Csd Water Service Co Ltd (603903) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Csd Water Service Co Ltd stock ¥5.69, price ¥11.77, that is 51.7% below the price, quality 53 out of 100. Rating: strongly overvalued. Calculated from audited financials with 13 of our 26 valuation models and 37 quality factors, updated daily.
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Csd Water Service Co Ltd
603903 · SHGOur calculation puts a fair price 52% below what the stock costs today.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range ¥5.36 – ¥17.27 · fair‑value band ¥3.64 – ¥7.74 · the ¥11.77 price screens above the ¥5.69 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Company profile
CSD Water Service Co., Ltd., together with its subsidiaries, provides environmental services in China.
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The company offers municipal, industrial, and urban sewage treatment; industrial parks and wastewater treatment; environmental governance; industrial park environmental; groundwater pollution remediation; management of water environment; and sludge treatment and disposal services.
It also provides self-activated denitrification filters, integrated multi-effect clarification systems, CSD complexing-coagulation-adsorption defluoridation agents, ozone-enhanced biofiltration technologies, drum dynamic aerobic high-temperature fermentation treatment units under the SG-DACT brand, and dry anaerobic fermentation units under the DANAS brand.
In addition, the company engages in the sale of sewage treatment agents, environmentally friendly products, and water treatment equipment; research and experimental development; water production and supply; chemical raw materials and products manufacturing; biomass gas production and supply; investment in sewage treatment related businesses; ecological protection; technology development and promotion of sewage treatment, sludge treatment, and organic waste treatment and disposal related technologies; and scientific research and technical services.
Further, it is involved in management of environmental protection and public facilities; environmental protection engineering contracting; provision of environmental protection technical consultation, and technical development and support; sale of building materials, hardware and electrical appliances, and mechanical equipment; import and export of goods and technologies; construction project management; water pollution control; urban landscaping; municipal construction and planning consultation; construction engineering machinery and equipment leasing; and engineering survey and design.
CSD Water Service Co., Ltd. was founded in 2009 and is headquartered in Beijing, China.
Stock analysis
Csd Water Service Co Ltd (603903) currently trades at ¥11.77, while our model-based Fair Value estimate is ¥5.69, 52% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of ¥10.46 per share, and 2 of the 13 models we run sit above the ¥11.77 price.
Bear case: the Asset-Based group reads lowest at ¥1.20, and 11 of the 13 models stay below the price. Data coverage for this calculation is medium.
Scenario range: ¥3.64 (bear) to ¥7.74 (bull), the price of ¥11.77 sits above 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 53/100 (solid quality), in the Industrials sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Csd Water Service Co Ltd reported revenue of 1.0B CNY in FY2025 versus 1.5B CNY in FY2021, a compound −8.5%/yr. Reported net income was −106M CNY in FY2025.
Key figures
Market cap 3.0B CNY (≈ $450M) Small · P/S ratio 3.24 · EPS (TTM) ¥−0.3700 · Dividend yield 2.2% · Net margin −10.9% · Return on equity −8.4% · Return on assets (EBIT) 2.6% (5-year average) · Operating margin 2.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 15 out of 100 (low confidence).
What moves the price
The share trades about 32% below its 52-week high and 14% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −25% fair-value upside, at −52%, 603903 screens richer than that median.
Fair Value models
All 13 models by family
Quality Score breakdown
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Revenue & earnings trend
Growth Forecast
603903 screens overvalued: fair value 52% below the price. Compare with Waste Management, Inc →
Compare Csd Water Service Co Ltd with another stock
Price, fair value, quality and upside side by side.
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.Waste Management · 155 stocks
Valuation Multiplesvs Waste Management median · lower = cheaper
Strength profile in five axes (Snowflake)
VALUE 0: the price sits above our fair-value range.
Context: sector, industry, market
- Is the Industrials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- P/S ratio by industry
- EBIT margin by industry
- Piotroski F-Score screener with fair value
- Undervalued stocks: Industrials
- Undervalued stocks: Chinese Stocks
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Waste Management stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value | Compare |
|---|---|---|---|---|
| Waste Management, Inc WM | $236.26 | $259.89 | +10% | vs 603903 |
| Waste Connections, Inc WCN | $189.07 | $199.18 | +5% | vs 603903 |
| Fomento de Construcciones y Contratas, S.A FCC | €10.42 | €9.99 | −4% | vs 603903 |
| GEM Co 002340 | ¥5.81 | ¥5.27 | −9% | vs 603903 |
| GFL Environmental Inc GFL | $46.32 | $34.54 | −25% | vs 603903 |
| Veolia Environnement SA VIE | €33.78 | €20.39 | −40% | vs 603903 |
| Clean Harbors, Inc CLH | $284.10 | $155.54 | −45% | vs 603903 |
| Republic Services, Inc RSG | $246.85 | $129.29 | −48% | vs 603903 |
| Cleanaway Waste Management Limited CWY | A$3.01 | A$1.25 | −58% | vs 603903 |
| Casella Waste Systems, Inc CWST | $98.21 | $14.30 | −85% | vs 603903 |
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Key figures of Csd Water Service Co Ltd
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