EN DE
Check 35,000+ stocks against 26 valuation models and 37 quality factors
Data-driven stock valuation

Yantai Yatong Precision Mechanical Corp. A (603190) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Yantai Yatong Precision Mechanical Corp. A ¥13.27, price ¥16.38, upside -19.0%, quality 27 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
  3. Add to watchlist

Consumer Cyclical · CN · ISIN CNE100005ZN4

YY Broad data Sep 24, 2026

Yantai Yatong Precision Mechanical Corp. A

603190 · SHG

Weak valuationQuality is weak on top of the rich price.

!Fair value ¥13.27 · Overvalued (−19%)
!Quality 27/100
!Expensive Growth (revenue 3y +10.4 %/yr)
!Thin margins · 6.5% net margin (TTM)
!Low debt · negative free cash flow
·1.57% dividend yield
!Mixed vs. peers (6/13)
!Narrow moat 40/100
!Weak on valuation: 8 out of 100
!Weak on past: 23 out of 100
Watch Yantai Yatong Precision Mechanical Corp. A for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card. Watch for free Pro now: $1 first month

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

¥28.53 ¥12.78 Fair Value ¥13.27 Feb 2023 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

43‑month range ¥12.78 – ¥28.53 · fair‑value band ¥11.97 – ¥14.39 · the ¥16.38 price screens above the ¥13.27 fair value. Dashed = 300-day average. As of Sep 24, 2026.

Follow Yantai Yatong Precision Mechanical Corp. A in your weekly email

Every Wednesday you see whether Yantai Yatong Precision Mechanical Corp. A is on track or worth a review, plus price against fair value. Free, up to 3 stocks.

We send you a confirmation link. Unsubscribe with one click.

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

Company profile

Yantai Yatong Precision Mechanical Corporation engages in the research and development, production, sale, and service of auto parts and mining auxiliary transportation equipment in China.

Show more

Yantai Yatong Precision Mechanical Corporation engages in the research and development, production, sale, and service of auto parts and mining auxiliary transportation equipment in China. The company offers commercial vehicle parts, such as top cover assemblies, front wall assemblies, rear wall assemblies, components, side panel assemblies, floor assemblies, aluminum and magnesium alloy die-cast structural parts assemblies, die-cast transmission casing, metal exterior parts assemblies, etc., as well as automobile stamping parts, rolled parts and robot welding system module components. It also offers auxiliary transportation equipment, including electric pump and tank truck, explosion-proof diesel scraper, explosion-proof diesel engine concrete pump truck, explosion-proof diesel engine concrete mixer trucks, explosion-proof diesel engine wet concrete spray trucks, support trucks, and shovel trucks. Yantai Yatong Precision Mechanical Corporation was founded in 2002 and is based in Laizhou, China.

Stock analysis

Yantai Yatong Precision Mechanical Corp. A (603190) currently trades at ¥16.38, while our model-based Fair Value estimate is ¥13.27, implying the stock looks roughly 23.4% overvalued today.

Show more

Valuation

Bull case: the Multiples group reads highest at a median of ¥19.58 per share, and 6 of the 17 models we run sit above the ¥16.38 price.

Bear case: the Earnings-Based group reads lowest at ¥5.58, and 11 of the 17 models stay below the price. Evidence for this calculation is high.

Scenario range: ¥11.97 (bear) to ¥14.39 (bull), the price of ¥16.38 sits above 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 27/100 (below-average quality), in the Consumer Cyclical sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Yantai Yatong Precision Mechanical Corp. A reported revenue of 1.8B CNY in FY2025 versus 1.5B CNY in FY2021, a compound +5.3%/yr. Reported net income was 111M CNY in FY2025, compounding −9.1%/yr from FY2021.

Key figures

Market cap 2.0B CNY (≈ $305M) · P/E ratio 22.1 · P/S ratio 1.33 · EPS (TTM) ¥0.7400 · Dividend yield 1.6% · Net margin 6.0% · Return on equity 5.7% · Return on assets (EBIT) 7.0%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 39 out of 100 (low confidence).

What moves the price

The share trades about 20% below its 52-week high and 16% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Consumer Cyclical peers we cover trades at −19% fair-value upside, at −19%, 603190 screens cheaper than that median.

Fair Value models

Bear ¥11.97 Fair Value ¥13.27 Bull ¥14.39
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (¥0.3533 per share) are deliberately not added. 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
Owner Earnings ¥11.13 ¥14.94 ¥19.98 74
Residual Income ¥12.79 ¥12.76 ¥11.49 73
EPV ¥11.69 ¥12.96 ¥14.02 71
All 17 models by family
DCF Models
Owner Earnings ¥11.13 ¥14.94 ¥19.98 74
Earnings-Based
Graham-Dodd ¥6.05 ¥18.31 ¥24.28 62
Lynch FV ¥3.91 ¥5.58 ¥7.25 58
PEG = 1.0 ¥3.91 ¥5.58 ¥7.25 55
EPV ¥11.69 ¥12.96 ¥14.02 71
Dividend Discount
Gordon GGM ¥3.70 ¥6.67 ¥9.19 65
DDM Multi-Stage ¥3.70 ¥5.69 ¥7.13 64
Multiples
P/E Multiple ¥14.68 ¥19.58 ¥24.47 63
P/S Multiple ¥11.35 ¥15.13 ¥18.91 58
P/B Multiple ¥11.35 ¥15.13 ¥18.91 55
EV/EBIT ¥22.29 ¥28.93 ¥35.57 66
EV/EBITDA ¥26.45 ¥34.48 ¥42.51 67
EV/Revenue ¥14.77 ¥20.09 ¥25.41 54
Asset-Based
NCAV (Graham) ¥8.81 ¥11.80 ¥17.61 54
Economic Profit
Residual Income ¥12.79 ¥12.76 ¥11.49 73
ROIC Compounder ¥11.69 ¥12.96 ¥14.02 69
Growth Earnings
Growth-Adj P/E ¥11.97 ¥17.10 ¥22.23 65

Open the full fair value analysis →

Notify me when 603190 reaches fair value

Put 603190 on your watchlist. We get in touch as soon as price and fair value meet or the trend turns.

Set up alert →

Quality Score breakdown

Overall quality 27/100

Of which business quality 29 · Market factors (momentum, volatility) 49

Profitability 27
Margins and returns on capital today
Quality Growth 37
Are margins and returns improving?
Cashflow 4
Earnings quality: real cash, not paper profit
Fin. Strength 56
Balance sheet, leverage, solvency risk
Investment 24
Disciplined investing over empire-building
Low Volatility 75
Calm price path (market factor)
Momentum 40
Price trend over the last 3–12 months (market factor)
52W Momentum 33
Distance to the 52-week high (market factor)
Net Issuance 21
Share count: buybacks or dilution?

Open the full quality analysis →

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. 50/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+5.4%
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.
+10.4%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−11.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−13.1%
Dividend (yield on the price)1.6%
Profit margin 2021 to 2025 ⓘ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.16% → 10%

603190 screens 23% overvalued. Compare with O'Reilly Automotive, Inc →

Compare Yantai Yatong Precision Mechanical Corp. A with another stock

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

Free, no sign-up

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.Auto Parts · 695 stocks

Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 27 · Bottom 25%
Fair Value upside −19% · Below median
Profitability
Return on equity (TTM) 6% · Below median
Return on assets 3% · Below median
Net margin (TTM) 7% · Above median
Operating margin (TTM) 16% · Top 25%
Growth and dividend
Revenue growth 20% · Top 25%
Dividend yield (TTM) 1.6% · Below median
Balance sheet
Debt / equity 0.04× · Below median

Valuation Multiplesvs Auto Parts median · lower = cheaper

P/E (TTM) 22.1× · Pricier than median
P/B 0.93× · Cheaper than median
P/S (TTM) 1.06× · Pricier than median
EV/EBITDA 5.6× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)8 · sector 26
FUTURE (revenue growth)98 · sector 19
PAST (return on equity)23 · sector 28
HEALTH (low debt)98 · sector 95
DIVIDEND (yield)31 · sector 38

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 Auto Parts stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
O'Reilly Automotive, Inc ORLY $85.82 $48.08 −44%
AutoZone, Inc AZO $2,895 $2,368 −18%
Hyundai Mobis Co 012330 367,500 KRW 631,641 KRW +72%
Fuyao Glass Industry Group 600660 ¥53.77 ¥75.79 +41%
Magna International Inc MGA $63.79 $68.17 +7%
Samvardhana Motherson International Limited MOTHERSON ₹164.40 ₹96.97 −41%
Ningbo Tuopu Group 601689 ¥45.71 ¥28.28 −38%
Bosch Limited BOSCHLTD ₹47,955 ₹25,325 −47%
Bharat Forge Limited BHARATFORG ₹2,004 ₹407.35 −80%
Huizhou Desay SV Automotive Co 002920 ¥84.71 ¥68.21 −19%

Explore undervalued stocks

More undervalued Consumer Cyclical stocks →

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

Try a ready-made strategy

Pick a strategy and jump into the live analysis with that exact screen applied.

🥇 Backtested Best 🏆 Big Names ⭐ Top Rated 💎 Quality on Sale 🚀 Profitable Growth 🧊 Quality Compounders 💵 Dividend Stars 📈 Strong Momentum 📉 Fallen Angels ⚖️ Deeply Undervalued 🔍 Small-Cap Gems 🏰 Moat at a Fair Price 💼 Insider Buying 🎩 Buffett-Style Quality 📚 Peter Lynch GARP 🧮 Greenblatt Magic Formula 🛡️ Graham Defensive

Discover tools

Stock screenerFilter by region, size and sector Compare toolTwo stocks side by side Extrinsic Value Calculator…Calculator with industry benchmark Peter Lynch Fair Value Formula &…Calculator with industry benchmark
Run the numbers yourself: free valuation calculators
DCF CalculatorGraham NumberPeter Lynch FormulaDDM CalculatorFama-French ModelIntrinsic Value
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.

Yantai Yatong Precision Mechanical Corp. A · Fair Value
¥13.27 −23%Fair Value
Calculator →

Cite: Fair Value Calculator (2026). "Yantai Yatong Precision Mechanical Corp. A Fair Value". https://www.fairvalue-calculator.com/stock/603190

Frequently asked questions

Is Yantai Yatong Precision Mechanical Corp. A (603190) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ¥13.27 versus a price of ¥16.38, about −19% upside (overvalued).
What is the fair value of 603190?
Our model-based fair value for Yantai Yatong Precision Mechanical Corp. A is ¥13.27 (as of Sep 24, 2026), built from audited fundamentals. The current price: ¥16.38.
What is the quality score of 603190?
Yantai Yatong Precision Mechanical Corp. A has a Quality Score of 27/100. 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 Yantai Yatong Precision Mechanical Corp. A (603190)?
Our model-based price target is the fair value of ¥13.27 (as of Sep 24, 2026) from 17 valuation models. Cautious scenario ¥11.97, optimistic scenario ¥14.39. It is a calculation from audited fundamentals, not an analyst target.
What is the Yantai Yatong Precision Mechanical Corp. A stock forecast for 2026?
Our models put fair value at ¥13.27, about −19% upside versus a price of ¥16.38 (overvalued). Cautious scenario ¥11.97, optimistic scenario ¥14.39. The calculation is refreshed regularly with new filings.
What is the revenue of Yantai Yatong Precision Mechanical Corp. A (603190)?
Yantai Yatong Precision Mechanical Corp. A reported trailing-twelve-month revenue of about 1.9B CNY (latest available figure, as of Sep 24, 2026).
Does Yantai Yatong Precision Mechanical Corp. A pay a dividend?
Yantai Yatong Precision Mechanical Corp. A currently shows a dividend yield of about 1.57% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Yantai Yatong Precision Mechanical Corp. A (603190)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Yantai Yatong Precision Mechanical Corp. A it is ¥13.27 per share (as of Sep 24, 2026), against a price of ¥16.38. It is the blended result of 17 valuation models (cash flow, earnings, asset, dividend).
Is Yantai Yatong Precision Mechanical Corp. A stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 603190 trades above its calculated fair value: price ¥16.38, fair value ¥13.27, a gap of about −19% (overvalued). 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 603190?
No. The price is what the market pays today (¥16.38); the fair value is what the company's own numbers justify (¥13.27). For Yantai Yatong Precision Mechanical Corp. A the two are ¥3.11 per share apart. That gap is exactly why we show both numbers side by side.
How much is Yantai Yatong Precision Mechanical Corp. A worth?
The market values Yantai Yatong Precision Mechanical Corp. A at about 2.0B CNY (market capitalisation, as of Sep 24, 2026). Per share that is ¥16.38; our models calculate a fair value of ¥13.27 per share.
What do the bullish and bearish scenarios say about 603190?
Our models span a range for Yantai Yatong Precision Mechanical Corp. A: cautious scenario ¥11.97, base ¥13.27, optimistic ¥14.39 per share (as of Sep 24, 2026, price ¥16.38). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 603190?
Yantai Yatong Precision Mechanical Corp. A trades at a price-to-earnings ratio of 22.1 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥13.27 is built from several models across several years. Other multiples: P/B 0.9, P/S 1.1, EV/EBITDA 5.6.
How solid is the balance sheet of Yantai Yatong Precision Mechanical Corp. A (603190)?
Balance-sheet figures for Yantai Yatong Precision Mechanical Corp. A (as of Sep 24, 2026): return on equity 5.7%, debt of 0.04 per unit of equity. They feed the Quality Score of 27/100, which measures business quality independently of the share price.
How far is 603190 from its 52-week high?
Yantai Yatong Precision Mechanical Corp. A trades at ¥16.38, about 20% below its 52-week high of ¥20.55 and 16% above the low of ¥14.18 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of ¥13.27 is for.
Which stocks are comparable to Yantai Yatong Precision Mechanical Corp. A?
From the same area (Consumer Cyclical) we also value O'Reilly Automotive, Inc, AutoZone, Inc, Hyundai Mobis Co, Fuyao Glass Industry Group, 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 Yantai Yatong Precision Mechanical Corp. A stock attractive at the current price?
The data as of Sep 24, 2026: price ¥16.38, calculated fair value ¥13.27 (−19%), Quality Score 27/100, from 17 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 603190 calculated?
We run Yantai Yatong Precision Mechanical Corp. A through 17 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 ¥13.27, 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. Yantai Yatong Precision Mechanical Corp. A 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 Yantai Yatong Precision Mechanical Corp. A (603190)?
The closing price on Sep 23, 2026 was ¥16.38. Our model-based fair value is ¥13.27, about −19% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Yantai Yatong Precision Mechanical Corp. A right now?
The price sits above even our optimistic bull case (¥14.39). The favourable scenario is already priced in. Weak quality (27/100) and above fair value at the same time, the margin of safety is missing on both counts.

Key figures of Yantai Yatong Precision Mechanical Corp. A

How large is the market capitalisation of Yantai Yatong Precision Mechanical Corp. A (603190)?
The market capitalisation of Yantai Yatong Precision Mechanical Corp. A is 2.0B CNY (≈ $305M). 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 Yantai Yatong Precision Mechanical Corp. A (603190)?
The price-to-sales ratio of Yantai Yatong Precision Mechanical Corp. A is 1.33 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Yantai Yatong Precision Mechanical Corp. A (603190)?
Earnings per share at Yantai Yatong Precision Mechanical Corp. A are ¥0.7400 (price ÷ EPS = P/E 22.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Yantai Yatong Precision Mechanical Corp. A (603190)?
The dividend yield of Yantai Yatong Precision Mechanical Corp. A is 1.6% (payout 34.7%). 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 Yantai Yatong Precision Mechanical Corp. A (603190)?
The net margin of Yantai Yatong Precision Mechanical Corp. A is 6.0% (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 Yantai Yatong Precision Mechanical Corp. A (603190)?
The return on equity (ROE) of Yantai Yatong Precision Mechanical Corp. A is 5.7% (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 Yantai Yatong Precision Mechanical Corp. A (603190)?
On an EBIT basis the return on assets of Yantai Yatong Precision Mechanical Corp. A is 7.0% (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 Yantai Yatong Precision Mechanical Corp. A (603190)?
The operating margin of Yantai Yatong Precision Mechanical Corp. A is 15.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Yantai Yatong Precision Mechanical Corp. A (603190)?
Revenue at Yantai Yatong Precision Mechanical Corp. A is growing +19.6% versus a year earlier (3y avg +10.4%). 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 Yantai Yatong Precision Mechanical Corp. A (603190)?
Earnings per share at Yantai Yatong Precision Mechanical Corp. A are growing +40.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Yantai Yatong Precision Mechanical Corp. A (603190) generate?
The free cash flow of Yantai Yatong Precision Mechanical Corp. A is −146M 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 Yantai Yatong Precision Mechanical Corp. A (603190) carry?
The net debt of Yantai Yatong Precision Mechanical Corp. A is 563M 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.
Free · no account needed

Watch Yantai Yatong Precision Mechanical Corp. A in the live analysis

One click puts Yantai Yatong Precision Mechanical Corp. A on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.

Watch for free →

Zero risk: nothing is ever charged. Your watchlist is yours, with or without an account.