West China Cement Ltd (2233) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of West China Cement Ltd stock HK$2.08, price HK$1.87, upside +11.5%, quality 46 out of 100. Rating: undervalued. Calculated from audited financials with 16 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 HK$0.5294 – HK$3.70 · fair‑value band HK$1.36 – HK$3.16 · the HK$1.87 price screens below the HK$2.08 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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West China Cement Limited, an investment holding company, manufactures and sells cement and cement products in the People's Republic of China, Mozambique, Ethiopia, Democratic Republic of Congo, Other African countries, and internationally.
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It offers green commodity concrete, precast components, and prefabricated building products.
The company also engages in financial leasing; transportation; production and sale of glass; exploitation and sale of mines; production, manufacture, and wholesale of gypsum boards; and real estate development and operation.
Its products are used in the construction of infrastructure projects, such as highways, railways, bridges, hydroelectric power stations, and water conservancy and water transfer projects, as well as housing and social infrastructure projects.
The company was incorporated in 2006 and is headquartered in Xi'an, the People's Republic of China.
Stock analysis
West China Cement Ltd (2233) currently trades at HK$1.87, while our model-based Fair Value estimate is HK$2.08, implying the stock looks roughly 10% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of HK$3.07 per share, and 8 of the 16 models we run sit above the HK$1.87 price.
Bear case: the Dividend Discount group reads lowest at HK$0.4850, and 8 of the 16 models stay below the price. Data coverage for this calculation is low.
Scenario range: HK$1.36 (bear) to HK$3.16 (bull), the price of HK$1.87 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 46/100 (below-average quality), in the Basic Materials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
West China Cement Ltd reported revenue of 9.6B CNY in FY2025 versus 8.0B CNY in FY2021, a compound +4.7%/yr. Reported net income was 880M CNY in FY2025, compounding −13.7%/yr from FY2021.
Key figures
Market cap HK$10.2B (≈ $1.3B) Small · P/E ratio 17.3 · P/S ratio 1.58 · Dividend yield 2.9% · Net margin 9.1% · Return on equity 5.3% · Return on assets (EBIT) 4.2% (5-year average) · Operating margin 17.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 35 out of 100 (medium confidence).
What moves the price
The share trades about 50% below its 52-week high and 35% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −21% fair-value upside, at 12%, 2233 screens cheaper than that median.
Fair Value models
BearHK$1.36Fair Value HK$2.08BullHK$3.16
Price HK$1.87 · Upside +11.5%
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.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.
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.34/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+15.3%
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.
+4.3%
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.
+6.2%
Start year 2020 (pandemic). Over 10 years: +10.6% a year
Revenue growth 20 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.
+20.3%
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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. Basis: EBIT basis.
+3.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+0.8%
Dividend (yield on the price)2.9%
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.base effect: −11.2% / 41.8%
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.19% → 15%
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 · 257 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score46 · Below median
Fair Value upside+11.5% · Above median
Profitability
Return on equity (12 months)5.3% · Above median
Return on assets2.5% · Below median
Net margin (12 months)5.8% · Above median
Operating margin (12 months)17.2% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−16.5% · Bottom 25%
Dividend yield (12 months)2.9% · Above median
Balance sheet
Debt / equity0.53× · Highest 25%
Valuation Multiplesvs Building Materials 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). "West China Cement Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2233
Frequently asked questions
Is West China Cement Ltd (2233) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of HK$2.08 versus a price of HK$1.87, about +12% upside (undervalued).
What is the fair value of 2233?
Our model-based fair value for West China Cement Ltd is HK$2.08 (as of Nov 6, 2026), built from audited fundamentals. The current price: HK$1.87.
What is the quality score of 2233?
West China Cement Ltd has a Quality Score of 46/100. 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 West China Cement Ltd (2233)?
Our model-based price target is the fair value of HK$2.08 (as of Nov 6, 2026) from 16 valuation models. Cautious scenario HK$1.36, optimistic scenario HK$3.16. It is a calculation from audited fundamentals, not an analyst target.
What is the West China Cement Ltd stock forecast for 2026?
Our models put fair value at HK$2.08, about +12% upside versus a price of HK$1.87 (undervalued). Cautious scenario HK$1.36, optimistic scenario HK$3.16. The calculation is refreshed regularly with new filings.
What is the revenue of West China Cement Ltd (2233)?
West China Cement Ltd reported trailing-twelve-month revenue of about 8.7B CNY (latest available figure, as of Nov 6, 2026).
Does West China Cement Ltd pay a dividend?
West China Cement Ltd currently shows a dividend yield of 2.95% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of West China Cement Ltd (2233) and when is the ex-dividend date?
West China Cement Ltd pays a dividend of HK$0.055 per share a year, a dividend yield of 2.9%. The last ex-dividend date was Jun 3, 2026. A dividend has been paid every year since 2018. The payout ratio is 29.0% of earnings. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What is the intrinsic value of West China Cement Ltd (2233)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For West China Cement Ltd it is HK$2.08 per share (as of Nov 6, 2026), against a price of HK$1.87. It is the blended result of 16 valuation models in 6 families (Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is West China Cement Ltd stock overvalued or undervalued in 2026?
As of Nov 6, 2026, 2233 trades below its calculated fair value: price HK$1.87, fair value HK$2.08, a gap of about +12% (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 2233?
No. The price is what the market pays today (HK$1.87); the fair value is what the company's own numbers justify (HK$2.08). For West China Cement Ltd the two are HK$0.2150 per share apart. That gap is exactly why we show both numbers side by side.
How much is West China Cement Ltd worth?
The market values West China Cement Ltd at about HK$10.2B (market capitalisation, as of Nov 6, 2026). Per share that is HK$1.87; our models calculate a fair value of HK$2.08 per share.
What do the bullish and bearish scenarios say about 2233?
Our models span a range for West China Cement Ltd: cautious scenario HK$1.36, base HK$2.08, optimistic HK$3.16 per share (as of Nov 6, 2026, price HK$1.87). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2233?
West China Cement Ltd trades at a price-to-earnings ratio of 17.3 (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 HK$2.08 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 5.9. Other multiples: PEG 1.6, P/B 0.7, P/S 1.0, EV/EBITDA 5.3.
What is the PEG ratio of 2233?
The PEG ratio of West China Cement Ltd is 1.58 (P/E divided by earnings growth, as of Nov 6, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of West China Cement Ltd (2233)?
Balance-sheet figures for West China Cement Ltd (as of Nov 6, 2026): return on equity 5.3%, debt of 0.53 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is 2233 from its 52-week high?
West China Cement Ltd trades at HK$1.87, about 50% below its 52-week high of HK$3.70 and 35% above the low of HK$1.38 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of HK$2.08 is for.
Which stocks are comparable to West China Cement Ltd?
From the same area (Basic Materials) we also value CRH plc, Holcim AG, Martin Marietta Materials, Inc, Vulcan Materials Company, 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 West China Cement Ltd stock attractive at the current price?
The data as of Nov 6, 2026: price HK$1.87, calculated fair value HK$2.08 (+12%), Quality Score 46/100, from 16 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 2233 calculated?
We run West China Cement Ltd through 16 models from 6 families: Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of HK$2.08 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. West China Cement Ltd currently trades 10% 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 West China Cement Ltd (2233)?
The closing price on Nov 6, 2026 was HK$1.87. Our model-based fair value is HK$2.08, about +12% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with West China Cement Ltd right now?
A fairly wide model range (HK$1.36 to HK$3.16) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of West China Cement Ltd
How large is the market capitalisation of West China Cement Ltd (2233)?
The market capitalisation of West China Cement Ltd is HK$10.2B (≈ $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 West China Cement Ltd (2233)?
The price-to-sales ratio of West China Cement Ltd is 1.58 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of West China Cement Ltd (2233)?
The dividend yield of West China Cement Ltd is 2.9%. 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 West China Cement Ltd (2233)?
The net margin of West China Cement Ltd is 9.1% (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 West China Cement Ltd (2233)?
The return on equity (ROE) of West China Cement Ltd is 5.3% (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 West China Cement Ltd (2233)?
On an EBIT basis the return on assets of West China Cement Ltd is 4.2% (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 West China Cement Ltd (2233)?
The operating margin of West China Cement Ltd is 17.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at West China Cement Ltd (2233)?
Revenue at West China Cement Ltd is growing −16.5% versus a year earlier (3y avg +4.3%). 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 West China Cement Ltd (2233)?
Earnings per share at West China Cement Ltd are growing −49.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does West China Cement Ltd (2233) generate?
The free cash flow of West China Cement Ltd is −1.8B CNY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does West China Cement Ltd (2233) carry?
The net debt of West China Cement Ltd is 10.5B CNY (fiscal year 2025). 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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Nov 6, 2026