Financials Industrial and Commercial Bank of China Limited

Equities

1398

CNE1000003G1

Banks

Market Closed - Hong Kong S.E. 04:09:00 2024-07-15 EDT 5-day change 1st Jan Change
4.45 HKD -0.67% Intraday chart for Industrial and Commercial Bank of China Limited -5.32% +16.49%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 2,050,257 1,712,192 1,559,687 1,476,442 1,591,798 2,030,565 - -
Enterprise Value (EV) 1 2,050,257 1,712,192 1,559,687 1,476,442 1,591,798 2,030,565 2,030,565 2,030,565
P/E ratio 6.23 x 4.92 x 3.77 x 3.66 x 3.54 x 4.2 x 4.07 x 3.92 x
Yield 4.9% 6.21% 8.18% 8.55% 8.82% 7.48% 7.59% 7.92%
Capitalization / Revenue 2.4 x 1.94 x 1.81 x 1.75 x 1.97 x 2.53 x 2.43 x 2.32 x
EV / Revenue 2.4 x 1.94 x 1.81 x 1.75 x 1.97 x 2.53 x 2.43 x 2.32 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 0.77 x 0.57 x 0.44 x 0.4 x 0.36 x 0.4 x 0.37 x 0.35 x
Nbr of stocks (in thousands) 356,406,257 356,406,257 356,406,257 356,406,257 356,406,257 356,406,257 - -
Reference price 2 5.362 4.234 3.585 3.550 3.472 4.136 4.136 4.136
Announcement Date 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 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 855,164 882,665 860,880 841,441 806,458 810,379 832,167 881,617
EBITDA - - - - - - - -
EBIT 1 568,226 391,382 624,653 600,557 567,760 566,229 587,291 627,388
Operating Margin 66.45% 44.34% 72.56% 71.37% 70.4% 69.87% 70.57% 71.16%
Earnings before Tax (EBT) 1 391,789 392,126 424,899 422,565 421,966 420,010 436,793 448,790
Net income 1 307,699 315,906 338,731 360,483 363,993 355,741 367,197 380,422
Net margin 35.98% 35.79% 39.35% 42.84% 45.13% 43.9% 44.13% 43.15%
EPS 2 0.8600 0.8600 0.9500 0.9700 0.9800 0.9855 1.017 1.055
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 0.2628 0.2628 0.2933 0.3035 0.3064 0.3092 0.3141 0.3274
Announcement Date 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 S2 2020 S1 2021 S1 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 1 381,799 402,346 426,406 216,985 - 216,930 443,788 - 190,322 - 210,445 - 194,614 182,938 - 210,165 205,852 - 196,264 188,223 - - -
EBITDA - - - - - - - - - - - - - - - - - - - - - - -
EBIT 1 261,177 314,421 331,415 130,651 - 159,415 340,615 - 112,308 - 153,019 - 134,997 109,236 - 161,580 150,117 - 136,580 113,501 - - -
Operating Margin 68.41% 78.15% 77.72% 60.21% - 73.49% 76.75% - 59.01% - 72.71% - 69.37% 59.71% - 76.88% 72.92% - 69.59% 60.3% - - -
Earnings before Tax (EBT) 182,580 189,351 - - - - - - 100,388 - 97,069 - 110,590 107,721 - 102,455 - - - - - - -
Net income 139,768 148,790 163,473 - - - - - 94,661 - 83,580 - 94,929 95,320 - 87,653 - - - - - - -
Net margin 36.61% 36.98% 38.34% - - - - - 49.74% - 39.72% - 48.78% 52.11% - 41.71% - - - - - - -
EPS 2 - - - 0.2600 0.2500 - - 0.2400 0.2600 0.2500 0.2300 0.4800 0.2400 0.2600 0.5000 0.2400 0.2600 0.4800 0.2500 0.2500 0.5400 0.4900 0.5600
Dividend per Share - - - - - - - - - - - - - - - - - - - - - - -
Announcement Date 3/27/20 8/30/20 8/27/21 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 3/27/24 4/29/24 - - - - - - -
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) 13.1% 12% 12.2% 11.4% 10.7% 9.73% 9.43% 9.09%
ROA (Net income/ Total Assets) 1.08% 1% 1.02% 0.97% 0.87% 0.78% 0.73% 0.68%
Assets 1 28,490,648 31,717,470 33,208,922 37,163,196 41,838,276 45,629,496 50,204,621 55,625,429
Book Value Per Share 2 6.930 7.480 8.150 8.810 9.550 10.40 11.10 11.90
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 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
4.136 CNY
Average target price
4.724 CNY
Spread / Average Target
+14.23%
Consensus
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