Stock 601988 BANK OF CHINA LIMITED
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Financials Bank of China Limited Shanghai S.E.

Equities

601988

CNE000001N05

Banks

End-of-day quote Shanghai S.E.
Other stock markets
 06:00:00 2024-05-16 pm EDT 		5-day change 1st Jan Change
4.49 CNY +0.45% Intraday chart for Bank of China Limited +0.45% +12.53%
09:15am Guangzhou Rural Commercial Bank Receives Approval for Bond Issuance MT
08:17am China Eases Mortgage Rules in Latest Push to Aid Property Sector DJ

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,026,297 856,431 834,399 874,723 1,068,559 1,241,555 - -
Enterprise Value (EV) 1 1,026,297 856,431 834,399 874,723 1,068,559 1,241,555 1,241,555 1,241,555
P/E ratio 4.88 x 3.66 x 3.27 x 3.44 x 3.66 x 4.81 x 4.58 x 4.42 x
Yield 6.42% 8.83% 9.65% 9.25% 8.73% 6.72% 6.88% 7.16%
Capitalization / Revenue 1.87 x 1.51 x 1.38 x 1.41 x 1.71 x 1.98 x 1.86 x 1.79 x
EV / Revenue 1.87 x 1.51 x 1.38 x 1.41 x 1.71 x 1.98 x 1.86 x 1.79 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 0.53 x 0.37 x 0.35 x 0.36 x 0.36 x 0.42 x 0.39 x 0.37 x
Nbr of stocks (in thousands) 294,368,301 294,385,451 294,384,261 294,387,791 294,387,791 294,387,791 - -
Reference price 2 2.976 2.230 2.290 2.508 2.709 3.581 3.581 3.581
Announcement Date 3/27/20 3/30/21 3/29/22 3/30/23 3/28/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 549,182 567,647 605,717 619,139 624,138 625,478 666,993 692,787
EBITDA - - - - - - - -
EBIT 1 249,537 365,236 379,362 387,943 401,205 391,172 414,159 449,228
Operating Margin 45.44% 64.34% 62.63% 62.66% 64.28% 62.54% 62.09% 64.84%
Earnings before Tax (EBT) 1 250,645 246,378 276,620 284,595 295,608 294,880 307,826 325,008
Net income 1 187,405 192,870 216,559 227,439 231,904 222,363 231,137 241,440
Net margin 34.12% 33.98% 35.75% 36.73% 37.16% 35.55% 34.65% 34.85%
EPS 2 0.6100 0.6100 0.7000 0.7300 0.7400 0.7444 0.7820 0.8105
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 0.1910 0.1970 0.2210 0.2320 0.2364 0.2405 0.2464 0.2563
Announcement Date 3/27/20 3/30/21 3/29/22 3/30/23 3/28/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2021 S1 2022 Q2 2022 S1 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 1 273,322 286,983 302,855 152,460 313,611 153,490 - 151,225 153,206 - 161,038 144,528 - 142,605 144,884 - - -
EBITDA - - - - - - - - - - - - - - - - - -
EBIT 166,183 196,037 - 101,020 204,699 - - 98,702 - - 106,745 - - - - - - -
Operating Margin 60.8% 68.31% - 66.26% 65.27% - - 65.27% - - 66.29% - - - - - - -
Earnings before Tax (EBT) 98,087 129,616 - - - - - 68,695 - - 71,897 - - - - - - -
Net income 73,357 100,917 112,813 - - - - 54,763 - - 55,989 - - - - - - -
Net margin 26.84% 35.16% 37.25% - - - - 36.21% - - 34.77% - - - - - - -
EPS - - - - - - 0.3700 - - 0.3700 0.1800 - 0.4100 - - 0.3900 0.4200 0.4100
Dividend per Share - - - - - - - - - - - - - - - - - -
Announcement Date 3/27/20 8/30/20 8/30/21 8/30/22 8/30/22 8/30/23 8/30/23 10/30/23 3/28/24 3/28/24 4/29/24 - - - - - - -
1CNY in Million
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) 11.5% 10.6% 11.3% 10.8% 10.1% 9.38% 9.15% 8.88%
ROA (Net income/ Total Assets) 0.85% 0.87% 0.89% 0.85% 0.8% 0.68% 0.64% 0.62%
Assets 1 22,021,739 22,168,966 24,332,472 26,757,529 28,988,000 32,538,739 35,862,925 39,256,658
Book Value Per Share 2 5.610 5.980 6.470 6.990 7.580 8.530 9.090 9.720
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 3/27/20 3/30/21 3/29/22 3/30/23 3/28/24 - - -
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 Bank of China Limited

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
17
Last Close Price
3.581 CNY
Average target price
3.586 CNY
Spread / Average Target
+0.15%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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