Financials Bank of China Limited

Equities

3988

CNE1000001Z5

Banks

Delayed Hong Kong S.E. 09:55:32 2024-02-26 pm EST 5-day change 1st Jan Change
3.11 HKD 0.00% Intraday chart for Bank of China Limited +1.30% +4.36%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 1,008,876 1,026,297 856,431 834,399 874,723 1,179,259 1,179,259 -
Enterprise Value (EV) 1 1,008,876 1,026,297 856,431 834,399 874,723 1,179,259 1,179,259 1,179,259
P/E ratio 5.03 x 4.88 x 3.66 x 3.27 x 3.44 x 3.8 x 3.67 x 3.53 x
Yield 6.2% 6.42% 8.83% 9.65% 9.25% 8.31% 8.5% 8.81%
Capitalization / Revenue 2 x 1.87 x 1.51 x 1.38 x 1.41 x 1.83 x 1.77 x 1.66 x
EV / Revenue 2 x 1.87 x 1.51 x 1.38 x 1.41 x 1.83 x 1.77 x 1.66 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 0.58 x 0.53 x 0.37 x 0.35 x 0.36 x 0.36 x 0.34 x 0.32 x
Nbr of stocks (in thousands) 294,372,261 294,368,301 294,385,451 294,384,261 294,387,791 294,387,791 294,387,791 -
Reference price 2 2.968 2.976 2.230 2.290 2.508 2.861 2.861 2.861
Announcement Date 3/29/19 3/27/20 3/30/21 3/29/22 3/30/23 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 503,806 549,182 567,647 605,717 619,139 643,915 668,077 709,355
EBITDA - - - - - - - -
EBIT 1 326,827 249,537 365,236 379,362 387,943 404,846 427,587 460,288
Operating Margin 64.87% 45.44% 64.34% 62.63% 62.66% 62.87% 64% 64.89%
Earnings before Tax (EBT) 1 229,643 250,645 246,378 276,620 284,595 290,633 302,877 316,870
Net income 1 180,086 187,405 192,870 216,559 227,439 226,286 235,489 245,748
Net margin 35.75% 34.12% 33.98% 35.75% 36.73% 35.14% 35.25% 34.64%
EPS 2 0.5900 0.6100 0.6100 0.7000 0.7300 0.7527 0.7797 0.8112
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 0.1840 0.1910 0.1970 0.2210 0.2320 0.2377 0.2432 0.2521
Announcement Date 3/29/19 3/27/20 3/30/21 3/29/22 3/30/23 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S1 2019 S2 2020 S1 2021 Q2 2021 S1 2022 Q2 2022 S1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3
Net sales 1 276,688 273,322 286,983 145,133 302,855 152,460 313,611 153,490 151,225 140,003 155,845 157,190 157,527
EBITDA - - - - - - - - - - - - -
EBIT 185,558 166,183 196,037 76,112 - 101,020 204,699 - 98,702 - - - -
Operating Margin 67.06% 60.8% 68.31% 52.44% - 66.26% 65.27% - 65.27% - - - -
Earnings before Tax (EBT) 152,558 98,087 129,616 76,244 - - - - 68,695 - - - -
Net income 114,048 73,357 100,917 58,824 112,813 - - - 54,763 - - - -
Net margin 41.22% 26.84% 35.16% 40.53% 37.25% - - - 36.21% - - - -
EPS - - - - - - - - - - - - -
Dividend per Share - - - - - - - - - - - - -
Announcement Date 8/30/19 3/27/20 8/30/20 8/30/21 8/30/21 8/30/22 8/30/22 8/30/23 10/30/23 - - - -
1CNY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 12.1% 11.5% 10.6% 11.3% 10.8% 9.95% 9.54% 9.44%
ROA (Net income/ Total Assets) 0.88% 0.85% 0.87% 0.89% 0.85% 0.79% 0.76% 0.72%
Assets 1 20,371,719 22,021,739 22,168,966 24,332,472 26,757,529 28,781,522 31,153,399 34,356,884
Book Value Per Share 2 5.140 5.610 5.980 6.470 6.990 7.970 8.500 9.040
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 3/29/19 3/27/20 3/30/21 3/29/22 3/30/23 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
16
Last Close Price
2.861 CNY
Average target price
3.238 CNY
Spread / Average Target
+13.19%
Consensus
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