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China Intl Capital Corp Ltd (3908) fair value: what the stock is really worth

As of Sep 30, 2026: fair value of China Intl Capital Corp Ltd HK$39.70, price HK$19.56, upside +103.0%, quality 61 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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Financial Services · HK · Home China · ISIN CNE100002359

CI Broad data Sep 27, 2026

China Intl Capital Corp Ltd

3908 · HK

Clearly undervaluedStrong Fair Value upside, but quality is only moderate.

✓Fair value HK$39.70 · Strongly undervalued (+103.0%)
✓Quality 61/100
✓Healthy Growth (revenue YoY +144.1 %/yr)
✓Highly profitable · 35.4% net margin (TTM)
✓Moderate debt · generates free cash flow
✓1.0% dividend yield · Well covered
✓Ranks above peers (11/14)
✓Wide moat 68/100
!Weak on dividend: 20 out of 100

What runs behind every stock

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

Price vs Fair Value

HK$23.72 HK$7.64 Fair Value HK$39.70 Apr 2021 Sep 2026

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$7.64 – HK$23.72 · fair‑value band HK$8.16 – HK$55.71 · the HK$19.56 price screens below the HK$39.70 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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Company profile

China International Capital Corporation Limited provides financial services in Mainland China and internationally. It operates in six segments: Investment Banking; Equities; Fixed Income, Commodities, and Currencies (FICC); Asset Management; Private Equity; and Wealth Management.

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China International Capital Corporation Limited provides financial services in Mainland China and internationally. It operates in six segments: Investment Banking; Equities; Fixed Income, Commodities, and Currencies (FICC); Asset Management; Private Equity; and Wealth Management. The Investment Banking segment provides investment banking services, including equity and debt financing, and asset securitization services; sponsorship and underwriting of listings and refinancings; underwriting of domestic and overseas fixed income financing instruments; and financial advisory services for transactions, such as corporate mergers and acquisitions, debt restructurings, and private financing. Its Equity segment offers investment research, sales, and trading; product structuring and cross-border services; and institutional trading and capital services, such as primary brokerage, over-the-counter derivatives, capital introduction, and market-making transactions to professional investors. The FICC segment provides sales, trading, research, advisory, fixed-income structuring, commodity and foreign exchange securities, and derivatives services in interest rate, credit, structured, foreign exchange, and commodity business. Its Asset Management segment engages in social security and annuity plans, institutional entrusted investment management, offshore asset management, retail and mutual fund products and services to investors. The Private Equity segment provides corporate equity investment funds, funds of funds, dollar funds, real asset funds, and infrastructure funds. Its Wealth Management segment offers trading and capital services, such as margin financing, securities lending and stock-pledged repo, and product allocation services. China International Capital Corporation Limited was incorporated in 1995 and is headquartered in Beijing, the People's Republic of China.

Stock analysis

China Intl Capital Corp Ltd (3908) currently trades at HK$19.56, while our model-based Fair Value estimate is HK$39.70, implying the stock looks roughly 50.7% undervalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of HK$144.18 per share, and 9 of the 12 models we run sit above the HK$19.56 price.

Bear case: the Asset-Based group reads lowest at HK$16.24, and 3 of the 12 models stay below the price. Evidence for this calculation is high.

Scenario range: HK$8.16 (bear) to HK$55.71 (bull), the price of HK$19.56 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 61/100 (solid quality), in the Financial Services sector.

Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.

China Intl Capital Corp Ltd reported revenue of 47.9B CNY in FY2025 versus 41.5B CNY in FY2021, a compound +3.7%/yr. Reported net income was 9.5B CNY in FY2025, compounding −3.0%/yr from FY2021.

Key figures

Market cap HK$94.4B (≈ $12.0B) · P/E ratio 9.9 · P/S ratio 1.97 · EPS (TTM) HK$2.19 · Dividend yield 1.0% · Net margin 19.9% · Return on equity 8.9% · Return on assets (EBIT) 1.8%.

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 15% below its 52-week high and 15% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −18% fair-value upside, at 103%, 3908 screens cheaper than that median.

Fair Value models

Bear HK$8.16 Fair Value HK$39.70 Bull HK$55.71
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$1.49 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.
Highest evidence
Residual Income HK$20.96 HK$23.15 HK$29.90 76
Growth DCF HK$208.39 HK$399.19 HK$774.13 74
Owner Earnings HK$62.25 HK$144.18 HK$316.16 70
All 12 models by family
DCF Models
Owner Earnings HK$62.25 HK$144.18 HK$316.16 70
5Y P/E Exit HK$75.27 HK$117.91 HK$167.14 70
10Y P/E Exit HK$116.94 HK$181.68 HK$278.85 63
Earnings-Based
Graham-Dodd HK$15.72 HK$109.60 HK$153.81 63
Lynch FV HK$34.90 HK$49.85 HK$64.81 61
Dividend Discount
Gordon GGM HK$1.93 HK$4.02 HK$6.38 66
DDM Multi-Stage HK$1.93 HK$3.39 HK$4.22 66
Multiples
P/E Multiple HK$22.53 HK$30.05 HK$37.56 63
P/B Multiple HK$25.45 HK$33.93 HK$42.41 55
Asset-Based
NCAV (Graham) HK$12.12 HK$16.24 HK$24.23 54
Growth DCF
Growth DCF HK$208.39 HK$399.19 HK$774.13 74
Economic Profit
Residual Income HK$20.96 HK$23.15 HK$29.90 76

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Quality Score breakdown

Overall quality 61/100

Of which business quality 59 · Market factors (momentum, volatility) 41

Profitability 32
Margins and returns on capital today
Quality Growth 44
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 26
Balance sheet, leverage, solvency risk
Investment 89
Disciplined investing over empire-building
Low Volatility 53
Calm price path (market factor)
Momentum 40
Price trend over the last 3–12 months (market factor)
52W Momentum 31
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

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Revenue & earnings trend

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.
What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
−4.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−5.1%
Dividend (yield on the price)1.0%
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.5.8% vs 9.6%, slowing
Profit margin 2019 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.51% → 38%
2025 sits 55% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2020 (pandemic)

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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.Capital Markets · 464 stocks

Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 64 · Top 25%
Fair Value upside +103.0% · Top 25%
Profitability
Return on equity (TTM) 8.9% · Above median
Return on assets 1.5% · Below median
Net margin (TTM) 35.4% · Above median
Operating margin (TTM) 51.4% · Top 25%
Growth and dividend
Revenue growth 63.5% · Top 25%
Dividend yield (TTM) 1.0% · Below median
Balance sheet
Debt / equity 0.69× · Highest 25%

Valuation Multiplesvs Capital Markets median · lower = cheaper

P/E (TTM) 9.9× · Cheaper than median
P/B 0.81× · Cheaper than median
P/S (TTM) 2.52× · Cheaper than median
P/FCF 1.6× · Cheapest 25%
EV/EBITDA 4.4× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 34
FUTURE (revenue growth)100 · sector 96
PAST (return on equity)36 · sector 31
HEALTH (low debt)65 · sector 95
DIVIDEND (yield)20 · sector 43

Context: sector, industry, market

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 Capital Markets stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Morgan Stanley, a financial holding company, MS $196.31 $314.07 +60%
The Goldman Sachs Group GS $935.45 $766.86 −18%
The Charles Schwab Corporation SCHW $99.03 $118.07 +19%
Interactive Brokers Group IBKR $89.24 $23.12 −74%
Robinhood Markets, Inc HOOD $116.22 $47.77 −59%
Macquarie Group MQG A$239.53 A$80.51 −66%
CITIC Securities Company 600030 ¥26.29 ¥18.35 −30%
Guotai Haitong Securities Co 601211 ¥17.21 ¥19.35 +12%
East Money Information Co 300059 ¥18.28 ¥4.94 −73%
Nomura Holdings NMR $9.91 $10.19 +3%

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Cite: Fair Value Calculator (2026). "China Intl Capital Corp Ltd Fair Value". https://www.fairvalue-calculator.com/stock/3908

Frequently asked questions

Is China Intl Capital Corp Ltd (3908) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of HK$39.70 versus a price of HK$19.56, about +103% upside (undervalued).
What is the fair value of 3908?
Our model-based fair value for China Intl Capital Corp Ltd is HK$39.70 (as of Sep 27, 2026), built from audited fundamentals. The current price: HK$19.56.
What is the quality score of 3908?
China Intl Capital Corp Ltd has a Quality Score of 61/100. 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 China Intl Capital Corp Ltd (3908)?
Our model-based price target is the fair value of HK$39.70 (as of Sep 27, 2026) from 12 valuation models. Cautious scenario HK$8.16, optimistic scenario HK$55.71. It is a calculation from audited fundamentals, not an analyst target.
What is the China Intl Capital Corp Ltd stock forecast for 2026?
Our models put fair value at HK$39.70, about +103% upside versus a price of HK$19.56 (undervalued). Cautious scenario HK$8.16, optimistic scenario HK$55.71. The calculation is refreshed regularly with new filings.
What is the revenue of China Intl Capital Corp Ltd (3908)?
China Intl Capital Corp Ltd reported trailing-twelve-month revenue of about 32.0B CNY (latest available figure, as of Sep 27, 2026).
Does China Intl Capital Corp Ltd pay a dividend?
China Intl Capital Corp Ltd currently shows a dividend yield of about 1.01% relative to its recent price (as of Sep 27, 2026).
What is the intrinsic value of China Intl Capital Corp Ltd (3908)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For China Intl Capital Corp Ltd it is HK$39.70 per share (as of Sep 27, 2026), against a price of HK$19.56. It is the blended result of 12 valuation models (cash flow, earnings, asset, dividend).
Is China Intl Capital Corp Ltd stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 3908 trades below its calculated fair value: price HK$19.56, fair value HK$39.70, a gap of about +103% (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 3908?
No. The price is what the market pays today (HK$19.56); the fair value is what the company's own numbers justify (HK$39.70). For China Intl Capital Corp Ltd the two are HK$20.14 per share apart. That gap is exactly why we show both numbers side by side.
How much is China Intl Capital Corp Ltd worth?
The market values China Intl Capital Corp Ltd at about HK$94.4B (market capitalisation, as of Sep 27, 2026). Per share that is HK$19.56; our models calculate a fair value of HK$39.70 per share.
What do the bullish and bearish scenarios say about 3908?
Our models span a range for China Intl Capital Corp Ltd: cautious scenario HK$8.16, base HK$39.70, optimistic HK$55.71 per share (as of Sep 27, 2026, price HK$19.56). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 3908?
China Intl Capital Corp Ltd 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$39.70 is built from several models across several years. Other multiples: P/B 0.8, P/S 2.5, EV/EBITDA 4.4.
How solid is the balance sheet of China Intl Capital Corp Ltd (3908)?
Balance-sheet figures for China Intl Capital Corp Ltd (as of Sep 27, 2026): return on equity 8.9%, debt of 0.69 per unit of equity. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is 3908 from its 52-week high?
China Intl Capital Corp Ltd trades at HK$19.56, about 15% below its 52-week high of HK$22.88 and 15% above the low of HK$16.95 (as of Sep 30, 2026). Distance from the high says nothing about value: that is what the fair value of HK$39.70 is for.
Which stocks are comparable to China Intl Capital Corp Ltd?
From the same area (Financial Services) we also value Morgan Stanley, a financial holding company,, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, 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 China Intl Capital Corp Ltd stock attractive at the current price?
The data as of Sep 27, 2026: price HK$19.56, calculated fair value HK$39.70 (+103%), Quality Score 61/100, from 12 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 3908 calculated?
We run China Intl Capital Corp Ltd through 12 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$39.70, 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. China Intl Capital Corp Ltd 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 China Intl Capital Corp Ltd (3908)?
The closing price on Sep 30, 2026 was HK$19.56. Our model-based fair value is HK$39.70, about +103% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with China Intl Capital Corp Ltd right now?
The model range is unusually wide (HK$8.16 to HK$55.71). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (61/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of China Intl Capital Corp Ltd (3908) come from?
Earnings per share at China Intl Capital Corp Ltd grew +7.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +6.8 %, EBIT margin +2.4 %, tax rate +1.3 %, residual (interest, one-offs) −3.0 %. 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 China Intl Capital Corp Ltd

How large is the market capitalisation of China Intl Capital Corp Ltd (3908)?
The market capitalisation of China Intl Capital Corp Ltd is HK$94.4B (≈ $12.0B). 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 China Intl Capital Corp Ltd (3908)?
The price-to-sales ratio of China Intl Capital Corp Ltd is 1.97 (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 China Intl Capital Corp Ltd (3908)?
Earnings per share at China Intl Capital Corp Ltd are HK$2.19 (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 China Intl Capital Corp Ltd (3908)?
The dividend yield of China Intl Capital Corp Ltd is 1.0% (payout 9.0%). 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 China Intl Capital Corp Ltd (3908)?
The net margin of China Intl Capital Corp Ltd is 19.9% (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 China Intl Capital Corp Ltd (3908)?
The return on equity (ROE) of China Intl Capital Corp Ltd is 8.9% (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 China Intl Capital Corp Ltd (3908)?
On an EBIT basis the return on assets of China Intl Capital Corp Ltd is 1.8% (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 China Intl Capital Corp Ltd (3908)?
The operating margin of China Intl Capital Corp Ltd is 51.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at China Intl Capital Corp Ltd (3908)?
Revenue at China Intl Capital Corp Ltd is growing +63.5% versus a year earlier (3y avg +9.2%). 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 China Intl Capital Corp Ltd (3908)?
Earnings per share at China Intl Capital Corp Ltd are growing +84.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does China Intl Capital Corp Ltd (3908) generate?
The free cash flow of China Intl Capital Corp Ltd is 49.9B 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 China Intl Capital Corp Ltd (3908) carry?
The net debt of China Intl Capital Corp Ltd is 291B CNY (fiscal year 2025, ≈ 5.8 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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