Bank of Hangzhou Co Ltd (600926) Fair Value & Analysis
Financial Services · CN · Market cap 112B CNY (≈ $16.7B) · ISIN CNE100002GQ4
What is Bank of Hangzhou Co Ltd really worth?
A solid business, trading 47% below our fair value of ¥32.66.
Strengths
For context
Fair value as of: Sep 2, 2026
From 6 valuation models · updated 2 days ago
Fair value updated Sep 2, 2026, revised from ¥31.86 to ¥32.66 (+2.5%) since Aug 13, 2026. Share price +6.8% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price is below even our cautious bear case (¥24.49). The market is more pessimistic than our downside scenario.
- Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 2, 2026.
How to read this chart
60‑month range ¥8.47 – ¥17.25 · fair‑value band ¥24.49 – ¥40.82 · the ¥17.25 price screens below the ¥32.66 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 2, 2026.
Analysis
Bank of Hangzhou Co Ltd (600926) currently trades at ¥17.25, while our model-based Fair Value estimate is ¥32.66, implying the stock looks roughly 47.2% undervalued today. The Quality Score stands at 58/100 (solid quality), in the Financial Services sector. Bull case: the Multiples group reads highest at a median of ¥31.47 per share, and 5 of the 6 models we run sit above the ¥17.25 price. Bear case: the Asset-Based group reads lowest at ¥15.06, and 1 of the 6 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Bank of Hangzhou Co Ltd generated revenue of 33.9B CNY at a net margin of 58.0%. Revenue grew 8.9% year over year. It earns a return on equity of 12.4%. Net debt stands at 182B CNY. Fundamentals as of Sep 2, 2026
Our scenario range runs from ¥24.49 (bear case) to ¥40.82 (bull case); at ¥17.25, 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 2% below its 52-week high and 18% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −10% fair-value upside, at 89%, 600926 screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly ¥1.29 per share, which is 3.9 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.
All 6 models by family
Widest divergence: Multiples (¥31.47) versus Asset-Based (¥15.06). Highest evidence: Residual Income (74).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 2, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 57 · Market factors (momentum, volatility) 70
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.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Bank of Hangzhou Co., Ltd. provides various banking products and services in China. The company operates through five segments: Corporate Business, Small Business, Retail Business, Treasury Business, and Other Businesses.
Full company description
Bank of Hangzhou Co., Ltd. provides various banking products and services in China. The company operates through five segments: Corporate Business, Small Business, Retail Business, Treasury Business, and Other Businesses. It offers deposits, loans, settlements, trade-related products, and other services; and debit cards, credit and mortgage lending, and personal asset management services. The company also provides interbank deposit/lending, repurchase/repurchase agreements, discounting, and investment. It serves individual customers, small businesses, and large and medium-sized enterprise clients. The company was formerly known as Hangzhou City Commercial Bank Co., Ltd. and changed its name to Bank of Hangzhou Co., Ltd. in June 2008. Bank of Hangzhou Co., Ltd. was founded in 1996 and is headquartered in Hangzhou, China.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Bank of Hangzhou Co Ltd reported revenue of 38.8B CNY in FY2025 versus 56.8B CNY in FY2021, a compound −9.1%/yr. Reported net income was 19.0B CNY in FY2025, compounding +19.7%/yr from FY2021.
of which total revenue +10.6 % · buybacks/dilution −5.5 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
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Peer Group
Banks - Regional · 1071 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.
Valuation Multiples vs Banks - Regional median · lower = cheaper
Strength profile in five axes (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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Sep 2, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| DBS Group D05 | 75.65 SGD | 40.48 SGD | −46% |
| China Merchants Bank Co 3968 | HK$47.96 | HK$76.51 | +60% |
| Intesa Sanpaolo S.p.A ISP | €6.78 | €5.66 | −17% |
| HDFC Bank Limited HDB | $23.17 | $24.12 | +4% |
| BNP Paribas SA BNP | €102.56 | €144.64 | +41% |
| UniCredit S.p.A UCG | €84.71 | €77.62 | −8% |
| Mizuho Financial Group MFG | $10.74 | $9.69 | −10% |
| ICICI Bank Limited ICICIBANK | ₹1,443 | ₹835.21 | −42% |
| Oversea-Chinese Banking Corporation O39 | 31.07 SGD | 19.80 SGD | −36% |
| CaixaBank, S.A CABK | €13.52 | €8.85 | −35% |
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