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BOC Hong Kong (Holdings)
(2388)
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Rating:71Outperform
Price Target:
HK$56.00
â–²(12.00% Upside)
Action:Reiterated
Date:08/06/26
The score is driven most by solid technical momentum (price above key moving averages and positive MACD) and supportive valuation (high dividend yield with a moderate P/E). These positives are meaningfully tempered by financial performance risk, primarily the sharp swing to negative operating and free cash flow in 2025 and some inconsistencies in reported income statement margin items.
Positive Factors
Bank of China group network
BOC Hong Kong's affiliation with the Bank of China group provides durable distribution and client access advantages for cross-border trade, RMB clearing and corporate relationships. This structural franchise supports stable fee and transaction flow revenues and competitive positioning over the medium term.
Negative Factors
Weak cash generation
A major swing to large negative operating and free cash flow in 2025 creates lasting funding and reinvestment risk. Persistent divergence between accounting profits and cash conversion can pressure liquidity buffers, increase reliance on wholesale funding, and limit capacity for capital returns or loan growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Bank of China group network
BOC Hong Kong's affiliation with the Bank of China group provides durable distribution and client access advantages for cross-border trade, RMB clearing and corporate relationships. This structural franchise supports stable fee and transaction flow revenues and competitive positioning over the medium term.
Read all positive factors
BOC Hong Kong (Holdings) (2388) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$546.61B
Dividend Yield6.71%
Average Volume (3M)10.81M
Price to Earnings (P/E)13.2
Beta (1Y)0.52
Revenue Growth-8.24%
EPS Growth3.38%
CountryHK
Employees15,469
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)3.95
Shares Outstanding10,572,780,000
10 Day Avg. Volume14,138,404
30 Day Avg. Volume10,805,494
Financial Highlights & Ratios
PEG Ratio2.21
Price to Book (P/B)1.16
Price to Sales (P/S)6.06
P/FCF Ratio-4.70
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$54.90Price Target Upside9.81% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)4.14
Revenue Forecast (FY)HK$78.98B
BOC Hong Kong (Holdings) Business Overview & Revenue Model
Company Description
BOC Hong Kong (Holdings) Limited operates as an investment holding enterprise, delivering a comprehensive suite of banking and related financial solutions to both corporate and individual clients across Hong Kong, mainland China, and international...
How the Company Makes Money
BOC Hong Kong (Holdings) makes money primarily through banking spread-based income and fee-based financial services income generated by its operating bank and related subsidiaries.
1) Net interest income (lending and deposit spread)
- A core earn...
BOC Hong Kong (Holdings) Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
66
Positive
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 110.48B | 68.73B | 71.84B | 59.16B | 51.87B | 76.86B |
| Gross Profit | 78.13B | 88.92B | 71.84B | 152.42B | 51.87B | 46.83B |
| EBITDA | 52.99B | 51.31B | 49.62B | 44.07B | 37.82B | 33.55B |
| Net Income | 41.71B | 40.12B | 38.23B | 32.72B | 27.33B | 24.35B |
Balance Sheet | ||||||
| Total Assets | 4.77T | 4.49T | 4.19T | 3.87T | 3.69T | 3.64T |
| Cash, Cash Equivalents and Short-Term Investments | 244.75B | 810.68B | 789.29B | 418.20B | 364.93B | 389.36B |
| Total Debt | 787.19B | 685.66B | 78.68B | 669.39B | 630.20B | 716.53B |
| Total Liabilities | 4.41T | 4.13T | 3.85T | 3.55T | 3.38T | 3.34T |
| Stockholders Equity | 360.37B | 358.53B | 338.72B | 320.14B | 323.26B | 298.00B |
Cash Flow | ||||||
| Free Cash Flow | 113.59B | -88.59B | -323.00M | 69.36B | 136.84B | 42.21B |
| Operating Cash Flow | 115.39B | -87.08B | 1.88B | 69.75B | 138.10B | 43.38B |
| Investing Cash Flow | -210.33B | -1.65B | -2.33B | -1.96B | -42.97B | -265.72B |
| Financing Cash Flow | 235.01B | -26.62B | -22.76B | 138.12B | -61.86B | 293.58B |
BOC Hong Kong (Holdings) Technical Analysis
Positive
50.00
Price Trends
49.08
Positive
46.80
Positive
42.84
Positive
Market Momentum
0.73
Positive
58.55
Neutral
45.64
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2388, the sentiment is Positive. The current price of 50 is below the 20-day moving average (MA) of 50.71, above the 50-day MA of 49.08, and above the 200-day MA of 42.84, indicating a bullish trend. The MACD of 0.73 indicates Positive momentum. The RSI at 58.55 is Neutral, neither overbought nor oversold. The STOCH value of 45.64 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:2388.
BOC Hong Kong (Holdings) Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | HK$1.24T | 7.08 | 12.33% | 4.37% | -0.16% | 5.69% | |
71 Outperform | HK$546.61B | 13.24 | 11.60% | 6.71% | -8.24% | 3.38% | |
69 Neutral | HK$551.08B | 6.97 | 9.34% | 5.05% | -3.15% | 1.80% | |
68 Neutral | HK$683.71B | 7.45 | 8.44% | 4.90% | 1.86% | -7.09% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | HK$181.00B | 5.73 | 4.66% | 5.73% | -4.88% | -9.64% | |
56 Neutral | HK$201.31B | 5.96 | 5.88% | 6.89% | -7.38% | -19.59% |
* Financial Sector Average
HK:2388
BOC Hong Kong (Holdings)
52.30
15.57
42.41%
HK:6818
China Everbright Bank Co
2.86
-0.52
-15.28%
HK:1988
China Minsheng Banking
3.47
-0.53
-13.32%
HK:0998
China CITIC Bank
8.46
1.58
22.96%
HK:3968
China Merchants Bank Co
51.95
6.05
13.18%
HK:1658
Postal Savings Bank of China Co., Ltd. Class H
5.42
-0.13
-2.43%
BOC Hong Kong (Holdings) Corporate Events
BOC Hong Kong Wins Strong Shareholder Backing at 2026 AGM
Jun 25, 2026
BOC Hong Kong (Holdings) reported that all resolutions at its 25 June 2026 hybrid annual general meeting were approved by shareholders, with attendance representing over 80% of issued shares. The meeting, chaired by Chairman Ge Haijiao, confirmed ...
BOC Hong Kong Reshapes Board Roles as Sustainability Committee Gets New Chair
Jun 25, 2026
BOC Hong Kong (Holdings) Limited has announced that Independent Non-executive Director Madam Cheng Eva has retired from the boards of both the holding company and Bank of China (Hong Kong), stepping down as chairlady of the Sustainability Committe...
BOC Hong Kong Sets Out Board and Committee Structure
Jun 25, 2026
BOC Hong Kong (Holdings) Limited has outlined the current composition of its Board of Directors, which includes non-executive, executive and independent non-executive members led by Chairman Ge Haijiao and Vice Chairman and Chief Executive Sun Yu....
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.