Watch Shanghai Koal Software Co Ltd for free: we tell you when fair value or trend changes.

Shanghai Koal Software Co Ltd (603232) fair value: what the stock is really worth

As of Oct 30, 2026: fair value (intrinsic value) of Shanghai Koal Software Co Ltd stock ¥3.34, price ¥13.08, upside -74.5%, quality 38 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

Keep an eye on it?Free in your watchlist: 5 stocks without an account, 10 with one Yes, for free

Technology CN · ISIN CNE100002XS5

Thin data Oct 30, 2026

Shanghai Koal Software Co Ltd

603232 · SHG

Very expensive, weak quality

Our calculation puts a fair price 74% below what the stock costs today.

Low debt

Revenue last quarter 12% below a year ago.

Fair value ¥3.34 · Strongly overvalued (−74.5%)

Quality 38/100

Weak Growth (revenue 5y −4.3 %/yr in CNY)

Loss-making · -19.8% net margin (TTM)

Negative free cash flow

Trails peers (2/11)

Narrow moat 9/100 · thin data

Thin data

26 models, one by oneBear ¥2.20 to bull ¥4.17 Growth analysisrevenue history, year by year Quality 38/100 in detail37 factors, each one shown Compared with its peersrank on every measure, side by side

Watch Shanghai Koal Software Co Ltd for free: we tell you when fair value or trend changes. Watch for free

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

White line = price, green steps = our fair value per fiscal year. As of Oct 30, 2026.

How to read this chart

60‑month range ¥8.14 – ¥28.19 · fair‑value band ¥2.20 – ¥4.17 · the ¥13.08 price screens above the ¥3.34 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 30, 2026.

Follow Shanghai Koal Software Co in your weekly email

Every Wednesday you see whether Shanghai Koal Software Co 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

Koal Software Co., Ltd. develops public key infrastructure platform in China.

Show moreShow less

The company offers identity security infrastructure, such as root certificate issuing, certificate issuing, certificate enrollment auditing system, key and certificate integrated management, and trusted identity management and control systems; cryptographic service platform, including timestamp and signature verification servers, and electronic signature systems; and authentication and access control products comprising secure authentication, SSL application delivery, API, and single sign-on gateways, as well as account management systems.

It also provides endpoint security and admission control products, such as LAN access control, and endpoint security login and file protection systems; and data security and privacy protection products, including secure email, Internet safe, net shield safe, USB guardian, print control, and secure instant messaging systems.

In addition, the company offers unified authentication, terminal security password module, Internet of Things security, certificate authentication system, and mobile security solutions.

It serves public security, exit and entry, commissions, local government departments, and national ministries; the information technology, finance, and manufacturing industries; banks, securities trading, and financial institutions; CA companies; group-level enterprises; and military industry groups in the field of defense.

The company was founded in 1998 and is based in Shanghai, China.

Stock analysis

Shanghai Koal Software Co Ltd (603232) currently trades at ¥13.08, while our model-based Fair Value estimate is ¥3.34, 74.5% below the price, so the stock looks overvalued today.

Valuation

How firm this estimate is: it rests on 1 models at a data quality of 94/100, which puts the data coverage at low.

Scenario range: ¥2.20 (bear) to ¥4.17 (bull), the price of ¥13.08 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 38/100 (below-average quality), in the Technology sector.

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

Shanghai Koal Software Co Ltd reported revenue of 358M CNY in FY2025 versus 611M CNY in FY2021, a compound −12.5%/yr. Reported net income was −84.8M CNY in FY2025.

Key figures

Market cap 3.1B CNY (≈ $460M) Small · P/S ratio 8.59 · EPS (TTM) ¥−0.2900 · Dividend yield 0.4% · Net margin −19.8% · Return on equity −5.7% · Return on assets (EBIT) 0.9% · Operating margin −64.7%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 9 out of 100 (low confidence).

What moves the price

The share trades about 54% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Technology peers we cover trades at −29% fair-value upside, at −74%, 603232 screens richer than that median.

Fair Value models

Bear ¥2.20 Fair Value ¥3.34 Bull ¥4.17

Price ¥13.08 · Upside -74.5%

Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = 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.

Best data coverage

NCAV (Graham) ¥2.20 ¥3.34 ¥4.17 54

All 1 models by family

Asset-Based

NCAV (Graham) ¥2.20 ¥3.34 ¥4.17 54

Open the full fair value analysis →

Quality Score breakdown

Overall quality 38/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 6

How much profit the company makes from its sales and capital

Quality Growth 6

Are margins and returns getting better?

Cashflow 0

Do the profits arrive as real cash?

Financial strength 82

Debt, balance sheet and risk of trouble

Investment 100

Does it invest with discipline instead of growing at any price?

Low Volatility 50

How calm the share price moves, does not count

Momentum 27

Price trend of the last 3 to 12 months, does not count

Near the 52-week high 7

Distance to the 52-week high, does not count

New shares 61

Buys back shares or issues new ones?

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. 0/100

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

Revenue growth 1 year

−32.4%

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.

−18.5%

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.

−4.3%

Start year 2020 (pandemic). Over 10 years: +6.8% a year

Revenue growth 13 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.

+8.3%

’14

’15

’16

’17

’18

’19

’20

’21

’22

’23

’24

’25

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.

13.8% (2020) → −18.5% (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

603232 screens overvalued: fair value 74% below the price. Compare with Microsoft Corporation →

Compare Shanghai Koal Software Co Ltd with another stock

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

First stock

Second stock

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.Software - Infrastructure · 357 stocks

Beats the industry median on 2/10 measures

Overall it trails its industry peers.

Valuation

Quality Score 38 · Bottom 25%

Fair Value upside −74.5% · Bottom 25%

Profitability

Return on assets −5.4% · Bottom 25%

Net margin (12 months) −19.8% · Bottom 25%

Operating margin (12 months) −64.7% · Bottom 25%

Growth and dividend

Revenue growth (quarter YoY) −12.3% · Bottom 25%

Dividend yield (12 months) 0.4% · Bottom 25%

Balance sheet

Debt / equity 0.03× · Below median

Valuation Multiplesvs Software - Infrastructure median · lower = cheaper

P/B 2.30× · Cheaper than median

P/S (12 months) 8.29× · Priciest 25%

Strength profile in five axes (Snowflake)

This stock

Sector peers

VALUE (fair-value potential)0 · sector 20

FUTURE (revenue growth)0 · sector 59

PAST (return on equity)0 · sector 21

HEALTH (low debt)99 · sector 98

DIVIDEND (yield)8 · sector 29

VALUE 0: the price sits above our fair-value range.

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 Software - Infrastructure stocks, each showing price versus our Fair Value estimate.

Stock	Price	Fair Value	vs Fair Value	Compare
Microsoft Corporation MSFT	$531.01	$584.11	+10%	vs 603232
Fortinet, Inc FTNT	$139.10	$153.01	+10%	vs 603232
Block, Inc XYZ	$76.95	$76.95	+0%	vs 603232
Oracle Corporation ORCL	$130.53	$111.97	−14%	vs 603232
NetApp, Inc NTAP	$222.08	$156.80	−29%	vs 603232
Synopsys, Inc SNPS	$490.19	$251.64	−49%	vs 603232
Palantir Technologies Inc PLTR	$196.81	$42.42	−78%	vs 603232
CrowdStrike Holdings CRWD	$261.15	$37.97	−85%	vs 603232
Palo Alto Networks, Inc PANW	$380.57	$39.54	−90%	vs 603232
Twilio Inc TWLO	$241.90	$24.38	−90%	vs 603232

Explore undervalued stocks

More undervalued Technology stocks →

All undervalued stocks Technology Financial Services Healthcare Consumer Cyclical Consumer Defensive Communication Services Industrials Energy Basic Materials Real Estate Utilities Deeply Undervalued Stocks Undervalued High-Quality Stocks Undervalued Blue-Chip Stocks Undervalued Small-Cap Stocks Undervalued 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 💎 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 Peter Lynch Fair Value Formula &…Free calculator

Run the numbers yourself: free valuation calculators

DCF Calculator P/E Ratio Calculator PEG Ratio Calculator Graham Number Peter Lynch Formula DDM Calculator Intrinsic Value Intrinsic vs Extrinsic Value P/E Ratio by Sector

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.

Shanghai Koal Software Co Ltd · Fair Value
¥3.34 −74%Fair Value
Calculator →

<a href="https://www.fairvalue-calculator.com/stock/603232" target="_blank" rel="nofollow noopener" style="display:inline-flex;align-items:center;gap:12px;box-sizing:border-box;font-family:system-ui,-apple-system,Segoe UI,Roboto,sans-serif;text-decoration:none;background:#0f1814;color:#eaf2ed;border:1px solid #2a3a30;border-radius:12px;padding:12px 16px;max-width:360px"><span style="line-height:1.35"><span style="font-size:12px;color:#9fb0a8">Shanghai Koal Software Co Ltd · Fair Value</span><br><b style="font-size:20px">¥3.34</b> <span style="color:var(--red);font-weight:700;font-size:14px">−74%</span></span><span style="font-size:11px;color:var(--fvc-g-mitte);font-weight:700;margin-left:auto;text-align:right;line-height:1.3">Fair&nbsp;Value<br>Calculator&nbsp;→</span></a>

Cite: Fair Value Calculator (2026). "Shanghai Koal Software Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/603232

Frequently asked questions

Is Shanghai Koal Software Co Ltd (603232) overvalued or undervalued?

As of Oct 30, 2026, our model estimates a fair value of ¥3.34 versus a price of ¥13.08, about −74% upside (overvalued).

What is the fair value of 603232?

Our model-based fair value for Shanghai Koal Software Co Ltd is ¥3.34 (as of Oct 30, 2026), built from audited fundamentals. The current price: ¥13.08.

What is the quality score of 603232?

Shanghai Koal Software 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 Koal Software Co Ltd (603232)?

Our model-based price target is the fair value of ¥3.34 (as of Oct 30, 2026) from 1 valuation models. Cautious scenario ¥2.20, optimistic scenario ¥4.17. It is a calculation from audited fundamentals, not an analyst target.

What is the Shanghai Koal Software Co Ltd stock forecast for 2026?

Our models put fair value at ¥3.34, about −74% upside versus a price of ¥13.08 (overvalued). Cautious scenario ¥2.20, optimistic scenario ¥4.17. The calculation is refreshed regularly with new filings.

What is the revenue of Shanghai Koal Software Co Ltd (603232)?

Shanghai Koal Software Co Ltd reported trailing-twelve-month revenue of about 369M CNY (latest available figure, as of Oct 30, 2026).

Does Shanghai Koal Software Co Ltd pay a dividend?

Shanghai Koal Software Co Ltd currently shows a dividend yield of 0.42% relative to its recent price (as of Oct 30, 2026).

What is the intrinsic value of Shanghai Koal Software Co Ltd (603232)?

Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Shanghai Koal Software Co Ltd it is ¥3.34 per share (as of Oct 30, 2026), against a price of ¥13.08. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).

Is Shanghai Koal Software Co Ltd stock overvalued or undervalued in 2026?

As of Oct 30, 2026, 603232 trades above its calculated fair value: price ¥13.08, fair value ¥3.34, a gap of about −74% (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 603232?

No. The price is what the market pays today (¥13.08); the fair value is what the company's own numbers justify (¥3.34). For Shanghai Koal Software Co Ltd the two are ¥9.74 per share apart. That gap is exactly why we show both numbers side by side.

How much is Shanghai Koal Software Co Ltd worth?

The market values Shanghai Koal Software Co Ltd at about 3.1B CNY (market capitalisation, as of Oct 30, 2026). Per share that is ¥13.08; our models calculate a fair value of ¥3.34 per share.

What do the bullish and bearish scenarios say about 603232?

Our models span a range for Shanghai Koal Software Co Ltd: cautious scenario ¥2.20, base ¥3.34, optimistic ¥4.17 per share (as of Oct 30, 2026, price ¥13.08). The range comes from different growth and margin assumptions, not from analyst opinions.

How solid is the balance sheet of Shanghai Koal Software Co Ltd (603232)?

Balance-sheet figures for Shanghai Koal Software Co Ltd (as of Oct 30, 2026): return on equity −5.7%, debt of 0.03 per unit of equity. They feed the Quality Score of 38/100, which measures business quality independently of the share price.

How far is 603232 from its 52-week high?

Shanghai Koal Software Co Ltd trades at ¥13.08, about 54% below its 52-week high of ¥28.19 and 1% above the low of ¥12.92 (as of Oct 30, 2026). Distance from the high says nothing about value: that is what the fair value of ¥3.34 is for.

Which stocks are comparable to Shanghai Koal Software Co Ltd?

From the same area (Technology) we also value Microsoft Corporation, Palantir Technologies Inc, Oracle Corporation, Palo Alto Networks, 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 Koal Software Co Ltd stock attractive at the current price?

The data as of Oct 30, 2026: price ¥13.08, calculated fair value ¥3.34 (−74%), Quality Score 38/100, from 1 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 603232 calculated?

We run Shanghai Koal Software Co Ltd through 1 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 ¥3.34, 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 13.4 % above its aggregate fair value. Shanghai Koal Software 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 Koal Software Co Ltd (603232)?

The closing price on Oct 30, 2026 was ¥13.08. Our model-based fair value is ¥3.34, about −74% upside (overvalued). We carry closing prices from our data provider, not a live tick.

What should I pay attention to with Shanghai Koal Software Co Ltd right now?

The price sits above even our optimistic bull case (¥4.17). The favourable scenario is already priced in. Weak quality (38/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (¥2.20 to ¥4.17) leaves room in how you read the outcome.

Where does the earnings growth of Shanghai Koal Software Co Ltd (603232) come from?

Earnings per share at Shanghai Koal Software Co Ltd grew −5.8 % a year from 2013 to 2024. Broken into its drivers: revenue per share +8.5 %, EBIT margin −12.5 %, tax rate +1.9 %, residual (interest, one-offs) −2.7 %. 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 Koal Software Co Ltd

How large is the market capitalisation of Shanghai Koal Software Co Ltd (603232)?

The market capitalisation of Shanghai Koal Software Co Ltd is 3.1B CNY (≈ $460M). 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 Koal Software Co Ltd (603232)?

The price-to-sales ratio of Shanghai Koal Software Co Ltd is 8.59 (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 Koal Software Co Ltd (603232)?

Earnings per share at Shanghai Koal Software Co Ltd are ¥−0.2900. Earnings per share over the last twelve months: total profit spread across every single share.

What is the dividend yield of Shanghai Koal Software Co Ltd (603232)?

The dividend yield of Shanghai Koal Software Co Ltd is 0.4%. 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 Koal Software Co Ltd (603232)?

The net margin of Shanghai Koal Software Co Ltd is −19.8% (last twelve months). 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 Koal Software Co Ltd (603232)?

The return on equity (ROE) of Shanghai Koal Software Co Ltd 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 Shanghai Koal Software Co Ltd (603232)?

On an EBIT basis the return on assets of Shanghai Koal Software Co Ltd is 0.9% (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 Koal Software Co Ltd (603232)?

The operating margin of Shanghai Koal Software Co Ltd is −64.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.

How fast is revenue growing at Shanghai Koal Software Co Ltd (603232)?

Revenue at Shanghai Koal Software Co Ltd is growing −12.3% versus a year earlier (3y avg −18.5%). 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 Koal Software Co Ltd (603232)?

Earnings per share at Shanghai Koal Software Co Ltd are growing −35.5% versus a year earlier. How much earnings per share grew versus a year earlier.

How much free cash flow does Shanghai Koal Software Co Ltd (603232) generate?

The free cash flow of Shanghai Koal Software Co Ltd is −29.4M 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 cash does Shanghai Koal Software Co Ltd (603232) hold?

Shanghai Koal Software Co Ltd holds more cash than debt, 184M CNY net (fiscal year 2024). The company holds more cash than debt, a safety cushion.

Free · no account needed

Watch Shanghai Koal Software Co Ltd in the live analysis

One click puts Shanghai Koal Software Co Ltd on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 28,000+ stock screener.

Watch for free →

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