West China Cement Limited (2233) Fair Value & Analysis
Basic Materials · HK · Market cap HK$7.9B
Fair value as of: Aug 5, 2026
From 16 valuation models · updated 5 days ago
Fair value updated Aug 5, 2026, revised from HK$3.02 to HK$3.04 (+0.7%) since Jul 2, 2026. Share price +13.6% over the past month.
Below-average quality, screening 77% undervalued on our models.
What matters now
- The price is below even our cautious bear case (HK$2.13). The market is more pessimistic than our downside scenario.
- Solid quality (46/100) at a price below fair value, the discount is the argument here, not the business quality.
- A fairly wide model range (HK$2.13 to HK$3.84) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 5, 2026.
How to read this chart
60‑month range HK$0.5294 – HK$3.70 · fair‑value band HK$2.13 – HK$3.84 · the HK$1.72 price screens below the HK$3.04 fair value. Dashed = 300-day average. As of Aug 5, 2026.
Analysis
West China Cement Limited (2233) currently trades at HK$1.72, while our model-based Fair Value estimate is HK$3.04, implying the stock looks roughly 77.3% undervalued today. The Quality Score stands at 46/100 (below-average quality), in the Basic Materials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.
Over the trailing twelve months, West China Cement Limited generated revenue of HK$9.6B at a net margin of 9.1%. Revenue declined 9.5% year over year. It earns a return on equity of 7.8%. Net debt stands at HK$10.5B. Fundamentals as of Aug 5, 2026
Our scenario range runs from HK$2.13 (bear case) to HK$3.84 (bull case); at HK$1.72, 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 54% below its 52-week high and 28% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -59% fair-value upside, at 77%, 2233 screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.
All 16 models by family
Widest divergence: Multiples (HK$2.64) versus Dividend Discount (HK$0.5000). Highest evidence: Residual Income (76).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 5, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 43 · Market factors (momentum, volatility) 21
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.
About the company
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. It offers green commodity concrete, precast components, and prefabricated building products.
Full company description
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. 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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
West China Cement Limited reported revenue of HK$9.6B in FY2025 versus HK$8.0B in FY2021, a compound +4.7%/yr. Reported net income was HK$880M in FY2025, compounding −13.7%/yr from FY2021.
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Peer Group
Building Materials · 254 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.
Valuation Multiples vs Building Materials median · lower = cheaper
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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Building Materials stocks, each showing price versus our Fair Value estimate (as of Aug 5, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| CRH plc CRH | $102.92 | $70.57 | -31% |
| UltraTech Cement Limited ULTRACEMCO | ₹11,711 | ₹4,719 | -60% |
| China Jushi Co 600176 | ¥54.52 | ¥13.95 | -74% |
| Grasim Industries Limited GRASIM | ₹3,073 | ₹1,245 | -59% |
| CEMEX, S.A. CEMEXCPO | 21.71 MXN | 15.42 MXN | -29% |
| Anhui Conch Cement Company 600585 | ¥16.99 | ¥26.14 | +54% |
| Ambuja Cements Limited AMBUJACEM | ₹435.25 | ₹227.96 | -48% |
| Shree Cement Limited SHREECEM | ₹26,930 | ₹8,215 | -69% |
| TCC Group 1101B | 43.70 TWD | 10.48 TWD | -76% |
| Taiwan Glass Ind. Corp 1802 | 53.30 TWD | 13.98 TWD | -74% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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