SSE: 601398 - Industrial and Commercial Bank of China Limited

Yield per half year: +9.48%
Dividend yield: 0.00%
Sector: Financials

Reporting Industrial and Commercial Bank of China Limited

Capitalization

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Капитализация, млрд ¥				2 257.05				1 470	1 480	1 520
Выручка, млрд ¥	582.25	673.29	723.55	770.7	852.64	881.36	939.89	913.56	838.05	838.05
Чистая прибыль, млрд ¥	277.13	278.25	286.05	297.68	312.22	315.91	348.34	360.48	363.99	363.99
EV, млрд ¥				-5 011.24
Баланс стоимость, млрд ¥	1 710.1	1 969.75	2 127.49	2 330	2 676.19	2 893.5	3 257.76	3 495.17	3 756.89	3 756.89
FCF, млрд ¥			763.98	671.11	668.48	1 526.62	339.02	1 390.94	1 402.51	1 402.51
Операционный денежный поток, млрд ¥	442	-1 262.56	770.86	724.13	-1 062.16	1 557.62	360.88	1 404.66	1 417	1 417
Операционная прибыль, млрд ¥	363.04	360.32	363.75	374.28	389.27
Операционные расходы, млрд ¥	219.22	227.68	236.89	241.01	285.64
CAPEX, млрд ¥	42.3	36.92	13.1	60.5	34.16	38.01	27.58	23.13	14.49	14.49

	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Капитализация, млрд ¥			2 096.08
Выручка, млрд ¥									236.2	222.97	205.48	226.5	218.62	202.62	190.32	218.89	199.14	204.71
Чистая прибыль, млрд ¥									80.87	94.32	94.66	90.16	83.58	94.93	95.32	87.65	82.81	98.56
EV, млрд ¥			1 893.41
Баланс стоимость, млрд ¥									3 314.2	3 409.85	3 495.17	3 581.38	3 576	3 656.04	3 756.89	3 857.57	3 843.53	3 901.08
FCF, млрд ¥									194.05	419.35	-427.63	1 104.59	189.13	609.35	-500.56	1 362.21	-1 343.08	1 032.35
Операционный денежный поток, млрд ¥									1 667.74	-2 963.76	2 958.01	2 311.36	2 311.36	611.85	-492.12	1 367.25	-1 340.27	1 050.27
Операционная прибыль, млрд ¥	97.65	101.64	70.84	102.93	104.94	103.44	77.96
Операционные расходы, млрд ¥	41.96	46.51	112.54	74.13	60.68	62.28	88.55	60.65
CAPEX, млрд ¥									13.49	16.19	9.18	12.03	12.03	2.5	8.44	5.04	2.81	17.91

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Наличность, млрд ¥	538.06	7 719.14	8 314.07	7 888.89	7 916.26	4 897.4	33 065.01	4 743.69	5 298.44	5 298.44
Short Term Investments ¥	1 232.66	1 033.75	1 346.16	1 181.55	845.19
Long term investments ¥	4 901.31	5 314.33	5 601.03	905.81	1 062.88	7 225.51	9 395.68	8 502.36	9 758.92
Total Receivables ¥	89.48	183.75	19.56	24.28	817.99	26.64	17.96
Total Current Assets ¥	4 890.52	5 222.84	5 712.3	5 215.12	5 761.68	5 813.01	25 663.61	29 003.48
Чистые активы, млрд ¥	224.43	246.21	245.69	288.61	320.02	317.99	288.2	291.91
Активы, млрд ¥	22 209.78	24 137.27	26 087.04	27 699.54	30 109.44	33 345.06	35 171.38	39 609.66	44 697.08	44 697.08
Short Term Debt ¥	0.05	0.118	0.052	0.071
Long Term Debt ¥	320.33	374.18	535.54	620.54	743.89
Задолженность, млрд ¥	20 409.26	22 156.1	23 945.99	25 354.66	27 417.43	30 435.54	31 896.13	36 095.83	40 920.49	40 920.49
Долг, млрд ¥	320.38	374.3	535.59	620.61				1 640	1 640	2 030
Interest income ¥		791.48	861.59	948.09	1 038.15	1 092.52	1 162.22	1 280.38	1 405.04
Расходы на обслуживание долга ¥				375.58	431.23	445.76	471.54	586.69	750.03	750.03
Чист. проц. доходы, млрд ¥		471.85	522.08	572.52	606.93	646.77	690.68	693.69	655.01	1 405.04
Goodwill ¥	8.96	9.48	8.96	9.3
Товарно материальные запасы ¥	6.81	8.27	8.63	9.34	10.92	5.25	3.95	3.41

	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q2	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Наличность, млрд ¥															4 670.25	4 769.09	4 743.69	5 029.96	5 078.73	4 988.66	5 298.44	5 329.03	5 068.92	5 321.39
Short Term Investments ¥	687.91	851.85	1 181.55	883.69	1 454.53	1 116.92	845.19
Long term investments ¥												7 575.14	9 395.68	176.99	10 355.71	10 393.2	8 502.36	11 178.3	9 028.53	9 290.1	9 758.92
Total Receivables ¥									840.79	929.25	20.75	897.12	17.96	830.24	14.68	1 074.57	13.14		19.54
Total Current Assets ¥										6 520.93	6 155.11	6 104.72	4 973.64	6 328.64	6 187.46	6 603.36	29 003.48	6 977.05	7 362.21
Чистые активы, млрд ¥									320.03	285.67	316.01	282.6	319.86	287.52	322.17	299.66	291.91		330.98
Активы, млрд ¥															38 744.38	39 550.66	39 609.66	42 033.9	43 669.61	44 482.82	44 697.08	47 600.03	47 116.54	48 357.76
Short Term Debt ¥	0.028		0.071		0.616
Long Term Debt ¥	587.9	606.01	620.54	693.65	778.65	750.21	743.89
Задолженность, млрд ¥															35 411.07	36 121.66	36 095.83	38 432.32	40 073.19	40 806.95	40 920.49	43 723.41	43 252.04	44 435.48
Долг, млрд ¥	587.93		620.61		779.26
Interest income ¥												294.67	303.75	305.37	314.65	330.68	329.68	341.23	355.35	360.59	347.87
Расходы на обслуживание долга ¥															140.51	154.5	163.59	172.82	186.77	196.05	194.38	201.68	205.43	190.64
Чист. проц. доходы, млрд ¥														177.28	174.14	176.17	166.09	168.41	168.58	164.54	153.49	363.08	357.97
Goodwill ¥	8.99		9.3		9.35
Товарно материальные запасы ¥	11.03		9.34		9.2		9.08	8.91	7.36		7.21		3.95		3.46				3.5

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	0.77	0.76	0.79	0.82	0.86	0.86	0.95	1.01	1.02			1.02
Цена акции ао			6.2	5.29	5.88	4.99	4.63	4.34	4.78	6.92	6.58	6.58
Число акций ао, млн				386993.33	363051	367332	366671	356406.26	356406.26			356406.26
FCF/акцию				1.73	1.88	4.28	0.9512	3.9	3.94			3.94

	2018Q4	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
EPS					0.22	0.24	0.26	0.25	0.2345	0.2664	0.2674	0.2459	0.2324	0.2765
Цена акции ао		4.71	4.66	4.69	4.72	4.41	4.25	4.36	4.85	4.67	4.78
Число акций ао, млн	386993.33
FCF/акцию					0.5445	1.18	-1.2	3.1	0.5307	1.71	-1.4	3.82	-3.77	2.9

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	16.21	14.13	13.45	12.78	11.67	10.92	10.69	10.68	10.04			10.04	8.60
ROA, %	1.25	1.15	1.1	1.07	1.04	0.9474	0.9904	0.9641	0.8635			0.8635	1.37
ROIC, %	18.25	16.21	14.04	13.15
ROS, %			39.53	38.62	36.62	35.84	37.06	39.46	43.43	43.43	43.43	43.43	29.82
Рентаб EBITDA, %								56.63	56.63			56.89	41.77
Чистая рентаб, %	47.6	41.33	39.53	38.62	36.62	35.84	37.06	39.46	43.43			43.43	29.82
Operation Margin, %	62.35	53.52	50.27	48.56	45.65				0	0	0	0	3.31
Доходность FCF, %				29.73

	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
ROE, %								2.44	2.77	2.71	2.52	2.4	2.68	2.64	2.38	2.21	2.59	8.60
ROA, %								0.2087	0.2385	0.239	0.2145	0.195	0.2154	0.2138	0.1899	0.1749	0.2065	1.37
ROIC, %	6.23		2.18		2.83
ROS, %								34.24	42.3	46.07	39.81	38.23	46.85	50.09	40.04	41.58	48.14	29.82
Чистая рентаб, %								34.24	42.3	46.07	39.81	38.23	46.85	50.09	40.04	41.58	48.14	29.82
Operation Margin, %	69.95	68.61	38.63	43.83	50.77	50.82	37.56											3.31

	Industry average	5 quarters average	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E				7.58	6.84	5.63	4.74	4.29	4.7			4.7	15.24
P/BV				0.9687	0.793	0.6113	0.5038	0.4402	0.453			0.453	0.85
P/S				2.93	2.5	2.02	1.76	1.69	2.04			2.04	3.19
P/FCF				3.36					1.09	1.08	1.08	1.08	1.87
E/P				0.1319					0.2372	0.2395	0.2395	0.2395	0.15
EV/Ebit										0	0	0
EV/S				-6.5					0	0	0	0	2.53
EV/FCF				-7.47						0	0	0	0.01
Debt/EBITDA									0	0	0	0	1.38
Netdebt/Ebitda									0	0	0	0	0.60
Debt/Ratio	0.0144	0.0155	0.0205	0.0224					0.0513	0.0454	0.0454	0.0454	0.23
Debt/Equity	0.1873	0.19	0.2517	0.2664					0	0	0	0	0.67
Debt/Net Income	1.16	1.35	1.87	2.08					5.63	5.58	5.58	5.58	34.20
Бета								0.45	-0.3366	0.4776	2.18	2.18	2.33
Индекс Альтмана								0	0.0819	0.071	0.071	0.071	1.15

	2018Q2	2018Q4	2019Q2	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
P/E				4.71	4.28	4.21	4.42	4.69	4.59	4.7	5.22	5.5	6.05	15.24
P/BV				0.5036	0.4521	0.4321	0.4414	0.4727	0.4538	0.453	0.4863	0.5137	0.5616	0.85
P/S				1.75	1.65	1.66	1.78	1.95	1.95	2.04	2.27	2.45	2.71	3.19
E/P		0.0277												0.15
EV/S		10.32												2.53
Debt/Ratio	0.0215	0.0224	0.026											0.23
Debt/Equity	0.2801	0.2757	0.3229											0.67
Debt/Net Income	7.2	10.69	9.07											34.20

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	93.36	101.65	87.94	90.33	93.84	102.5	104.41	172.32	172.32	138.9
Дивиденд	0.2554	0.2333	0.2343	0.2408	0.2506	0.2628	0.266	0.2933	0.3035	0
Див доход, ао, %	5.29	5.37	4.39	4.13	4.43	5.08	5.36	5.58	6.09	0	0.32
Дивиденды / прибыль, %	33.69	36.53	30.74	30.34	30.06	32.45	29.97	33.11	47.34	47.34	98.92

	2014Q2	2015Q3	2016Q3	2017Q3	2018Q3	2019Q3	2020Q2	2021Q3	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд									2.83	3.16	3.16	7.25	18.28	133.62	13.2	18.73	10.92	129.21
Дивиденд	0.2617	0.2554	0.2333	0.2343	0.2408	0.2506	0.2628	0.266		0.2933				0.3035
Див доход, ао, %	7.46	5.35	5.28	4.15	4.43	4.52	5.11	5.65		6.65				6.5					0.32
Дивиденды / прибыль, %									3.5	3.35	3.33	8.04	21.87	140.76	13.85	21.37	13.19	131.1	98.92

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2022	2023	CAGR 5
Персонал, чел	434089	434089

	CAGR 5

	CAGR 5