Aimer Co. Ltd. (603511) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Aimer Co. Ltd. ¥13.57, price ¥12.42, upside +9.3%, quality 64 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 23, 2026.
How to read this chart
60‑month range ¥9.53 – ¥36.49 · fair‑value band ¥10.58 – ¥16.56 · the ¥12.42 price screens below the ¥13.57 fair value. Dashed = 300-day average. As of Sep 23, 2026.
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Aimer Co., Ltd. engages in the development, production, and sale of intimate apparel for men, women, and children in China and internationally. The company offers bras, underwear, thermal underwear, home clothes, sportswear, swimwear, socks, etc. Aimer Co., Ltd. was founded in 1981 and is based in Beijing, China.
Stock analysis
Aimer Co. Ltd. (603511) currently trades at ¥12.42, while our model-based Fair Value estimate is ¥13.57, implying the stock looks roughly 8.5% fairly valued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of ¥10.19 per share, and 4 of the 24 models we run sit above the ¥12.42 price.
Bear case: the Earnings-Based group reads lowest at ¥3.11, and 20 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: ¥10.58 (bear) to ¥16.56 (bull), the price of ¥12.42 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 64/100 (solid quality), in the Consumer Cyclical sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Aimer Co. Ltd. reported revenue of 3.1B CNY in FY2025 versus 3.5B CNY in FY2021, a compound −3.2%/yr. Reported net income was 152M CNY in FY2025, compounding −18.5%/yr from FY2021.
Key figures
Market cap 5.0B CNY (≈ $749M) · P/E ratio 31.1 · P/S ratio 1.53 · EPS (TTM) ¥0.4000 · Dividend yield 3.0% · Net margin 4.9% · Return on equity 3.6% · Return on assets (EBIT) 5.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 37 out of 100 (low confidence).
What moves the price
The share trades about 26% below its 52-week high and 13% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −1% fair-value upside, at 9%, 603511 screens cheaper than that median.
Fair Value models
Bear ¥10.58Fair Value ¥13.57Bull ¥16.56
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 (¥0.0219 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.
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 is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−2.2%
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.
−2.1%
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.
−1.7%
Start year 2020 (pandemic)
Revenue growth 8 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.
+0.6%
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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.
−13.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−16.6%
Dividend (yield on the price)3.0%
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.15% → 5%
⚠ Revenue per share shrinking 1.4%/yr over ~6Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
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).
−7.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about −9.2% a year for the price.
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.Apparel Manufacturing · 228 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score64 · Top 25%
Fair Value upside+9% · Above median
Profitability
Return on equity (TTM)4% · Below median
Return on assets2% · Below median
Net margin (TTM)5% · Above median
Operating margin (TTM)12% · Top 25%
Growth and dividend
Revenue growth−1% · Below median
Dividend yield (TTM)3.0% · Above median
Valuation Multiplesvs Apparel Manufacturing median · lower = cheaper
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Is Aimer Co. Ltd. (603511) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of ¥13.57 versus a price of ¥12.42, about +9% upside (fairly valued).
What is the fair value of 603511?
Our model-based fair value for Aimer Co. Ltd. is ¥13.57 (as of Sep 23, 2026), built from audited fundamentals. The current price: ¥12.42.
What is the quality score of 603511?
Aimer Co. Ltd. has a Quality Score of 64/100. 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 Aimer Co. Ltd. (603511)?
Our model-based price target is the fair value of ¥13.57 (as of Sep 23, 2026) from 24 valuation models. Cautious scenario ¥10.58, optimistic scenario ¥16.56. It is a calculation from audited fundamentals, not an analyst target.
What is the Aimer Co. Ltd. stock forecast for 2026?
Our models put fair value at ¥13.57, about +9% upside versus a price of ¥12.42 (fairly valued). Cautious scenario ¥10.58, optimistic scenario ¥16.56. The calculation is refreshed regularly with new filings.
What is the revenue of Aimer Co. Ltd. (603511)?
Aimer Co. Ltd. reported trailing-twelve-month revenue of about 3.1B CNY (latest available figure, as of Sep 23, 2026).
Does Aimer Co. Ltd. pay a dividend?
Aimer Co. Ltd. currently shows a dividend yield of about 2.98% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Aimer Co. Ltd. (603511)?
For today's price to be fair in a discounted-cash-flow model, Aimer Co. Ltd. would have to grow free cash flow by -7.7 % per year for five years (discount rate 10.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -1.7 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of 603511 use?
Our models discount Aimer Co. Ltd. at 10.5 %: a base by market capitalisation (small), damped by beta 0.52, country premium for China. 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 Aimer Co. Ltd. that is -7.7 % per year a year over ten years, using the same discount rate (10.5 %) and the same formula as our fair value.
How much growth has Aimer Co. Ltd. (603511) delivered so far?
Over the past 5 years revenue at Aimer Co. Ltd. grew -1.7 % a year. The price currently implies -7.7 % 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 Aimer Co. Ltd. (603511) growing?
The median revenue growth in the sector is +2.5 % a year. That is the yardstick for the growth priced into Aimer Co. Ltd. (-7.7 % 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 Aimer Co. Ltd. (603511)?
The free-cash-flow yield on the price is 8.72 %: that much free cash flow Aimer Co. Ltd. produces per unit of market value. When it exceeds the discount rate of our models (10.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Aimer Co. Ltd. (603511)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Aimer Co. Ltd. it is ¥13.57 per share (as of Sep 23, 2026), against a price of ¥12.42. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Aimer Co. Ltd. stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 603511 trades below its calculated fair value: price ¥12.42, fair value ¥13.57, a gap of about +9% (fairly valued). 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 603511?
No. The price is what the market pays today (¥12.42); the fair value is what the company's own numbers justify (¥13.57). For Aimer Co. Ltd. the two are ¥1.15 per share apart. That gap is exactly why we show both numbers side by side.
How much is Aimer Co. Ltd. worth?
The market values Aimer Co. Ltd. at about 5.0B CNY (market capitalisation, as of Sep 23, 2026). Per share that is ¥12.42; our models calculate a fair value of ¥13.57 per share.
What do the bullish and bearish scenarios say about 603511?
Our models span a range for Aimer Co. Ltd.: cautious scenario ¥10.58, base ¥13.57, optimistic ¥16.56 per share (as of Sep 23, 2026, price ¥12.42). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 603511?
Aimer Co. Ltd. trades at a price-to-earnings ratio of 31.1 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥13.57 is built from several models across several years. Other multiples: P/B 1.1, P/S 1.6, EV/EBITDA 22.2.
How solid is the balance sheet of Aimer Co. Ltd. (603511)?
Balance-sheet figures for Aimer Co. Ltd. (as of Sep 23, 2026): return on equity 3.6%. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is 603511 from its 52-week high?
Aimer Co. Ltd. trades at ¥12.42, about 26% below its 52-week high of ¥16.80 and 13% above the low of ¥10.97 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of ¥13.57 is for.
Which stocks are comparable to Aimer Co. Ltd.?
From the same area (Consumer Cyclical) we also value Ralph Lauren Corporation, Moncler S.p.A, Gildan Activewear Inc, LPP SA, 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 Aimer Co. Ltd. stock attractive at the current price?
The data as of Sep 23, 2026: price ¥12.42, calculated fair value ¥13.57 (+9%), Quality Score 64/100, from 24 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 603511 calculated?
We run Aimer Co. Ltd. through 24 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 ¥13.57, 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 14.1 % above its aggregate fair value. Aimer Co. Ltd. currently trades 9 % 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 Aimer Co. Ltd. (603511)?
The closing price on Sep 23, 2026 was ¥12.42. Our model-based fair value is ¥13.57, about +9% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Aimer Co. Ltd. right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of Aimer Co. Ltd.
How large is the market capitalisation of Aimer Co. Ltd. (603511)?
The market capitalisation of Aimer Co. Ltd. is 5.0B CNY (≈ $749M). 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 Aimer Co. Ltd. (603511)?
The price-to-sales ratio of Aimer Co. Ltd. is 1.53 (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 Aimer Co. Ltd. (603511)?
Earnings per share at Aimer Co. Ltd. are ¥0.4000 (price ÷ EPS = P/E 31.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Aimer Co. Ltd. (603511)?
The dividend yield of Aimer Co. Ltd. is 3.0% (payout 92.5%). 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 Aimer Co. Ltd. (603511)?
The net margin of Aimer Co. Ltd. is 4.9% (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 Aimer Co. Ltd. (603511)?
The return on equity (ROE) of Aimer Co. Ltd. is 3.6% (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 Aimer Co. Ltd. (603511)?
On an EBIT basis the return on assets of Aimer Co. Ltd. is 5.0% (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 Aimer Co. Ltd. (603511)?
The operating margin of Aimer Co. Ltd. is 12.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Aimer Co. Ltd. (603511)?
Revenue at Aimer Co. Ltd. is growing −0.6% versus a year earlier (3y avg −2.1%). 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 Aimer Co. Ltd. (603511)?
Earnings per share at Aimer Co. Ltd. are growing +9.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Aimer Co. Ltd. (603511) hold?
Aimer Co. Ltd. holds more cash than debt, 360M CNY net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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