PICC Property and Casualty Company (2328) Fair Value & Analysis
Financial Services · HK · Market cap HK$313B
Fair value as of: Aug 5, 2026
From 6 valuation models · updated 5 days ago
Fair value updated Aug 5, 2026, revised from HK$26.53 to HK$26.70 (+0.6%) since Jul 2, 2026. Share price +7.2% over the past month.
A solid business, screening 67% undervalued on our models.
What matters now
- The price is below even our cautious bear case (HK$20.03). The market is more pessimistic than our downside scenario.
- Solid quality (63/100) 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 Aug 5, 2026.
How to read this chart
60‑month range HK$4.45 – HK$18.59 · fair‑value band HK$20.03 – HK$33.38 · the HK$15.95 price screens below the HK$26.70 fair value. Dashed = 300-day average. As of Aug 5, 2026.
Analysis
PICC Property and Casualty Company (2328) currently trades at HK$15.95, while our model-based Fair Value estimate is HK$26.70, implying the stock looks roughly 67.4% undervalued today. The Quality Score stands at 63/100 (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, PICC Property and Casualty Company generated revenue of HK$545B at a net margin of 7.4%. Revenue grew 4.9% year over year. It earns a return on equity of 14.7%. Net debt stands at HK$49.7B. Fundamentals as of Aug 5, 2026
Our scenario range runs from HK$20.03 (bear case) to HK$33.38 (bull case); at HK$15.95, 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 15% below its 52-week high and 21% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 8% fair-value upside, at 67%, 2328 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.
All 6 models by family
Widest divergence: Multiples (HK$18.01) versus Asset-Based (HK$8.62). Highest evidence: Residual Income (76).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 5, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 64 · Market factors (momentum, volatility) 58
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
PICC Property and Casualty Company Limited, together with its subsidiaries, engages in property and casualty insurance business in People's Republic of China. It operates through six segments: motor vehicle, accidental injury and health, agriculture, Liability, Commercial Property, and Other.
Full company description
PICC Property and Casualty Company Limited, together with its subsidiaries, engages in property and casualty insurance business in People's Republic of China. It operates through six segments: motor vehicle, accidental injury and health, agriculture, Liability, Commercial Property, and Other. The company offers motor vehicle, commercial property, cargo, liability, accidental injury, short-term health, agriculture, credit, surety, household property, marine hull, and other insurance products. It also provides reinsurance, investment and funds application, insurance agency services, training services, IT services, and property management services, etc. The company was founded in 2003 and is based in Beijing, China. PICC Property and Casualty Company Limited operates as a subsidiary of The People's Insurance Company (Group) of China Limited.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
PICC Property and Casualty Company reported revenue of HK$512B in FY2025 versus HK$418B in FY2021, a compound +5.2%/yr. Reported net income was HK$39.3B in FY2025, compounding +15.2%/yr from FY2021.
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Peer Group
Insurance - Property & Casualty · 120 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.
Valuation Multiples vs Insurance - Property & Casualty median · lower = cheaper
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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
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 - Property & Casualty stocks, each showing price versus our Fair Value estimate (as of Aug 5, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| The Progressive Corporation PGR | $234.48 | $252.50 | +8% |
| Chubb Limited CB | $337.44 | $345.56 | +2% |
| The Travelers Companies, Inc TRV | $368.98 | $384.42 | +4% |
| The Allstate Corporation ALL | $251.61 | $503.22 | +100% |
| The People's Insurance Company 601319 | ¥7.06 | ¥13.71 | +94% |
| Intact Financial Corporation IFC | C$294.02 | C$247.44 | -16% |
| Fairfax Financial Holdings FFH | C$2,327 | C$3,252 | +40% |
| QBE Insurance Group QBE | A$25.47 | A$19.42 | -24% |
| Samsung Fire & Marine Insurance Co 000810 | 648,000 KRW | 658,771 KRW | +2% |
| Powszechny Zaklad Ubezpieczen SA PZU | 69.80 PLN | 100.85 PLN | +44% |
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Frequently asked questions
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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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