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BOC Hong Kong (Holdings)
(2388)
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Rating:71Outperform
Price Target:
HK$51.00
â–²(16.28% Upside)
Action:Upgraded
Date:04/02/26
The score is driven by strong valuation (low P/E and high dividend yield) and supportive price momentum (trading above key moving averages). These positives are tempered by weaker financial quality signals, especially the sharp deterioration to negative operating and free cash flow in 2025 and some data consistency concerns.
Positive Factors
Strong recent revenue and net income trend
Sustained revenue acceleration and multi-year net income growth indicate improving core franchise economics and scale. Over the next 2–6 months this supports credit capacity, reserve coverage and reinvestment in digital and fee businesses, underpinning durable profitability beyond cyclical rate moves.
Negative Factors
Sharp recent cash-flow weakness
A pronounced operating cash outflow and negative free cash flow materially increase funding and execution risk. Over a multi-month horizon this can force higher wholesale funding dependence, constrain loan growth or trigger asset/liability adjustments, weakening cash-driven flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong recent revenue and net income trend
Sustained revenue acceleration and multi-year net income growth indicate improving core franchise economics and scale. Over the next 2–6 months this supports credit capacity, reserve coverage and reinvestment in digital and fee businesses, underpinning durable profitability beyond cyclical rate moves.
Read all positive factors
BOC Hong Kong (Holdings) (2388) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$491.63B
Dividend Yield4.57%
Average Volume (3M)11.80M
Price to Earnings (P/E)12.2
Beta (1Y)0.52
Revenue Growth-1.26%
EPS Growth4.94%
CountryHK
Employees15,585
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)3.80
Shares Outstanding10,572,780,000
10 Day Avg. Volume10,350,373
30 Day Avg. Volume11,804,734
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$53.67Price Target Upside22.36% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)3.99
Revenue Forecast (FY)HK$77.89B
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 | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 68.73B | 71.84B | 59.16B | 51.87B | 76.86B |
| Gross Profit | 88.92B | 71.84B | 152.42B | 51.87B | 46.83B |
| EBITDA | 51.31B | 49.62B | 44.07B | 37.82B | 33.55B |
| Net Income | 40.12B | 38.23B | 32.72B | 27.33B | 24.35B |
Balance Sheet | |||||
| Total Assets | 4.49T | 4.19T | 3.87T | 3.69T | 3.64T |
| Cash, Cash Equivalents and Short-Term Investments | 810.68B | 789.29B | 418.20B | 364.93B | 389.36B |
| Total Debt | 685.66B | 78.68B | 669.39B | 630.20B | 716.53B |
| Total Liabilities | 4.13T | 3.85T | 3.55T | 3.38T | 3.34T |
| Stockholders Equity | 358.53B | 338.72B | 320.14B | 323.26B | 298.00B |
Cash Flow | |||||
| Free Cash Flow | -88.59B | -323.00M | 69.36B | 136.84B | 42.21B |
| Operating Cash Flow | -87.08B | 1.88B | 69.75B | 138.10B | 43.38B |
| Investing Cash Flow | -1.65B | -2.33B | -1.96B | -42.97B | -265.72B |
| Financing Cash Flow | -26.62B | -22.76B | 138.12B | -61.86B | 293.58B |
BOC Hong Kong (Holdings) Technical Analysis
Positive
43.86
Price Trends
45.51
Positive
43.50
Positive
40.40
Positive
Market Momentum
0.29
Negative
58.78
Neutral
91.43
Negative
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 43.86 is below the 20-day moving average (MA) of 44.98, below the 50-day MA of 45.51, and above the 200-day MA of 40.40, indicating a bullish trend. The MACD of 0.29 indicates Negative momentum. The RSI at 58.78 is Neutral, neither overbought nor oversold. The STOCH value of 91.43 is Negative, 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | HK$491.63B | 12.24 | 11.37% | 5.80% | -1.26% | 4.94% | |
70 Outperform | HK$450.59B | 5.73 | 9.18% | 5.76% | -3.89% | 2.20% | |
69 Neutral | HK$1.12T | 6.56 | 11.91% | 4.26% | -2.89% | 3.99% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | HK$652.17B | 6.95 | 8.09% | 5.37% | -0.97% | -13.82% | |
62 Neutral | HK$205.83B | 5.33 | 6.59% | 5.53% | -8.64% | -10.39% | |
54 Neutral | HK$170.82B | 5.19 | 4.59% | 9.09% | -8.22% | -2.28% |
* Financial Sector Average
HK:2388
BOC Hong Kong (Holdings)
46.50
11.13
31.46%
HK:6818
China Everbright Bank Co
2.98
-0.73
-19.78%
HK:1988
China Minsheng Banking
3.47
-1.71
-33.04%
HK:0998
China CITIC Bank
7.05
-0.16
-2.18%
HK:3968
China Merchants Bank Co
47.08
-1.89
-3.85%
HK:1658
Postal Savings Bank of China Co., Ltd. Class H
4.85
-0.65
-11.79%
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....
BOC Hong Kong lifts Q1 profit on lower impairments despite fee and cost pressures
Apr 29, 2026
BOC Hong Kong (Holdings) reported first-quarter 2026 net operating income before impairment of HK$20.0 billion, down 0.7% year-on-year but slightly higher quarter-on-quarter, while profit after tax rose 7.0% year-on-year to HK$12.5 billion on lowe...
BOC Hong Kong Declares First Interim Dividend of HKD 0.29 Per Share for 2026
Apr 29, 2026
BOC Hong Kong (Holdings) Limited has declared a first interim ordinary cash dividend of HKD 0.29 per share for the financial year ending 31 December 2026, based on its results for the quarter ended 31 March 2026. The announcement underscores the b...
BOC Hong Kong Sets 2026 AGM to Approve Dividend and Share Issue Mandate
Apr 23, 2026
BOC Hong Kong (Holdings) has called a hybrid annual general meeting for 25 June 2026 in Hong Kong, allowing both physical attendance and online participation. Shareholders will review the audited financial statements for the year ended 31 December...
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.