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China West Construction Group Co Ltd (002302) Fair Value & Analysis

Basic Materials · CN · Market cap 6.1B CNY (≈ $907M) · ISIN CNE100000H77

What is China West Construction Group Co Ltd really worth?

CW China West Construction Group Co Ltd 002302 · SHE
Price¥4.78
Fair Value¥7.40
Upside+54.8%
Quality32/100

Below-average quality, trading 35% below our fair value of ¥7.40.

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Risks

!Weak Growth (revenue 5y −5.0 %/yr)
!Loss-making · -4.0% net margin
!Low debt · negative free cash flow
!Mixed vs. peers (5/11)
!Narrow moat 13/100
!Evidence only low, so the estimate is less certain
Evidence: Low Range ¥5.78 – ¥9.00

Fair value as of: Sep 3, 2026

From 4 valuation models · updated 2 days ago

Fair value updated Sep 3, 2026, revised from ¥3.70 to ¥7.40 (+100.0%) since Aug 13, 2026. Share price +2.1% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The large discount to fair value meets weak quality (32/100). That raises the risk this is a value trap rather than a bargain.
  • The price is below even our cautious bear case (¥5.78). The market is more pessimistic than our downside scenario.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Price vs Fair Value (5 years)

¥9.41 ¥4.32 Fair Value ¥7.40 Mar 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 3, 2026.

How to read this chart

60‑month range ¥4.32 – ¥9.41 · fair‑value band ¥5.78 – ¥9.00 · the ¥4.78 price screens below the ¥7.40 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 3, 2026.

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Analysis

China West Construction Group Co Ltd (002302) currently trades at ¥4.78, while our model-based Fair Value estimate is ¥7.40, implying the stock looks roughly 35.4% undervalued today. The Quality Score stands at 32/100 (below-average quality), in the Basic Materials sector. Bull case: the Asset-Based group reads highest at a median of ¥4.55 per share, and 0 of the 4 models we run sit above the ¥4.78 price. Bear case: the Dividend Discount group reads lowest at ¥2.90, and 4 of the 4 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, China West Construction Group Co Ltd generated revenue of 17.6B CNY at a net margin of −4.0%. Revenue declined 14.9% year over year. It earns a return on equity of −7.0%. The balance sheet holds a net cash position of 588M CNY. Fundamentals as of Sep 3, 2026

Our scenario range runs from ¥5.78 (bear case) to ¥9.00 (bull case); at ¥4.78, the current price sits below 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 43% below its 52-week high and 1% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at −56% fair-value upside, at 55%, 002302 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

Model 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
Highest evidence
Gordon GGM ¥1.69 ¥3.36 ¥5.09 67
DDM Multi-Stage ¥1.69 ¥2.90 ¥3.55 67
EV/EBITDA ¥3.60 ¥4.41 ¥5.22 67
All 4 models by family
Dividend Discount
Gordon GGM ¥1.69 ¥3.36 ¥5.09 67
DDM Multi-Stage ¥1.69 ¥2.90 ¥3.55 67
Multiples
EV/EBITDA ¥3.60 ¥4.41 ¥5.22 67
Asset-Based
NCAV (Graham) ¥3.40 ¥4.55 ¥6.80 54

Widest divergence: Asset-Based (¥4.55) versus Dividend Discount (¥2.90). Highest evidence: Gordon GGM (67).

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Key figures & financial health

P/S ratio 0.35 TTM
EPS (TTM) ¥−0.5700
Dividend yield 4.0%
Net margin −4.0% FY2025
Return on equity −7.0% TTM
Return on assets (EBIT) 1.5% avg 5y
More key figures
Profitability
Operating margin −5.9% TTM
Growth
Revenue (TTM) 17.6B CNY TTM
Revenue growth (YoY) −14.9% 3y avg −10.1%
EPS growth (YoY) +79.0%
Balance sheet & cash flow
Free cash flow −658M CNY FY2025
Net cash 588M CNY FY2024

Figures from reported company fundamentals · as of Sep 3, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 32/100

Of which business quality 31 · Market factors (momentum, volatility) 31

Profitability 11
Margins and returns on capital today
Quality Growth 18
Are margins and returns improving?
Cashflow 9
Earnings quality: real cash, not paper profit
Fin. Strength 37
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 81
Calm price path (market factor)
Momentum 16
Price trend over the last 3–12 months (market factor)
52W Momentum 1
Distance to the 52-week high (market factor)
Net Issuance 42
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

China West Construction Group Co., Ltd engages in the building materials business in China, Malaysia, Indonesia, Cambodia, and internationally. The company offers ready-mixed concrete, radiating cement, admixtures, commercial mortar, and sand and gravel aggregates.

Full company description

China West Construction Group Co., Ltd engages in the building materials business in China, Malaysia, Indonesia, Cambodia, and internationally. The company offers ready-mixed concrete, radiating cement, admixtures, commercial mortar, and sand and gravel aggregates. It is involved in logistics and transportation; technology research and development and services; testing services; resource utilization; and e-commerce activities. The company was founded in 2001 and is based in Chengdu, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

China West Construction Group Co Ltd reported revenue of 18.1B CNY in FY2025 versus 26.9B CNY in FY2021, a compound −9.4%/yr. Reported net income was −730M CNY in FY2025.

Growth Quality 0/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
18.1B CNY
Latest YoY
−11.0%
Avg. revenue growth/yr (3Y) 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.
−10.1%
Avg. revenue growth/yr (5Y) 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.
−5.0%
Avg. revenue growth/yr (19Y) 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.
+22.1%
Value creation/yr 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
Revenue −9.4%/yr
FY21 26.9B CNY
FY22 24.9B CNY
FY23 22.9B CNY
FY24 20.3B CNY
FY25 18.1B CNY
Net income
FY21 845M CNY
FY22 555M CNY
FY23 645M CNY
FY24 −263M CNY
FY25 −730M CNY
Character of growth · EPS growth decomposed (2013-2024) +3.0 % p.a.
Revenue per share +7.9 %

of which total revenue +11.2 % · buybacks/dilution −3.0 %

EBIT margin −3.9 %
Tax rate −0.5 %
Residual (interest, one-offs) −0.2 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "China West Construction Group Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/002302

Peer Group

Building Materials · 258 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 32 · Bottom 25%
Fair Value upside +55% · Top 25%
Return on assets −1% · Bottom 25%
Net margin (TTM) −4% · Bottom 25%
Operating margin (TTM) −6% · Bottom 25%
Revenue growth −15% · Bottom 25%
Dividend yield (TTM) 4.0% · Above median
Debt / equity 0.07× · Lower than median

Valuation Multiples vs Building Materials median · lower = cheaper

P/B 0.11× · Cheaper than 75% of peers
P/S (TTM) 0.05× · Cheaper than 75% of peers

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 18
FUTURE0 · sector 2
PAST0 · sector 15
HEALTH97 · sector 92
DIVIDEND80 · sector 44

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 Building Materials stocks, each showing price versus our Fair Value estimate (as of Sep 3, 2026).

Stock Price Fair Value vs Fair Value
CRH plc CRH $96.05 $69.69 −27%
Holcim AG HOLN CHF 71.04 CHF 20.00 −72%
Vulcan Materials Company VMC $259.69 $114.48 −56%
UltraTech Cement Limited ULTRACEMCO ₹11,891 ₹4,718 −60%
Heidelberg Materials AG HEI €170.05 €167.96 −1%
Martin Marietta Materials, Inc MLM $543.90 $215.31 −60%
China Jushi Co 600176 ¥40.56 ¥13.22 −67%
Amrize AG AMRZ CHF 37.65 CHF 29.67 −21%
Grasim Industries Limited GRASIM ₹3,293 ₹1,245 −62%
CEMEX, S.A. CX $11.24 $11.31 +1%

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Frequently asked questions

Is China West Construction Group Co Ltd (002302) overvalued or undervalued?
As of Sep 3, 2026, our model estimates a fair value of ¥7.40 versus a price of ¥4.78, about +55% upside (undervalued).
What is the fair value of 002302?
Our model-based fair value for China West Construction Group Co Ltd is ¥7.40 (as of Sep 3, 2026), built from audited fundamentals. The current price: ¥4.78.
What is the quality score of 002302?
China West Construction Group Co Ltd has a Quality Score of 32/100. 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 China West Construction Group Co Ltd (002302)?
China West Construction Group Co Ltd reported trailing-twelve-month revenue of about 17.6B CNY (latest available figure, as of Sep 3, 2026).
What is the net profit margin of 002302?
The net profit margin of China West Construction Group Co Ltd is about −4.0%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does China West Construction Group Co Ltd pay a dividend?
China West Construction Group Co Ltd currently shows a dividend yield of about 3.99% relative to its recent price (as of Sep 3, 2026).
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