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Argus (Shanghai) Textile Chemicals Co (603790) Fair Value & Analysis

Basic Materials · CN · Market cap 4.9B CNY

AS Argus (Shanghai) Textile Chemicals Co 603790 · SHG
Price¥21.65
Fair Value¥5.35
Upside-75.3%
Quality62/100
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Weak Growth
Thin margins · 9.3% net margin
Low debt · generates free cash flow
0.52% dividend yield
Mixed vs. peers (7/14)
Moderate moat 48/100
Evidence: High Range ¥4.80 – ¥6.97 Share as image

Fair value as of: Jul 11, 2026

From 24 valuation models · updated 30 days ago

Share price −2.8% over the past month.

A solid business, but screening 75% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (¥6.97). The favourable scenario is already priced in.
  • Solid but not exceptional quality (62/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

¥32.88 ¥7.32 Fair Value ¥5.35 Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 11, 2026.

How to read this chart

60‑month range ¥7.32 – ¥32.88 · fair‑value band ¥4.80 – ¥6.97 · the ¥21.65 price screens above the ¥5.35 fair value. Dashed = 300-day average. As of Jul 11, 2026.

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Analysis

Argus (Shanghai) Textile Chemicals Co (603790) currently trades at ¥21.65, while our model-based Fair Value estimate is ¥5.35, implying the stock looks roughly 75.3% overvalued today. The Quality Score stands at 62/100 (solid quality), in the Basic Materials 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, Argus (Shanghai) Textile Chemicals Co generated revenue of 877M CNY at a net margin of 9.3%. Revenue grew 21.3% year over year. It earns a return on equity of 6.2%. The balance sheet holds a net cash position of 25.7M CNY. Fundamentals as of Jul 11, 2026

Our scenario range runs from ¥4.80 (bear case) to ¥6.97 (bull case); at ¥21.65, 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 36% below its 52-week high and 28% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -58% fair-value upside, at -75%, 603790 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
Growth DCF ¥3.05 ¥3.91 ¥5.35 80
Residual Income ¥5.11 ¥5.22 ¥5.11 76
Rev-Margin DCF ¥3.97 ¥5.92 ¥8.29 74
All 24 models by family
DCF Models
FCF DCF ¥2.95 ¥3.84 ¥5.46 38
Owner Earnings ¥4.02 ¥5.30 ¥7.62 31
5Y Revenue Exit ¥3.97 ¥5.86 ¥8.63 39
5Y EBITDA Exit ¥4.36 ¥6.53 ¥9.42 41
5Y P/E Exit ¥3.94 ¥5.80 ¥8.03 38
10Y Revenue Exit ¥3.42 ¥4.80 ¥6.30 36
10Y EBITDA Exit ¥3.77 ¥5.20 ¥6.76 37
10Y P/E Exit ¥3.52 ¥4.76 ¥5.96 35
Earnings-Based
Graham-Dodd ¥2.56 ¥3.26 ¥3.71 54
EPV ¥4.76 ¥5.43 ¥6.02 59
Dividend Discount
Gordon GGM ¥1.29 ¥1.41 ¥1.58 70
DDM Multi-Stage ¥1.29 ¥1.61 ¥2.03 61
Multiples
P/E Multiple ¥4.80 ¥6.40 ¥8.00 63
P/S Multiple ¥4.80 ¥6.40 ¥8.00 58
P/B Multiple ¥4.80 ¥6.40 ¥8.00 55
EV/EBIT ¥6.05 ¥7.91 ¥9.77 53
EV/EBITDA ¥6.10 ¥7.97 ¥9.85 54
EV/Revenue ¥5.02 ¥6.97 ¥8.92 43
Asset-Based
NCAV (Graham) ¥3.31 ¥4.44 ¥6.63 50
Growth DCF
Growth DCF ¥3.05 ¥3.91 ¥5.35 80
Rev-Margin DCF ¥3.97 ¥5.92 ¥8.29 74
Economic Profit
Residual Income ¥5.11 ¥5.22 ¥5.11 76
ROIC Compounder ¥4.76 ¥5.43 ¥6.02 72
Growth Earnings
Growth-Adj P/E ¥3.42 ¥4.88 ¥6.35 68

Widest divergence: Multiples (¥6.40) versus Dividend Discount (¥1.41). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 877M CNY
Revenue growth (YoY) +21.3%
Net margin 9.3%
Return on equity 6.2%
Free cash flow 50.9M CNY FY2025
P/E ratio 59.4
More key figures
Operating margin 16.6%
EPS (TTM) ¥0.4300
Dividend yield 0.5%
EPS growth (YoY) +35.7%
Net cash 25.7M CNY FY2024

Figures from reported company fundamentals · as of Jul 11, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 62/100

Of which business quality 60 · Market factors (momentum, volatility) 48

Profitability 34
Margins and returns on capital today
Quality Growth 54
Are margins and returns improving?
Cashflow 42
Earnings quality: real cash, not paper profit
Fin. Strength 86
Balance sheet, leverage, solvency risk
Investment 86
Disciplined investing over empire-building
Low Volatility 44
Calm price path (market factor)
Momentum 57
Price trend over the last 3–12 months (market factor)
52W Momentum 40
Distance to the 52-week high (market factor)
Net Issuance 74
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

Argus (Shanghai) Textile Chemicals Co.,Ltd. engages in the research and development, manufacture, and marketing of textile chemicals in China. The company offers dyes for cellulose, polyamide, wool, polyester, and printing; and pre-treatment, dyeing, finishing, and printing auxiliaries. In addition, the company provides technical support and color services.

Full company description

Argus (Shanghai) Textile Chemicals Co.,Ltd. engages in the research and development, manufacture, and marketing of textile chemicals in China. The company offers dyes for cellulose, polyamide, wool, polyester, and printing; and pre-treatment, dyeing, finishing, and printing auxiliaries. In addition, the company provides technical support and color services. The company also exports its products to Malaysia, the Philippines, Vietnam, Bangladesh, Pakistan, Turkey, etc. Argus (Shanghai) Textile Chemicals Co.,Ltd. was founded in 1999 and is headquartered in Shanghai, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Argus (Shanghai) Textile Chemicals Co reported revenue of ¥828M in FY2025 versus ¥930M in FY2021, a compound −2.8%/yr. Reported net income was ¥72.0M in FY2025, compounding +1.3%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
828M CNY
Latest YoY
−3.4%
Avg. growth/yr (3Y)
+2.5%
Avg. growth/yr (5Y)
+0.6%
Avg. growth/yr (11Y)
+0.0%
Revenue −2.8%/yr
FY21 ¥930M
FY22 ¥768M
FY23 ¥774M
FY24 ¥857M
FY25 ¥828M
Net income +1.3%/yr
FY21 ¥68.4M
FY22 ¥41.3M
FY23 ¥43.8M
FY24 ¥56.9M
FY25 ¥72.0M

603790 screens 75% overvalued. Compare with Linde plc →

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Cite: Fair Value Calculator (2026). "Argus (Shanghai) Textile Chemicals Co Fair Value". https://www.fairvalue-calculator.com/stock/603790

Peer Group

Specialty Chemicals · 676 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 62 · Top 25%
Fair Value upside −75% · Bottom 25%
Return on equity (TTM) 6% · Above median
Return on assets 4% · Above median
Net margin (TTM) 9% · Above median
Operating margin (TTM) 17% · Top 25%
Revenue growth 21% · Top 25%
Dividend yield (TTM) 0.5% · Below median
Debt / equity 0.08× · Lower than median

Valuation Multiples vs Specialty Chemicals median · lower = cheaper

P/E (TTM) 59.4× · Pricier than 75% of peers
P/B 3.86× · Pricier than 75% of peers
P/S (TTM) 5.58× · Pricier than 75% of peers
P/FCF 14.3× · Pricier than 75% of peers
EV/EBITDA 33.0× · Pricier than 75% of peers

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 · sector 0
FUTURE 100 · sector 19
PAST 25 · sector 23
HEALTH 96 · sector 95
DIVIDEND 10 · sector 25

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.

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 Specialty Chemicals stocks, each showing price versus our Fair Value estimate (as of Jul 11, 2026).

Stock Price Fair Value vs Fair Value
Linde plc LIN $489.98 $222.03 -55%
Nan Ya Plastics Corporation 1303 181.50 TWD 255.83 TWD +41%
Wanhua Chemical Group 600309 ¥70.04 ¥68.03 -3%
Novozymes A/S NSISB kr 428.20 kr 179.66 -58%
Asian Paints Limited ASIANPAINT ₹2,689 ₹668.81 -75%
Solar Industries India Limited SOLARINDS ₹18,236 ₹2,793 -85%
Pidilite Industries Limited PIDILITIND ₹1,560 ₹351.84 -77%
PT Chandra Asri Pacific Tbk TPIA 1,805 IDR 2,888 IDR +60%
Linde India Limited LINDEINDIA ₹7,115 ₹757.93 -89%
Berger Paints India Limited BERGEPAINT ₹493.70 ₹164.29 -67%

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Frequently asked questions

Is Argus (Shanghai) Textile Chemicals Co (603790) overvalued or undervalued?
As of Jul 11, 2026, our model estimates a fair value of ¥5.35 versus a price of ¥21.65, about −75% (overvalued).
What is the fair value of 603790?
Our model-based fair value for Argus (Shanghai) Textile Chemicals Co is ¥5.35 (as of Jul 11, 2026), built from audited fundamentals. The current price is ¥21.65.
What is the quality score of 603790?
Argus (Shanghai) Textile Chemicals Co has a Quality Score of 62/100. 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 Argus (Shanghai) Textile Chemicals Co (603790)?
Argus (Shanghai) Textile Chemicals Co reported trailing-twelve-month revenue of about 877M CNY (latest available figure, as of Jul 11, 2026).
What is the net profit margin of 603790?
The net profit margin of Argus (Shanghai) Textile Chemicals Co is about 9.3%, meaning it keeps roughly 9.3% of revenue as net income. Based on the latest reported figures.
Does Argus (Shanghai) Textile Chemicals Co pay a dividend?
Argus (Shanghai) Textile Chemicals Co currently shows a dividend yield of about 0.52% relative to its recent price (as of Jul 11, 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.

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