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Xiamen Bank Co Ltd (601187) Fair Value & Analysis

Financial Services · CN · Market cap 19.1B CNY (≈ $2.9B) · ISIN CNE100004HT2

What is Xiamen Bank Co Ltd really worth?

XB Xiamen Bank Co Ltd 601187 · SHG
Price¥7.20
Fair Value¥14.30
Upside+98.6%
Quality45/100

Below-average quality, trading 50% below our fair value of ¥14.30.

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Strengths

Highly profitable · 46.4% net margin
Ranks above peers (7/11)
Wide moat 65/100

Risks

!Expensive Growth (revenue 5y +6.0 %/yr)
!negative free cash flow
!Evidence only medium, so the estimate is less certain
!Weak on future: 19 out of 100
Evidence: Medium Range ¥10.73 – ¥17.88

Fair value as of: Aug 28, 2026

From 4 valuation models · updated 8 days ago

Fair value updated Aug 28, 2026, revised from ¥14.68 to ¥14.30 (−2.6%) since Aug 13, 2026. Share price −3.1% 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 (¥10.73). 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.
  • 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)

¥7.93 ¥4.12 Fair Value ¥14.30 Mar 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 28, 2026.

How to read this chart

60‑month range ¥4.12 – ¥7.93 · fair‑value band ¥10.73 – ¥17.88 · the ¥7.20 price screens below the ¥14.30 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 28, 2026.

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Analysis

Xiamen Bank Co Ltd (601187) currently trades at ¥7.20, while our model-based Fair Value estimate is ¥14.30, implying the stock looks roughly 49.7% undervalued today. The Quality Score stands at 45/100 (below-average quality), in the Financial Services sector. Bull case: the Multiples group reads highest at a median of ¥12.97 per share, and 4 of the 4 models we run sit above the ¥7.20 price. Bear case: the Asset-Based group reads lowest at ¥8.49, and 0 of the 4 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, Xiamen Bank Co Ltd generated revenue of 2.9B CNY at a net margin of 46.4%. Revenue grew 3.8% year over year. It earns a return on equity of 11.8%. Net debt stands at 67.8B CNY. Fundamentals as of Aug 28, 2026

Our scenario range runs from ¥10.73 (bear case) to ¥17.88 (bull case); at ¥7.20, 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 13% below its 52-week high and 18% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −10% fair-value upside, at 99%, 601187 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 ¥0.6226 per share, which is 4.4 % 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.

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
Residual Income best evidence ¥10.52 ¥11.26 ¥12.62 76
P/E Multiple ¥9.73 ¥12.97 ¥16.22 63
P/B Multiple ¥12.73 ¥16.97 ¥21.21 55
All 4 models by family
Multiples
P/E Multiple ¥9.73 ¥12.97 ¥16.22 63
P/B Multiple ¥12.73 ¥16.97 ¥21.21 55
Asset-Based
NCAV (Graham) ¥6.34 ¥8.49 ¥12.68 51
Economic Profit
Residual Income best evidence ¥10.52 ¥11.26 ¥12.62 76

Widest divergence: Multiples (¥12.97) versus Asset-Based (¥8.49). Highest evidence: Residual Income (76).

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Key figures & financial health

P/E ratio 7.8
P/S ratio 7.45 P/E × margin
EPS (TTM) ¥0.9200 price ÷ EPS = P/E 7.8
Net margin 95.2% FY2025
Return on equity 11.8% TTM
Return on assets (EBIT) 0.7% avg 5y
More key figures
Profitability
Operating margin 62.7% TTM
Growth
Revenue (TTM) 2.9B CNY TTM
Revenue growth (YoY) +3.8% 3y avg −40.9%
EPS growth (YoY) −2.7%
Balance sheet & cash flow
Free cash flow −1.5B CNY FY2025
Net debt 67.8B CNY FY2025

Figures from reported company fundamentals · as of Aug 28, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 45/100

Of which business quality 41 · Market factors (momentum, volatility) 56

Profitability 32
Margins and returns on capital today
Quality Growth 57
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 40
Balance sheet, leverage, solvency risk
Investment 50
Disciplined investing over empire-building
Low Volatility 82
Calm price path (market factor)
Momentum 43
Price trend over the last 3–12 months (market factor)
52W Momentum 49
Distance to the 52-week high (market factor)
Net Issuance 92
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.

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

Xiamen Bank Co., Ltd. provides various banking products and services to individuals, corporate customers, and small and micro finance businesses in China and internationally.

Full company description

Xiamen Bank Co., Ltd. provides various banking products and services to individuals, corporate customers, and small and micro finance businesses in China and internationally. It offers personal savings products, personal loans, investment and financial management products, bank cards, and convenience finance services; cash management, international business, investment banking, intermediate business, and investment banking services, as well as corporate deposits and loans; and financing solutions for emerging and small businesses. The company also provides financial market services, including precious metal, bond, foreign exchange and derivative, bill collection, inter-bank, and franchise business services; and online and mobile banking services. It has branches in Chongqing and Fujian Province. The company was founded in 1996 and is based in Xiamen, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Xiamen Bank Co Ltd reported revenue of 2.8B CNY in FY2025 versus 12.3B CNY in FY2021, a compound −31.1%/yr. Reported net income was 2.6B CNY in FY2025, compounding +5.0%/yr from FY2021.

Growth Quality 44/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
2.8B CNY
Avg. revenue 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.
+4.8%
Avg. revenue 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.
+6.0%
Avg. revenue growth/yr (19Y) 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.
+21.4%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+5.8% (5.8 + 0.0)
Revenue −31.1%/yr
FY21 12.3B CNY
FY22 13.4B CNY
FY23 13.8B CNY
FY24 14.1B CNY
FY25 2.8B CNY
Net income +5.0%/yr
FY21 2.2B CNY
FY22 2.5B CNY
FY23 2.7B CNY
FY24 2.6B CNY
FY25 2.6B CNY
Character of growth · EPS growth decomposed (2014-2025) +7.4 % p.a.
Revenue per share −1.6 %

of which total revenue +3.4 % · buybacks/dilution −4.9 %

EBIT margin +5.9 %
Tax rate +3.4 %
Residual (interest, one-offs) −0.3 %

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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Cite: Fair Value Calculator (2026). "Xiamen Bank Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/601187

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.

Quality Score 47 · Below median
Fair Value upside +99% · Top 25%
Return on equity (TTM) 12% · Above median
Return on assets 1% · Below median
Net margin (TTM) 46% · Top 25%
Operating margin (TTM) 63% · Top 25%
Revenue growth 4% · Below median
Dividend yield (TTM) 0.0% · Bottom 25%

Valuation Multiples vs Banks - Regional median · lower = cheaper

P/E (TTM) 7.8× · Cheaper than 75% of peers
P/B 0.09× · Cheaper than 75% of peers
P/S (TTM) 1.00× · Cheaper than 75% of peers

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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 33
FUTURE19 · sector 45
PAST47 · sector 41
HEALTH0 · sector 85
DIVIDEND0 · sector 51

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 Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Aug 28, 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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Frequently asked questions

Is Xiamen Bank Co Ltd (601187) overvalued or undervalued?
As of Aug 28, 2026, our model estimates a fair value of ¥14.30 versus a price of ¥7.20, about +99% upside (undervalued).
What is the fair value of 601187?
Our model-based fair value for Xiamen Bank Co Ltd is ¥14.30 (as of Aug 28, 2026), built from audited fundamentals. The current price: ¥7.20.
What is the quality score of 601187?
Xiamen Bank Co Ltd 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 Xiamen Bank Co Ltd (601187)?
Xiamen Bank Co Ltd reported trailing-twelve-month revenue of about 2.9B CNY (latest available figure, as of Aug 28, 2026).
What is the net profit margin of 601187?
The net profit margin of Xiamen Bank Co Ltd is about 46.4%, meaning it keeps roughly 46.4% of revenue as net income. Based on the latest reported figures.
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