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Ping An Insurance (Group) Company of China Ltd. (82318) Fair Value & Analysis

HK · Market cap HK$1.2T

PA Ping An Insurance (Group) Company of China Ltd. 82318 · HK
PriceHK$46.98
Fair ValueHK$82.36
Upside+75.3%
Quality62/100
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Weak Growth
Solidly profitable · 13.9% net margin
High debt · generates free cash flow
6.08% dividend yield
Moderate moat 62/100
Evidence: High Range HK$67.39 – HK$117.22 Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated 3 days ago

Fair value updated Aug 13, 2026, revised from HK$93.71 to HK$82.36 (−12.1%) since Aug 6, 2026. Share price −0.2% over the past month.

A solid business, screening 75% undervalued on our models.

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What matters now

  • The price is below even our cautious bear case (HK$67.39). The market is more pessimistic than our downside scenario.
  • Solid quality (62/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (3 years)

HK$62.86 HK$11.09 Fair Value HK$82.36 Jun 2023 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

38‑month range HK$11.09 – HK$62.86 · fair‑value band HK$67.39 – HK$117.22 · the HK$46.98 price screens below the HK$82.36 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Ping An Insurance (Group) Company of China Ltd. (82318) currently trades at HK$46.98, while our model-based Fair Value estimate is HK$82.36, implying the stock looks roughly 75.3% undervalued today. The Quality Score stands at 62/100 (solid quality). 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 of China Ltd. 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 Aug 13, 2026

Our scenario range runs from HK$67.39 (bear case) to HK$117.22 (bull case); at HK$46.98, 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 26% below its 52-week high and 11% above its 52-week low, currently below its 200-day average.

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 Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF HK$323.96 HK$732.86 HK$1,405 80
Residual Income HK$38.57 HK$48.18 HK$114.29 76
Rev-Margin DCF HK$100.35 HK$175.35 HK$272.94 74
All 26 models by family
DCF Models
FCF DCF HK$332.04 HK$695.97 HK$1,545 38
Owner Earnings HK$25.17 HK$109.50 HK$276.10 31
5Y Revenue Exit HK$104.78 HK$187.37 HK$293.14 39
5Y EBITDA Exit HK$108.04 HK$194.53 HK$298.90 41
5Y P/E Exit HK$110.32 HK$199.51 HK$300.11 38
10Y Revenue Exit HK$169.87 HK$279.39 HK$440.29 36
10Y EBITDA Exit HK$174.67 HK$284.95 HK$445.53 37
10Y P/E Exit HK$176.25 HK$288.82 HK$446.64 35
Earnings-Based
Graham-Dodd HK$35.51 HK$200.13 HK$278.04 54
Lynch FV HK$56.10 HK$80.15 HK$104.19 50
PEG = 1.0 HK$56.10 HK$80.15 HK$104.19 46
EPV HK$6.45 HK$17.27 HK$26.89 59
Dividend Discount
Gordon GGM HK$20.89 HK$45.60 HK$76.73 70
DDM Multi-Stage HK$20.89 HK$37.35 HK$47.52 61
Multiples
P/E Multiple HK$78.32 HK$104.43 HK$130.53 63
P/S Multiple HK$66.57 HK$88.76 HK$110.95 58
P/B Multiple HK$66.57 HK$88.76 HK$110.95 55
EV/EBIT HK$42.19 HK$74.54 HK$106.90 53
EV/EBITDA HK$20.07 HK$45.05 HK$70.03 54
EV/Revenue HK$10.55 HK$38.59 HK$66.63 43
Asset-Based
NCAV (Graham) HK$19.90 HK$26.67 HK$39.80 50
Growth DCF
Growth DCF HK$323.96 HK$732.86 HK$1,405 80
Rev-Margin DCF HK$100.35 HK$175.35 HK$272.94 74
Economic Profit
Residual Income HK$38.57 HK$48.18 HK$114.29 76
ROIC Compounder HK$6.45 HK$17.27 HK$26.89 72
Growth Earnings
Growth-Adj P/E HK$81.98 HK$117.11 HK$152.24 68

Widest divergence: DCF Models (HK$199.51) versus Economic Profit (HK$17.27). Highest evidence: Growth DCF (80).

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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
Operating margin 49.0%
More key figures
EPS (TTM) HK$5.88
Dividend yield 6.1%
EPS growth (YoY) -13.2%
Net debt HK$2.3T FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 62/100

Of which business quality 58 · Market factors (momentum, volatility) 43

Profitability 30
Margins and returns on capital today
Quality Growth 45
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 13
Balance sheet, leverage, solvency risk
Investment 79
Disciplined investing over empire-building
Low Volatility 81
Calm price path (market factor)
Momentum 26
Price trend over the last 3–12 months (market factor)
52W Momentum 28
Distance to the 52-week high (market factor)
Net Issuance 100
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

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.

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 of China Ltd. reported revenue of HK$1.0T in FY2025 versus HK$1.2T in FY2021, a compound −3.1%/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$1.0T
Latest YoY
+5.7%
Avg. growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+3.6%
Avg. growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−5.0%
Avg. growth/yr (22Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+25.9%
Revenue −3.1%/yr
FY21 HK$1.2T
FY22 HK$915B
FY23 HK$907B
FY24 HK$964B
FY25 HK$1.0T
Net income +6.6%/yr
FY21 HK$102B
FY22 HK$111B
FY23 HK$85.7B
FY24 HK$127B
FY25 HK$131B
Character of growth · EPS growth decomposed (2014-2025) +9.9 % p.a.
Revenue per share +4.8 pp

of which total revenue +4.8 pp · buybacks/dilution +0.0 pp

EBIT margin −2.2 pp
Tax rate +2.3 pp
Residual (interest, one-offs) +5.0 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Ping An Insurance (Group) Company of China Ltd. · Fair Value
HK$82.36 +75%Fair Value
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Cite: Fair Value Calculator (2026). "Ping An Insurance (Group) Company of China Ltd. Fair Value". https://www.fairvalue-calculator.com/stock/82318

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

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 0
FUTURE 0 · sector 0
PAST 45 · sector 0
HEALTH 18 · sector 0
DIVIDEND 100 · sector 0

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.

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Frequently asked questions

Is Ping An Insurance (Group) Company of China Ltd. (82318) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$82.36 versus a price of HK$46.98, about +75% (undervalued).
What is the fair value of 82318?
Our model-based fair value for Ping An Insurance (Group) Company of China Ltd. is HK$82.36 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$46.98.
What is the quality score of 82318?
Ping An Insurance (Group) Company of China Ltd. has a Quality Score of 62/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Ping An Insurance (Group) Company of China Ltd. (82318)?
Ping An Insurance (Group) Company of China Ltd. reported trailing-twelve-month revenue of about HK$953B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 82318?
The net profit margin of Ping An Insurance (Group) Company of China Ltd. 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 of China Ltd. pay a dividend?
Ping An Insurance (Group) Company of China Ltd. currently shows a dividend yield of about 6.08% relative to its recent price (as of Aug 13, 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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