Financials Industrial and Commercial Bank of China Limited

Equities

1398

CNE1000003G1

Banks

Market Closed - Hong Kong S.E. 04:08:28 2024-04-12 am EDT 5-day change 1st Jan Change
3.99 HKD -1.97% Intraday chart for Industrial and Commercial Bank of China Limited +0.50% +4.45%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 1,852,041 2,050,257 1,712,192 1,559,687 1,476,442 1,754,189 1,754,189 -
Enterprise Value (EV) 1 1,852,041 2,050,257 1,712,192 1,559,687 1,476,442 1,591,798 1,754,189 1,754,189
P/E ratio 5.99 x 6.23 x 4.92 x 3.77 x 3.66 x 3.54 x 3.68 x 3.56 x
Yield 5.11% 4.9% 6.21% 8.18% 8.55% 8.36% 8.39% 8.71%
Capitalization / Revenue 2.55 x 2.4 x 1.94 x 1.81 x 1.75 x 1.97 x 2.22 x 2.03 x
EV / Revenue 2.55 x 2.4 x 1.94 x 1.81 x 1.75 x 1.97 x 2.22 x 2.03 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 0.78 x 0.77 x 0.57 x 0.44 x 0.4 x 0.38 x 0.36 x 0.33 x
Nbr of stocks (in thousands) 356,406,257 356,406,257 356,406,257 356,406,257 356,406,257 356,406,257 356,406,257 -
Reference price 2 4.908 5.362 4.234 3.585 3.550 3.685 3.685 3.685
Announcement Date 3/28/19 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 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 725,121 855,164 882,665 860,880 841,441 806,458 790,941 865,730
EBITDA - - - - - - - -
EBIT 1 530,918 568,226 391,382 624,653 600,557 567,760 554,407 602,793
Operating Margin 73.22% 66.45% 44.34% 72.56% 71.37% 70.4% 70.09% 69.63%
Earnings before Tax (EBT) 1 372,413 391,789 392,126 424,899 422,565 421,966 429,579 441,137
Net income 1 297,676 307,699 315,906 338,731 360,483 363,993 364,379 377,309
Net margin 41.05% 35.98% 35.79% 39.35% 42.84% 45.13% 46.07% 43.58%
EPS 2 0.8200 0.8600 0.8600 0.9500 0.9700 0.9800 1.001 1.036
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 0.2506 0.2628 0.2628 0.2933 0.3035 0.3080 0.3093 0.3211
Announcement Date 3/28/19 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 S1 2019 S2 2020 S1 2021 Q2 2021 S1 2021 Q3 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 1 394,203 381,799 402,346 212,286 426,406 217,489 216,985 - 216,930 443,788 - 190,322 - 210,445 - 194,614 182,938 - 203,032 202,694 - 196,957 - - - -
EBITDA - - - - - - - - - - - - - - - - - - - - - - - - - -
EBIT 1 307,049 261,177 314,421 160,752 331,415 - 130,651 - 159,415 340,615 - 112,308 - 153,019 - 134,997 109,236 - 158,705 147,983 - 137,063 - - - -
Operating Margin 77.89% 68.41% 78.15% 75.72% 77.72% - 60.21% - 73.49% 76.75% - 59.01% - 72.71% - 69.37% 59.71% - 78.17% 73.01% - 69.59% - - - -
Earnings before Tax (EBT) 1 209,209 182,580 189,351 99,650 - - - - - - - 100,388 - 97,069 - 110,590 107,721 - - - - - - - - -
Net income 1 167,931 139,768 148,790 77,743 163,473 - - - - - - 94,661 - 83,580 - 94,929 95,320 - - - - - - - - -
Net margin 42.6% 36.61% 36.98% 36.62% 38.34% - - - - - - 49.74% - 39.72% - 48.78% 52.11% - - - - - - - - -
EPS 2 - - - 0.2200 - 0.2300 0.2600 0.2500 - - 0.2400 0.2600 0.2500 0.2300 0.4800 0.2400 0.2600 0.5300 0.2800 0.2700 0.5000 0.2600 0.2300 0.5500 0.5100 0.5700
Dividend per Share - - - - - - - - - - - - - - - - - - - - - - - - - -
Announcement Date 8/29/19 3/27/20 8/30/20 8/27/21 8/27/21 10/29/21 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 - - - - - - - - -
1CNY in Million2CNY
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) 13.8% 13.1% 12% 12.2% 11.4% 10.7% 10.1% 9.75%
ROA (Net income/ Total Assets) 1.11% 1.08% 1% 1.02% 0.97% 0.87% 0.83% 0.75%
Assets 1 26,817,658 28,490,648 31,717,470 33,208,922 37,163,196 40,765,841 44,122,741 50,064,257
Book Value Per Share 2 6.300 6.930 7.480 8.150 8.810 9.630 10.30 11.00
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 3/28/19 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

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
20
Last Close Price
3.685 CNY
Average target price
4.409 CNY
Spread / Average Target
+19.65%
Consensus
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