Manulife Financial Corporation (0945) Fair Value & Analysis
Financial Services · HK · Market cap HK$529B
Fair value as of: Aug 13, 2026
From 4 valuation models · updated today
Fair value updated Aug 13, 2026, revised from HK$251.40 to HK$143.17 (−43.1%) since Aug 5, 2026. Share price +5.5% over the past month.
A solid business, but screening 58% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (HK$178.96). The favourable scenario is already priced in.
- Solid but not exceptional quality (63/100) and above fair value, neither a clear bargain nor a standout compounder.
- 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 13, 2026.
How to read this chart
60‑month range HK$101.15 – HK$351.40 · fair‑value band HK$107.38 – HK$178.96 · the HK$343.00 price screens above the HK$143.17 fair value. Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Manulife Financial Corporation (0945) currently trades at HK$343.00, while our model-based Fair Value estimate is HK$143.17, implying the stock looks roughly 58.3% overvalued today. The Quality Score stands at 63/100 (solid quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Manulife Financial Corporation generated revenue of HK$32.0B at a net margin of 20.0%. Revenue grew 12.1% year over year. It earns a return on equity of 12.6%. The balance sheet holds a net cash position of HK$12.0B. Fundamentals as of Aug 13, 2026
Our scenario range runs from HK$107.38 (bear case) to HK$178.96 (bull case); at HK$343.00, the current price sits above 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 51% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 34% fair-value upside, at -58%, 0945 screens richer 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 4 models by family
Widest divergence: Multiples (HK$42.83) versus Asset-Based (HK$20.50). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 56 · Market factors (momentum, volatility) 80
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
Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in the United States, Canada, Asia, and internationally. It operates through Wealth and Asset Management Businesses; Insurance and Annuity Products; and Corporate and Other segments.
Full company description
Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in the United States, Canada, Asia, and internationally. It operates through Wealth and Asset Management Businesses; Insurance and Annuity Products; and Corporate and Other segments. The Wealth and Asset Management Businesses segment offers investment advice and solutions to retirement, retail, and institutional clients through multiple distribution channels, including agents and brokers affiliated with the company, independent securities brokerage firms and financial advisors pension plan consultants, and banks. The Insurance and Annuity Products segment provides deposit and credit products; and individual life insurance, individual and group long-term care insurance, and guaranteed and partially guaranteed annuity products through multiple distribution channels, including insurance agents, brokers, banks, financial planners, and direct marketing. The Corporate and Other segment is involved in the property and casualty reinsurance businesses; and run-off reinsurance operations, including variable annuities, and accident and health. The company also manages timberland and agricultural portfolios; and engages in the insurance agency, broker dealer, investment counseling, portfolio and mutual fund management, property and casualty insurance, and fund and investment management businesses. In addition, it provides integrated banking products and services, as well as offers asset management services. The company was incorporated in 1887 and is headquartered in Toronto, Canada.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Manulife Financial Corporation reported revenue of HK$53.0B in FY2025 versus HK$59.8B in FY2021, a compound −3.0%/yr. Reported net income was HK$5.8B in FY2025, compounding −3.5%/yr from FY2021.
of which total revenue +0.3 pp · buybacks/dilution +1.0 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).
0945 screens 58% overvalued. Compare with China Life Insurance Company →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Manulife Appoints Jeremy Young as Chief Distribution Officer, International Brokerage, Global High-Net-Worth to Advance Growth Strategy Acro
- Manulife (TSX:MFC) Stock Looks Reasonable After A Strong Five Year Run
- Manulife Financial (TSX:MFC) Signs $3.2 Billion Long Term Care Reinsurance Deal
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 - Life stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| China Life Insurance Company 601628 | ¥37.33 | ¥49.98 | +34% |
| Ping An Insurance (Group) Company 601318 | ¥52.60 | ¥84.72 | +61% |
| Life Insurance Corporation LICI | ₹412.15 | ₹392.93 | -5% |
| Samsung Life Insurance Co 032830 | 302,500 KRW | 191,293 KRW | -37% |
| China Pacific Insurance (Group) Co 601601 | ¥30.48 | ¥57.51 | +89% |
| Prudential plc PUKN | 545.00 MXN | 499.36 MXN | -8% |
| New China Life Insurance Company 601336 | ¥58.83 | ¥99.92 | +70% |
| SBI Life Insurance Company SBILIFE | ₹1,830 | ₹293.11 | -84% |
| Cathay Financial Holding 2882B | 59.00 TWD | 107.71 TWD | +83% |
| KGI Financial Holding 2883 | 31.50 TWD | 24.33 TWD | -23% |
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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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