China International Capital Corporation Limited

SZSC:3908 Stock Report

Market Cap: HK$140.2b

China International Capital Valuation

Is 3908 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 3908 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 3908 (HK$13.88) is trading below our estimate of fair value (HK$14.65)

Significantly Below Fair Value: 3908 is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 3908?

Key metric: As 3908 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 3908. This is calculated by dividing 3908's market cap by their current earnings.
What is 3908's PE Ratio?
PE Ratio16.6x
EarningsCN¥3.75b
Market CapCN¥130.21b

Price to Earnings Ratio vs Peers

How does 3908's PE Ratio compare to its peers?

The above table shows the PE ratio for 3908 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average26.6x
6881 China Galaxy Securities
10.4x9.9%HK$148.0b
6066 CSC Financial
16.2x38.3%HK$207.6b
1456 Guolian Securities
33.7x44.8%HK$32.9b
1375 Central China Securities
46.3xn/aHK$18.8b
3908 China International Capital
16.6x25.8%HK$140.2b

Price-To-Earnings vs Peers: 3908 is good value based on its Price-To-Earnings Ratio (16.6x) compared to the peer average (26.1x).

Price to Earnings Ratio vs Industry

How does 3908's PE Ratio compare vs other companies in the HK Capital Markets Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
2799 China CITIC Financial Asset Management
4.2x-29.2%US$6.70b
8098 CL Group (Holdings)
3.7xn/aUS$10.18m
No more companies available in this PE range
3908 16.6xIndustry Avg. 18.5xNo. of Companies9PE020406080100+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 3908 is good value based on its Price-To-Earnings Ratio (16.6x) compared to the Hong Kong Capital Markets industry average (18.6x).

Price to Earnings Ratio vs Fair Ratio

What is 3908's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

3908 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio16.6x
Fair PE Ratio15.9x

Price-To-Earnings vs Fair Ratio: 3908 is expensive based on its Price-To-Earnings Ratio (16.6x) compared to the estimated Fair Price-To-Earnings Ratio (15.9x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 3908 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentHK$13.88
HK$16.68
+20.2%
27.9%HK$24.42HK$10.51n/a12
Nov ’25HK$14.20
HK$17.01
+19.8%
27.6%HK$24.78HK$10.67n/a12
Oct ’25HK$13.90
HK$12.41
-10.7%
17.0%HK$16.03HK$9.44n/a12
Sep ’25HK$8.37
HK$12.59
+50.4%
20.1%HK$16.77HK$9.36n/a12
Aug ’25HK$8.65
HK$12.95
+49.7%
17.1%HK$16.37HK$9.50n/a12
Jul ’25HK$8.69
HK$13.85
+59.4%
24.2%HK$22.97HK$10.31n/a13
Jun ’25HK$9.30
HK$13.85
+48.9%
24.2%HK$22.97HK$10.31n/a13
May ’25HK$9.52
HK$13.91
+46.1%
24.5%HK$22.97HK$10.09n/a13
Apr ’25HK$9.28
HK$16.35
+76.1%
25.4%HK$23.74HK$10.09n/a13
Mar ’25HK$10.00
HK$16.94
+69.4%
23.4%HK$23.85HK$11.23n/a13
Feb ’25HK$9.31
HK$17.52
+88.2%
21.3%HK$23.88HK$11.24n/a13
Jan ’25HK$11.46
HK$19.31
+68.5%
15.2%HK$24.00HK$12.41n/a14
Dec ’24HK$12.20
HK$19.50
+59.8%
14.5%HK$24.28HK$13.82n/a14
Nov ’24HK$12.36
HK$19.19
+55.3%
15.7%HK$23.71HK$13.50HK$14.2014
Oct ’24HK$14.36
HK$19.87
+38.4%
14.8%HK$24.06HK$13.94HK$13.9014
Sep ’24HK$15.08
HK$20.53
+36.1%
13.0%HK$24.98HK$15.10HK$8.3714
Aug ’24HK$16.60
HK$20.72
+24.8%
11.0%HK$24.22HK$16.31HK$8.6514
Jul ’24HK$13.74
HK$20.95
+52.5%
11.1%HK$24.50HK$16.50HK$8.6914
Jun ’24HK$14.24
HK$21.19
+48.8%
10.5%HK$24.71HK$17.98HK$9.3014
May ’24HK$16.42
HK$21.48
+30.8%
10.3%HK$25.30HK$18.41HK$9.5214
Apr ’24HK$15.74
HK$20.61
+31.0%
11.7%HK$24.80HK$15.45HK$9.2815
Mar ’24HK$17.32
HK$20.32
+17.3%
14.9%HK$28.07HK$15.29HK$10.0015
Feb ’24HK$18.20
HK$20.56
+12.9%
15.4%HK$28.66HK$15.61HK$9.3115
Jan ’24HK$14.90
HK$19.86
+33.3%
19.1%HK$27.60HK$13.60HK$11.4617
Dec ’23HK$14.70
HK$19.58
+33.2%
19.5%HK$26.89HK$13.25HK$12.2017
Nov ’23HK$11.36
HK$19.92
+75.4%
17.6%HK$26.50HK$13.06HK$12.3617

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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