Top Score Fashion Co (SHSE:603608) Cyclically Adjusted PB Ratio: (As of Sep. 20, 2026)

Author: Vera Yuan Vera Yuan
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Director of Data and Quant Analytics at GuruFocus
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Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

SHSE:603608 Top Score Fashion Co Ltd SHSE:603608
45 GF Score
Price ¥21.10
GF Value ¥5.12
Valuation Significantly Overvalued
! 2 Warning Signs
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What is Top Score Fashion Co Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


Top Score Fashion Co  (SHSE:603608) Cyclically Adjusted PB Ratio Explanation

Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.


Top Score Fashion Co Cyclically Adjusted PB Ratio Related Terms


Top Score Fashion Co Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Top Score Fashion Co's Cyclically Adjusted PB Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Top Score Fashion Co Cyclically Adjusted PB Ratio Chart

Top Score Fashion Co Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted PB Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1.77 1.13 1.41 0.92 2.51

Top Score Fashion Co Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Cyclically Adjusted PB Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1.33 1.81 2.47 2.29 5.54

SHSE:603608 vs NKE, DECK, ONON: Cyclically Adjusted PB Ratio Comparison

For the Footwear & Accessories subindustry, Top Score Fashion Co's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Top Score Fashion Co Cyclically Adjusted PB Ratio vs Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Top Score Fashion Co's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where Top Score Fashion Co's Cyclically Adjusted PB Ratio falls into.


SHSE:603608
45GF Score
Top Score Fashion Co Ltd SHSE:603608
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Top Score Fashion Co Cyclically Adjusted PB Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.

Top Score Fashion Co's Cyclically Adjusted Book per Share for the quarter that ended in Jun. 2026 is calculated as:

For example, Top Score Fashion Co's adjusted Book Value per Share data for the three months ended in Jun. 2026 was:

Adj_Book=Book Value per Share/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=3.08/116.0564*116.0564
=3.080

Current CPI (Jun. 2026) = 116.0564.

Top Score Fashion Co Quarterly Data

Book Value per Share CPI Adj_Book
201609 3.873 102.400 4.390
201612 3.959 102.600 4.478
201703 4.045 103.200 4.549
201706 3.964 103.100 4.462
201709 4.063 104.100 4.530
201712 4.733 104.500 5.256
201803 4.909 105.300 5.410
201806 4.826 104.900 5.339
201809 4.934 106.600 5.372
201812 5.067 106.500 5.522
201903 4.926 107.700 5.308
201906 4.869 107.700 5.247
201909 4.992 109.800 5.276
201912 5.177 111.200 5.403
202003 5.183 112.300 5.356
202006 5.264 110.400 5.534
202009 5.410 111.700 5.621
202012 4.100 111.500 4.268
202103 4.162 112.662 4.287
202106 4.055 111.769 4.211
202109 4.042 112.215 4.180
202112 3.774 113.108 3.872
202203 3.686 114.335 3.742
202206 3.632 114.558 3.680
202209 3.605 115.339 3.627
202212 3.295 115.116 3.322
202303 3.264 115.116 3.291
202306 3.266 114.558 3.309
202309 3.250 115.339 3.270
202312 3.225 114.781 3.261
202403 2.974 115.227 2.995
202406 3.098 114.781 3.132
202409 2.944 115.785 2.951
202412 2.824 114.893 2.853
202503 2.819 115.116 2.842
202506 2.842 114.907 2.870
202509 2.819 115.471 2.833
202512 2.876 115.832 2.882
202603 2.912 116.303 2.906
202606 3.080 116.056 3.080

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

Is Top Score Fashion Co (SHSE:603608) Overvalued in 2026?

Based on GuruFocus' analysis, Top Score Fashion Co stock appears to be overvalued. The current stock price of ¥21.10 is trading 312.1% above its estimated GF Value™ of ¥5.12. GuruFocus considers Top Score Fashion Co to be Significantly Overvalued.

Key valuation signals for SHSE:603608:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: ¥5.12 vs. price of ¥21.10 (312.1% above fair value)
  • GF Score™: 45/100 with 2 warning signs

No single metric tells the full story. See the SHSE:603608 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Top Score Fashion Co Business Description

Address No. 31, Yinsha Street, Dongyong Town, Nansha District, Guangdon, Guangzhou, CHN
Top Score Fashion Co Ltd provides women's footwear products primarily in China. It offers leather, fur, and feather footwear products under the KISSCAT, Kiss Kitty, ZSAZSAZSU, tigrisso, and Patricia brands.
45GF Score

Get the complete analysis for SHSE:603608

Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

¥21.10
Price
¥5.12
GF Value