# Bank of Chengdu (601838.SHG)

Canonical: https://gigainvestors.com/s/601838.SHG

Analysis as of: 2026-10-16T07:35:33.955Z. Financial observations: FY2015–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 19.17 per share; close as of 2026-10-15.

Estimated value: low CNY 32.03 per share, central CNY 35.23 per share, high CNY 39.14 per share. Buy at or below the central value CNY 35.23 per share. Valuation as of 2026-10-16T07:35:33.955Z; scenarios are not confidence intervals.

Expected annual return: 18.4% at the stated quote. About 18.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.11×

Chart: Net income; fiscal year observations.

- FY2016: CNY 2.6B

- FY2017: CNY 3.9B

- FY2018: CNY 4.6B

- FY2019: CNY 5.6B

- FY2020: CNY 6.0B

- FY2021: CNY 7.5B

- FY2022: CNY 10B

- FY2023: CNY 12B

- FY2024: CNY 13B

- FY2025: CNY 13B

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 15.0%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 13.1%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 11.8%

- FY2017: 15.7%

- FY2018: 14.9%

- FY2019: 15.6%

- FY2020: 13.1%

- FY2021: 14.5%

- FY2022: 16.4%

- FY2023: 18.0%

- FY2024: 15.0%

- FY2025: 13.4%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 19.5%

- Book return interval: 10 years

- Starting book value per share: CNY 6.30

- Ending book value per share: CNY 22.96

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 10.6%

- FY2017: 22.2%

- FY2018: 17.2%

- FY2019: 18.7%

- FY2020: 36.7%

- FY2021: 16.7%

- FY2022: 11.5%

- FY2023: 6.6%

- FY2024: 37.5%

- FY2025: 20.8%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- ordinary share count growth exceeds 2% annually in both the full and five-year windows

- Diluted shares, 10-year annual growth: 3.1%

- Diluted shares, 5-year annual growth: 3.9%

- Share growth excluding flagged crisis recapitalisations: 3.1%

- Five-year share growth excluding flagged crisis recapitalisations: 3.9%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.26×

- Book value created per share: CNY 16.66

- Earnings retained per share after dividends and buybacks: CNY 13.17

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 104

- FY2017: 101

- FY2018: 112

- FY2019: 112

- FY2020: 112

- FY2021: 113

- FY2022: 126

- FY2023: 133

- FY2024: 135

- FY2025: 136

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits shrink 8.4% a year forever · net income +3.3%

Story as of 2026-10-16T10:00:05.579Z; price observation 2026-10-15.

The price assumes profits shrink 8.4% a year forever

### Net income · FY2025

net income +3.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 2.6B 

- FY2017: CNY 3.9B 

- FY2018: CNY 4.6B 

- FY2019: CNY 5.6B 

- FY2020: CNY 6.0B 

- FY2021: CNY 7.5B 

- FY2022: CNY 10B 

- FY2023: CNY 12B 

- FY2024: CNY 13B 

- FY2025: CNY 13B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are CNY 23.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:33.955Z); FY2025: revenue 23510969000.

### Why customers stay

It earns 15% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:33.955Z); 10-year return on tangible equity observations [[2016,0.11784935449955111],[2017,0.1568652176411795],[2018,0.14921938841340157],[2019,0.15629821493297963],[2020,0.1309594588387656],[2021,0.1452920594927375],[2022,0.16377002046771172],[2023,0.18020564388920826],[2024,0.14979781271367226],[2025,0.1337324277437222]]; median 0.14950860056353693. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:33.955Z); Dividend observations: [[2016,1252809000],[2017,1060851000],[2018,1270486000],[2019,1524222000],[2020,2278952000],[2021,2441164000],[2022,3055164000],[2023,4043223000],[2024,4705441000],[2025,4960293000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 35.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601838.SHG SharesStats.PercentInsiders = 35.299 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits shrink 8.4% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:33.955Z); Price 19.17; FX 1; original perpetual distributable cash 3.522760252042787; discount 0.1; growth -0.08376422806691636. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2018-01: CNY 10.07 per share

- 2018-02: CNY 12.60 per share

- 2018-03: CNY 11.05 per share

- 2018-04: CNY 10.53 per share

- 2018-05: CNY 11.13 per share

- 2018-06: CNY 8.75 per share

- 2018-07: CNY 9.47 per share

- 2018-08: CNY 8.92 per share

- 2018-09: CNY 9.23 per share

- 2018-10: CNY 8.75 per share

- 2018-11: CNY 8.36 per share

- 2018-12: CNY 8.05 per share

- 2019-01: CNY 7.69 per share

- 2019-02: CNY 8.87 per share

- 2019-03: CNY 8.95 per share

- 2019-04: CNY 9.45 per share

- 2019-05: CNY 8.48 per share

- 2019-06: CNY 8.83 per share

- 2019-07: CNY 8.50 per share

- 2019-08: CNY 8.19 per share

- 2019-09: CNY 8.14 per share

- 2019-10: CNY 8.43 per share

- 2019-11: CNY 8.54 per share

- 2019-12: CNY 9.07 per share

- 2020-01: CNY 8.68 per share

- 2020-02: CNY 8.17 per share

- 2020-03: CNY 7.53 per share

- 2020-04: CNY 7.75 per share

- 2020-05: CNY 7.97 per share

- 2020-06: CNY 7.96 per share

- 2020-07: CNY 8.31 per share

- 2020-08: CNY 10.16 per share

- 2020-09: CNY 9.88 per share

- 2020-10: CNY 10.35 per share

- 2020-11: CNY 11.38 per share

- 2020-12: CNY 10.67 per share

- 2021-01: CNY 10.42 per share

- 2021-02: CNY 11.00 per share

- 2021-03: CNY 11.26 per share

- 2021-04: CNY 11.93 per share

- 2021-05: CNY 13.49 per share

- 2021-06: CNY 12.64 per share

- 2021-07: CNY 10.81 per share

- 2021-08: CNY 12.11 per share

- 2021-09: CNY 11.86 per share

- 2021-10: CNY 12.76 per share

- 2021-11: CNY 11.21 per share

- 2021-12: CNY 12.00 per share

- 2022-01: CNY 14.02 per share

- 2022-02: CNY 14.43 per share

- 2022-03: CNY 15.02 per share

- 2022-04: CNY 16.79 per share

- 2022-05: CNY 15.29 per share

- 2022-06: CNY 16.58 per share

- 2022-07: CNY 15.41 per share

- 2022-08: CNY 15.69 per share

- 2022-09: CNY 16.36 per share

- 2022-10: CNY 13.62 per share

- 2022-11: CNY 15.35 per share

- 2022-12: CNY 15.30 per share

- 2023-01: CNY 14.52 per share

- 2023-02: CNY 14.37 per share

- 2023-03: CNY 13.56 per share

- 2023-04: CNY 13.74 per share

- 2023-05: CNY 12.57 per share

- 2023-06: CNY 12.21 per share

- 2023-07: CNY 14.14 per share

- 2023-08: CNY 13.69 per share

- 2023-09: CNY 13.76 per share

- 2023-10: CNY 12.36 per share

- 2023-11: CNY 11.31 per share

- 2023-12: CNY 11.26 per share

- 2024-01: CNY 12.53 per share

- 2024-02: CNY 13.23 per share

- 2024-03: CNY 13.60 per share

- 2024-04: CNY 14.80 per share

- 2024-05: CNY 15.80 per share

- 2024-06: CNY 15.19 per share

- 2024-07: CNY 14.60 per share

- 2024-08: CNY 13.93 per share

- 2024-09: CNY 15.75 per share

- 2024-10: CNY 15.40 per share

- 2024-11: CNY 15.92 per share

- 2024-12: CNY 17.11 per share

- 2025-01: CNY 17.19 per share

- 2025-02: CNY 16.05 per share

- 2025-03: CNY 17.19 per share

- 2025-04: CNY 16.98 per share

- 2025-05: CNY 19.39 per share

- 2025-06: CNY 20.10 per share

- 2025-07: CNY 18.47 per share

- 2025-08: CNY 18.47 per share

- 2025-09: CNY 17.25 per share

- 2025-10: CNY 16.81 per share

- 2025-11: CNY 16.87 per share

- 2025-12: CNY 16.12 per share

- 2026-01: CNY 16.12 per share

- 2026-02: CNY 16.17 per share

- 2026-03: CNY 17.12 per share

- 2026-04: CNY 19.15 per share

- 2026-05: CNY 18.60 per share

- 2026-06: CNY 17.70 per share

- 2026-07: CNY 18.50 per share

- 2026-08: CNY 19.05 per share

- 2026-09: CNY 19.31 per share

- 2026-10: CNY 19.25 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 17.12 per share, central CNY 21.41 per share, high CNY 28.54 per share

- FY2017: low CNY 16.97 per share, central CNY 21.21 per share, high CNY 28.28 per share

- FY2018: low CNY 19.12 per share, central CNY 23.90 per share, high CNY 31.86 per share

- FY2019: low CNY 21.76 per share, central CNY 27.20 per share, high CNY 36.26 per share

- FY2020: low CNY 18.36 per share, central CNY 20.19 per share, high CNY 22.43 per share

- FY2021: low CNY 26.89 per share, central CNY 33.62 per share, high CNY 44.82 per share

- FY2022: low CNY 28.57 per share, central CNY 35.71 per share, high CNY 47.61 per share

- FY2023: low CNY 28.66 per share, central CNY 35.83 per share, high CNY 47.77 per share

- FY2024: low CNY 36.06 per share, central CNY 45.07 per share, high CNY 60.09 per share

- FY2025: low CNY 31.37 per share, central CNY 34.51 per share, high CNY 38.34 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

Bank of Chengdu

601838 · SHG

CSI 300

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: CNY 19.17
Buy up to: CNY 35.23
Expected / yr: 18.4% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Profits were positive in 10 years (at least 9 needed).

Net income

10y median: CNY 6.8B
Worst year: CNY 2.6B
Latest · 2025: CNY 13B

Earned a median 15% on tangible equity (minimum 12%), and the second-worst year 13.1% (minimum 5%).

Return on tangible common equity

10y median: 15.0%
Worst year: 11.8%
Latest · 2025: 13.4%

Book value plus dividends grew 19.5% a year (minimum 7%).

Annual book + dividend return

10y median: 18.0%
Worst year: 6.6%
Latest · 2025: 20.8%

Ordinary share growth was 3.1% over the full period and 3.9% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 112
Worst year: 136
Latest · 2025: 136

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 2.94 CNY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2018-01 · Price CNY 10.07 · Value 21.21 · Buy at or below 21.21; 2018-02 · Price CNY 12.60 · Value 23.90 · Buy at or below 23.90; 2018-03 · Price CNY 11.05 · Value 23.90 · Buy at or below 23.90; 2018-04 · Price CNY 10.53 · Value 23.90 · Buy at or below 23.90; 2018-05 · Price CNY 11.13 · Value 23.90 · Buy at or below 23.90; 2018-06 · Price CNY 8.75 · Value 23.90 · Buy at or below 23.90; 2018-07 · Price CNY 9.47 · Value 23.90 · Buy at or below 23.90; 2018-08 · Price CNY 8.92 · Value 23.90 · Buy at or below 23.90; 2018-09 · Price CNY 9.23 · Value 23.90 · Buy at or below 23.90; 2018-10 · Price CNY 8.75 · Value 23.90 · Buy at or below 23.90; 2018-11 · Price CNY 8.36 · Value 23.90 · Buy at or below 23.90; 2018-12 · Price CNY 8.05 · Value 23.90 · Buy at or below 23.90; 2019-01 · Price CNY 7.69 · Value 23.90 · Buy at or below 23.90; 2019-02 · Price CNY 8.87 · Value 27.20 · Buy at or below 27.20; 2019-03 · Price CNY 8.95 · Value 27.20 · Buy at or below 27.20; 2019-04 · Price CNY 9.45 · Value 27.20 · Buy at or below 27.20; 2019-05 · Price CNY 8.48 · Value 27.20 · Buy at or below 27.20; 2019-06 · Price CNY 8.83 · Value 27.20 · Buy at or below 27.20; 2019-07 · Price CNY 8.50 · Value 27.20 · Buy at or below 27.20; 2019-08 · Price CNY 8.19 · Value 27.20 · Buy at or below 27.20; 2019-09 · Price CNY 8.14 · Value 27.20 · Buy at or below 27.20; 2019-10 · Price CNY 8.43 · Value 27.20 · Buy at or below 27.20; 2019-11 · Price CNY 8.54 · Value 27.20 · Buy at or below 27.20; 2019-12 · Price CNY 9.07 · Value 27.20 · Buy at or below 27.20; 2020-01 · Price CNY 8.68 · Value 27.20 · Buy at or below 27.20; 2020-02 · Price CNY 8.17 · Value 20.19 · Buy at or below 20.19; 2020-03 · Price CNY 7.53 · Value 20.19 · Buy at or below 20.19; 2020-04 · Price CNY 7.75 · Value 20.19 · Buy at or below 20.19; 2020-05 · Price CNY 7.97 · Value 20.19 · Buy at or below 20.19; 2020-06 · Price CNY 7.96 · Value 20.19 · Buy at or below 20.19; 2020-07 · Price CNY 8.31 · Value 20.19 · Buy at or below 20.19; 2020-08 · Price CNY 10.16 · Value 20.19 · Buy at or below 20.19; 2020-09 · Price CNY 9.88 · Value 20.19 · Buy at or below 20.19; 2020-10 · Price CNY 10.35 · Value 20.19 · Buy at or below 20.19; 2020-11 · Price CNY 11.38 · Value 20.19 · Buy at or below 20.19; 2020-12 · Price CNY 10.67 · Value 20.19 · Buy at or below 20.19; 2021-01 · Price CNY 10.42 · Value 20.19 · Buy at or below 20.19; 2021-02 · Price CNY 11.00 · Value 33.62 · Buy at or below 33.62; 2021-03 · Price CNY 11.26 · Value 33.62 · Buy at or below 33.62; 2021-04 · Price CNY 11.93 · Value 33.62 · Buy at or below 33.62; 2021-05 · Price CNY 13.49 · Value 33.62 · Buy at or below 33.62; 2021-06 · Price CNY 12.64 · Value 33.62 · Buy at or below 33.62; 2021-07 · Price CNY 10.81 · Value 33.62 · Buy at or below 33.62; 2021-08 · Price CNY 12.11 · Value 33.62 · Buy at or below 33.62; 2021-09 · Price CNY 11.86 · Value 33.62 · Buy at or below 33.62; 2021-10 · Price CNY 12.76 · Value 33.62 · Buy at or below 33.62; 2021-11 · Price CNY 11.21 · Value 33.62 · Buy at or below 33.62; 2021-12 · Price CNY 12.00 · Value 33.62 · Buy at or below 33.62; 2022-01 · Price CNY 14.02 · Value 33.62 · Buy at or below 33.62; 2022-02 · Price CNY 14.43 · Value 35.71 · Buy at or below 35.71; 2022-03 · Price CNY 15.02 · Value 35.71 · Buy at or below 35.71; 2022-04 · Price CNY 16.79 · Value 35.71 · Buy at or below 35.71; 2022-05 · Price CNY 15.29 · Value 35.71 · Buy at or below 35.71; 2022-06 · Price CNY 16.58 · Value 35.71 · Buy at or below 35.71; 2022-07 · Price CNY 15.41 · Value 35.71 · Buy at or below 35.71; 2022-08 · Price CNY 15.69 · Value 35.71 · Buy at or below 35.71; 2022-09 · Price CNY 16.36 · Value 35.71 · Buy at or below 35.71; 2022-10 · Price CNY 13.62 · Value 35.71 · Buy at or below 35.71; 2022-11 · Price CNY 15.35 · Value 35.71 · Buy at or below 35.71; 2022-12 · Price CNY 15.30 · Value 35.71 · Buy at or below 35.71; 2023-01 · Price CNY 14.52 · Value 35.71 · Buy at or below 35.71; 2023-02 · Price CNY 14.37 · Value 35.83 · Buy at or below 35.83; 2023-03 · Price CNY 13.56 · Value 35.83 · Buy at or below 35.83; 2023-04 · Price CNY 13.74 · Value 35.83 · Buy at or below 35.83; 2023-05 · Price CNY 12.57 · Value 35.83 · Buy at or below 35.83; 2023-06 · Price CNY 12.21 · Value 35.83 · Buy at or below 35.83; 2023-07 · Price CNY 14.14 · Value 35.83 · Buy at or below 35.83; 2023-08 · Price CNY 13.69 · Value 35.83 · Buy at or below 35.83; 2023-09 · Price CNY 13.76 · Value 35.83 · Buy at or below 35.83; 2023-10 · Price CNY 12.36 · Value 35.83 · Buy at or below 35.83; 2023-11 · Price CNY 11.31 · Value 35.83 · Buy at or below 35.83; 2023-12 · Price CNY 11.26 · Value 35.83 · Buy at or below 35.83; 2024-01 · Price CNY 12.53 · Value 35.83 · Buy at or below 35.83; 2024-02 · Price CNY 13.23 · Value 45.07 · Buy at or below 45.07; 2024-03 · Price CNY 13.60 · Value 45.07 · Buy at or below 45.07; 2024-04 · Price CNY 14.80 · Value 45.07 · Buy at or below 45.07; 2024-05 · Price CNY 15.80 · Value 45.07 · Buy at or below 45.07; 2024-06 · Price CNY 15.19 · Value 45.07 · Buy at or below 45.07; 2024-07 · Price CNY 14.60 · Value 45.07 · Buy at or below 45.07; 2024-08 · Price CNY 13.93 · Value 45.07 · Buy at or below 45.07; 2024-09 · Price CNY 15.75 · Value 45.07 · Buy at or below 45.07; 2024-10 · Price CNY 15.40 · Value 45.07 · Buy at or below 45.07; 2024-11 · Price CNY 15.92 · Value 45.07 · Buy at or below 45.07; 2024-12 · Price CNY 17.11 · Value 45.07 · Buy at or below 45.07; 2025-01 · Price CNY 17.19 · Value 45.07 · Buy at or below 45.07; 2025-02 · Price CNY 16.05 · Value 34.51 · Buy at or below 34.51; 2025-03 · Price CNY 17.19 · Value 34.51 · Buy at or below 34.51; 2025-04 · Price CNY 16.98 · Value 34.51 · Buy at or below 34.51; 2025-05 · Price CNY 19.39 · Value 34.51 · Buy at or below 34.51; 2025-06 · Price CNY 20.10 · Value 34.51 · Buy at or below 34.51; 2025-07 · Price CNY 18.47 · Value 34.51 · Buy at or below 34.51; 2025-08 · Price CNY 18.47 · Value 34.51 · Buy at or below 34.51; 2025-09 · Price CNY 17.25 · Value 34.51 · Buy at or below 34.51; 2025-10 · Price CNY 16.81 · Value 34.51 · Buy at or below 34.51; 2025-11 · Price CNY 16.87 · Value 34.51 · Buy at or below 34.51; 2025-12 · Price CNY 16.12 · Value 34.51 · Buy at or below 34.51; 2026-01 · Price CNY 16.12 · Value 34.51 · Buy at or below 34.51; 2026-02 · Price CNY 16.17 · Value 35.23 · Buy at or below 35.23; 2026-03 · Price CNY 17.12 · Value 35.23 · Buy at or below 35.23; 2026-04 · Price CNY 19.15 · Value 35.23 · Buy at or below 35.23; 2026-05 · Price CNY 18.60 · Value 35.23 · Buy at or below 35.23; 2026-06 · Price CNY 17.70 · Value 35.23 · Buy at or below 35.23; 2026-07 · Price CNY 18.50 · Value 35.23 · Buy at or below 35.23; 2026-08 · Price CNY 19.05 · Value 35.23 · Buy at or below 35.23; 2026-09 · Price CNY 19.31 · Value 35.23 · Buy at or below 35.23; 2026-10 · Price CNY 19.25 · Value 35.23 · Buy at or below 35.23; 2026-10 · Price CNY 19.17 · Value 35.23 · Buy at or below 35.23

CNY per share · annual estimates

Price & return math
Value range	CNY 32.03 – CNY 39.14
Buy at or below	Central value CNY 35.23
Discount to value	1 − 19.17 / 35.23 = 45.6%
Return / year	About 18.4% a year at today's price (required return 10.0%)
Cash-flow inputs	Book CNY 23.44/share; ROE 15.0%; first payout CNY 3.52/share, growing 0.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeCNY 13B

Net income

Book / shareCNY 22.96

Book / share

Dividend / shareCNY 1.15

Dividend / share

Return on tangible equity13.4%

Return on tangible equity

Diluted shares4.3B

Diluted shares

Prices 15 Oct 2026 · FY2025