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
 01:38:20 26/04/2024 pm IST 		5-day change 1st Jan Change
3.46 HKD -0.86% Intraday chart for Bank of China Limited +2.98% +16.11%
26/04 Strong US Dollar Unlikely to Trouble Global Economy Says Capital Economics MT
26/04 (Hold for Robert) Strong US Dollar Unlikely to Trouble Global Economy Says Capital Economics 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 12,28,918 - -
Enterprise Value (EV) 1 10,26,297 8,56,431 8,34,399 8,74,723 10,68,559 12,28,918 12,28,918 12,28,918
P/E ratio 4.88 x 3.66 x 3.27 x 3.44 x 3.66 x 4.23 x 4.03 x 4.18 x
Yield 6.42% 8.83% 9.65% 9.25% 8.73% 7.46% 7.83% 7.94%
Capitalization / Revenue 1.87 x 1.51 x 1.38 x 1.41 x 1.71 x 1.95 x 1.82 x 1.78 x
EV / Revenue 1.87 x 1.51 x 1.38 x 1.41 x 1.71 x 1.95 x 1.82 x 1.78 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 0.37 x 0.35 x 0.33 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 3.203 3.203 3.203
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 6,30,704 6,75,894 6,92,282
EBITDA - - - - - - - -
EBIT 1 2,49,537 3,65,236 3,79,362 3,87,943 4,01,205 3,99,957 4,24,322 4,51,601
Operating Margin 45.44% 64.34% 62.63% 62.66% 64.28% 63.41% 62.78% 65.23%
Earnings before Tax (EBT) 1 2,50,645 2,46,378 2,76,620 2,84,595 2,95,608 2,97,537 3,09,966 3,28,059
Net income 1 1,87,405 1,92,870 2,16,559 2,27,439 2,31,904 2,28,313 2,36,138 2,27,583
Net margin 34.12% 33.98% 35.75% 36.73% 37.16% 36.2% 34.94% 32.87%
EPS 2 0.6100 0.6100 0.7000 0.7300 0.7400 0.7574 0.7950 0.7666
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 0.2391 0.2507 0.2545
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 2021 Q3 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 - 1,60,777 1,44,528 - 1,42,605 1,44,884 - - -
EBITDA - - - - - - - - - - - - - - - - - - -
EBIT 1 1,66,183 1,96,037 - 95,213 1,01,020 2,04,699 - - 98,702 - - 1,08,324 - - - - - - -
Operating Margin 60.8% 68.31% - - 66.26% 65.27% - - 65.27% - - 67.38% - - - - - - -
Earnings before Tax (EBT) 1 98,087 1,29,616 - - - - - - 68,695 - - 76,242 - - - - - - -
Net income 1 73,357 1,00,917 1,12,813 - - - - - 54,763 - - 57,298 - - - - - - -
Net margin 26.84% 35.16% 37.25% - - - - - 36.21% - - 35.64% - - - - - - -
EPS 2 - - - - - - - 0.3700 - - 0.3700 0.1900 - 0.4100 - - 0.3900 0.4200 0.4100
Dividend per Share - - - - - - - - - - - - - - - - - - -
Announcement Date 27/03/20 30/08/20 30/08/21 29/10/21 30/08/22 30/08/22 30/08/23 30/08/23 30/10/23 28/03/24 28/03/24 - - - - - - - -
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) 11.5% 10.6% 11.3% 10.8% 10.1% 9.36% 9.23% 8.42%
ROA (Net income/ Total Assets) 0.85% 0.87% 0.89% 0.85% 0.8% 0.69% 0.66% 0.57%
Assets 1 2,20,21,739 2,21,68,966 2,43,32,472 2,67,57,529 2,89,88,000 3,29,21,871 3,56,94,149 3,99,97,098
Book Value Per Share 2 5.610 5.980 6.470 6.990 7.580 8.570 9.070 9.640
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
3.203 CNY
Average target price
3.391 CNY
Spread / Average Target
+5.87%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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