Stock 3988 BANK OF CHINA LIMITED
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Financials Bank of China Limited

Equities

3988

CNE1000001Z5

Banks

Market Closed - Hong Kong S.E.
Other stock markets
 01:38:05 31/05/2024 pm IST 		5-day change 1st Jan Change
3.7 HKD -0.27% Intraday chart for Bank of China Limited -4.88% +24.16%
31/05 PSBC to Sell Beneficial Interest in Funds, Asset Management Plan MT
31/05 China Central Bank Infuses 360 Billion Yuan in Liquidity Thursday, Friday MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 10,26,297 8,56,431 8,34,399 8,74,723 10,68,559 12,22,330 - -
Enterprise Value (EV) 1 10,26,297 8,56,431 8,34,399 8,74,723 10,68,559 12,22,330 12,22,330 12,22,330
P/E ratio 4.88 x 3.66 x 3.27 x 3.44 x 3.66 x 4.6 x 4.43 x 4.24 x
Yield 6.42% 8.83% 9.65% 9.25% 8.73% 6.91% 7.1% 7.38%
Capitalization / Revenue 1.87 x 1.51 x 1.38 x 1.41 x 1.71 x 1.96 x 1.84 x 1.77 x
EV / Revenue 1.87 x 1.51 x 1.38 x 1.41 x 1.71 x 1.96 x 1.84 x 1.77 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 0.41 x 0.38 x 0.36 x
Nbr of stocks (in thousands) 29,43,68,301 29,43,85,451 29,43,84,261 29,43,87,791 29,43,87,791 29,43,87,791 - -
Reference price 2 2.976 2.230 2.290 2.508 2.709 3.426 3.426 3.426
Announcement Date 27/03/20 30/03/21 29/03/22 30/03/23 28/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 5,49,182 5,67,647 6,05,717 6,19,139 6,24,138 6,24,550 6,65,422 6,90,680
EBITDA - - - - - - - -
EBIT 1 2,49,537 3,65,236 3,79,362 3,87,943 4,01,205 3,91,467 4,11,947 4,46,640
Operating Margin 45.44% 64.34% 62.63% 62.66% 64.28% 62.68% 61.91% 64.67%
Earnings before Tax (EBT) 1 2,50,645 2,46,378 2,76,620 2,84,595 2,95,608 2,94,910 3,06,687 3,20,562
Net income 1 1,87,405 1,92,870 2,16,559 2,27,439 2,31,904 2,23,907 2,29,781 2,41,242
Net margin 34.12% 33.98% 35.75% 36.73% 37.16% 35.85% 34.53% 34.93%
EPS 2 0.6100 0.6100 0.7000 0.7300 0.7400 0.7448 0.7729 0.8080
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 0.2366 0.2432 0.2528
Announcement Date 27/03/20 30/03/21 29/03/22 30/03/23 28/03/24 - - -
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 2,73,322 2,86,983 3,02,855 1,52,460 3,13,611 1,53,490 - 1,51,225 1,53,206 - 1,61,038 1,44,528 - 1,42,605 1,44,884 - - -
EBITDA - - - - - - - - - - - - - - - - - -
EBIT 1,66,183 1,96,037 - 1,01,020 2,04,699 - - 98,702 - - 1,06,745 - - - - - - -
Operating Margin 60.8% 68.31% - 66.26% 65.27% - - 65.27% - - 66.29% - - - - - - -
Earnings before Tax (EBT) 98,087 1,29,616 - - - - - 68,695 - - 71,897 - - - - - - -
Net income 73,357 1,00,917 1,12,813 - - - - 54,763 - - 55,989 - - - - - - -
Net margin 26.84% 35.16% 37.25% - - - - 36.21% - - 34.77% - - - - - - -
EPS - - - - - - 0.3700 - - 0.3700 0.1800 - 0.4000 - - 0.3800 0.4100 0.4000
Dividend per Share - - - - - - - - - - - - - - - - - -
Announcement Date 27/03/20 30/08/20 30/08/21 30/08/22 30/08/22 30/08/23 30/08/23 30/10/23 28/03/24 28/03/24 29/04/24 - - - - - - -
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% 9.13% 9.03% 8.67%
ROA (Net income/ Total Assets) 0.85% 0.87% 0.89% 0.85% 0.8% 0.69% 0.66% 0.62%
Assets 1 2,20,21,739 2,21,68,966 2,43,32,472 2,67,57,529 2,89,88,000 3,23,38,740 3,50,44,614 3,91,73,511
Book Value Per Share 2 5.610 5.980 6.470 6.990 7.580 8.360 8.950 9.590
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 27/03/20 30/03/21 29/03/22 30/03/23 28/03/24 - - -
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
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
17
Last Close Price
3.426 CNY
Average target price
3.605 CNY
Spread / Average Target
+5.22%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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