Stock 601288 AGRICULTURAL BANK OF CHINA LIMITED
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Financials Agricultural Bank of China Limited Shanghai S.E.

Equities

601288

CNE100000RJ0

Banks

End-of-day quote Shanghai S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
4.45 CNY -2.20% Intraday chart for Agricultural Bank of China Limited -1.98% +22.25%
Apr. 26 Agricultural Bank of China Issues 60 Billion Yuan Tier II Bonds MT
Apr. 19 Nomura Adjusts Agricultural Bank of China’s Price Target to HK$3.54 From HK$3.26, Keeps at Neutral MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,271,897 1,075,442 1,005,861 1,000,306 1,247,678 1,520,511 - -
Enterprise Value (EV) 1 1,271,897 1,075,442 1,005,861 1,000,306 1,247,678 1,520,511 1,520,511 1,520,511
P/E ratio 5.2 x 4.05 x 3.36 x 3.43 x 3.8 x 4.36 x 4.15 x 3.91 x
Yield 5.93% 7.74% 9.47% 9.39% - 7.27% 7.61% 7.95%
Capitalization / Revenue 2.03 x 1.63 x 1.39 x 1.38 x 1.79 x 2.19 x 2.03 x 1.93 x
EV / Revenue 2.03 x 1.63 x 1.39 x 1.38 x 1.79 x 2.19 x 2.03 x 1.93 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 0.55 x 0.38 x 0.32 x 0.37 x - 0.42 x 0.39 x 0.36 x
Nbr of stocks (in thousands) 349,983,034 349,983,034 349,983,034 349,983,034 349,983,034 349,983,034 - -
Reference price 2 3.065 2.390 2.184 2.367 2.736 3.249 3.249 3.249
Announcement Date 3/30/20 3/30/21 3/30/22 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 1 627,268 657,961 721,746 725,499 695,468 694,014 749,961 786,561
EBITDA - - - - - - - -
EBIT 1 266,305 265,971 461,471 451,476 443,163 438,680 471,167 514,025
Operating Margin 42.45% 40.42% 63.94% 62.23% 63.72% 63.21% 62.83% 65.35%
Earnings before Tax (EBT) 1 266,576 265,050 295,880 306,216 307,419 315,527 331,618 347,019
Net income 1 212,098 215,925 241,183 259,140 269,356 266,989 280,033 292,875
Net margin 33.81% 32.82% 33.42% 35.72% 38.73% 38.47% 37.34% 37.23%
EPS 2 0.5900 0.5900 0.6500 0.6900 0.7200 0.7458 0.7825 0.8304
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 0.1819 0.1851 0.2068 0.2222 - 0.2361 0.2472 0.2584
Announcement Date 3/30/20 3/30/21 3/30/22 3/30/23 3/28/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2021 S1 2021 Q3 2021 Q4 2021 S2 2022 Q2 2022 S1 2022 Q4 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 1 304,883 339,774 366,254 179,627 175,865 - 181,802 387,659 160,099 176,429 - 167,854 161,820 - 180,176 161,887 - 163,285 160,317 - - -
EBITDA - - - - - - - - - - - - - - - - - - - - - -
EBIT 1 185,940 231,731 249,563 123,034 - 211,908 123,336 261,688 73,234 118,672 - 108,727 - - 130,528 - - - - - - -
Operating Margin 60.99% 68.2% 68.14% 68.49% - - 67.84% 67.5% 45.74% 67.26% - 64.77% - - 72.44% - - - - - - -
Earnings before Tax (EBT) 1 120,714 132,555 - - - - - - 71,448 72,942 - 81,441 - - 81,716 - - - - - - -
Net income 1 86,053 108,834 122,278 64,431 - - 58,195 128,945 61,635 61,680 - 74,122 - - 71,690 - - - - - - -
Net margin 28.22% 32.03% 33.39% 35.87% - - 32.01% 33.26% 38.5% 34.96% - 44.16% - - 39.79% - - - - - - -
EPS 2 0.2500 - - - - - - - 0.1600 0.1700 0.3700 - - 0.3500 0.1900 - 0.4000 - - 0.4000 0.4100 0.4200
Dividend per Share - - - - - - - - - - - - - - - - - - - - - -
Announcement Date 3/30/20 8/30/20 8/30/21 10/28/21 3/30/22 3/30/22 8/29/22 8/29/22 3/30/23 8/29/23 8/29/23 10/27/23 3/28/24 3/28/24 - - - - - - - -
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) 12.4% 11.4% 11.6% 11.3% 10.9% 10.3% 10.1% 9.95%
ROA (Net income/ Total Assets) 0.89% 0.83% 0.86% 0.82% 0.74% 0.64% 0.61% 0.56%
Assets 1 23,751,176 26,046,441 28,044,535 31,498,724 36,611,708 41,636,988 45,779,391 52,507,340
Book Value Per Share 2 5.570 6.300 6.900 6.370 - 7.710 8.280 9.140
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 3/30/20 3/30/21 3/30/22 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 Agricultural Bank of China Limited

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
21
Last Close Price
3.249 CNY
Average target price
3.471 CNY
Spread / Average Target
+6.82%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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