12 Share as image

Fair value as of: Aug 9, 2026

From 16 valuation models · updated yesterday

Share price +5.1% over the past month.

A solid business, screening 30% undervalued on our models.

What matters now

  • Solid quality (61/100) at a price below fair value, the discount is the argument here, not the business quality.
  • Our model range runs from ¥7.40 (bear) to ¥13.12 (bull), base ¥10.50. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 61/100 (solid quality) with high evidence: the data supports the verdict.
Share this valuation: 𝕏 WhatsApp

Price vs Fair Value (4 years)

¥16.76 ¥6.91 Fair Value ¥10.50 Dec 2022 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

44‑month range ¥6.91 – ¥16.76 · fair‑value band ¥7.40 – ¥13.12 · the ¥8.05 price screens below the ¥10.50 fair value. Dashed = 300-day average. As of Aug 9, 2026.

Full chart & analysis →

Which stocks are undervalued right now? Check free Discover now →

Analysis

Ningbo Ocean Shipping Co (601022) currently trades at ¥8.05, while our model-based Fair Value estimate is ¥10.50, implying the stock looks roughly 30.4% undervalued today. The Quality Score stands at 61/100 (solid quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Ningbo Ocean Shipping Co generated revenue of 6.3B CNY at a net margin of 9.8%. Revenue grew 14.4% year over year. It earns a return on equity of 10.1%. Net debt stands at 375M CNY. Fundamentals as of Aug 9, 2026

Our scenario range runs from ¥7.40 (bear case) to ¥13.12 (bull case); at ¥8.05, the current price sits within 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 29% below its 52-week high and 6% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at 67% fair-value upside, at 30%, 601022 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 BearBaseBull Evidence
Highest evidence
Residual Income ¥4.20 ¥4.73 ¥7.85 76
ROIC Compounder ¥6.30 ¥8.50 ¥10.98 72
Gordon GGM ¥2.07 ¥4.31 ¥6.84 70
All 16 models by family
Earnings-Based
Graham-Dodd ¥3.40 ¥18.18 ¥25.19 54
Lynch FV ¥5.02 ¥7.17 ¥9.32 50
PEG = 1.0 ¥5.02 ¥7.17 ¥9.32 46
EPV ¥5.74 ¥6.55 ¥7.26 59
Dividend Discount
Gordon GGM ¥2.07 ¥4.31 ¥6.84 70
DDM Multi-Stage ¥2.07 ¥3.64 ¥4.52 61
Multiples
P/E Multiple ¥7.87 ¥10.50 ¥13.12 63
P/S Multiple ¥6.37 ¥8.50 ¥10.62 58
P/B Multiple ¥6.37 ¥8.50 ¥10.62 55
EV/EBIT ¥9.12 ¥11.87 ¥14.62 53
EV/EBITDA ¥10.18 ¥13.28 ¥16.39 54
EV/Revenue ¥6.76 ¥9.28 ¥11.80 43
Asset-Based
NCAV (Graham) ¥2.34 ¥3.14 ¥4.69 50
Economic Profit
Residual Income ¥4.20 ¥4.73 ¥7.85 76
ROIC Compounder ¥6.30 ¥8.50 ¥10.98 72
Growth Earnings
Growth-Adj P/E ¥7.40 ¥10.57 ¥13.74 68

Widest divergence: Growth Earnings (¥10.57) versus Asset-Based (¥3.14). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) 6.3B CNY
Revenue growth (YoY) +14.4%
Net margin 9.8%
Return on equity 10.1%
Free cash flow −87.4M CNY FY2025
P/E ratio 16.8
More key figures
Operating margin 12.8%
EPS (TTM) ¥0.4800
Dividend yield 1.9%
EPS growth (YoY) -15.4%
Net debt 375M CNY FY2021

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

Quality Score breakdown

Overall quality 61/100

Of which business quality 62 · Market factors (momentum, volatility) 34

Profitability 43
Margins and returns on capital today
Quality Growth 65
Are margins and returns improving?
Cashflow 48
Earnings quality: real cash, not paper profit
Fin. Strength 88
Balance sheet, leverage, solvency risk
Investment 44
Disciplined investing over empire-building
Low Volatility 72
Calm price path (market factor)
Momentum 19
Price trend over the last 3–12 months (market factor)
52W Momentum 15
Distance to the 52-week high (market factor)
Net Issuance 82
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

Ningbo Ocean Shipping Co., Ltd., together with its subsidiaries, provides shipping services in Japan, South Korea, Taiwan, and Southeast Asia. It operates through two segments: Transportation Services, and Integrated Logistics and Agency Services.

Full company description

Ningbo Ocean Shipping Co., Ltd., together with its subsidiaries, provides shipping services in Japan, South Korea, Taiwan, and Southeast Asia. It operates through two segments: Transportation Services, and Integrated Logistics and Agency Services. The company offers near-sea, trans-oceanic, trade, and feeder container shipping services; dry bulk cargo transportation services; and dry bulk freight forwarding services. It is also involved in the shipping agency business, including handling customs declaration, port entry/exit procedures; arranging pilotage, berthing, and loading and unloading; accepting bookings; signing bills of lading and transportation contracts; undertaking cargo transportation; handling the consignment and transshipment of vessels, containers, and goods; collecting freight charges; and handling settlements. As of December 31, 2025, the company operated 113 container ships; and 10 bulk carriers with a capacity of 265,700 deadweight tons. Ningbo Ocean Shipping Co., Ltd. was incorporated in 1992 and is based in Ningbo, China. Ningbo Ocean Shipping Co., Ltd. operates as a subsidiary of Ningbo Zhoushan Port Company Limited.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Ningbo Ocean Shipping Co reported revenue of ¥6.1B in FY2025 versus ¥3.8B in FY2021, a compound +12.5%/yr. Reported net income was ¥654M in FY2025, compounding +5.9%/yr from FY2021.

Growth Quality 52/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
6.1B CNY
Latest YoY
+15.9%
Avg. growth/yr (3Y)
+8.6%
Avg. growth/yr (5Y)
+15.0%
Revenue +12.5%/yr
FY21 ¥3.8B
FY22 ¥4.8B
FY23 ¥4.5B
FY24 ¥5.3B
FY25 ¥6.1B
Net income +5.9%/yr
FY21 ¥521M
FY22 ¥670M
FY23 ¥504M
FY24 ¥554M
FY25 ¥654M

Watch 601022: get an alert when its fair value changes →

Share or link this analysis
For bloggers & editors: embed code + live data

For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.

Cite: Fair Value Calculator (2026). "Ningbo Ocean Shipping Co Fair Value". https://www.fairvalue-calculator.com/stock/601022

Peer Group

Marine Shipping · 231 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 61 · Above median
Fair Value upside +30% · Above median
Return on equity (TTM) 10% · Above median
Return on assets 5% · Above median
Net margin (TTM) 10% · Below median
Operating margin (TTM) 13% · Below median
Revenue growth 14% · Above median
Dividend yield (TTM) 1.9% · Below median
Debt / equity 0.00× · Lower than 75% of peers

Valuation Multiples vs Marine Shipping median · lower = cheaper

P/E (TTM) 16.8× · Pricier than median
P/B 1.72× · Pricier than 75% of peers
P/S (TTM) 1.67× · Pricier than median
EV/EBITDA 8.3× · Pricier than median

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 74 · sector 29
FUTURE 72 · sector 18
PAST 40 · sector 27
HEALTH 100 · sector 88
DIVIDEND 37 · sector 47

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.

Similar stocks

10 more Marine Shipping stocks, each showing price versus our Fair Value estimate (as of Aug 9, 2026).

Stock Price Fair Value vs Fair Value
Adani Ports and Special Economic Zone Limited ADANIPORTS ₹1,828 ₹1,041 -43%
A.P. Møller - Mærsk A/S MAERSKA kr 16,520 kr 3,033 -82%
COSCO SHIPPING Holdings 601919 ¥13.98 ¥40.37 +189%
Shanghai International Port (Group) Co 600018 ¥5.17 ¥6.57 +27%
HMM Co 011200 20,050 KRW 33,855 KRW +69%
Ningbo Zhoushan Port Company 601018 ¥3.35 ¥5.58 +67%
Qingdao Port International Co 601298 ¥8.88 ¥15.97 +80%
JSW Infrastructure Limited JSWINFRA ₹330.05 ₹126.31 -62%
Wan Hai Lines Ltd 2615 80.70 TWD 212.79 TWD +164%
Wallenius Wilhelmsen ASA WAWI kr 137.70 kr 50.56 -63%

Compare Ningbo Ocean Shipping Co with another stock

Price, fair value, quality and upside side by side.

Free, no sign-up

Explore undervalued stocks

More undervalued Industrials stocks →

All undervalued stocks TechnologyFinancial ServicesHealthcareConsumer CyclicalConsumer DefensiveCommunication ServicesIndustrialsEnergyBasic MaterialsReal EstateUtilities Deeply Undervalued StocksUndervalued Blue-Chip StocksUndervalued Small-Cap StocksUndervalued Dividend Stocks

Frequently asked questions

Is Ningbo Ocean Shipping Co (601022) overvalued or undervalued?
As of Aug 9, 2026, our model estimates a fair value of ¥10.50 versus a price of ¥8.05, about +30% (undervalued).
What is the fair value of 601022?
Our model-based fair value for Ningbo Ocean Shipping Co is ¥10.50 (as of Aug 9, 2026), built from audited fundamentals. The current price is ¥8.05.
What is the quality score of 601022?
Ningbo Ocean Shipping Co has a Quality Score of 61/100. 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 Ningbo Ocean Shipping Co (601022)?
Ningbo Ocean Shipping Co reported trailing-twelve-month revenue of about 6.3B CNY (latest available figure, as of Aug 9, 2026).
What is the net profit margin of 601022?
The net profit margin of Ningbo Ocean Shipping Co is about 9.8%, meaning it keeps roughly 9.8% of revenue as net income. Based on the latest reported figures.
Does Ningbo Ocean Shipping Co pay a dividend?
Ningbo Ocean Shipping Co currently shows a dividend yield of about 1.97% 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.

14 days Pro free · no card

Track Ningbo Ocean Shipping Co and try Pro for 14 days

One email gets you 14 days of full Pro (review alerts, the 35,000+ stock screener, the diversification check) plus the monthly Top-25 report of the most undervalued quality stocks. No card, cancel anytime.

Zero risk: nothing is ever charged. After 14 days you decide whether to stay.