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Citic Pacific (0267) Fair Value & Analysis

Industrials · HK · Market cap HK$322B (≈ $41.0B) · ISIN HK0267001375

What is Citic Pacific really worth?

CP Citic Pacific 0267 · HK
PriceHK$13.91
Fair ValueHK$26.04
Upside+87.2%
Quality45/100

Below-average quality, trading 47% below our fair value of HK$26.04.

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Strengths

Ranks above peers (9/15)

Risks

!Expensive Growth (revenue 5y +10.9 %/yr)
!Thin margins · 6.2% net margin
!High debt · generates free cash flow
!Moderate moat 53/100

For context

·4.21% dividend yield
Evidence: High Range HK$18.36 – HK$43.07

Fair value as of: Aug 25, 2026

From 11 valuation models · updated 11 days ago

Fair value updated Aug 25, 2026, revised from HK$23.78 to HK$26.04 (+9.5%) since Aug 13, 2026. Share price +15.7% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price is below even our cautious bear case (HK$18.36). The market is more pessimistic than our downside scenario.
  • Solid quality (45/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (HK$18.36 to HK$43.07) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

HK$13.91 HK$4.87 Fair Value HK$26.04 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 25, 2026.

How to read this chart

60‑month range HK$4.87 – HK$13.91 · fair‑value band HK$18.36 – HK$43.07 · the HK$13.91 price screens below the HK$26.04 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 25, 2026.

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Analysis

Citic Pacific (0267) currently trades at HK$13.91, while our model-based Fair Value estimate is HK$26.04, implying the stock looks roughly 46.6% undervalued today. The Quality Score stands at 45/100 (below-average quality), in the Industrials sector. Bull case: the Earnings-Based group reads highest at a median of HK$38.05 per share, and 9 of the 11 models we run sit above the HK$13.91 price. Bear case: the Dividend Discount group reads lowest at HK$10.45, and 2 of the 11 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Citic Pacific 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 Aug 25, 2026

Our scenario range runs from HK$18.36 (bear case) to HK$43.07 (bull case); at HK$13.91, 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 near its 52-week high and 41% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at 1% fair-value upside, at 87%, 0267 screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly HK$0.5877 per share, which is 2.3 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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
Residual Income best evidence HK$24.87 HK$26.48 HK$29.39 76
Owner Earnings HK$19.01 HK$62.03 73
DDM Multi-Stage HK$5.84 HK$10.45 HK$13.29 66
All 11 models by family
DCF Models
Owner Earnings HK$19.01 HK$62.03 73
5Y P/E Exit HK$5.32 HK$35.91 HK$74.60 64
10Y P/E Exit HK$25.60 HK$70.59 61
Earnings-Based
Graham-Dodd HK$14.89 HK$92.61 HK$129.31 63
Lynch FV HK$26.64 HK$38.05 HK$49.47 61
Dividend Discount
Gordon GGM HK$5.84 HK$12.75 HK$21.46 65
DDM Multi-Stage HK$5.84 HK$10.45 HK$13.29 66
Multiples
P/E Multiple HK$34.49 HK$45.98 HK$57.48 63
P/B Multiple HK$27.92 HK$37.22 HK$46.53 55
Asset-Based
NCAV (Graham) HK$14.98 HK$20.07 HK$29.95 54
Economic Profit
Residual Income best evidence HK$24.87 HK$26.48 HK$29.39 76

Widest divergence: Earnings-Based (HK$38.05) versus Dividend Discount (HK$10.45). Highest evidence: Residual Income (76).

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Key figures & financial health

P/E ratio 4.8 as of Jul 16, 2026
P/S ratio 0.36 P/E × margin
EPS (TTM) HK$1.45 price ÷ EPS = P/E 4.8
Dividend yield 4.2% payout 40.3%
Net margin 7.6% FY2025
Return on equity 7.9% TTM
More key figures
Profitability
Return on assets (EBIT) 1.3% avg 5y
Operating margin 29.7% TTM
Growth
Revenue (TTM) HK$945B TTM
Revenue growth (YoY) −1.8% 3y avg +2.7%
EPS growth (YoY) −25.0%
Balance sheet & cash flow
Free cash flow HK$5.7B FY2025
Net debt HK$2.0T FY2025

Figures from reported company fundamentals · as of Aug 25, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 45/100

Of which business quality 39 · Market factors (momentum, volatility) 68

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 56
Price trend over the last 3–12 months (market factor)
52W Momentum 83
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

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 Pacific 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. revenue 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.
+10.2%
Avg. revenue 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.
+10.9%
Avg. revenue growth/yr (27Y) 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.
+16.1%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+6.6% (2.4 + 4.2)
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
Character of growth · EPS growth decomposed (2014-2025) +5.0 % p.a.
Revenue per share +6.6 %

of which total revenue +7.5 % · buybacks/dilution −0.9 %

EBIT margin −7.2 %
Tax rate +0.7 %
Residual (interest, one-offs) +5.3 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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

Peer Group

Conglomerates · 375 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 45 · Below median
Fair Value upside +87% · 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) 4.2% · 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 median
EV/EBITDA 2.8× · Cheaper than 75% of peers
PEG 1.76× · Pricier than median

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 23
FUTURE0 · sector 17
PAST32 · sector 17
HEALTH0 · sector 89
DIVIDEND84 · sector 42

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

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Frequently asked questions

Is Citic Pacific (0267) overvalued or undervalued?
As of Aug 25, 2026, our model estimates a fair value of HK$26.04 versus a price of HK$13.91, about +87% upside (undervalued).
What is the fair value of 0267?
Our model-based fair value for Citic Pacific is HK$26.04 (as of Aug 25, 2026), built from audited fundamentals. The current price: HK$13.91.
What is the quality score of 0267?
Citic Pacific has a Quality Score of 45/100. 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 Citic Pacific (0267)?
Citic Pacific reported trailing-twelve-month revenue of about HK$945B (latest available figure, as of Aug 25, 2026).
What is the net profit margin of 0267?
The net profit margin of Citic Pacific is about 6.2%, meaning it keeps roughly 6.2% of revenue as net income. Based on the latest reported figures.
Does Citic Pacific pay a dividend?
Citic Pacific currently shows a dividend yield of about 4.21% relative to its recent price (as of Aug 25, 2026).
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