Stock 601988 BANK OF CHINA LIMITED
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Financials Bank of China Limited Shanghai S.E.

Equities

601988

CNE000001N05

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
4.56 CNY -1.94% Intraday chart for Bank of China Limited -3.39% +14.29%
Apr. 26 Strong US Dollar Unlikely to Trouble Global Economy Says Capital Economics MT
Apr. 26 (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 1,026,297 856,431 834,399 874,723 1,068,559 1,228,918 - -
Enterprise Value (EV) 1 1,026,297 856,431 834,399 874,723 1,068,559 1,228,918 1,228,918 1,228,918
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) 294,368,301 294,385,451 294,384,261 294,387,791 294,387,791 294,387,791 - -
Reference price 2 2.976 2.230 2.290 2.508 2.709 3.203 3.203 3.203
Announcement Date 3/27/20 3/30/21 3/29/22 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 1 549,182 567,647 605,717 619,139 624,138 630,704 675,894 692,282
EBITDA - - - - - - - -
EBIT 1 249,537 365,236 379,362 387,943 401,205 399,957 424,322 451,601
Operating Margin 45.44% 64.34% 62.63% 62.66% 64.28% 63.41% 62.78% 65.23%
Earnings before Tax (EBT) 1 250,645 246,378 276,620 284,595 295,608 297,537 309,966 328,059
Net income 1 187,405 192,870 216,559 227,439 231,904 228,313 236,138 227,583
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 3/27/20 3/30/21 3/29/22 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 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 1 273,322 286,983 302,855 - 152,460 313,611 153,490 - 151,225 153,206 - 160,777 144,528 - 142,605 144,884 - - -
EBITDA - - - - - - - - - - - - - - - - - - -
EBIT 1 166,183 196,037 - 95,213 101,020 204,699 - - 98,702 - - 108,324 - - - - - - -
Operating Margin 60.8% 68.31% - - 66.26% 65.27% - - 65.27% - - 67.38% - - - - - - -
Earnings before Tax (EBT) 1 98,087 129,616 - - - - - - 68,695 - - 76,242 - - - - - - -
Net income 1 73,357 100,917 112,813 - - - - - 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 3/27/20 8/30/20 8/30/21 10/29/21 8/30/22 8/30/22 8/30/23 8/30/23 10/30/23 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) 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 22,021,739 22,168,966 24,332,472 26,757,529 28,988,000 32,921,871 35,694,149 39,997,098
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 3/27/20 3/30/21 3/29/22 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 Bank of China Limited

Trading Rating
Investor Rating
ESG Refinitiv
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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