Huishang Bank Corp Ltd (3698) fair value: what the stock is really worth
As of Sep 30, 2026: fair value of Huishang Bank Corp Ltd HK$9.38, price HK$4.83, upside +94.2%, quality 55 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$1.97 – HK$5.34 · fair‑value band HK$7.05 – HK$12.88 · the HK$4.83 price screens below the HK$9.38 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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Huishang Bank Corporation Limited, together with its subsidiaries, provides various commercial banking products and services in Anhui, Jiangsu, and internationally. It operates through four segments: Corporate Banking Business, Retail Banking Business, Treasury, and Others.
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Huishang Bank Corporation Limited, together with its subsidiaries, provides various commercial banking products and services in Anhui, Jiangsu, and internationally. It operates through four segments: Corporate Banking Business, Retail Banking Business, Treasury, and Others. The company offers current accounts, deposits, overdrafts, loans, trade related products and other credit facilities, foreign currency, and wealth management products to corporate customers, government authorities, and financial institutions. It also provides savings deposits, retail loans, credit and debit cards, payments and settlements, wealth management products, and various other intermediary businesses to individual customers. In addition, the company conducts securities investment, money market, and repurchase transactions; and offers online and mobile banking services. Further, it provides Renminbi and foreign currency deposits; and clearing and settlement, asset custody and management, and finance leasing services. The company was formerly known as Hefei Commercial Bank Co., Ltd. and changed its name to Huishang Bank Corporation Limited in November 2005. Huishang Bank Corporation Limited was incorporated in 1997 and is headquartered in Hefei, China.
Stock analysis
Huishang Bank Corp Ltd (3698) currently trades at HK$4.83, while our model-based Fair Value estimate is HK$9.38, implying the stock looks roughly 48.5% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of HK$17.62 per share, and 6 of the 6 models we run sit above the HK$4.83 price.
Bear case: the Asset-Based group reads lowest at HK$9.48, and 0 of the 6 models stay below the price. Evidence for this calculation is low.
Scenario range: HK$7.05 (bear) to HK$12.88 (bull), the price of HK$4.83 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 55/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Huishang Bank Corp Ltd reported revenue of 75.9B CNY in FY2025 versus 22.2B CNY in FY2021, a compound +36.0%/yr. Reported net income was 16.1B CNY in FY2025, compounding +8.9%/yr from FY2021.
Key figures
Market cap HK$67.1B (≈ $8.6B) · P/E ratio 3.3 · P/S ratio 0.70 · EPS (TTM) HK$0.6600 · Dividend yield 5.2% · Net margin 21.2% · Return on equity 10.1% · Return on assets (EBIT) 1.1%.
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 10% below its 52-week high and 52% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −38% fair-value upside, at 94%, 3698 screens cheaper than that median.
Fair Value models
Bear HK$7.05Fair Value HK$9.38Bull HK$12.88
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$0.3078 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.95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+124.8%
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.
+37.2%
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.
+31.0%
Start year 2020 (pandemic). Over 10 years: +19.0% a year
Revenue growth 19 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%
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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.
+12.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+7.5%
Dividend (yield on the price)5.2%
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.7.5% vs 8.6%, 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.65% → 25%
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).
−11.3%
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.
−7.7%
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 −12.8% a year for the price and −9.2% for the forecasts.
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.Banks - Regional · 1057 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside+94.2% · Top 25%
Profitability
Return on equity (TTM)10.1% · Below median
Return on assets0.8% · Below median
Net margin (TTM)53.5% · Top 25%
Operating margin (TTM)58.1% · Top 25%
Growth and dividend
Revenue growth6.0% · Below median
Dividend yield (TTM)5.2% · Top 25%
Balance sheet
Debt / equity0.43× · Above median
Valuation Multiplesvs Banks - Regional median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Huishang Bank Corp Ltd Fair Value". https://www.fairvalue-calculator.com/stock/3698
Frequently asked questions
Is Huishang Bank Corp Ltd (3698) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of HK$9.38 versus a price of HK$4.83, about +94% upside (undervalued).
What is the fair value of 3698?
Our model-based fair value for Huishang Bank Corp Ltd is HK$9.38 (as of Sep 27, 2026), built from audited fundamentals. The current price: HK$4.83.
What is the quality score of 3698?
Huishang Bank Corp Ltd has a Quality Score of 55/100. 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 Huishang Bank Corp Ltd (3698)?
Our model-based price target is the fair value of HK$9.38 (as of Sep 27, 2026) from 6 valuation models. Cautious scenario HK$7.05, optimistic scenario HK$12.88. It is a calculation from audited fundamentals, not an analyst target.
What is the Huishang Bank Corp Ltd stock forecast for 2026?
Our models put fair value at HK$9.38, about +94% upside versus a price of HK$4.83 (undervalued). Cautious scenario HK$7.05, optimistic scenario HK$12.88. The calculation is refreshed regularly with new filings.
What is the revenue of Huishang Bank Corp Ltd (3698)?
Huishang Bank Corp Ltd reported trailing-twelve-month revenue of about 30.9B CNY (latest available figure, as of Sep 27, 2026).
Does Huishang Bank Corp Ltd pay a dividend?
Huishang Bank Corp Ltd currently shows a dividend yield of about 5.18% relative to its recent price (as of Sep 27, 2026).
What growth is priced into Huishang Bank Corp Ltd (3698)?
For today's price to be fair in a discounted-cash-flow model, Huishang Bank Corp Ltd would have to grow free cash flow by -11.3 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +31.0 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of 3698 use?
Our models discount Huishang Bank Corp Ltd at 9.0 %: a base by market capitalisation (mid), damped by beta 0.09, 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 Huishang Bank Corp Ltd that is -11.3 % per year a year over ten years, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has Huishang Bank Corp Ltd (3698) delivered so far?
Over the past 5 years revenue at Huishang Bank Corp Ltd grew +31.0 % a year. The price currently implies -11.3 % 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 Huishang Bank Corp Ltd (3698) growing?
The median revenue growth in the sector is +9.1 % a year. That is the yardstick for the growth priced into Huishang Bank Corp Ltd (-11.3 % 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 Huishang Bank Corp Ltd (3698)?
The free-cash-flow yield on the price is 48.74 %: that much free cash flow Huishang Bank Corp Ltd produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Huishang Bank Corp Ltd (3698)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Huishang Bank Corp Ltd it is HK$9.38 per share (as of Sep 27, 2026), against a price of HK$4.83. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Huishang Bank Corp Ltd stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 3698 trades below its calculated fair value: price HK$4.83, fair value HK$9.38, a gap of about +94% (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 3698?
No. The price is what the market pays today (HK$4.83); the fair value is what the company's own numbers justify (HK$9.38). For Huishang Bank Corp Ltd the two are HK$4.55 per share apart. That gap is exactly why we show both numbers side by side.
How much is Huishang Bank Corp Ltd worth?
The market values Huishang Bank Corp Ltd at about HK$67.1B (market capitalisation, as of Sep 27, 2026). Per share that is HK$4.83; our models calculate a fair value of HK$9.38 per share.
What do the bullish and bearish scenarios say about 3698?
Our models span a range for Huishang Bank Corp Ltd: cautious scenario HK$7.05, base HK$9.38, optimistic HK$12.88 per share (as of Sep 27, 2026, price HK$4.83). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 3698?
Huishang Bank Corp Ltd trades at a price-to-earnings ratio of 3.3 (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$9.38 is built from several models across several years. Other multiples: P/B 0.3, P/S 1.9, EV/EBITDA 2.4.
How solid is the balance sheet of Huishang Bank Corp Ltd (3698)?
Balance-sheet figures for Huishang Bank Corp Ltd (as of Sep 27, 2026): return on equity 10.1%, debt of 0.43 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is 3698 from its 52-week high?
Huishang Bank Corp Ltd trades at HK$4.83, about 10% below its 52-week high of HK$5.34 and 52% above the low of HK$3.17 (as of Sep 30, 2026). Distance from the high says nothing about value: that is what the fair value of HK$9.38 is for.
Which stocks are comparable to Huishang Bank Corp Ltd?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, UniCredit S.p.A, Intesa Sanpaolo S.p.A, 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 Huishang Bank Corp Ltd stock attractive at the current price?
The data as of Sep 27, 2026: price HK$4.83, calculated fair value HK$9.38 (+94%), Quality Score 55/100, from 6 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 3698 calculated?
We run Huishang Bank Corp Ltd through 6 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$9.38, 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 14.7 % above its aggregate fair value. Huishang Bank Corp Ltd currently trades 49 % 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 Huishang Bank Corp Ltd (3698)?
The closing price on Sep 30, 2026 was HK$4.83. Our model-based fair value is HK$9.38, about +94% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Huishang Bank Corp Ltd right now?
The price is below even our cautious bear case (HK$7.05). 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. Solid quality (55/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (HK$7.05 to HK$12.88) leaves room in how you read the outcome.
Where does the earnings growth of Huishang Bank Corp Ltd (3698) come from?
Earnings per share at Huishang Bank Corp Ltd grew +8.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +13.3 %, EBIT margin −3.6 %, tax rate +1.2 %, residual (interest, one-offs) −1.5 %. 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 Huishang Bank Corp Ltd
How large is the market capitalisation of Huishang Bank Corp Ltd (3698)?
The market capitalisation of Huishang Bank Corp Ltd is HK$67.1B (≈ $8.6B). 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 Huishang Bank Corp Ltd (3698)?
The price-to-sales ratio of Huishang Bank Corp Ltd is 0.70 (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 Huishang Bank Corp Ltd (3698)?
Earnings per share at Huishang Bank Corp Ltd are HK$0.6600 (price ÷ EPS = P/E 3.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Huishang Bank Corp Ltd (3698)?
The dividend yield of Huishang Bank Corp Ltd is 5.2% (payout 37.9%). 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 Huishang Bank Corp Ltd (3698)?
The net margin of Huishang Bank Corp Ltd is 21.2% (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 Huishang Bank Corp Ltd (3698)?
The return on equity (ROE) of Huishang Bank Corp Ltd is 10.1% (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 Huishang Bank Corp Ltd (3698)?
On an EBIT basis the return on assets of Huishang Bank Corp Ltd is 1.1% (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 Huishang Bank Corp Ltd (3698)?
The operating margin of Huishang Bank Corp Ltd is 58.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Huishang Bank Corp Ltd (3698)?
Revenue at Huishang Bank Corp Ltd is growing +6.0% versus a year earlier (3y avg +37.2%). 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 Huishang Bank Corp Ltd (3698)?
Earnings per share at Huishang Bank Corp Ltd are growing +12.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Huishang Bank Corp Ltd (3698) carry?
The net debt of Huishang Bank Corp Ltd is 482B CNY (fiscal year 2025, ≈ 17.2 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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Thin data
Sep 27, 2026