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Shanghai Rural Commercial Bank Co (601825) Fair Value & Analysis

Financial Services · CN · Market cap 77.6B CNY

SR Shanghai Rural Commercial Bank Co 601825 · SHG
Price¥8.36
Fair Value¥15.98
Upside+91.2%
Quality50/100
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Weak Growth
Highly profitable · 52.0% net margin
negative free cash flow
5.45% dividend yield
Mixed vs. peers (6/11)
Moderate moat 63/100
Evidence: High Range ¥11.99 – ¥19.98 Share as image

Fair value as of: Jul 18, 2026

From 16 valuation models · updated 21 days ago

Fair value updated Jul 18, 2026, revised from ¥16.18 to ¥15.98 (−1.2%) since Jun 26, 2026. Share price +7.2% over the past month.

A solid business, screening 91% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (¥11.99). The market is more pessimistic than our downside scenario.
  • Solid quality (50/100) 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.
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Price vs Fair Value (5 years)

¥9.65 ¥4.20 Fair Value ¥15.98 Aug 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range ¥4.20 – ¥9.65 · fair‑value band ¥11.99 – ¥19.98 · the ¥8.36 price screens below the ¥15.98 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

Shanghai Rural Commercial Bank Co (601825) currently trades at ¥8.36, while our model-based Fair Value estimate is ¥15.98, implying the stock looks roughly 91.2% undervalued today. We read business quality at 50/100 (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, Shanghai Rural Commercial Bank Co generated revenue of 23.7B CNY at a net margin of 52.0%. Revenue declined 1.3% year over year. It earns a return on equity of 9.6%. Net debt stands at 21.0B CNY. Fundamentals as of Jul 18, 2026

Our scenario range runs from ¥11.99 (bear case) to ¥19.98 (bull case); at ¥8.36, 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 16% below its 52-week high and 4% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 42% fair-value upside, at 91%, 601825 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.

Model BearBaseBull Evidence
Highest evidence
Residual Income ¥11.58 ¥12.78 ¥18.18 76
Gordon GGM ¥5.78 ¥10.48 ¥16.64 70
Growth-Adj P/E ¥14.71 ¥21.01 ¥27.32 68
All 16 models by family
DCF Models
Owner Earnings ¥31.96 ¥38.22 ¥47.23 31
Earnings-Based
Graham-Dodd ¥8.68 ¥21.20 ¥27.42 54
PEG = 1.0 ¥3.79 ¥5.41 ¥7.04 46
EPV ¥30.73 ¥32.81 ¥34.62 59
Dividend Discount
Gordon GGM ¥5.78 ¥10.48 ¥16.64 70
DDM Multi-Stage ¥5.78 ¥8.67 ¥11.83 61
Multiples
P/E Multiple ¥19.15 ¥25.53 ¥31.92 63
P/S Multiple ¥4.92 ¥6.56 ¥8.20 58
P/B Multiple ¥16.28 ¥21.70 ¥27.13 55
EV/EBIT ¥39.24 ¥46.23 ¥53.22 53
EV/EBITDA ¥34.49 ¥39.89 ¥45.29 54
EV/Revenue ¥22.87 ¥24.84 ¥26.81 43
Asset-Based
NCAV (Graham) ¥6.63 ¥8.89 ¥13.26 50
Economic Profit
Residual Income ¥11.58 ¥12.78 ¥18.18 76
ROIC Compounder ¥30.73 ¥32.81 ¥34.62 67
Growth Earnings
Growth-Adj P/E ¥14.71 ¥21.01 ¥27.32 68

Widest divergence: DCF Models (¥38.22) versus Dividend Discount (¥8.67). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) 23.7B CNY
Revenue growth (YoY) -1.3%
Net margin 52.0%
Return on equity 9.6%
Free cash flow −12.5B CNY FY2025
P/E ratio 6.7
More key figures
Operating margin 73.3%
EPS (TTM) ¥1.29
Dividend yield 5.1%
Net debt 21.0B CNY FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 50/100

Of which business quality 42 · Market factors (momentum, volatility) 50

Profitability 34
Margins and returns on capital today
Quality Growth 58
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 37
Balance sheet, leverage, solvency risk
Investment 70
Disciplined investing over empire-building
Low Volatility 93
Calm price path (market factor)
Momentum 31
Price trend over the last 3–12 months (market factor)
52W Momentum 35
Distance to the 52-week high (market factor)
Net Issuance 83
Buybacks instead of dilution

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

Shanghai Rural Commercial Bank Co., Ltd. engages in commercial banking business in China. The company accepts public deposits; acts as agent for the issuance, redemption, and underwriting of government bonds; buying and selling government bonds and financial bonds.

Full company description

Shanghai Rural Commercial Bank Co., Ltd. engages in commercial banking business in China. The company accepts public deposits; acts as agent for the issuance, redemption, and underwriting of government bonds; buying and selling government bonds and financial bonds. It also provides short-term, medium-term, and long-term loans; handling domestic and foreign settlements; handling bill acceptance and discounting; interbank lending; bank card services; and foreign exchange deposits, foreign exchange loans, foreign exchange remittances, international settlements, interbank foreign exchange lending, credit investigation, consulting, and witnessing services. In addition, the company acts as agent for receiving and paying funds and insurance business; provides safe deposit box and financial leasing services; and engages in foreign exchange settlement and sales business, other businesses. The company was formerly known as Shanghai Rural Credit Co-operatives Union and changed its name to Shanghai Rural Commercial Bank Co., Ltd. in August 2005. Shanghai Rural Commercial Bank Co., Ltd. was incorporated in 2005 and is headquartered in Shanghai, China.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Shanghai Rural Commercial Bank Co reported revenue of ¥25.3B in FY2025 versus ¥45.7B in FY2021, a compound −13.7%/yr. Reported net income was ¥12.3B in FY2025, compounding +6.2%/yr from FY2021.

Growth Quality 19/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
25.3B CNY
Latest YoY
−50.1%
Avg. growth/yr (3Y)
−19.4%
Avg. growth/yr (5Y)
−9.3%
Avg. growth/yr (19Y)
+9.4%
Revenue −13.7%/yr
FY21 ¥45.7B
FY22 ¥48.3B
FY23 ¥51.0B
FY24 ¥50.7B
FY25 ¥25.3B
Net income +6.2%/yr
FY21 ¥9.7B
FY22 ¥11.0B
FY23 ¥12.1B
FY24 ¥12.3B
FY25 ¥12.3B

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Cite: Fair Value Calculator (2026). "Shanghai Rural Commercial Bank Co Fair Value". https://www.fairvalue-calculator.com/stock/601825

Peer Group

Banks - Regional · 1082 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.

Quality Score 51 · Bottom 25%
Fair Value upside +91% · Top 25%
Return on equity (TTM) 10% · Below median
Return on assets 1% · Below median
Net margin (TTM) 52% · Top 25%
Operating margin (TTM) 73% · Top 25%
Revenue growth -1% · Bottom 25%
Dividend yield (TTM) 5.5% · Top 25%

Valuation Multiples vs Banks - Regional median · lower = cheaper

P/E (TTM) 6.3× · Cheaper than 75% of peers
P/B 0.61× · Cheaper than 75% of peers
P/S (TTM) 3.27× · Pricier than median

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.

VALUE 100 · sector 39
FUTURE 0 · sector 44
PAST 38 · sector 41
HEALTH 0 · sector 85
DIVIDEND 100 · sector 49

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
PT Bank Central Asia Tbk BBCA 6,175 IDR 6,087 IDR -1%
KB Financial Group 105560 184,400 KRW 213,797 KRW +16%
PT Bank Rakyat Indonesia (Persero) Tbk BBRI 2,970 IDR 4,891 IDR +65%
PT Bank Mandiri (Persero) Tbk BMRI 4,310 IDR 7,841 IDR +82%
Banco Bradesco S.A BBD 5,120 ARS 10,240 ARS +100%
Shinhan Financial Group 055550 107,900 KRW 137,259 KRW +27%
Hana Financial Group 086790 136,800 KRW 193,969 KRW +42%
Lloyds Banking Group LYG 4,138 ARS 8,275 ARS +100%
Banco de Chile, CHILE 193.10 CLP 152.55 CLP -21%
Joint Stock Commercial Bank for Foreign Trade of Vietnam, VCB 59,400 VND 84,201 VND +42%

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Frequently asked questions

Is Shanghai Rural Commercial Bank Co (601825) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of ¥15.98 versus a price of ¥8.36, about +91% (undervalued).
What is the fair value of 601825?
Our model-based fair value for Shanghai Rural Commercial Bank Co is ¥15.98 (as of Jul 18, 2026), built from audited fundamentals. The current price is ¥8.36.
What is the quality score of 601825?
Shanghai Rural Commercial Bank Co has a Quality Score of 50/100. It combines two groups: business quality (profitability, growth, cash flow, balance-sheet strength) and market factors (price momentum, distance to the 52-week high, volatility). Both subtotals are shown separately in the detail view.
What is the revenue of Shanghai Rural Commercial Bank Co (601825)?
Shanghai Rural Commercial Bank Co reported trailing-twelve-month revenue of about 23.7B CNY (latest available figure, as of Jul 18, 2026).
What is the net profit margin of 601825?
The net profit margin of Shanghai Rural Commercial Bank Co is about 52.0%, meaning it keeps roughly 52.0% of revenue as net income. Based on the latest reported figures.
Does Shanghai Rural Commercial Bank Co pay a dividend?
Shanghai Rural Commercial Bank Co currently shows a dividend yield of about 5.06% relative to its recent price (as of Jul 18, 2026).

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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