China Intl Capital Corp Ltd (3908) Fair Value & Analysis
Financial Services · HK · Market cap HK$104B
Fair value as of: Aug 13, 2026
From 12 valuation models · updated 3 days ago
Share price −5.9% over the past month.
A solid business, screening 43% undervalued on our models.
What matters now
- The price is below even our cautious bear case (HK$22.40). The market is more pessimistic than our downside scenario.
- 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.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range HK$7.64 – HK$23.72 · fair‑value band HK$22.40 – HK$37.34 · the HK$20.92 price screens below the HK$29.87 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
China Intl Capital Corp Ltd (3908) currently trades at HK$20.92, while our model-based Fair Value estimate is HK$29.87, implying the stock looks roughly 42.8% undervalued today. The Quality Score stands at 61/100 (solid quality), in the Financial Services 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: high), always confirm before acting.
Over the trailing twelve months, China Intl Capital Corp Ltd generated revenue of HK$32.0B at a net margin of 35.4%. Revenue grew 63.5% year over year. It earns a return on equity of 8.9%. Net debt stands at HK$291B. Fundamentals as of Aug 13, 2026
Our scenario range runs from HK$22.40 (bear case) to HK$37.34 (bull case); at HK$20.92, 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 13% below its 52-week high and 25% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -22% fair-value upside, at 43%, 3908 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 12 models by family
Widest divergence: Growth DCF (HK$302.55) versus Dividend Discount (HK$2.90). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 59 · Market factors (momentum, volatility) 51
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
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.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
China Intl Capital Corp Ltd reported revenue of HK$47.9B in FY2025 versus HK$41.5B in FY2021, a compound +3.7%/yr. Reported net income was HK$9.5B in FY2025, compounding −3.0%/yr from FY2021.
of which total revenue +17.1 pp · buybacks/dilution −10.3 pp
Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).
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Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- China’s Moonshot Plans IPO in Six Months After AI Breakthrough
- China AI Stocks’ 1000%-Plus Profit Gain May Fail to Revive Rally
- Global Investors Hunt For Creative Backdoors Into China’s Mega CXMT IPO
- CICC Successfully Held the 4th China–Southeast Asia Economic and Finance Forum in Singapore
Peer Group
Capital Markets · 423 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 Capital Markets 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 Capital Markets stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Mirae Asset Securities Co 006800 | 38,050 KRW | 18,009 KRW | -53% |
| Meritz Financial Group 138040 | 118,600 KRW | 52,717 KRW | -56% |
| Korea Investment Holdings 071050 | 200,500 KRW | 189,335 KRW | -6% |
| NH Investment & Securities Co 005940 | 28,550 KRW | 22,396 KRW | -22% |
| Samsung Securities Co 016360 | 93,100 KRW | 75,573 KRW | -19% |
| Kiwoom Securities Co 039490 | 299,000 KRW | 214,812 KRW | -28% |
| SSI Securities Corporation SSI | 25,300 VND | 17,375 VND | -31% |
| Bolsas y Mercados Argentinos S.A BYMA | 313.75 ARS | 294.30 ARS | -6% |
| Daishin Securities Co 003540 | 26,950 KRW | 48,790 KRW | +81% |
| SK Securities Co 001515 | 4,285 KRW | 1,395 KRW | -67% |
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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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