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Bank of Chengdu Co Ltd (601838) fair value: what the stock is really worth

We calculate from audited financials what Bank of Chengdu Co Ltd is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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Financial Services · CN · ISIN CNE100002SN6

BO Some data Sep 18, 2026

Bank of Chengdu Co Ltd

601838 · SHG

UndervaluedThe stock appears undervalued with acceptable quality.

✓Fair value ¥28.45 · Undervalued (+49%)
!Quality 57/100
!Weak Growth (revenue 5y +10.1 %/yr)
✓Highly profitable · 61.8% net margin (TTM)
✓Low debt · generates free cash flow
·4.81% dividend yield
✓Ranks above peers (9/13)
✓Wide moat 69/100
!Evidence only medium, so the estimate is less certain
!Weak on future: 23 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

Price vs Fair Value

¥20.88 ¥9.23 Fair Value ¥28.45 Apr 2021 Sep 2026

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

How to read this chart

60‑month range ¥9.23 – ¥20.88 · fair‑value band ¥22.73 – ¥45.97 · the ¥19.14 price screens below the ¥28.45 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 18, 2026.

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Company profile

Bank of Chengdu Co., Ltd. provides various banking products and services in China. The company operates through three segments: Corporate Banking, Personal Banking, and Fund Operation Sales.

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Bank of Chengdu Co., Ltd. provides various banking products and services in China. The company operates through three segments: Corporate Banking, Personal Banking, and Fund Operation Sales. It offers savings; accounts; fixed, education savings, lumpsum, and corporate deposits; wealth management; fund products; agency treasury bonds; debit and credit cards; and personal, syndicated, working capital, fixed asset, real estate development, specialized corporate, entrusted, enterprise, science and technology enterprise, and full garden loans. The company also provides investment banking, including structured financing, mergers and acquisitions financing, credit bond underwriting, asset securitization, capital markets, and local debt and transaction matching advisors; foreign exchange; remittance; international settlement and trade finance; documentation services contact information; financial markets; treasury management; bill of exchange; guarantee; and asset custody. In addition, it offers account and settlement services; bill financing; government-bank linkage; and electronic banking, such as online, mobile, and telephone banking. The company was formerly known as Chengdu City Commercial Bank Co., Ltd. and changed its name to Bank of Chengdu Co., Ltd. in May 2008. Bank of Chengdu Co., Ltd. was founded in 1996 and is headquartered in Chengdu, China.

Stock analysis

Bank of Chengdu Co Ltd (601838) currently trades at ¥19.14, while our model-based Fair Value estimate is ¥28.45, implying the stock looks roughly 32.7% undervalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of ¥32.81 per share, and 4 of the 6 models we run sit above the ¥19.14 price.

Bear case: the Asset-Based group reads lowest at ¥15.70, and 2 of the 6 models stay below the price. Evidence for this calculation is medium.

Scenario range: ¥22.73 (bear) to ¥45.97 (bull), the price of ¥19.14 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 57/100 (solid quality), in the Financial Services sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Bank of Chengdu Co Ltd reported revenue of 23.5B CNY in FY2025 versus 32.5B CNY in FY2021, a compound −7.8%/yr. Reported net income was 13.3B CNY in FY2025, compounding +14.1%/yr from FY2021.

Key figures

Market cap 81.1B CNY (≈ $12.1B) · P/E ratio 6.2 · P/S ratio 3.49 · EPS (TTM) ¥3.10 · Dividend yield 4.8% · Net margin 56.5% · Return on equity 14.0% · Return on assets (EBIT) 1.3%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).

What moves the price

The share trades about 9% 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 −31% fair-value upside, at 49%, 601838 screens cheaper than that median.

Fair Value models

Bear ¥22.73 Fair Value ¥28.45 Bull ¥45.97
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 (¥1.58 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. 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 ¥22.50 ¥27.81 ¥62.60 70
Gordon GGM ¥10.75 ¥22.34 ¥35.44 66
DDM Multi-Stage ¥10.75 ¥18.84 ¥23.45 66
All 6 models by family
Dividend Discount
Gordon GGM ¥10.75 ¥22.34 ¥35.44 66
DDM Multi-Stage ¥10.75 ¥18.84 ¥23.45 66
Multiples
P/E Multiple ¥30.56 ¥40.74 ¥50.93 63
P/B Multiple ¥24.61 ¥32.81 ¥41.02 55
Asset-Based
NCAV (Graham) ¥11.72 ¥15.70 ¥23.44 54
Economic Profit
Residual Income ¥22.50 ¥27.81 ¥62.60 70

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Quality Score breakdown

Overall quality 57/100

Of which business quality 57 · Market factors (momentum, volatility) 64

Profitability 36
Margins and returns on capital today
Quality Growth 58
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 33
Balance sheet, leverage, solvency risk
Investment 46
Disciplined investing over empire-building
Low Volatility 93
Calm price path (market factor)
Momentum 47
Price trend over the last 3–12 months (market factor)
52W Momentum 59
Distance to the 52-week high (market factor)
Net Issuance 67
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. 40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−50.1%
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.
−14.7%
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.
+10.1%
Revenue growth 18 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.
+14.1%
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.
+18.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+13.4%
Dividend (yield on the price)4.8%
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.13% vs 14%, steady
Profit margin 2019 to 2024 ⓘ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.27% → 32%

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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 · 1073 stocks

Beats the industry median on 9/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 59 · Above median
Fair Value upside +89% · Top 25%
Profitability
Return on equity (TTM) 14% · Top 25%
Return on assets 1% · Below median
Net margin (TTM) 62% · Top 25%
Operating margin (TTM) 71% · Top 25%
Growth and dividend
Revenue growth 5% · Below median
Dividend yield (TTM) 4.8% · Top 25%
Balance sheet
Debt / equity 0.44× · Above median

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (TTM) 6.2× · Cheapest 25%
P/B 0.76× · Cheapest 25%
P/S (TTM) 3.49× · Pricier than median
P/FCF 0.2× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)98 · sector 11
FUTURE (revenue growth)23 · sector 44
PAST (return on equity)56 · sector 41
HEALTH (low debt)78 · sector 85
DIVIDEND (yield)96 · sector 53

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 Banks - Regional stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
DBS Group DBS19 20.20 THB 6.69 THB −67%
China Merchants Bank Co 3968 HK$51.35 HK$78.59 +53%
Intesa Sanpaolo S.p.A ISP €6.74 €4.04 −40%
HDFC Bank Limited HDB $23.16 $15.60 −33%
BNP Paribas SA BNP €102.32 €105.99 +4%
UniCredit S.p.A UCG €82.92 €77.62 −6%
Mizuho Financial Group MFG $11.15 $9.67 −13%
ICICI Bank Limited ICICIBANK ₹1,359 ₹636.31 −53%
The PNC Financial Services Group PNC $231.49 $159.52 −31%
Oversea-Chinese Banking Corporation O39 31.28 SGD 19.80 SGD −37%

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Bank of Chengdu Co Ltd · Fair Value
¥28.45 +33%Fair Value
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Cite: Fair Value Calculator (2026). "Bank of Chengdu Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/601838

Frequently asked questions

Is Bank of Chengdu Co Ltd (601838) overvalued or undervalued?
As of Sep 18, 2026, our model estimates a fair value of ¥28.45 versus a price of ¥19.14, about +49% upside (undervalued).
What is the fair value of 601838?
Our model-based fair value for Bank of Chengdu Co Ltd is ¥28.45 (as of Sep 18, 2026), built from audited fundamentals. The current price: ¥19.14.
What is the quality score of 601838?
Bank of Chengdu Co Ltd has a Quality Score of 57/100. 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 Bank of Chengdu Co Ltd (601838)?
Our model-based price target is the fair value of ¥28.45 (as of Sep 18, 2026) from 6 valuation models. Cautious scenario ¥22.73, optimistic scenario ¥45.97. It is a calculation from audited fundamentals, not an analyst target.
What is the Bank of Chengdu Co Ltd stock forecast for 2026?
Our models put fair value at ¥28.45, about +49% upside versus a price of ¥19.14 (undervalued). Cautious scenario ¥22.73, optimistic scenario ¥45.97. The calculation is refreshed regularly with new filings.
What is the revenue of Bank of Chengdu Co Ltd (601838)?
Bank of Chengdu Co Ltd reported trailing-twelve-month revenue of about 21.7B CNY (latest available figure, as of Sep 18, 2026).
Does Bank of Chengdu Co Ltd pay a dividend?
Bank of Chengdu Co Ltd currently shows a dividend yield of about 4.81% relative to its recent price (as of Sep 18, 2026).
What is the intrinsic value of Bank of Chengdu Co Ltd (601838)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Bank of Chengdu Co Ltd it is ¥28.45 per share (as of Sep 18, 2026), against a price of ¥19.14. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Bank of Chengdu Co Ltd stock overvalued or undervalued in 2026?
As of Sep 18, 2026, 601838 trades below its calculated fair value: price ¥19.14, fair value ¥28.45, a gap of about +49% (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 601838?
No. The price is what the market pays today (¥19.14); the fair value is what the company's own numbers justify (¥28.45). For Bank of Chengdu Co Ltd the two are ¥9.31 per share apart. That gap is exactly why we show both numbers side by side.
How much is Bank of Chengdu Co Ltd worth?
The market values Bank of Chengdu Co Ltd at about 81.1B CNY (market capitalisation, as of Sep 18, 2026). Per share that is ¥19.14; our models calculate a fair value of ¥28.45 per share.
What do the bullish and bearish scenarios say about 601838?
Our models span a range for Bank of Chengdu Co Ltd: cautious scenario ¥22.73, base ¥28.45, optimistic ¥45.97 per share (as of Sep 18, 2026, price ¥19.14). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 601838?
Bank of Chengdu Co Ltd trades at a price-to-earnings ratio of 6.2 (as of Sep 18, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥28.45 is built from several models across several years. Other multiples: P/B 0.8, P/S 3.5.
How solid is the balance sheet of Bank of Chengdu Co Ltd (601838)?
Balance-sheet figures for Bank of Chengdu Co Ltd (as of Sep 18, 2026): return on equity 14.0%, debt of 0.44 per unit of equity. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is 601838 from its 52-week high?
Bank of Chengdu Co Ltd trades at ¥19.14, about 9% below its 52-week high of ¥20.96 and 25% above the low of ¥15.37 (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of ¥28.45 is for.
Which stocks are comparable to Bank of Chengdu Co Ltd?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, Intesa Sanpaolo S.p.A, HDFC Bank Limited, 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 Bank of Chengdu Co Ltd stock attractive at the current price?
The data as of Sep 18, 2026: price ¥19.14, calculated fair value ¥28.45 (+49%), Quality Score 57/100, 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 601838 calculated?
We run Bank of Chengdu Co 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 ¥28.45, 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 16.1 % above its aggregate fair value. Bank of Chengdu Co 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 Bank of Chengdu Co Ltd (601838)?
The closing price on Sep 18, 2026 was ¥19.14. Our model-based fair value is ¥28.45, about +49% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Bank of Chengdu Co Ltd right now?
The price is below even our cautious bear case (¥22.73). The market is more pessimistic than our downside scenario. Solid quality (57/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (¥22.73 to ¥45.97) leaves room in how you read the outcome. 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 Bank of Chengdu Co Ltd (601838) come from?
Earnings per share at Bank of Chengdu Co Ltd grew +13.1 % a year from 2013 to 2024. Broken into its drivers: revenue per share +10.6 %, EBIT margin +1.4 %, tax rate +0.9 %, residual (interest, one-offs) +0.0 %. 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 Bank of Chengdu Co Ltd

How large is the market capitalisation of Bank of Chengdu Co Ltd (601838)?
The market capitalisation of Bank of Chengdu Co Ltd is 81.1B CNY (≈ $12.1B). 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 Bank of Chengdu Co Ltd (601838)?
The price-to-sales ratio of Bank of Chengdu Co Ltd is 3.49 (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 Bank of Chengdu Co Ltd (601838)?
Earnings per share at Bank of Chengdu Co Ltd are ¥3.10 (price ÷ EPS = P/E 6.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Bank of Chengdu Co Ltd (601838)?
The dividend yield of Bank of Chengdu Co Ltd is 4.8% (payout 29.7%). 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 Bank of Chengdu Co Ltd (601838)?
The net margin of Bank of Chengdu Co Ltd is 56.5% (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 Bank of Chengdu Co Ltd (601838)?
The return on equity (ROE) of Bank of Chengdu Co Ltd is 14.0% (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 Bank of Chengdu Co Ltd (601838)?
On an EBIT basis the return on assets of Bank of Chengdu Co Ltd is 1.3% (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 Bank of Chengdu Co Ltd (601838)?
The operating margin of Bank of Chengdu Co Ltd is 71.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Bank of Chengdu Co Ltd (601838)?
Revenue at Bank of Chengdu Co Ltd is growing +4.6% versus a year earlier (3y avg −14.7%). 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 Bank of Chengdu Co Ltd (601838)?
Earnings per share at Bank of Chengdu Co Ltd are growing +4.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Bank of Chengdu Co Ltd (601838) generate?
The free cash flow of Bank of Chengdu Co Ltd is 74.4B 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 Bank of Chengdu Co Ltd (601838) carry?
The net debt of Bank of Chengdu Co Ltd is 70.1B CNY (fiscal year 2025, ≈ 0.9 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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