Morningstar

Industrial And Commercial Bank Of China Ltd Class A 601398

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Stock XSHG Rating as of
¥5.96 −0.24 (3.87%)
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As of Delayed Price Open

Company Report

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China SOE Banks Earnings: Large Banks Lag Smaller Banks in NIM Recovery

Iris Tan

We maintain our fair value estimates for the state-owned enterprise banks in our coverage except for Agricultural Bank of China, which is seeing higher-than-expected net interest margins. We now increase ABC’s NIM assumption by 5 and 2 basis points in 2024 and 2025, respectively, which leads to a rise in fair value estimate to HKD 3.80 from HKD 3.50. Overall, there are no changes to our outlook for the other SOE banks.

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Price vs Fair Value

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601398 is trading at a 114% premium.
Price
¥6.20
Fair Value
¥5.60
Uncertainty
Medium
1-Star Price
¥3.49
5-Star Price
¥7.55
Economic Moat
Kllxc
Capital Allocation
Hhkvcdrjg

Bulls Say, Bears Say

Bulls

ICBC's interbank liabilities accounted for less than 10% of total funding, which is one of the lowest among peers.

Bears

Along with other banks, ICBC faces mounting downward pressure in net interest margin due to credit easing policies to boost the sluggish economy.

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News

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Trading Information

Previous Close Price
¥6.20
Day Range
¥5.92–6.34
52-Week Range
¥4.63–6.57
Bid/Ask
¥5.95 / ¥5.96
Market Cap
¥2.12 Tril
Volume/Avg
450.0 Mil / 347.0 Mil

Key Statistics

Price/Earnings (Normalized)
6.79
Price/Sales
2.84
Dividend Yield (Trailing)
4.94%
Dividend Yield (Forward)
4.94%
Total Yield
4.94%

Company Profile

ICBC is headquartered in Beijing and founded in 1984, the bank listed its shares in mainland China and Hong Kong in 2006. It is China's largest by asset scale and by share of lending and deposits. Central Huijin Investment (China's sovereign wealth fund manager) and China's Ministry of Finance are ICBC's two largest shareholders, each with a stake of around 35%. ICBC operates over 16,000 outlets. Among these outlets, 413 outlets are located in 49 countries and regions overseas. Corporate banking, retail banking, and wholesale banking accounted for 47%, 40%, and 13% of total revenue, respectively; and 44%, 36%, and 18% of profit before tax in 2023. Overseas banking and other business contributed 12% of total revenue and 9% of profit before tax in 2023.
Sector
Financial Services
Industry
Banks - Diversified
Stock Style Box
Large Value
Total Number of Employees
408,691
Website
https://www.icbc-ltd.com

Competitors

Valuation

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Metric
601398
601288
600036
Price/Earnings (Normalized)
 6.797.326.35
Price/Book Value
 0.630.690.93
Price/Sales
 2.842.652.78
Price/Cash Flow
 14.3912.039.87
Price/Earnings
601398
601288
600036

Financial Strength

Metric
601398
601288
600036
Quick Ratio
 ———
Current Ratio
 ———
Interest Coverage
 ———
Quick Ratio
No chart available

Profitability

Metric
601398
601288
600036
Return on Assets (Normalized)
 1.09%0.66%1.29%
Return on Equity (Normalized)
 14.59%11.13%15.67%
Return on Invested Capital (Normalized)
 ———
Return on Assets
601398
601288
600036

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