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C&D International Investment Group (1908) Fair Value & Analysis

Real Estate · HK · Market cap HK$30.8B

CD C&D International Investment Group 1908 · HK
PriceHK$15.41
Fair ValueHK$40.00
Upside+159.6%
Quality45/100
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Mixed Growth
Thin margins · 2.7% net margin
High debt · generates free cash flow
5.99% dividend yield
Mixed vs. peers (8/14)
Narrow moat 28/100
Evidence: Medium Range HK$22.25 – HK$57.76 Share as image

Fair value as of: Aug 13, 2026

From 16 valuation models · updated yesterday

Fair value updated Aug 13, 2026, revised from HK$38.43 to HK$40.00 (+4.1%) since Aug 5, 2026. Share price +12.2% over the past month.

Below-average quality, screening 160% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (HK$22.25). The market is more pessimistic than our downside scenario.
  • Solid quality (45/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (HK$22.25 to HK$57.76) leaves room in how you read the outcome.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

HK$20.72 HK$8.25 Fair Value HK$40.00 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range HK$8.25 – HK$20.72 · fair‑value band HK$22.25 – HK$57.76 · the HK$15.41 price screens below the HK$40.00 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

C&D International Investment Group (1908) currently trades at HK$15.41, while our model-based Fair Value estimate is HK$40.00, implying the stock looks roughly 159.6% undervalued today. The Quality Score stands at 45/100 (below-average quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, C&D International Investment Group generated revenue of HK$137B at a net margin of 2.7%. Revenue declined 6.9% year over year. It earns a return on equity of 5.6%. Net debt stands at HK$48.8B. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$22.25 (bear case) to HK$57.76 (bull case); at HK$15.41, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 15% below its 52-week high and 31% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at 15% fair-value upside, at 160%, 1908 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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
Highest evidence
Growth DCF HK$145.80 HK$298.78 HK$549.47 80
Residual Income HK$13.07 HK$15.90 HK$39.89 76
Rev-Margin DCF HK$77.38 HK$131.07 HK$244.60 74
All 16 models by family
DCF Models
FCF DCF HK$155.62 HK$250.34 HK$551.96 38
5Y Revenue Exit HK$70.00 HK$113.15 HK$202.21 39
5Y EBITDA Exit HK$81.23 HK$135.85 HK$242.39 41
10Y Revenue Exit HK$94.32 HK$183.71 HK$229.66 36
10Y EBITDA Exit HK$104.44 HK$207.89 HK$376.53 37
Dividend Discount
Gordon GGM HK$1.37 HK$2.84 HK$4.51 70
DDM Multi-Stage HK$1.37 HK$2.40 HK$2.98 61
Multiples
P/S Multiple HK$21.80 HK$29.06 HK$36.33 58
P/B Multiple HK$21.15 HK$28.20 HK$35.25 55
EV/EBIT HK$67.39 HK$93.03 HK$118.67 53
EV/EBITDA HK$50.78 HK$70.89 HK$91.00 54
EV/Revenue HK$32.89 HK$51.07 HK$69.25 43
Asset-Based
NCAV (Graham) HK$7.05 HK$9.45 HK$14.10 50
Growth DCF
Growth DCF HK$145.80 HK$298.78 HK$549.47 80
Rev-Margin DCF HK$77.38 HK$131.07 HK$244.60 74
Economic Profit
Residual Income HK$13.07 HK$15.90 HK$39.89 76

Widest divergence: DCF Models (HK$183.71) versus Dividend Discount (HK$2.40). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$137B
Revenue growth (YoY) -6.9%
Net margin 2.7%
Return on equity 5.6%
Free cash flow HK$21.0B FY2025
P/E ratio 8.1 as of Jul 2, 2026
More key figures
Operating margin 7.7%
EPS (TTM) HK$0.4500
Dividend yield 6.0%
EPS growth (YoY) -39.3%
Net debt HK$48.8B FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 45/100

Of which business quality 47 · Market factors (momentum, volatility) 49

Profitability 25
Margins and returns on capital today
Quality Growth 44
Are margins and returns improving?
Cashflow 82
Earnings quality: real cash, not paper profit
Fin. Strength 37
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 74
Calm price path (market factor)
Momentum 33
Price trend over the last 3–12 months (market factor)
52W Momentum 47
Distance to the 52-week high (market factor)
Net Issuance 7
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

C&D International Investment Group Limited, an investment holding company, engages in the property development business in the People's Republic of China. It also provides property management and other related services, entrusted construction management services, and construction engineering management services.

Full company description

C&D International Investment Group Limited, an investment holding company, engages in the property development business in the People's Republic of China. It also provides property management and other related services, entrusted construction management services, and construction engineering management services. The company was founded in 1993 and is headquartered in Wan Chai, Hong Kong. C&D International Investment Group Limited operates as a subsidiary of Xiamen C&D Inc.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

C&D International Investment Group reported revenue of HK$137B in FY2025 versus HK$54.6B in FY2021, a compound +25.8%/yr. Reported net income was HK$3.7B in FY2025, compounding +0.7%/yr from FY2021.

Growth Quality 84/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
HK$137B
Latest YoY
−4.3%
Avg. growth/yr (3Y) 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.
+11.1%
Avg. growth/yr (5Y) 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.
+26.2%
Avg. growth/yr (15Y) 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.
+56.2%
Revenue +25.8%/yr
FY21 HK$54.6B
FY22 HK$99.6B
FY23 HK$134B
FY24 HK$143B
FY25 HK$137B
Net income +0.7%/yr
FY21 HK$3.6B
FY22 HK$4.9B
FY23 HK$5.0B
FY24 HK$4.8B
FY25 HK$3.7B
Character of growth · EPS growth decomposed (2014-2025) +52.2 % p.a.
Revenue per share +72.8 pp

of which total revenue +110.4 pp · buybacks/dilution −37.6 pp

EBIT margin −11.8 pp
Tax rate +0.7 pp
Residual (interest, one-offs) −9.5 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "C&D International Investment Group Fair Value". https://www.fairvalue-calculator.com/stock/1908

Peer Group

Real Estate - Development · 592 stocks

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.

Quality Score 46 · Below median
Fair Value upside +160% · Top 25%
Return on equity (TTM) 6% · Above median
Return on assets 2% · Above median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 8% · Below median
Revenue growth -7% · Below median
Dividend yield (TTM) 6.0% · Top 25%
Debt / equity 2.36× · Higher than 75% of peers

Valuation Multiples vs Real Estate - Development median · lower = cheaper

P/E (TTM) 8.1× · Cheaper than median
P/B 1.02× · Pricier than median
P/S (TTM) 0.23× · Cheaper than 75% of peers
P/FCF 0.2× · Cheaper than median
EV/EBITDA 5.1× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 47
FUTURE 0 · sector 0
PAST 22 · sector 10
HEALTH 0 · sector 85
DIVIDEND 100 · sector 37

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Real Estate - Development stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
DLF Limited DLF ₹661.75 ₹146.13 -78%
Lodha Developers Limited LODHA ₹1,209 ₹583.43 -52%
PT Pantai Indah Kapuk Dua Tbk, PANI 6,150 IDR 1,330 IDR -78%
PT Jaya Real Property, Tbk., JRPT 1,080 IDR 1,674 IDR +55%
PT Bumi Serpong Damai Tbk, BSDE 595.00 IDR 1,488 IDR +150%
PT Sentul City Tbk, BKSL 73.00 IDR 84.16 IDR +15%
PT Ciputra Development Tbk, CTRA 610.00 IDR 1,525 IDR +150%
Khang Dien House Trading and Investment Joint Stock Company KDH 18,150 VND 20,338 VND +12%
PT Duta Pertiwi Tbk DUTI 4,300 IDR 6,239 IDR +45%
PT Puradelta Lestari Tbk DMAS 147.00 IDR 164.33 IDR +12%

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Frequently asked questions

Is C&D International Investment Group (1908) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$40.00 versus a price of HK$15.41, about +160% (undervalued).
What is the fair value of 1908?
Our model-based fair value for C&D International Investment Group is HK$40.00 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$15.41.
What is the quality score of 1908?
C&D International Investment Group has a Quality Score of 45/100. 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 revenue of C&D International Investment Group (1908)?
C&D International Investment Group reported trailing-twelve-month revenue of about HK$137B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 1908?
The net profit margin of C&D International Investment Group is about 2.7%, meaning it keeps roughly 2.7% of revenue as net income. Based on the latest reported figures.
Does C&D International Investment Group pay a dividend?
C&D International Investment Group currently shows a dividend yield of about 5.99% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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