China Express Airlines Co Ltd Class A (002928) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of China Express Airlines Co Ltd Class A stock ¥6.04, price ¥7.00, that is 13.8% below the price, quality 40 out of 100. Rating: overvalued. Calculated from audited financials with 25 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range ¥4.90 – ¥16.17 · fair‑value band ¥3.58 – ¥9.95 · the ¥7.00 price screens above the ¥6.04 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 6, 2026.
Follow China Express Airlines Co Ltd Class A in your weekly email
Every Wednesday you see whether China Express Airlines Co Ltd Class 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.
China Express Airlines Co.,LTD engages in the air passenger and cargo transportation business in China.
Show moreShow less
The company operates through operation bases located in Chongqing, Guiyang, Dalian, Hohhot, Xi'an, Korla, and Quzhou with approximately 182 routes, including 179 domestic routes and 3 international routes to approximately 130 destinations.
It also engages in the manufacturing of railway, ship, aerospace, and other transportation equipment; software and information technology services; multimodal transport and freight forwarding; and sale of aircraft repair; trading; retail and wholesale; and leasing businesses.
China Express Airlines Co.,LTD was founded in 2006 and is based in Chongqing, China.
Stock analysis
China Express Airlines Co Ltd Class A (002928) currently trades at ¥7.00, while our model-based Fair Value estimate is ¥6.04, 14% below the price, so the stock looks overvalued today.
Show more
Valuation
Bull case: the Growth Earnings group reads highest at a median of ¥13.14 per share, and 20 of the 25 models we run sit above the ¥7.00 price.
Bear case: the Asset-Based group reads lowest at ¥1.98, and 5 of the 25 models stay below the price. Data coverage for this calculation is high.
Scenario range: ¥3.58 (bear) to ¥9.95 (bull), the price of ¥7.00 sits inside 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 40/100 (below-average quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
China Express Airlines Co Ltd Class A reported revenue of 7.5B CNY in FY2025 versus 4.0B CNY in FY2021, a compound +17.1%/yr. Reported net income was 626M CNY in FY2025.
Key figures
Market cap 8.9B CNY (≈ $1.3B) Small · P/E ratio 17.6 · P/S ratio 1.18 · EPS (TTM) ¥0.3300 · Dividend yield 2.6% · Net margin 5.5% · Return on equity 11.2% · Return on assets (EBIT) −2.6% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 30 out of 100 (low confidence).
What moves the price
The share trades about 43% below its 52-week high and 23% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 15% fair-value upside, at −14%, 002928 screens richer than that median.
Fair Value models
Bear¥3.58Fair Value ¥6.04Bull¥9.95
Price ¥7.00 · Downside -13.8%
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. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (¥0.2821 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. 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
FCF DCF¥5.35¥8.90¥17.9476
Growth DCF¥5.05¥9.50¥16.9575
Residual Income¥2.91¥3.67¥5.3775
All 25 models by family
DCF Models
FCF DCF¥5.35¥8.90¥17.9476
5Y Revenue Exit¥6.21¥12.59¥24.3568
5Y EBITDA Exit¥14.34¥30.35¥58.1771
5Y P/E Exit¥6.10¥13.26¥22.3568
10Y Revenue Exit¥5.56¥12.28¥20.9764
10Y EBITDA Exit¥10.97¥25.94¥53.6663
10Y P/E Exit¥5.74¥12.10¥22.7860
Earnings-Based
Graham-Dodd¥3.33¥22.68¥31.8063
Lynch FV¥6.66¥9.52¥12.3761
PEG = 1.0¥6.66¥9.52¥12.3757
EPV¥5.92¥6.84¥7.5974
Dividend Discount
Gordon GGM¥1.20¥2.14¥2.9268
DDM Multi-Stage¥1.20¥1.97¥2.2967
Multiples
P/E Multiple¥7.71¥10.28¥12.8563
P/S Multiple¥6.24¥8.32¥10.4158
P/B Multiple¥9.96¥13.28¥16.6055
EV/EBIT¥9.03¥13.11¥17.1865
EV/EBITDA¥17.53¥24.44¥31.3567
EV/Revenue¥4.15¥7.30¥10.4552
Asset-Based
NCAV (Graham)¥1.48¥1.98¥2.9554
Growth DCF
Growth DCF¥5.05¥9.50¥16.9575
Rev-Margin DCF¥6.21¥13.10¥23.2969
Economic Profit
Residual Income¥2.91¥3.67¥5.3775
ROIC Compounder¥7.15¥10.00¥13.7071
Growth Earnings
Growth-Adj P/E¥9.20¥13.14¥17.0867
The fair value above starts from this blend and is adjusted for a cyclical peak year.
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.54/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+11.4%
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.
+41.3%
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.
+9.5%
Start year 2020 (pandemic). Over 10 years: +15.3% a year
Revenue growth 12 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.
+19.6%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
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.
−0.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−3.2%
Dividend (yield on the price)2.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−3.2% vs −3.4%, steady
Profit margin 2020 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.15% → 16%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 3.1%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+43.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+8.6%
Yearly sales growth analysts expect, extended to five years.
Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain.
After inflation (China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about +40.9% a year for the price and +6.8% for the forecasts.
Compare China Express Airlines Co Ltd Class 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.Airlines · 52 stocks
Beats the industry median on 2/14 measures
Overall it trails its industry peers.
Valuation
Quality Score40 · Below median
Fair Value upside−13.8% · Bottom 25%
Profitability
Return on equity (12 months)11.2% · Below median
Return on assets2.6% · Below median
Net margin (12 months)5.5% · Above median
Operating margin (12 months)−4.1% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)3.8% · Bottom 25%
Dividend yield (12 months)2.6% · Above median
Balance sheet
Debt / equity0.76× · Above median
Valuation Multiplesvs Airlines median · lower = cheaper
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). "China Express Airlines Co Ltd Class A Fair Value". https://www.fairvalue-calculator.com/stock/002928
Frequently asked questions
Is China Express Airlines Co Ltd Class A (002928) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of ¥6.04 versus a price of ¥7.00, about 14% lower (overvalued).
What is the fair value of 002928?
Our model-based fair value for China Express Airlines Co Ltd Class A is ¥6.04 (as of Nov 6, 2026), built from audited fundamentals. The current price: ¥7.00.
What is the quality score of 002928?
China Express Airlines Co Ltd Class A has a Quality Score of 40/100. 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 China Express Airlines Co Ltd Class A (002928)?
Our model-based price target is the fair value of ¥6.04 (as of Nov 6, 2026) from 25 valuation models. Cautious scenario ¥3.58, optimistic scenario ¥9.95. It is a calculation from audited fundamentals, not an analyst target.
What is the China Express Airlines Co Ltd Class A stock forecast for 2026?
Our models put fair value at ¥6.04, about 14% lower versus a price of ¥7.00 (overvalued). Cautious scenario ¥3.58, optimistic scenario ¥9.95. The calculation is refreshed regularly with new filings.
What is the revenue of China Express Airlines Co Ltd Class A (002928)?
China Express Airlines Co Ltd Class A reported trailing-twelve-month revenue of about 7.6B CNY (latest available figure, as of Nov 6, 2026).
Does China Express Airlines Co Ltd Class A pay a dividend?
China Express Airlines Co Ltd Class A currently shows a dividend yield of 2.58% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of China Express Airlines Co Ltd Class A (002928)?
China Express Airlines Co Ltd Class A has a dividend yield of 2.6%.
What growth is priced into China Express Airlines Co Ltd Class A (002928)?
For today's price to be fair in a discounted-cash-flow model, China Express Airlines Co Ltd Class A would have to grow free cash flow by +43.3 % per year for five years (discount rate 11.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.5 % per year. Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of 002928 use?
Our models discount China Express Airlines Co Ltd Class A at 11.2 %: a base by market capitalisation (small), damped by beta 0.76, country premium for China. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For China Express Airlines Co Ltd Class A that is +43.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.2 %) and the same formula as our fair value.
How much growth has China Express Airlines Co Ltd Class A (002928) delivered so far?
Over the past 5 years revenue at China Express Airlines Co Ltd Class A grew +9.5 % a year. The price currently implies free-cash-flow growth of +43.3 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of China Express Airlines Co Ltd Class A (002928) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into China Express Airlines Co Ltd Class A (+43.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of China Express Airlines Co Ltd Class A (002928)?
The free-cash-flow yield on the price is 1.66 % in the last fiscal year (free cash flow was negative over the last twelve months): that much free cash flow China Express Airlines Co Ltd Class A produces per unit of market value. When it exceeds the discount rate of our models (11.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of China Express Airlines Co Ltd Class A (002928)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For China Express Airlines Co Ltd Class A it is ¥6.04 per share (as of Nov 6, 2026), against a price of ¥7.00. It is the blended result of 25 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is China Express Airlines Co Ltd Class A stock overvalued or undervalued in 2026?
As of Nov 6, 2026, 002928 trades above its calculated fair value: price ¥7.00, fair value ¥6.04, a gap of about −14% (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 002928?
No. The price is what the market pays today (¥7.00); the fair value is what the company's own numbers justify (¥6.04). For China Express Airlines Co Ltd Class A the two are ¥0.9637 per share apart. That gap is exactly why we show both numbers side by side.
How much is China Express Airlines Co Ltd Class A worth?
The market values China Express Airlines Co Ltd Class A at about 8.9B CNY (market capitalisation, as of Nov 6, 2026). Per share that is ¥7.00; our models calculate a fair value of ¥6.04 per share.
What do the bullish and bearish scenarios say about 002928?
Our models span a range for China Express Airlines Co Ltd Class A: cautious scenario ¥3.58, base ¥6.04, optimistic ¥9.95 per share (as of Nov 6, 2026, price ¥7.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 002928?
China Express Airlines Co Ltd Class A trades at a price-to-earnings ratio of 17.6 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥6.04 is built from several models across several years. Other multiples: P/B 2.3, P/S 1.2, EV/EBITDA 8.3.
How solid is the balance sheet of China Express Airlines Co Ltd Class A (002928)?
Balance-sheet figures for China Express Airlines Co Ltd Class A (as of Nov 6, 2026): return on equity 11.2%, debt of 0.76 per unit of equity. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
How far is 002928 from its 52-week high?
China Express Airlines Co Ltd Class A trades at ¥7.00, about 43% below its 52-week high of ¥12.30 and 23% above the low of ¥5.71 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of ¥6.04 is for.
Which stocks are comparable to China Express Airlines Co Ltd Class A?
From the same area (Industrials) we also value Delta Air Lines, Inc, United Airlines Holdings, Ryanair Holdings, InterGlobe Aviation Limited, 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 China Express Airlines Co Ltd Class A stock attractive at the current price?
The data as of Nov 6, 2026: price ¥7.00, calculated fair value ¥6.04 (−14%), Quality Score 40/100, from 25 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 002928 calculated?
We run China Express Airlines Co Ltd Class A through 25 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of ¥6.04 builds on their evidence-weighted average, 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 13.0% above its aggregate fair value. China Express Airlines Co Ltd Class 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 China Express Airlines Co Ltd Class A (002928)?
The closing price on Nov 6, 2026 was ¥7.00. Our model-based fair value is ¥6.04, about 14% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with China Express Airlines Co Ltd Class A right now?
The model range is unusually wide (¥3.58 to ¥9.95). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits in the upper half of our model range, so the margin of safety is thin. The data supports the verdict: every model runs on fully documented inputs.
Key figures of China Express Airlines Co Ltd Class A
How large is the market capitalisation of China Express Airlines Co Ltd Class A (002928)?
The market capitalisation of China Express Airlines Co Ltd Class A is 8.9B CNY (≈ $1.3B). 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 China Express Airlines Co Ltd Class A (002928)?
The price-to-sales ratio of China Express Airlines Co Ltd Class A is 1.18 (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 China Express Airlines Co Ltd Class A (002928)?
Earnings per share at China Express Airlines Co Ltd Class A are ¥0.3300 (price ÷ EPS = P/E 17.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of China Express Airlines Co Ltd Class A (002928)?
The dividend yield of China Express Airlines Co Ltd Class A is 2.6% (payout 54.7%). 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 China Express Airlines Co Ltd Class A (002928)?
The net margin of China Express Airlines Co Ltd Class A is 5.5% (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 China Express Airlines Co Ltd Class A (002928)?
The return on equity (ROE) of China Express Airlines Co Ltd Class A is 11.2% (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 China Express Airlines Co Ltd Class A (002928)?
On an EBIT basis the return on assets of China Express Airlines Co Ltd Class A is −2.6% (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 China Express Airlines Co Ltd Class A (002928)?
The operating margin of China Express Airlines Co Ltd Class A is −4.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at China Express Airlines Co Ltd Class A (002928)?
Revenue at China Express Airlines Co Ltd Class A is growing +3.8% versus a year earlier (3y avg +41.3%). 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 China Express Airlines Co Ltd Class A (002928)?
Earnings per share at China Express Airlines Co Ltd Class A are growing +65.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does China Express Airlines Co Ltd Class A (002928) carry?
The net debt of China Express Airlines Co Ltd Class A is 4.1B CNY (fiscal year 2025, ≈ 27.5 yrs of FCF). 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 China Express Airlines Co Ltd Class A in the live analysis
One click puts China Express Airlines Co Ltd Class A on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.
Broad data
Nov 6, 2026