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Baiwang Co Ltd (6657) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of Baiwang Co Ltd stock HK$2.26, price HK$10.95, that is 79.4% below the price, quality 61 out of 100. Rating: strongly overvalued. Calculated from audited financials with 2 of our 26 valuation models and 37 quality factors, updated daily.

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Technology HK · Based in China

BC Baiwang Co Ltd logo Thin data Nov 4, 2026

Baiwang Co Ltd

6657 · HK
Very expensive, in a downtrend

Our calculation puts a fair price 79% below what the stock costs today.

Quality 61/100
Low debt
Expensive Growth (revenue 5y +20.1 %/yr in CNY)
Revenue last quarter 14% below a year ago.
Fair value HK$2.26 · Strongly overvalued
Loss-making · -8.4% net margin (TTM)
Negative free cash flow
Trails peers (3/10)
Narrow moat 16/100 · thin data
Thin data
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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

HK$51.50 HK$9.86 Fair Value HK$2.26 Jul 2024 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.

How to read this chart

28‑month range HK$9.86 – HK$51.50 · fair‑value band HK$2.16 – HK$2.42 · the HK$10.95 price screens above the HK$2.26 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.

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Company profile

Baiwang Co., Ltd. provides enterprise digitalization solutions through the Baiwang Cloud platform in China.

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It offers software as a service (SaaS) financial and tax digitalization, consists of tax invoice compliance management, financial and tax management, and supply chain collaboration solutions; and data-driven intelligence solutions, such as digital precision marketing and risk management services.

The company also provides software and technology, and software maintenance services; and supply chain finance and financial technology cloud services. It serves banking, transportation, manufacturing, real estate, energy, and internet platform industries.

Baiwang Co., Ltd. was incorporated in 2015 and is headquartered in Beijing, China.

Stock analysis

Baiwang Co Ltd (6657) currently trades at HK$10.95, while our model-based Fair Value estimate is HK$2.26, 79% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 2 models at a data quality of 95/100, which puts the data coverage at low.

Scenario range: HK$2.16 (bear) to HK$2.42 (bull), the price of HK$10.95 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 61/100 (solid quality), in the Technology sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Baiwang Co Ltd reported revenue of 729M CNY in FY2025 versus 454M CNY in FY2021, a compound +12.6%/yr. Reported net income was −9.6M CNY in FY2025.

Key figures

Market cap HK$2.5B (≈ $315M) Small · P/S ratio 3.70 · Net margin −1.3% · Return on equity −6.3% · Return on assets (EBIT) −13.3% (5-year average) · Operating margin −18.3% · Revenue (TTM) 679M CNY · Revenue growth (YoY) −14.4%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 16 out of 100 (low confidence).

What moves the price

The share trades about 45% below its 52-week high and 11% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Technology peers we cover trades at 9% fair-value upside, at −79%, 6657 screens richer than that median.

Fair Value models

Bear HK$2.16 Fair Value HK$2.26 Bull HK$2.42
Price HK$10.95 · Downside -79.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = 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.
Best data coverage
Owner Earnings HK$2.16 HK$2.26 HK$2.42 78
NCAV (Graham) HK$1.96 HK$2.97 HK$3.71 55
All 2 models by family
DCF Models
Owner Earnings HK$2.16 HK$2.26 HK$2.42 78
Asset-Based
NCAV (Graham) HK$1.96 HK$2.97 HK$3.71 55

Open the full fair value analysis →

Quality Score breakdown

Overall quality 61/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 26
How much profit the company makes from its sales and capital
Quality Growth 85
Are margins and returns getting better?
Cashflow 33
Do the profits arrive as real cash?
Financial strength 100
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 50
How calm the share price moves, does not count
Price momentum 15
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 5
Distance to the 52-week high, does not count
New shares 40
Buys back shares or issues new ones?

Open the full quality analysis →

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. 44/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+10.5%
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.
+11.5%
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.
+20.1%
Start year 2020 (pandemic)
Profit margin (trend) ⓘ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.
−38.8% (2020) → −4.6% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

6657 screens overvalued: fair value 79% below the price. Compare with SAP SE →

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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.Software - Application · 721 stocks

Beats the industry median on 2/8 measures
Overall it trails its industry peers.
Valuation
Quality Score 61 · Above median
Fair Value upside −79.4% · Bottom 25%
Profitability
Return on assets −0.9% · Below median
Net margin (12 months) −8.4% · Below median
Operating margin (12 months) −18.3% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −14.4% · Bottom 25%

Valuation Multiplesvs Software - Application median · lower = cheaper

P/B 2.24× · Cheaper than median
P/S (12 months) 3.10× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 26
FUTURE (revenue growth)0 · sector 40
PAST (return on equity)0 · sector 10
HEALTH (low debt)100 · sector 98
DIVIDEND (yield)0 · sector 27

VALUE 0: the price sits above our fair-value range.

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 Software - Application stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Adobe Inc ADBE $237.32 $463.72 +95% vs 6657
Salesforce, Inc CRM $214.94 $342.73 +59% vs 6657
Uber Technologies, Inc UBER $71.17 $101.28 +42% vs 6657
Intuit Inc INTU $338.23 $459.14 +36% vs 6657
ServiceNow, Inc NOW $102.76 $112.17 +9% vs 6657
SAP SE SAP €211.65 €173.59 −18% vs 6657
Cadence Design Systems, Inc CDNS $336.53 $225.48 −33% vs 6657
Automatic Data Processing, Inc ADP $302.06 $150.40 −50% vs 6657
Shopify Inc SHOP $152.06 $64.96 −57% vs 6657
Snowflake Inc SNOW $291.14 $73.81 −75% vs 6657

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Baiwang Co Ltd: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Baiwang Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/6657

Frequently asked questions

Is Baiwang Co Ltd (6657) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of HK$2.26 versus a price of HK$10.95, about 79% lower (overvalued).
What is the fair value of 6657?
Our model-based fair value for Baiwang Co Ltd is HK$2.26 (as of Nov 4, 2026), built from audited fundamentals. The current price: HK$10.95.
What is the quality score of 6657?
Baiwang Co Ltd has a Quality Score of 61/100. 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 Baiwang Co Ltd (6657)?
Our model-based price target is the fair value of HK$2.26 (as of Nov 4, 2026) from 2 valuation models. Cautious scenario HK$2.16, optimistic scenario HK$2.42. It is a calculation from audited fundamentals, not an analyst target.
What is the Baiwang Co Ltd stock forecast for 2026?
Our models put fair value at HK$2.26, about 79% lower versus a price of HK$10.95 (overvalued). Cautious scenario HK$2.16, optimistic scenario HK$2.42. The calculation is refreshed regularly with new filings.
What is the revenue of Baiwang Co Ltd (6657)?
Baiwang Co Ltd reported trailing-twelve-month revenue of about 679M CNY (latest available figure, as of Nov 4, 2026).
What is the intrinsic value of Baiwang Co Ltd (6657)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Baiwang Co Ltd it is HK$2.26 per share (as of Nov 4, 2026), against a price of HK$10.95. It is the blended result of 2 valuation models in 2 families (DCF Models, Asset-Based).
Is Baiwang Co Ltd stock overvalued or undervalued in 2026?
As of Nov 4, 2026, 6657 trades above its calculated fair value: price HK$10.95, fair value HK$2.26, a gap of about −79% (overvalued). 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 6657?
No. The price is what the market pays today (HK$10.95); the fair value is what the company's own numbers justify (HK$2.26). For Baiwang Co Ltd the two are HK$8.69 per share apart. That gap is exactly why we show both numbers side by side.
How much is Baiwang Co Ltd worth?
The market values Baiwang Co Ltd at about HK$2.5B (market capitalisation, as of Nov 4, 2026). Per share that is HK$10.95; our models calculate a fair value of HK$2.26 per share.
What do the bullish and bearish scenarios say about 6657?
Our models span a range for Baiwang Co Ltd: cautious scenario HK$2.16, base HK$2.26, optimistic HK$2.42 per share (as of Nov 4, 2026, price HK$10.95). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Baiwang Co Ltd (6657)?
Balance-sheet figures for Baiwang Co Ltd (as of Nov 4, 2026): return on equity −6.3%. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is 6657 from its 52-week high?
Baiwang Co Ltd trades at HK$10.95, about 45% below its 52-week high of HK$20.00 and 11% above the low of HK$9.86 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of HK$2.26 is for.
Which stocks are comparable to Baiwang Co Ltd?
From the same area (Technology) we also value SAP SE, Salesforce, Inc, Shopify Inc, ServiceNow, Inc, 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 Baiwang Co Ltd stock attractive at the current price?
The data as of Nov 4, 2026: price HK$10.95, calculated fair value HK$2.26 (−79%), Quality Score 61/100, from 2 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 6657 calculated?
We run Baiwang Co Ltd through 2 models from 2 families: DCF Models, Asset-Based. Every model gets the same audited fundamentals; the fair value of HK$2.26 builds on their evidence-weighted average, 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 13.7% above its aggregate fair value. Baiwang Co Ltd itself currently trades above fair value. 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 Baiwang Co Ltd (6657)?
The closing price on Nov 10, 2026 was HK$10.95. Our model-based fair value is HK$2.26, about 79% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Baiwang Co Ltd right now?
The price sits above even our optimistic bull case (HK$2.42). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder. The models converge in a tight band (HK$2.16 to HK$2.42), unusually little disagreement for a valuation.

Key figures of Baiwang Co Ltd

How large is the market capitalisation of Baiwang Co Ltd (6657)?
The market capitalisation of Baiwang Co Ltd is HK$2.5B (≈ $315M). 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 Baiwang Co Ltd (6657)?
The price-to-sales ratio of Baiwang Co Ltd is 3.70 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of Baiwang Co Ltd (6657)?
The net margin of Baiwang Co Ltd is −1.3% (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 Baiwang Co Ltd (6657)?
The return on equity (ROE) of Baiwang Co Ltd is −6.3% (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 Baiwang Co Ltd (6657)?
On an EBIT basis the return on assets of Baiwang Co Ltd is −13.3% (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 Baiwang Co Ltd (6657)?
The operating margin of Baiwang Co Ltd is −18.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Baiwang Co Ltd (6657)?
Revenue at Baiwang Co Ltd is growing −14.4% versus a year earlier (3y avg +11.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Baiwang Co Ltd (6657) generate?
The free cash flow of Baiwang Co Ltd is −156M 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 cash does Baiwang Co Ltd (6657) hold?
Baiwang Co Ltd holds more cash than debt, 376M CNY net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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