Buffett Brain · Research note
Score updated 5 Oct 2026
2328.HK· Financial Services
PICC Property and Casualty
PICC's valuation is compelling with an earnings yield of 12%, but moat strength is questionable.
Buffett fit
Partial fit
Owner
28
Durability
80
Management
78
Price
100
Score updated 5 Oct 2026
Buffett's checklist
Each number against Buffett's bar, and where it ranks among Financial Services stocks in our database.
How much profit the business makes on each dollar invested in it. Higher is better.
The cash the business earns for its owners, compared with the price of the whole company.
How fast sales grew each year over the last five years.
How many years of today's profit you pay for at today's price. Lower means cheaper.
How much the company owes compared with what it owns outright. Lower is safer.
The four pillars
How the business measures up on each of Buffett's four tests.
If we owned PICC outright, we'd focus on maintaining its strong financial health, evidenced by a debt/equity ratio of 0.05 and interest coverage of 49.9.
The full reasoning comes with a free account.
PICC's durability is supported by a stable 5-year EPS CAGR of 11.45% and consistent profitability over the past five years.
The full reasoning comes with a free account.
PICC has maintained a stable share count over the past five years, indicating disciplined .
The full reasoning comes with a free account.
PICC's valuation is attractive with a of 8.3 and an yield of 11.8%, both indicating a reasonable entry point.
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- The 5-year price target and the return it implies
- What would change the call
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For and against
The strongest points on each side, with the numbers behind them.
In its favor
8- 1Earnings yield of 12.03% offers a compelling valuation.
- 2 of 13.6% is top-quintile within the financial services sector.
- 3Debt/Equity ratio of 0.05 indicates strong financial health.
- 4Interest coverage of 49.9 suggests robust earnings relative to interest obligations.
Concerns
8- 1 score of 28 indicates weak competitive advantages.
- 2Net margin of 7.89% is below the sector's top-quintile cutoff.
- 3No visible activity or dividend growth.
- 4Complex regulatory environment in China adds risk.
Price history
$15.86+119.7%· 5-year return
Weekly closing prices. Touch or hover the line for a date.
The business
How the business works
PICC Property and Casualty Company Limited operates in the insurance sector, offering a range of property and casualty products primarily in China. The company generates revenue through premiums across six segments, including motor vehicle and commercial property insurance. With a revenue of $511.79 billion and net income of $40.37 billion, the unit economics show a net margin of 7.89%, which is below the sector's top-quintile threshold.
How this analysis has moved
The call has held across 2 reviews.
Sep 27, 2026 → Oct 4, 2026
What other investors would say
The same company, judged by three other documented playbooks.
Keep researching
Similar companies in Financial Services
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