Stock 1398 INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED
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Financials Industrial and Commercial Bank of China Limited

Equities

1398

CNE1000003G1

Banks

Market Closed - Hong Kong S.E.
Other stock markets
 04:08:12 2024-06-14 am EDT 		5-day change 1st Jan Change
4.34 HKD +0.46% Intraday chart for Industrial and Commercial Bank of China Limited -0.69% +13.61%
Jun. 05 Temasek Slashes Holdings in ICBC Twice in One Day to Below 5% MT
Jun. 04 An undisclosed buyer acquired an unknown minority stake in Industrial and Commercial Bank of China Limited from Luxshare Precision Accessory Ltd. for CNY 74.2 million CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 2,050,257 1,712,192 1,559,687 1,476,442 1,591,798 1,832,741 - -
Enterprise Value (EV) 1 2,050,257 1,712,192 1,559,687 1,476,442 1,591,798 1,832,741 1,832,741 1,832,741
P/E ratio 6.23 x 4.92 x 3.77 x 3.66 x 3.54 x 4.09 x 3.97 x 3.82 x
Yield 4.9% 6.21% 8.18% 8.55% 8.82% 7.66% 7.79% 8.12%
Capitalization / Revenue 2.4 x 1.94 x 1.81 x 1.75 x 1.97 x 2.3 x 2.19 x 2.09 x
EV / Revenue 2.4 x 1.94 x 1.81 x 1.75 x 1.97 x 2.3 x 2.19 x 2.09 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 0.77 x 0.57 x 0.44 x 0.4 x 0.36 x 0.39 x 0.37 x 0.34 x
Nbr of stocks (in thousands) 356,406,257 356,406,257 356,406,257 356,406,257 356,406,257 356,406,257 - -
Reference price 2 5.362 4.234 3.585 3.550 3.472 4.031 4.031 4.031
Announcement Date 3/27/20 3/26/21 3/30/22 3/30/23 3/27/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 855,164 882,665 860,880 841,441 806,458 805,760 832,167 881,617
EBITDA - - - - - - - -
EBIT 1 568,226 391,382 624,653 600,557 567,760 561,480 587,291 627,388
Operating Margin 66.45% 44.34% 72.56% 71.37% 70.4% 69.68% 70.57% 71.16%
Earnings before Tax (EBT) 1 391,789 392,126 424,899 422,565 421,966 420,010 440,340 448,790
Net income 1 307,699 315,906 338,731 360,483 363,993 357,268 369,285 385,083
Net margin 35.98% 35.79% 39.35% 42.84% 45.13% 44.34% 44.38% 43.68%
EPS 2 0.8600 0.8600 0.9500 0.9700 0.9800 0.9855 1.017 1.055
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 0.2628 0.2628 0.2933 0.3035 0.3064 0.3086 0.3141 0.3274
Announcement Date 3/27/20 3/26/21 3/30/22 3/30/23 3/27/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2021 S1 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2023 S2 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4 2024 S2 2025 S1 2025 S2
Net sales 1 381,799 402,346 426,406 216,985 - 216,930 443,788 - 190,322 - 210,445 - 194,614 182,938 - 210,165 193,636 - 192,958 177,235 - - -
EBITDA - - - - - - - - - - - - - - - - - - - - - - -
EBIT 1 261,177 314,421 331,415 130,651 - 159,415 340,615 - 112,308 - 153,019 - 134,997 109,236 - 161,580 140,955 - 134,280 106,505 - - -
Operating Margin 68.41% 78.15% 77.72% 60.21% - 73.49% 76.75% - 59.01% - 72.71% - 69.37% 59.71% - 76.88% 72.79% - 69.59% 60.09% - - -
Earnings before Tax (EBT) 182,580 189,351 - - - - - - 100,388 - 97,069 - 110,590 107,721 - 102,455 - - - - - - -
Net income 139,768 148,790 163,473 - - - - - 94,661 - 83,580 - 94,929 95,320 - 87,653 - - - - - - -
Net margin 36.61% 36.98% 38.34% - - - - - 49.74% - 39.72% - 48.78% 52.11% - 41.71% - - - - - - -
EPS 2 - - - 0.2600 0.2500 - - 0.2400 0.2600 0.2500 0.2300 0.4800 0.2400 0.2600 0.5000 0.2400 0.2600 0.4800 0.2500 0.2500 0.5400 0.4900 0.5600
Dividend per Share - - - - - - - - - - - - - - - - - - - - - - -
Announcement Date 3/27/20 8/30/20 8/27/21 3/30/22 4/29/22 8/30/22 8/30/22 10/28/22 3/30/23 4/28/23 8/30/23 8/30/23 10/27/23 3/27/24 3/27/24 4/29/24 - - - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 13.1% 12% 12.2% 11.4% 10.7% 9.77% 9.47% 9.13%
ROA (Net income/ Total Assets) 1.08% 1% 1.02% 0.97% 0.87% 0.77% 0.73% 0.67%
Assets 1 28,490,648 31,717,470 33,208,922 37,163,196 41,838,276 46,165,985 50,385,113 56,470,966
Book Value Per Share 2 6.930 7.480 8.150 8.810 9.550 10.30 11.00 11.80
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 3/27/20 3/26/21 3/30/22 3/30/23 3/27/24 - - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Industrial and Commercial Bank of China Limited

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
20
Last Close Price
4.031 CNY
Average target price
4.72 CNY
Spread / Average Target
+17.08%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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