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Earnings transcript
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1398
1398.HK
Industrial and Commercial Bank of China Limited
$7.24
-0.11
(-1.5%)
| Exchange: | HKSE |
| Market Cap: | 3.387T |
| Shares Outstanding: | 363.336B |
Delayed data
About The Company
| Sector: | Financial ServicesView sector performance | |||||
| Industry: | Banks – DiversifiedView industry performance | |||||
| CEO: | Lin Liao | |||||
| Full Time Employees: | 402548 | |||||
| Address: |
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| Website: | https://www.icbc-ltd.com |
Industrial and Commercial Bank of China Limited (ICBC), together with its affiliated entities, functions as a leading financial institution, delivering a broad spectrum of banking products and services both within the People’s Republic of China and across global markets. Its activities are primarily structured into three distinct divisions: Corporate Banking, Personal Banking, and Treasury Operations. The Corporate Banking segment provides bespoke financial solutions to enterprises, governmental bodies, and other financial organizations, encompassing services such as corporate lending, trade financing, deposit facilities, institutional wealth management, custody arrangements, and various business intermediary services. Conversely, the Personal Banking segment caters to individual customers, offering products like personal loans, card services, deposit accounts, and personal wealth management and advisory services. The Treasury Operations segment is dedicated to managing the bank’s liquidity through money market activities, investments in securities, foreign exchange dealings, and the management of derivative positions. Beyond these core areas, ICBC also furnishes e-banking platforms, investment banking expertise, financial leasing options, and insurance products. Established in 1984, the company’s headquarters are situated in Beijing, China.
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Revenue Segmentation
Industry Peers
| TICKER | COMPANY | MKT CAP | P/E | FWD P/E | ROIC |
|---|---|---|---|---|---|
 1398.HK | Industrial and Commercial Bank of Chin… | 3.39T | 8.3 | 46.5 | 3.1% |
 JPM | JPMorgan Chase & Co. | 894.6B | 14.2 | 13.6 | 3.3% |
 BAC | Bank of America Corporation | 357.2B | 12.0 | 11.7 | 29.4% |
 HSBC | HSBC Holdings plc | 314.9B | 13.5 | 10.8 | 1.8% |
 RY | Royal Bank of Canada | 280.2B | 17.6 | 17.3 | 0.9% |
 WFC | Wells Fargo & Company | 249.2B | 11.6 | 11.3 | 6.2% |
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 656,939,000 | 660,387,000 | 1,530,201,000 |
| Gross Profit | 838,048,000 | 660,387,000 | 833,496,000 |
| EBITDA | 14,350,000 | 456,365,000 | 443,284,708 |
| Operating Income | 487,000,000 | 488,559,000 | 413,450,152 |
| Net Income | 363,993,000 | 365,863,000 | 359,023,207 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 44,697,079,000 | 48,821,746,000 | 53,500,652,088 |
| Total Liabilities | 40,920,491,000 | 44,834,480,000 | 49,496,645,809 |
| Total Stockholders Equity | 3,756,887,000 | 3,969,841,000 | 3,976,229,400 |
| Total Debt | 1,898,250,000 | 2,599,150,000 | 10,275,389,181 |
| Cash and Cash Equivalents | 5,298,435,000 | 4,751,029,000 | 3,674,421,334 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 1,417,002,000 | 579,194,000 | 457,313,751 |
| Capital Expenditure | -14,494,000 | -35,585,000 | -47,711,369 |
| Free Cash Flow | 1,402,508,000 | 543,609,000 | 409,602,382 |
| Net Income | 365,116,000 | 366,946,000 | 359,023,207 |
| Net Change in Cash | 828,881,000 | -465,328,000 | -521,394,000 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2028 | Research Access | Research Access | Research Access | Research Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 946,677,698.014 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (High) | 1,071,605,187.864 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (Avg) | 991,652,318.001 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Low) | 497,928,133.795 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (High) | 527,964,196.363 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Avg) | 512,946,165.079 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Low) | 398,224,233.311 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (High) | 423,924,742.081 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Avg) | 411,074,487.696 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Low) | 209,252,574.441 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (High) | 236,866,406.397 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Avg) | 219,193,713.898 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Avg) | 1.150 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (High) | 1.190 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Low) | 1.120 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated Revenue) | 8 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated EPS) | 4 | Research Access | Research Access | Research Access | Research Access |
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Current Key Metrics
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Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MarketSnap estimates 1398.HK intrinsic value between $4.71 – $6.05 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
Common questions about 1398.HK valuation
Is Industrial and Commercial Bank of China Limited (1398.HK) overvalued or undervalued right now?
MarketSnap estimates intrinsic value for Industrial and Commercial Bank of China Limited (1398.HK) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is 1398.HK a buy, hold, or sell for long-term investors?
MarketSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether 1398.HK trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is 1398.HK’s P/E ratio?
You can see 1398.HK’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for 1398.HK?
MarketSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MarketSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is 1398.HK a good long-term investment?
Whether 1398.HK fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MarketSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
1398.HK
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Daily snapshot
-1.5
Trading Metrics:
| Open: | 7.42 | Previous Close: | 7.35 | |
| Day Low: | 7.17 | Day High: | 7.42 | |
| Year Low: | 5.96 | Year High: | 7.77 | |
| Price Avg 50: | 7.52 | Price Avg 200: | 6.94 | |
| Volume: | 302.363M | Average Volume: | 171.542M |
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