BIII vs CHEC

Black Spade Acquisition III Co vs Chenghe Acquisition III Co. — Valuation Comparison 2026

By CirclFi Research Team · Updated 2026-06-03 · Data from SEC EDGAR, FRED & GDELT

Quick Summary — CHEC scores higher on quality with 4.9/10 vs BIII's 4.1/10. BIII trades at $9.94 while CHEC trades at $10.11. Both analyzed daily using SEC EDGAR data across 13 institutional models.

BIII

Blank Checks
Black Spade Acquisition III Co
Quality
4.1
out of 10
Value Trap
Price
$9.94
Last close
Models
7/13
Active
VS

CHEC

Blank Checks
Chenghe Acquisition III Co.
Quality
4.9
out of 10
Value Trap
Price
$10.11
Last close
Models
10/13
Active
BIII
2 models active
Quality 4.1/10 — below average
CHEC
2 models active
Quality 4.9/10 — below average

BIII vs CHEC — Fair Value Comparison

BIII
$0$4$8$12 Price$9.94 Bayesian …$0.14 (-98.5%) Dynamic N…$3.50 (-64.7%)
CHEC
$0$4$8$12 Price$10.11 Bayesian …$0.34 (-96.6%) Dynamic N…$3.45 (-65.8%)
Market Price Model 1 Model 2

Model-by-Model Comparison

ModelType BIII Fair ValueBIII Upside CHEC Fair ValueCHEC Upside
Bayesian DCF Intrinsic $0.14 -98.5% $0.34 -96.6%
EROIC Spread Intrinsic $•••.•• ••.•% $•••.•• ••.•%
First Chicago Scenario $•••.•• ••.•% $•••.•• ••.•%
ML-RIV Intrinsic $•••.•• ••.•% $•••.•• ••.•%
Dynamic NAV Asset-Based $3.50 -64.7% $3.45 -65.8%
PWERM Option-Based $•••.•• ••.•% $•••.•• ••.•%
Regime Cross-Sectional Relative $•••.•• ••.•% $•••.•• ••.•%
Sentiment SOTP Hybrid $•••.•• ••.•% $•••.•• ••.•%
CUCE Ensemble Ensemble $•••.•• ••.•% $•••.•• ••.•%
RCMH-DCF Intrinsic $•••.•• ••.•% $•••.•• ••.•%

BIII vs CHEC — Which Stock Is More Undervalued in 2026?

CHEC scores higher with a 4.9/10 quality rating vs BIII's 4.1/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

How Do BIII and CHEC Valuations Compare?

At $9.94, BIII trades +98.5% above its Bayesian DCF fair value of $0.14, while CHEC at $10.11 trades +96.6% above its estimate of $0.34. BIII shows a wider gap between price and intrinsic value.

Quality of Company: BIII vs CHEC

BIII earns a Quality of Company score of 4.1/10 compared to CHEC's 4.9/10. The scores are closely matched, indicating similar fundamental quality profiles. The QOC score synthesizes 32 signals spanning profitability margins, revenue growth, free cash flow, capital allocation, and leverage.

Value Trap Risk: BIII vs CHEC

Review the value trap analysis for both BIII and CHEC to assess whether apparent undervaluation reflects genuine opportunity or hidden fundamental risk.

Both in Blank Checks

Both BIII and CHEC operate in Blank Checks, which has 19 stocks tracked by CirclFi. Same-industry comparisons provide the most direct insight into relative valuation since both companies face similar regulatory environments, market dynamics, and competitive pressures. Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN), and ensemble methods (CUCE).

2 of 13 MODELS UNLOCKED

You’re comparing 2 models. 11 more have an opinion.

11 hidden models compare BIII vs CHEC differently — including EROIC Spread, First Chicago, Markov DDM, PWERM, and 7 more. Some may disagree with the 2 you see above.

11 additional fair values per stock Full confidence breakdown Live terminal — 5,000+ stocks

Bloomberg Terminal: ~$2,000/mo  ·  FactSet: ~$1,000/mo  ·  CirclFi: $0.90/day

See All 13 Models — $0.90/day

We don’t predict prices. We show you what 13 independent mathematical frameworks say a stock is worth — and let you decide.