SSE: 601988 - Bank of China Limited

Yield per half year: +14.07%
Sector: Financials

Reporting 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 ¥					1 136.72	1 037.07	946.67	896.02		1 000
Выручка, млрд ¥	414.3	482.73	482.12	502	548.13	565.37	604.08	617.36	621.92	621.92
Чистая прибыль, млрд ¥	170.85	164.58	172.41	180.09	187.41	192.87	216.56	227.44	231.9	231.9
Баланс стоимость, млрд ¥	1 205.23	1 411.68	1 496.02	1 612.98	1 851.7	2 038.42	2 225.15	2 427.59	2 629.51	2 629.51
FCF, млрд ¥			360.13	620.21	-523.29	33.41	813.09	-39.08	787.3	787.3
Операционный денежный поток, млрд ¥	-356.81	-1 066.63	-306.25	-386.4	-1 417.2	-970.97	-383.54	-2 031.31	816.45	816.45
Операционная прибыль, млрд ¥	228.9	220.01	221.13	226.61	249.09
Операционные расходы, млрд ¥	185.4	174.55	172.89	176.33	197.49
CAPEX, млрд ¥	36.94	34.25	46.01	42.15	39.02	39.62	30.17	27.74	29.15	29.15

	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Выручка, млрд ¥									152.07	154.08	150.21	166.04	153.07	150.9	151.91	160.74	156.2	160.65
Чистая прибыль, млрд ¥									62.17	53.16	54.36	57.66	62.43	54.76	57.05	55.99	62.61	57.16
Баланс стоимость, млрд ¥									2 315.23	2 382.27	2 427.59	2 476.9	2 515.46	2 565.51	2 629.51	2 653.49	2 648.82	2 742.11
FCF, млрд ¥									161.18	-189.11	284.92	484.53	138.14	-155.19	319.82	0.714	-73.58	225.12
Операционный денежный поток, млрд ¥									-192.36	-582.37	72.04	-1 229.89	-368.42	-149.12	330.29	3.24	-69.69	234.59
Операционная прибыль, млрд ¥	73.89	52.99	32.55	66.01	85.88	61.72	35.48
Операционные расходы, млрд ¥	38.74	44.39	50.46	47.57	43.43	51.15	55.35	47.1
CAPEX, млрд ¥									6.21	2.48	17.12	4.23	8.39	6.06	10.47	2.53	3.89	9.47

	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 ¥	536.04	5 926.16	5 750.42	6 141.76	5 738.77	3 812.56	24 727.61	4 104.72	4 457.37	4 457.37
Short Term Investments ¥	241.24	357.2	398.27	403.89	505.29
Long term investments ¥	3 627.89	3 721.57	4 252.79	517.99	634.8	3 688.57	6 296.24	4 167.71	4 096.9
Total Receivables ¥	996.26	878.04	729.47	929.18	771.92	490.93	377.13
Total Current Assets ¥	3 999.59	4 113.75	3 965.58	4 582.44	4 458.24	4 870.48	5 198.24
Чистые активы, млрд ¥	182.03	194.9	205.61	227.39	267.36	271.44	266.41	2 382.27	2 476.9	2 476.9
Активы, млрд ¥	16 815.6	18 148.89	19 467.42	21 267.28	22 769.74	24 402.66	26 722.41	28 913.86	32 432.17	32 432.17
Short Term Debt ¥	969	788.97	1 168.45	1 445.93	1 424.24
Long Term Debt ¥	678.64	1 044.54	1 301.45	1 216.49	1 166.41
Задолженность, млрд ¥	15 457.99	16 661.8	17 890.75	19 541.88	20 793.05	22 239.82	24 371.86	26 346.29	29 675.35	29 675.35
Чистый долг, млрд ¥					-3 148.13
Долг, млрд ¥	1 647.64	1 833.51	2 469.9	2 662.42	2 590.65			5 380		5 070
Interest income ¥		566.14	622.62	687.9	742.21	760.07	789.49	882.27	1 048.85
Расходы на обслуживание долга ¥				328.19	367.96	344.15	364.35	421.6	582.31	582.31
Чист. проц. доходы, млрд ¥		306.05	338.39	359.71	374.25	415.92	425.14	460.68	466.55	1 048.85
Goodwill ¥	2.45	2.47	2.48	2.62	2.69	2.53	2.48	2.65	2.69
Товарно материальные запасы ¥	2.07	2.78	2.68	2.32	2.4	2.12	2.04

	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 ¥															3 941.59	4 129.4	4 104.72	4 170.25	4 099.28	4 154.34	4 457.37	4 640.6	4 348.73	3 906.44
Short Term Investments ¥	403.69	764.89	403.89	1 000.41	500	1 085.42	505.29
Long term investments ¥												3 835.47	6 296.24	4 010.52	4 061.79	3 621.25	4 167.71	4 123.82	4 115.68	4 116.18	4 096.9
Total Receivables ¥					706.63		771.92	1 091.02	1 019.42		533.67	2 087.63	377.13		769.05			2 444.24	813.6
Total Current Assets ¥									4 870.48	5 241.8	5 369.28	4 873.65	5 198.24	5 040.25	5 186.95	5 232.28		4 896.27	5 421.68
Чистые активы, млрд ¥										248.24	267.3	247.18	266.41	241.89	262.58	248.47	2 427.59	241.47	271.84
Активы, млрд ¥															28 052.76	28 639.29	28 913.86	30 385.69	31 085.24	31 764.82	32 432.17	33 659.05	33 907.27	34 068.99
Short Term Debt ¥	1 869.26		1 445.93		2 368.57		1 424.24
Long Term Debt ¥	504.06	3 802.2	1 216.49	3 546.57	432.62	4 147.08	1 166.41
Задолженность, млрд ¥															25 608.01	26 120.33	26 346.29	27 768.07	28 423.48	29 074.71	29 675.35	30 874.85	31 128.29	31 195.01
Долг, млрд ¥	2 373.31		2 662.42		2 801.19		2 590.65
Interest income ¥												199.86	202.7	206.2	212.82	226.04	237.22	249.04	257.96	270.01	271.84
Расходы на обслуживание долга ¥															98.76	107.04	119.53	131.71	141.3	151.03	158.27	159.57	156.66	156.89
Чист. проц. доходы, млрд ¥														109.93	114.06	119	117.69	117.33	116.66	118.98	113.57	272.28	270.71
Goodwill ¥												2.52	2.48	2.47	2.58	2.7	2.65	2.61	2.73	2.71	2.69
Товарно материальные запасы ¥	2.51		2.32		2.52		2.4	2.34	2.12		2.05		2.04		2.18				2.01

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2014	2015	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	0.1332	0.5804	1.04	0.6117	1.16	0.6552	1.21	0.7726	0.7878			0.7878
Цена акции ао			3.97	3.61	3.69	3.18	3.05	3.16	3.99	5.51	5.35	5.35
Число акций ао, млн				294387.79	307221	316180	309370	294387.79	294387.79			294387.79
FCF/акцию			1.22	2.11	-1.78	0.1135	2.76	-0.1327	2.67			2.67

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
EPS				0.2112	0.1806	0.1846	0.1846	0.2121	0.186	0.1938	0.1902	0.2127	0.1942
Цена акции ао	3.04	3.06	3.13	3.23	3.09	3.09	3.27	3.88	3.8	3.94
FCF/акцию				0.5475	-0.6424	0.9678	1.65	0.4692	-0.5271	1.09	0.0024	-0.2499	0.7647

	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, %	14.18	11.66	11.52	11.16	10.12	9.46	9.73	9.78	9.17			9.17	8.60
ROA, %	1.02	0.9068	0.8856	0.8468	0.823	0.7904	0.8104	0.8176	0.7561			0.7561	1.37
ROIC, %	8.12	7.23	5.76	5.58	5.59
ROS, %			35.76	35.87	34.19	34.11	35.85	36.84	37.29	37.29	37.29	37.29	29.82
Рентаб EBITDA, %								55.27				55.26	41.77
Чистая рентаб, %	41.24	34.09	35.76	35.87	34.19	34.11	35.85	36.84	37.29			37.29	29.82
Operation Margin, %	55.25	45.58	45.87	45.14	45.44				0	0	0	0	3.31

	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, %								2.69	2.23	2.24	2.33	2.57	2.21	2.26	2.18	2.4	2.16	8.60
ROA, %								0.2216	0.1856	0.188	0.1898	0.2031	0.1743	0.1777	0.1694	0.1853	0.1682	1.37
ROIC, %	1.62		0.679		2.6		1.03
ROS, %								40.89	34.5	36.19	34.73	40.79	36.29	37.55	34.83	40.09	35.58	29.82
Чистая рентаб, %								40.89	34.5	36.19	34.73	40.79	36.29	37.55	34.83	40.09	35.58	29.82
Operation Margin, %	65.61	54.41	39.21	46.92	63.44	44.26	26.76											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			6.78	5.9	5.83	4.85	4.15	4.09	5.1			5.1	15.24
P/BV				0.6159	0.5525	0.4328	0.382	0.3623	0.4293			0.4293	0.85
P/S			2.42	2.12	1.99	1.66	1.49	1.51	1.9			1.9	3.19
P/FCF									-25.59	1.27	1.27	1.27	1.87
E/P									0.2274	0.2319	0.2319	0.2319	0.15
EV/Ebit										0	0	0
EV/S									0	0	0	0	2.53
EV/FCF										0	0	0	0.01
Debt/EBITDA									0	0	0	0	1.38
Netdebt/Ebitda									0	0	0	0	0.60
Debt/Ratio	0.098	0.101	0.1269	0.1252	0.1138				0.1753	0.1563	0.1563	0.1563	0.23
Debt/Equity	1.37	1.3	1.65	1.65	1.4				2.05	2.05	2.05	2.05	0.67
Debt/Net Income	9.64	11.14	14.33	14.78	13.82				22.29	21.86	21.86	21.86	34.20
Бета								0.43	-0.4595	0.4822	0.45	0.45	1.24
Индекс Альтмана								0	0.0739	0.0662	0.0662	0.0662	1.15

	2018Q2	2018Q4	2019Q2	2019Q4	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
P/E					4.28	3.98	4.03	4.38	5.06	4.88	5.1	5.63	5.74	6.32	15.24
P/BV					0.3914	0.3576	0.3566	0.3801	0.4324	0.4158	0.4293	0.4652	0.4756	0.5122	0.85
P/S					1.56	1.46	1.48	1.6	1.85	1.8	1.9	2.1	2.13	2.34	3.19
Debt/Ratio	0.1169	0.1252	0.1258	0.1138											0.23
Debt/Equity	1.66	1.76	1.56	1.4											0.67
Debt/Net Income	39.5	99.3	44.4	93.1											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	60.95	69.89	56.21	58.6	60.99	65.95	70.22	112.9	-112.9	79.47
Дивиденд	0.19	0.175	0.168	0.176	0.184	0.191	0.197	0.221	0.232	0
Див доход, ао, %	4.37	5.18	4.42	4.63	4.97	5.6	6.27	6.04	5.65	0	0.32
Дивиденды / прибыль, %	35.67	42.47	32.6	32.54	32.55	34.19	32.43	34.51	48.68	48.68	98.92

	2014Q2	2015Q3	2016Q2	2017Q3	2018Q3	2019Q2	2020Q3	2021Q2	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд									6.69	66.24	1.88	1.88	9.21	78.42	95.31	8.32	14.66	82.7
Дивиденд	0.196	0.19	0.175	0.168	0.176	0.184	0.191	0.197		0.221				0.232
Див доход, ао, %	7.35	4.32	5.28	4.2	4.95	4.82	5.69	6.09		7.16				6.11					0.32
Дивиденды / прибыль, %									10.75	124.6	3.45	3.25	14.75	143.21	167.08	14.87	23.42	144.68	98.92

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2022	2023	2024	CAGR 5
Персонал, чел	306322	306322	306182

	CAGR 5

	CAGR 5