PICC Property & Casualty-H (2328) Fair Value & Analysis
Financial Services · HK · Market cap HK$313B (≈ $39.9B) · ISIN CNE100000593
What is PICC Property & Casualty-H really worth?
A solid business, trading 21% below our fair value of HK$22.27.
Strengths
Risks
For context
Fair value as of: Aug 19, 2026
From 6 valuation models · updated 17 days ago
Share price +9.7% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- 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 19, 2026.
How to read this chart
60‑month range HK$4.71 – HK$18.59 · fair‑value band HK$16.71 – HK$27.84 · the HK$17.55 price screens below the HK$22.27 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 19, 2026.
Analysis
PICC Property & Casualty-H (2328) currently trades at HK$17.55, while our model-based Fair Value estimate is HK$22.27, implying the stock looks roughly 21.2% undervalued today. The Quality Score stands at 63/100 (solid quality), in the Financial Services sector. Bull case: the Multiples group reads highest at a median of HK$22.46 per share, and 3 of the 6 models we run sit above the HK$17.55 price. Bear case: the Asset-Based group reads lowest at HK$10.75, and 3 of the 6 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, PICC Property & Casualty-H 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 19, 2026
Our scenario range runs from HK$16.71 (bear case) to HK$27.84 (bull case); at HK$17.55, the current price sits within 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 7% below its 52-week high and 33% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −26% fair-value upside, at 27%, 2328 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$0.2854 per share, which is 1.3 % 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.
All 6 models by family
Widest divergence: Multiples (HK$22.46) versus Asset-Based (HK$10.75). Highest evidence: Residual Income (68).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 19, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 64 · Market factors (momentum, volatility) 64
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
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 & Casualty-H reported revenue of 512B CNY in FY2025 versus 418B CNY in FY2021, a compound +5.2%/yr. Reported net income was 39.3B CNY in FY2025, compounding +15.2%/yr from FY2021.
of which total revenue +7.1 % · buybacks/dilution −0.1 %
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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Peer Group
Insurance - Property & Casualty · 117 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
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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Insurance - Property & Casualty stocks, each showing price versus our Fair Value estimate (as of Aug 19, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| The Progressive Corporation PGR | $217.65 | $160.25 | −26% |
| Chubb Limited CB | $338.31 | $234.73 | −31% |
| The Travelers Companies, Inc TRV | $369.90 | $274.42 | −26% |
| The Allstate Corporation ALL | $260.58 | $316.11 | +21% |
| The People's Insurance Company 601319 | ¥7.14 | ¥11.61 | +63% |
| Intact Financial Corporation IFC | C$274.14 | C$167.46 | −39% |
| Fairfax Financial Holdings FFH | C$2,281 | C$2,926 | +28% |
| QBE Insurance Group QBE | A$22.62 | A$14.20 | −37% |
| Cincinnati Financial Corporation CINF | $171.97 | $166.34 | −3% |
| W. R. Berkley Corporation WRB | $69.50 | $47.08 | −32% |
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