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CITIC Limited (0267) Fair Value & Analysis

Industrials · HK · Market cap HK$322B

CL CITIC Limited 0267 · HK
PriceHK$11.94
Fair ValueHK$22.56
Upside+88.9%
Quality47/100
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Expensive Growth
Thin margins · 6.2% net margin
High debt · generates free cash flow
5.20% dividend yield
Ranks above peers (9/15)
Moderate moat 53/100
Evidence: Medium Range HK$16.92 – HK$28.20 Share as image

Fair value as of: Jul 16, 2026

From 23 valuation models · updated 23 days ago

Fair value updated Jul 16, 2026, revised from HK$23.66 to HK$22.56 (−4.6%) since Jun 26, 2026. Share price +11.3% over the past month.

Below-average quality, screening 89% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (HK$16.92). The market is more pessimistic than our downside scenario.
  • Solid quality (47/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

HK$13.29 HK$4.31 Fair Value HK$22.56 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range HK$4.31 – HK$13.29 · fair‑value band HK$16.92 – HK$28.20 · the HK$11.94 price screens below the HK$22.56 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

CITIC Limited (0267) currently trades at HK$11.94, while our model-based Fair Value estimate is HK$22.56, implying the stock looks roughly 88.9% undervalued today. We read business quality at 47/100 (below-average quality), in the Industrials 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, CITIC Limited generated revenue of HK$945B at a net margin of 6.2%. Revenue declined 1.8% year over year. It earns a return on equity of 7.9%. Net debt stands at HK$2.0T. Fundamentals as of Jul 16, 2026

Our scenario range runs from HK$16.92 (bear case) to HK$28.20 (bull case); at HK$11.94, 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 14% below its 52-week high and 21% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -21% fair-value upside, at 89%, 0267 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 BearBaseBull Evidence
Highest evidence
Residual Income HK$24.87 HK$26.48 HK$29.39 76
ROIC Compounder HK$19.91 HK$26.85 HK$38.22 72
Gordon GGM HK$5.84 HK$12.75 HK$21.46 70
All 23 models by family
DCF Models
Owner Earnings HK$19.01 HK$62.03 31
5Y Revenue Exit HK$15.29 HK$57.96 HK$123.37 39
5Y EBITDA Exit HK$22.03 HK$73.14 HK$145.44 41
5Y P/E Exit HK$4.18 HK$33.32 HK$70.18 38
10Y Revenue Exit HK$4.13 HK$43.54 HK$110.88 36
10Y EBITDA Exit HK$10.73 HK$55.67 HK$137.33 37
10Y P/E Exit HK$23.55 HK$66.43 35
Earnings-Based
Graham-Dodd HK$14.89 HK$92.61 HK$129.31 54
Lynch FV HK$26.64 HK$38.05 HK$49.47 50
PEG = 1.0 HK$26.64 HK$38.05 HK$49.47 46
EPV HK$19.91 HK$26.85 HK$33.03 59
Dividend Discount
Gordon GGM HK$5.84 HK$12.75 HK$21.46 70
DDM Multi-Stage HK$5.84 HK$10.45 HK$13.29 61
Multiples
P/E Multiple HK$32.84 HK$43.79 HK$54.74 63
P/S Multiple HK$27.92 HK$37.22 HK$46.53 58
P/B Multiple HK$27.92 HK$37.22 HK$46.53 55
EV/EBIT HK$48.18 HK$70.73 HK$93.27 53
EV/EBITDA HK$39.10 HK$58.62 HK$78.14 54
EV/Revenue HK$26.13 HK$45.67 HK$65.21 43
Asset-Based
NCAV (Graham) HK$14.98 HK$20.07 HK$29.95 50
Economic Profit
Residual Income HK$24.87 HK$26.48 HK$29.39 76
ROIC Compounder HK$19.91 HK$26.85 HK$38.22 72
Growth Earnings
Growth-Adj P/E HK$37.30 HK$53.29 HK$69.27 68

Widest divergence: Growth Earnings (HK$53.29) versus Dividend Discount (HK$10.45). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) HK$945B
Revenue growth (YoY) -1.8%
Net margin 6.2%
Return on equity 7.9%
Free cash flow HK$5.7B FY2025
P/E ratio 4.8
More key figures
Operating margin 29.7%
EPS (TTM) HK$1.45
Dividend yield 5.2%
EPS growth (YoY) -25.0%
Net debt HK$2.0T FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 47/100

Of which business quality 39 · Market factors (momentum, volatility) 50

Profitability 20
Margins and returns on capital today
Quality Growth 54
Are margins and returns improving?
Cashflow 23
Earnings quality: real cash, not paper profit
Fin. Strength 20
Balance sheet, leverage, solvency risk
Investment 69
Disciplined investing over empire-building
Low Volatility 74
Calm price path (market factor)
Momentum 37
Price trend over the last 3–12 months (market factor)
52W Momentum 46
Distance to the 52-week high (market factor)
Net Issuance 82
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

CITIC Limited operates in the financial services, advanced intelligent manufacturing, advanced materials, consumption, and urbanization businesses in the Mainland of China, Hong Kong, and internationally. The Comprehensive Financial Services segment provides banking, securities, trust, insurance, and asset management services.

Full company description

CITIC Limited operates in the financial services, advanced intelligent manufacturing, advanced materials, consumption, and urbanization businesses in the Mainland of China, Hong Kong, and internationally. The Comprehensive Financial Services segment provides banking, securities, trust, insurance, and asset management services. The Advanced Intelligent Manufacturing segment manufactures heavy machineries, specialized robotics, aluminium wheels, aluminium casting parts, and other products. The Advanced Materials segment includes exploration, processing, and trading of resources and energy products comprising iron ore, copper, and crude oil, as well as manufactures special steels. The New Consumption segment consists of motor, food and consumer products business, telecommunication services, publication services, modern agriculture services, and others. The New-Type Urbanisation segment develops, holds, and sells properties; and provides contracting and design services, as well as infrastructure, environmental, and commercial aviation services. It provides securities, trust, financial, and securities related services; and consumer finance, resources, energy conservation and environmental protection, and engineering contracting services, as well as real estate development and management; and insurance and reinsurance services. The company was formerly known as CITIC Pacific Limited and changed its name to CITIC Limited in August 2014. CITIC Limited was incorporated in 1985 and is based in Central, Hong Kong. CITIC Limited operates as a subsidiary of CITIC Group Corporation.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

CITIC Limited reported revenue of HK$834B in FY2025 versus HK$709B in FY2021, a compound +4.2%/yr. Reported net income was HK$63.7B in FY2025, compounding −2.4%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
HK$834B
Avg. growth/yr (3Y)
+10.2%
Avg. growth/yr (5Y)
+10.9%
Avg. growth/yr (27Y)
+16.1%
Revenue +4.2%/yr
FY21 HK$709B
FY22 HK$771B
FY23 HK$752B
FY24 HK$950B
FY25 HK$834B
Net income −2.4%/yr
FY21 HK$70.2B
FY22 HK$73.5B
FY23 HK$63.5B
FY24 HK$58.2B
FY25 HK$63.7B

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Cite: Fair Value Calculator (2026). "CITIC Limited Fair Value". https://www.fairvalue-calculator.com/stock/0267

Peer Group

Conglomerates · 371 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 +89% · Top 25%
Return on equity (TTM) 8% · Above median
Return on assets 1% · Below median
Net margin (TTM) 6% · Above median
Operating margin (TTM) 30% · Top 25%
Revenue growth -2% · Below median
Dividend yield (TTM) 5.2% · Top 25%
Debt / equity 2.03× · Higher than 75% of peers

Valuation Multiples vs Conglomerates median · lower = cheaper

P/E (TTM) 4.8× · Cheaper than 75% of peers
P/B 0.37× · Cheaper than median
P/S (TTM) 0.34× · Cheaper than median
P/FCF 7.2× · Pricier than 75% of peers
EV/EBITDA 2.8× · Cheaper than 75% of peers
PEG 1.76× · Pricier 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 19
FUTURE 0 · sector 16
PAST 32 · sector 20
HEALTH 0 · sector 89
DIVIDEND 100 · sector 40

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 Conglomerates stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
Swire Pacific Limited 0019 HK$99.50 HK$16.77 -83%
SK Inc 034730 580,000 KRW 497,919 KRW -14%
PT Astra International Tbk, ASII 4,810 IDR 9,620 IDR +100%
Grupo Carso, S.A. GCARSOA1 127.02 MXN 66.21 MXN -48%
The Siam Cement Public Company SCC 254.00 THB 199.40 THB -21%
SRF Limited SRF ₹2,875 ₹1,053 -63%
Empresas Copec S.A COPEC 6,330 CLP 10,879 CLP +72%
Posco International Corporation 047050 50,900 KRW 61,248 KRW +20%
Tube Investments of India Limited TIINDIA ₹2,940 ₹559.30 -81%
Doosan Corporation 000155 464,000 KRW 75,620 KRW -84%

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Frequently asked questions

Is CITIC Limited (0267) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of HK$22.56 versus a price of HK$11.94, about +89% (undervalued).
What is the fair value of 0267?
Our model-based fair value for CITIC Limited is HK$22.56 (as of Jul 16, 2026), built from audited fundamentals. The current price is HK$11.94.
What is the quality score of 0267?
CITIC Limited has a Quality Score of 47/100. It combines two groups: business quality (profitability, growth, cash flow, balance-sheet strength) and market factors (price momentum, distance to the 52-week high, volatility). Both subtotals are shown separately in the detail view.
What is the revenue of CITIC Limited (0267)?
CITIC Limited reported trailing-twelve-month revenue of about HK$945B (latest available figure, as of Jul 16, 2026).
What is the net profit margin of 0267?
The net profit margin of CITIC Limited is about 6.2%, meaning it keeps roughly 6.2% of revenue as net income. Based on the latest reported figures.
Does CITIC Limited pay a dividend?
CITIC Limited currently shows a dividend yield of about 4.23% relative to its recent price (as of Jul 16, 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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