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China Pacific Insurance (Group) Co (HKSE:02601) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
China Pacific Insurance (Group) Co Piotroski F-Score Related Terms
China Pacific Insurance (Group) Co Piotroski F-Score Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
China Pacific Insurance (Group) Co Piotroski F-Score Chart
HKSE:02601 vs MET, AFL, PRU: Piotroski F-Score Comparison
For the Insurance - Life subindustry, China Pacific Insurance (Group) Co's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
China Pacific Insurance (Group) Co Piotroski F-Score vs Insurance Industry
For the Insurance industry and Financial Services sector, China Pacific Insurance (Group) Co's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where China Pacific Insurance (Group) Co's Piotroski F-Score falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Jun26) TTM:
Last Year (Jun25) TTM:
Net Income was 19282.920297106 + 8483.5759356956 + 11140.961979536 + 23269.03130805 = HK$62,176 Mil. Cash Flow from Operations was 76651.855662734 + 51189.767795897 + 88619.903585624 + 91344.460436746 = HK$307,806 Mil. Revenue was 118325.47119696 + 112180.86725726 + 110707.73806222 + 127406.4639636 = HK$468,621 Mil.
Average Total Assets from the begining of this year (Jun25)
to the end of this year (Jun26) was
(3319556.9046124 + 3363832.0499547 + 3502685.8245029 + 3662487.4297502 + 3790071.0630987) / 5 = HK$3527726.6543838 Mil. Total Assets at the begining of this year (Jun25) was HK$3,319,557 Mil. Long-Term Debt & Capital Lease Obligation was HK$27,438 Mil. Total Assets was HK$3,790,071 Mil. Total Liabilities was HK$3,384,590 Mil.
Net Income was 14622.525820623 + 7360.2645820797 + 10359.242305382 + 19789.622473271 = HK$52,132 Mil.
Revenue was 103718.95324039 + 105852.19770181 + 98495.663009463 + 110705.78730726 = HK$418,773 Mil.
Average Total Assets from the begining of last year (Jun24)
to the end of last year (Jun25) was
(2743733.1440329 + 2971957.4717436 + 3016942.2653903 + 3129706.8661969 + 3319556.9046124) / 5 = HK$3036379.3303952 Mil. Total Assets at the begining of last year (Jun24) was HK$2,743,733 Mil. Long-Term Debt & Capital Lease Obligation was HK$13,035 Mil. Total Assets was HK$3,319,557 Mil. Total Liabilities was HK$2,976,431 Mil.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
China Pacific Insurance (Group) Co's current Net Income (TTM) was 62,176.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
China Pacific Insurance (Group) Co's current Cash Flow from Operations (TTM) was 307,806.
==> Positive ==> Score 1.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
China Pacific Insurance (Group) Co's return on assets of this year was 0.01873036. China Pacific Insurance (Group) Co's return on assets of last year was 0.01900026.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
China Pacific Insurance (Group) Co's gearing of this year was 0.00777783. China Pacific Insurance (Group) Co's gearing of last year was 0.0042928.
==> Last year is lower than this year ==> Score 0.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.
China Pacific Insurance (Group) Co's current ratio of this year was 1.11980215. China Pacific Insurance (Group) Co's current ratio of last year was 1.11528091.
==> This year's current ratio is higher. ==> Score 1.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
China Pacific Insurance (Group) Co's number of shares in issue this year was 0. China Pacific Insurance (Group) Co's number of shares in issue last year was 0.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.
China Pacific Insurance (Group) Co's net margin of this year was 0.13267982. China Pacific Insurance (Group) Co's net margin of last year was 0.12448679.
==> This year's net margin is higher. ==> Score 1.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
China Pacific Insurance (Group) Co's asset turnover of this year was 0.14116961. China Pacific Insurance (Group) Co's asset turnover of last year was 0.15262876.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
=
Que. 1
+
Que. 2
+
Que. 3
+
Que. 4
+
Que. 5
+
Que. 6
+
Que. 7
+
Que. 8
+
Que. 9
=
1
+
1
+
0
+
1
+
0
+
1
+
1
+
1
+
0
=
6
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
China Pacific Insurance (Group) Co has an F-score of 6 indicating the company's financial situation is typical for a stable company.
China Pacific Insurance (Group) Co (HKSE:02601) has a Piotroski F-Score of 5 as of Sep. 22, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on China Pacific Insurance (Group) Co and its competitors. This is 17% below median its historical median of 6.00. Over the past decade, China Pacific Insurance (Group) Co's Piotroski F-Score has ranged from 4.00 to 9.00. According to the industry distribution chart, China Pacific Insurance (Group) Co ranks #275 out of 486 companies in the Insurance industry, placing it in the top 56.6%.
Is China Pacific Insurance (Group) Co's Piotroski F-Score too high?
China Pacific Insurance (Group) Co's current Piotroski F-Score of 5 is 17% below median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 4.00 to a high of 9.00. The Insurance industry median Piotroski F-Score is 6.00. China Pacific Insurance (Group) Co's value of 5 is 16.7% below this industry median. Based on the distribution chart, China Pacific Insurance (Group) Co ranks #275 out of 486 companies in the Insurance industry, which is below the industry midpoint. Overall, China Pacific Insurance (Group) Co has a GF Score™ of 77/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does China Pacific Insurance (Group) Co's Piotroski F-Score compare to MET and AFL?
According to the Insurance industry distribution chart, China Pacific Insurance (Group) Co ranks #275 out of 486 companies for Piotroski F-Score. This places China Pacific Insurance (Group) Co in the lower half of its industry. The industry median Piotroski F-Score is 6.00. China Pacific Insurance (Group) Co's value of 5 is 16.7% below this benchmark. Historically, China Pacific Insurance (Group) Co's own Piotroski F-Score has ranged from 4.00 to 9.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 6.00, China Pacific Insurance (Group) Co has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for an Insurance company?
The median Piotroski F-Score among Insurance companies is 6.00, based on 486 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. China Pacific Insurance (Group) Co's current Piotroski F-Score of 5 is 16.7% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on China Pacific Insurance (Group) Co and its competitors. For the Insurance industry, the median Piotroski F-Score is 6.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. China Pacific Insurance (Group) Co's current Piotroski F-Score is 5, which is 17% below median its own 10-year median of 6.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China Pacific Insurance (Group) Co stock overvalued right now?
Based on GuruFocus' analysis, China Pacific Insurance (Group) Co (HKSE:02601) is currently considered Modestly Undervalued. The stock's GF Value™ is HK$36.05, compared to a current price of HK$28.88 — trading 19.9% below its estimated fair value. The current Piotroski F-Score is 5, which is 17% below median its 10-year median of 6.00 and 16.7% below the Insurance industry median of 6.00. China Pacific Insurance (Group) Co's overall GF Score™ is 77/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For China Pacific Insurance (Group) Co (HKSE:02601), the current Piotroski F-Score is 5 as of Sep. 22, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is China Pacific Insurance (Group) Co (HKSE:02601) Overvalued in 2026?
Based on GuruFocus' analysis, China Pacific Insurance (Group) Co stock appears to be undervalued.
The current stock price of HK$28.88 is trading 19.9% below its estimated GF Value™ of HK$36.05.
GuruFocus considers China Pacific Insurance (Group) Co to be Modestly Undervalued.
Key valuation signals for HKSE:02601:
Piotroski F-Score: 5 (17% below median its 10-year median of 6.00)
GF Value™: HK$36.05 vs. price of HK$28.88 (19.9% below fair value)
Industry Position: 16.7% below the Insurance median (#275 of 486)
No single metric tells the full story. See the HKSE:02601 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Established in 1988, China Pacific Insurance is China's third-largest life insurer and third-largest general property and casualty insurer, with headquarters in Beijing. The company strives to create an integrated financial services platform that encompasses insurance, banking, and asset management. CPIC's major shareholders are state-owned companies related to the Shanghai government.
77GF Score
Get the complete analysis for HKSE:02601
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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