Anhui Conch Cement (0914) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Anhui Conch Cement HK$32.40, price HK$15.91, upside +103.7%, quality 57 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range HK$13.32 – HK$36.22 · fair‑value band HK$19.40 – HK$36.02 · the HK$15.91 price screens below the HK$32.40 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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Anhui Conch Cement Company Limited, together with its subsidiaries, manufactures, sells, and trades in clinker and cement products in China and internationally.
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Anhui Conch Cement Company Limited, together with its subsidiaries, manufactures, sells, and trades in clinker and cement products in China and internationally. The company provides construction and installation services for industrial purposes; logistic transportation agency and warehouse logistics services; financial supporting services; road freight transport; and mining and related services. It also manufactures and sells cement packaging products, concrete products, refractory materials, construction materials, nonmetallic mineral products, new materials, and chemical fibres; develops and sells profile and related products; exports clinker and cement products; processes and sells construction stones, and manufactured sand; sells aggregates; and constructs industrial and civil buildings, and highways. In addition, it is involved in investment and trading; machinery installation and maintenance; product testing and environmental inspection; technical services, development, and consulting; industrial product design; industrial waste storage and disposal; photovoltaic and wind power generation, and energy storage system development; renewable resources sales and renewable resource processing; research, development, and manufacture of automation machinery; and research and experimental development. Anhui Conch Cement Company Limited was incorporated in 1997 and is based in Wuhu, the People's Republic of China.
Stock analysis
Anhui Conch Cement (0914) currently trades at HK$15.91, while our model-based Fair Value estimate is HK$32.40, implying the stock looks roughly 50.9% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of HK$32.78 per share, and 22 of the 24 models we run sit above the HK$15.91 price.
Bear case: the Economic Profit group reads lowest at HK$13.38, and 2 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: HK$19.40 (bear) to HK$36.02 (bull), the price of HK$15.91 sits below 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 57/100 (solid quality), in the Basic Materials sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Anhui Conch Cement reported revenue of 80.4B CNY in FY2025 versus 168B CNY in FY2021, a compound −16.8%/yr. Reported net income was 8.2B CNY in FY2025, compounding −29.4%/yr from FY2021.
Key figures
Market cap HK$84.0B (≈ $10.7B) · P/E ratio 9.9 · P/S ratio 1.01 · EPS (TTM) HK$1.60 · Dividend yield 5.3% · Net margin 10.3% · Return on equity 3.7% · Return on assets (EBIT) 8.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 38% 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 −49% fair-value upside, at 104%, 0914 screens cheaper than that median.
Fair Value models
Bear HK$19.40Fair Value HK$32.40Bull HK$36.02
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (HK$0.5671 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.Evidence ⓘEvidence = 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.
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.40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−11.7%
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.
−15.2%
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.
−14.5%
Start year 2020 (pandemic). Over 10 years: +4.7% a year
Revenue growth 26 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.
+18.1%
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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.
−19.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−24.4%
Dividend (yield on the price)5.3%
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.−24.4% vs −0.3%, slowing
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.26% → 11%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less 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).
−19.5%
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.
+2.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in CNY, China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about −20.9% a year for the price and +0.3% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (12 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
Price, fair value, quality and upside side by side.
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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.Building Materials · 249 stocks
Beats the industry median on 11/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score57 · Above median
Fair Value upside+60.0% · Top 25%
Profitability
Return on equity (TTM)3.7% · Below median
Return on assets2.1% · Below median
Net margin (TTM)9.7% · Top 25%
Operating margin (TTM)9.4% · Above median
Growth and dividend
Revenue growth−10.5% · Bottom 25%
Dividend yield (TTM)5.3% · Top 25%
Balance sheet
Debt / equity0.10× · Below median
Valuation Multiplesvs Building Materials median · lower = cheaper
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Is Anhui Conch Cement (0914) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of HK$32.40 versus a price of HK$15.91, about +104% upside (undervalued).
What is the fair value of 0914?
Our model-based fair value for Anhui Conch Cement is HK$32.40 (as of Sep 27, 2026), built from audited fundamentals. The current price: HK$15.91.
What is the quality score of 0914?
Anhui Conch Cement has a Quality Score of 57/100. 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 Anhui Conch Cement (0914)?
Our model-based price target is the fair value of HK$32.40 (as of Sep 27, 2026) from 24 valuation models. Cautious scenario HK$19.40, optimistic scenario HK$36.02. It is a calculation from audited fundamentals, not an analyst target.
What is the Anhui Conch Cement stock forecast for 2026?
Our models put fair value at HK$32.40, about +104% upside versus a price of HK$15.91 (undervalued). Cautious scenario HK$19.40, optimistic scenario HK$36.02. The calculation is refreshed regularly with new filings.
What is the revenue of Anhui Conch Cement (0914)?
Anhui Conch Cement reported trailing-twelve-month revenue of about 80.5B CNY (latest available figure, as of Sep 27, 2026).
Does Anhui Conch Cement pay a dividend?
Anhui Conch Cement currently shows a dividend yield of about 5.34% relative to its recent price (as of Sep 27, 2026).
What growth is priced into Anhui Conch Cement (0914)?
For today's price to be fair in a discounted-cash-flow model, Anhui Conch Cement would have to grow free cash flow by -19.5 % per year for five years (discount rate 8.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -14.5 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of 0914 use?
Our models discount Anhui Conch Cement at 8.6 %: a base by market capitalisation (large), damped by beta 0.53, country premium for Hong Kong. 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 Anhui Conch Cement that is -19.5 % per year a year over ten years, using the same discount rate (8.6 %) and the same formula as our fair value.
How much growth has Anhui Conch Cement (0914) delivered so far?
Over the past 5 years revenue at Anhui Conch Cement grew -14.5 % a year. The price currently implies -19.5 % per year free-cash-flow growth a 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 Anhui Conch Cement (0914) growing?
The median revenue growth in the sector is +8.1 % a year. That is the yardstick for the growth priced into Anhui Conch Cement (-19.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Anhui Conch Cement (0914)?
The free-cash-flow yield on the price is 9.76 %: that much free cash flow Anhui Conch Cement produces per unit of market value. When it exceeds the discount rate of our models (8.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Anhui Conch Cement (0914)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Anhui Conch Cement it is HK$32.40 per share (as of Sep 27, 2026), against a price of HK$15.91. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Anhui Conch Cement stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 0914 trades below its calculated fair value: price HK$15.91, fair value HK$32.40, a gap of about +104% (undervalued). 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 0914?
No. The price is what the market pays today (HK$15.91); the fair value is what the company's own numbers justify (HK$32.40). For Anhui Conch Cement the two are HK$16.49 per share apart. That gap is exactly why we show both numbers side by side.
How much is Anhui Conch Cement worth?
The market values Anhui Conch Cement at about HK$84.0B (market capitalisation, as of Sep 27, 2026). Per share that is HK$15.91; our models calculate a fair value of HK$32.40 per share.
What do the bullish and bearish scenarios say about 0914?
Our models span a range for Anhui Conch Cement: cautious scenario HK$19.40, base HK$32.40, optimistic HK$36.02 per share (as of Sep 27, 2026, price HK$15.91). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 0914?
Anhui Conch Cement trades at a price-to-earnings ratio of 9.9 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of HK$32.40 is built from several models across several years. Other multiples: PEG 2.4, P/B 0.4, P/S 0.9, EV/EBITDA 4.7.
What is the PEG ratio of 0914?
The PEG ratio of Anhui Conch Cement is 2.42 (P/E divided by earnings growth, as of Sep 27, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Anhui Conch Cement (0914)?
Balance-sheet figures for Anhui Conch Cement (as of Sep 27, 2026): return on equity 3.7%, debt of 0.10 per unit of equity. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is 0914 from its 52-week high?
Anhui Conch Cement trades at HK$15.91, about 38% below its 52-week high of HK$25.73 and 1% above the low of HK$15.69 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of HK$32.40 is for.
Which stocks are comparable to Anhui Conch Cement?
From the same area (Basic Materials) we also value CRH plc, Holcim AG, Martin Marietta Materials, Inc, UltraTech Cement 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 Anhui Conch Cement stock attractive at the current price?
The data as of Sep 27, 2026: price HK$15.91, calculated fair value HK$32.40 (+104%), Quality Score 57/100, from 24 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 0914 calculated?
We run Anhui Conch Cement through 24 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 HK$32.40, 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 14.5 % above its aggregate fair value. Anhui Conch Cement currently trades 51 % below its own fair value, and the market average says nothing about that. 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 Anhui Conch Cement (0914)?
The closing price on Oct 2, 2026 was HK$15.91. Our model-based fair value is HK$32.40, about +104% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Anhui Conch Cement right now?
The price is below even our cautious bear case (HK$19.40). The market is more pessimistic than our downside scenario. Solid quality (57/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (HK$19.40 to HK$36.02) leaves room in how you read the outcome.
Where does the earnings growth of Anhui Conch Cement (0914) come from?
Earnings per share at Anhui Conch Cement grew −0.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +7.2 %, EBIT margin −6.8 %, tax rate +0.2 %, residual (interest, one-offs) −0.3 %. 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 Anhui Conch Cement
How large is the market capitalisation of Anhui Conch Cement (0914)?
The market capitalisation of Anhui Conch Cement is HK$84.0B (≈ $10.7B). 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 Anhui Conch Cement (0914)?
The price-to-sales ratio of Anhui Conch Cement is 1.01 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Anhui Conch Cement (0914)?
Earnings per share at Anhui Conch Cement are HK$1.60 (price ÷ EPS = P/E 9.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Anhui Conch Cement (0914)?
The dividend yield of Anhui Conch Cement is 5.3% (payout 53.1%). 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 Anhui Conch Cement (0914)?
The net margin of Anhui Conch Cement is 10.3% (fiscal year 2025). 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 Anhui Conch Cement (0914)?
The return on equity (ROE) of Anhui Conch Cement is 3.7% (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 Anhui Conch Cement (0914)?
On an EBIT basis the return on assets of Anhui Conch Cement is 8.0% (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 Anhui Conch Cement (0914)?
The operating margin of Anhui Conch Cement is 9.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Anhui Conch Cement (0914)?
Revenue at Anhui Conch Cement is growing −10.5% versus a year earlier (3y avg −15.2%). 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 Anhui Conch Cement (0914)?
Earnings per share at Anhui Conch Cement are growing −17.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Anhui Conch Cement (0914) carry?
The net debt of Anhui Conch Cement is 16.3B CNY (fiscal year 2025, ≈ 2.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Sep 27, 2026