Ping An Insurance (Group) Company (2318) Fair Value & Analysis

Financial Services · HK · Market cap HK$972B

PA Ping An Insurance (Group) Company 2318 · HK

PriceHK$57.30

Fair ValueHK$107.40

Upside+87.4%

Quality56/100

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Weak Growth

Solidly profitable · 13.9% net margin

Moderate debt · generates free cash flow

5.07% dividend yield

Ranks above peers (10/15)

Moderate moat 61/100

Evidence: High Range HK$80.55 – HK$134.25 Share as image

Fair value as of: Jul 15, 2026

From 25 valuation models · updated 23 days ago

Fair value updated Jul 15, 2026, revised from HK$94.26 to HK$107.40 (+13.9%) since Jul 7, 2026. Share price +9.6% over the past month.

A solid business, screening 87% undervalued on our models.

What matters now

The price is below even our cautious bear case (HK$80.55). The market is more pessimistic than our downside scenario.
Solid quality (56/100) 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 Jul 15, 2026.

How to read this chart

60‑month range HK$25.39 – HK$70.98 · fair‑value band HK$80.55 – HK$134.25 · the HK$57.30 price screens below the HK$107.40 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 15, 2026.

Full chart & analysis →

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Analysis

Ping An Insurance (Group) Company (2318) currently trades at HK$57.30, while our model-based Fair Value estimate is HK$107.40, implying the stock looks roughly 87.4% undervalued today. We read business quality at 56/100 (solid quality), in the Financial Services 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: high), always confirm before acting.

Over the trailing twelve months, Ping An Insurance (Group) Company generated revenue of HK$953B at a net margin of 13.9%. Revenue declined 3.3% year over year. It earns a return on equity of 11.3%. Net debt stands at HK$2.3T. Fundamentals as of Jul 15, 2026

Our scenario range runs from HK$80.55 (bear case) to HK$134.25 (bull case); at HK$57.30, 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 21% below its 52-week high and 32% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 1% fair-value upside, at 87%, 2318 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

Growth DCF HK$480.97 HK$1,099 HK$2,143 80

Residual Income HK$53.56 HK$66.90 HK$158.70 76

ROIC Compounder HK$25.74 HK$40.77 HK$54.13 72

All 25 models by family

DCF Models

FCF DCF HK$496.28 HK$983.23 HK$2,278 38

Owner Earnings HK$55.55 HK$186.06 HK$452.11 31

5Y Revenue Exit HK$164.50 HK$286.49 HK$444.54 39

5Y EBITDA Exit HK$169.99 HK$298.81 HK$456.57 41

5Y P/E Exit HK$173.21 HK$306.04 HK$458.36 38

10Y Revenue Exit HK$258.08 HK$422.44 HK$668.17 36

10Y EBITDA Exit HK$265.51 HK$432.15 HK$681.18 37

10Y P/E Exit HK$267.77 HK$437.84 HK$682.85 35

Earnings-Based

Graham-Dodd HK$49.30 HK$297.33 HK$414.51 54

Lynch FV HK$84.86 HK$121.23 HK$157.60 50

PEG = 1.0 HK$84.86 HK$121.23 HK$157.60 46

EPV HK$25.74 HK$40.77 HK$54.13 59

Dividend Discount

Gordon GGM HK$29.01 HK$63.32 HK$106.54 70

DDM Multi-Stage HK$29.01 HK$51.87 HK$65.99 61

Multiples

P/E Multiple HK$108.76 HK$145.01 HK$181.26 63

P/S Multiple HK$92.44 HK$123.26 HK$154.07 58

P/B Multiple HK$92.44 HK$123.26 HK$154.07 55

EV/EBIT HK$75.37 HK$120.30 HK$165.23 53

EV/EBITDA HK$44.66 HK$79.35 HK$114.04 54

EV/Revenue HK$30.26 HK$68.69 HK$107.12 43

Asset-Based

NCAV (Graham) HK$27.64 HK$37.03 HK$55.27 50

Growth DCF

Growth DCF HK$480.97 HK$1,099 HK$2,143 80

Economic Profit

Residual Income HK$53.56 HK$66.90 HK$158.70 76

ROIC Compounder HK$25.74 HK$40.77 HK$54.13 72

Growth Earnings

Growth-Adj P/E HK$120.37 HK$171.96 HK$223.55 68

Widest divergence: Growth DCF (HK$1,099) versus Asset-Based (HK$37.03). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) HK$953B

Revenue growth (YoY) -3.3%

Net margin 13.9%

Return on equity 11.3%

Free cash flow HK$656B FY2025

P/E ratio 6.4

More key figures

Operating margin 49.0%

EPS (TTM) HK$7.90

Dividend yield 5.1%

EPS growth (YoY) -13.2%

Net debt HK$2.3T FY2025

Figures from reported company fundamentals · as of Jul 15, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 56/100

Of which business quality 54 · Market factors (momentum, volatility) 49

Profitability 30

Margins and returns on capital today

Quality Growth 46

Are margins and returns improving?

Cashflow 100

Earnings quality: real cash, not paper profit

Fin. Strength 7

Balance sheet, leverage, solvency risk

Investment 79

Disciplined investing over empire-building

Low Volatility 80

Calm price path (market factor)

Momentum 33

Price trend over the last 3–12 months (market factor)

52W Momentum 40

Distance to the 52-week high (market factor)

Net Issuance 78

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

Full company description

Ping An Insurance (Group) Company of China, Ltd. provides financial products and services in the People's Republic of China. It operates through Life and Health Insurance; Property and Casualty Insurance; Banking; Asset Management; and Finance Enablement segments. The company offers life insurance products, including term, whole-life, endowment, annuity, investment-linked, universal life, and health care and medical insurance; property and casualty insurance, such as auto insurance, non-auto insurance, accident, and health insurance. It also undertakes loan and intermediary business with corporate customers and retail customers. In addition, the company provides wealth management and credit card services to individual customers; trust services, brokerage services, trading services, investment banking services, investment management services, finance lease business, and other asset management services; and financial and daily-life services through internet platforms comprising financial transaction information service platform, and health care service platform. Further, it is involved in the real estate investment and management; expressway operation; production and sale of consumer chemicals; logistics and real estate activities; consulting services; warehousing; IT services; infant products; and hospital management. Ping An Insurance (Group) Company of China, Ltd. was incorporated in 1988 and is based in Shenzhen, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Ping An Insurance (Group) Company reported revenue of HK$928B in FY2025 versus HK$1.1T in FY2021, a compound −3.2%/yr. Reported net income was HK$131B in FY2025, compounding +6.6%/yr from FY2021.

Growth Quality 40/100

Revenue growth is weak, negative or inconsistent.

Latest Revenue (FY 2025)

HK$928B

Latest YoY

+1.2%

Avg. growth/yr (3Y)

+11.8%

Avg. growth/yr (5Y)

−3.3%

Avg. growth/yr (23Y)

+12.8%

Revenue −3.2%/yr

FY21 HK$1.1T

FY22 HK$665B

FY23 HK$679B

FY24 HK$917B

FY25 HK$928B

Net income +6.6%/yr

FY21 HK$102B

FY22 HK$111B

FY23 HK$85.7B

FY24 HK$127B

FY25 HK$131B

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Ping An Insurance (Group) Company · Fair Value
HK$107.40 +87%Fair Value
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<a href="https://www.fairvalue-calculator.com/stock/2318" target="_blank" rel="nofollow noopener" style="display:inline-flex;align-items:center;gap:12px;box-sizing:border-box;font-family:system-ui,-apple-system,Segoe UI,Roboto,sans-serif;text-decoration:none;background:#0f1814;color:#eaf2ed;border:1px solid #2a3a30;border-radius:12px;padding:12px 16px;max-width:360px"><span style="line-height:1.35"><span style="font-size:12px;color:#9fb0a8">Ping An Insurance (Group) Company · Fair Value</span><br><b style="font-size:20px">HK$107.40</b> <span style="color:#7BB290;font-weight:700;font-size:14px">+87%</span></span><span style="font-size:11px;color:#7BB290;font-weight:700;margin-left:auto;text-align:right;line-height:1.3">Fair&nbsp;Value<br>Calculator&nbsp;→</span></a>

Cite: Fair Value Calculator (2026). "Ping An Insurance (Group) Company Fair Value". https://www.fairvalue-calculator.com/stock/2318

Peer Group

Insurance - Life · 96 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 55 · Below median

Fair Value upside +87% · Top 25%

Return on equity (TTM) 11% · Above median

Return on assets 1% · Below median

Net margin (TTM) 14% · Above median

Operating margin (TTM) 49% · Top 25%

Revenue growth -3% · Below median

Dividend yield (TTM) 5.1% · Top 25%

Debt / equity 1.34× · Higher than 75% of peers

Valuation Multiples vs Insurance - Life median · lower = cheaper

P/E (TTM) 6.4× · Cheaper than 75% of peers

P/B 0.97× · Cheaper than median

P/S (TTM) 1.02× · Cheaper than median

P/FCF 0.2× · Cheaper than median

EV/EBITDA 9.1× · Pricier than median

PEG 0.41× · Cheaper than 75% of peers

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 28

FUTURE 0 · sector 44

PAST 45 · sector 42

HEALTH 33 · sector 85

DIVIDEND 100 · sector 54

Insider activity: 40/100

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 Insurance - Life stocks, each showing price versus our Fair Value estimate (as of Jul 15, 2026).

Stock	Price	Fair Value	vs Fair Value
China Life Insurance Company 601628	¥38.72	¥70.87	+83%
AIA Group 1299	HK$75.55	HK$7.88	-90%
Manulife Financial Corporation MFC	C$58.52	C$45.13	-23%
Great-West Lifeco Inc GWO	C$92.34	C$59.64	-35%
Life Insurance Corporation LICI	₹438.30	₹590.43	+35%
Fubon Financial Holding 2881	124.50 TWD	115.05 TWD	-8%
Cathay Financial Holding 2882	94.00 TWD	94.95 TWD	+1%
Samsung Life Insurance Co 032830	337,500 KRW	166,710 KRW	-51%
China Pacific Insurance (Group) Co 601601	¥29.75	¥59.50	+100%
Prudential plc PUKN	545.00 MXN	722.72 MXN	+33%

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Frequently asked questions

Is Ping An Insurance (Group) Company (2318) overvalued or undervalued?

As of Jul 15, 2026, our model estimates a fair value of HK$107.40 versus a price of HK$57.30, about +87% (undervalued).

What is the fair value of 2318?

Our model-based fair value for Ping An Insurance (Group) Company is HK$107.40 (as of Jul 15, 2026), built from audited fundamentals. The current price is HK$57.30.

What is the quality score of 2318?

Ping An Insurance (Group) Company has a Quality Score of 56/100. 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 Ping An Insurance (Group) Company (2318)?

Ping An Insurance (Group) Company reported trailing-twelve-month revenue of about HK$953B (latest available figure, as of Jul 15, 2026).

What is the net profit margin of 2318?

The net profit margin of Ping An Insurance (Group) Company is about 13.9%, meaning it keeps roughly 13.9% of revenue as net income. Based on the latest reported figures.

Does Ping An Insurance (Group) Company pay a dividend?

Ping An Insurance (Group) Company currently shows a dividend yield of about 4.73% relative to its recent price (as of Jul 15, 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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