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Bank of China Ltd UnSp Singapore Depositary Receipt Repr 1 Sh
(SGX:HBND)
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Rating:60Neutral
Price Target:
S$0.88
▲(21.81% Upside)
Action:Reiterated
Date:07/11/26
The score is held back primarily by weaker recent financial signals—sharp 2026 TTM revenue decline, leverage uptick, and volatile/negative cash flow—despite resilient profitability. Offsetting this, valuation is compelling (low P/E and strong dividend yield), while technical indicators are broadly neutral with only mild negative MACD.
Positive Factors
Diversified business model
Bank of China operates across corporate, retail, treasury and markets businesses, creating diversified revenue sources that reduce single-segment dependence. Over 2–6 months this structural mix supports more stable earnings through cycles, enables cross-sell and cushions shocks to any one line.
Negative Factors
Recent revenue decline
A weakening top line reduces visibility on near-term earnings momentum and constrains organic capital generation. If revenue contraction persists, it can pressure net interest income and fee pools, making it harder to sustain profits, investment and dividends over the coming months.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified business model
Bank of China operates across corporate, retail, treasury and markets businesses, creating diversified revenue sources that reduce single-segment dependence. Over 2–6 months this structural mix supports more stable earnings through cycles, enables cross-sell and cushions shocks to any one line.
Read all positive factors
Bank of China Ltd UnSp Singapore Depositary Receipt Repr 1 Sh (HBND) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$326.80B
Dividend Yield5.05%
Average Volume (3M)376.07K
Price to Earnings (P/E)7.3
Beta (1Y)0.42
Revenue GrowthN/A
EPS GrowthN/A
CountrySG
Employees313,746
SectorGeneral
Sector StrengthN/A
IndustryBanks - Diversified
Share Statistics
EPS (TTM)0.59
Shares Outstanding83,622,270,000
10 Day Avg. Volume440,030
30 Day Avg. Volume376,070
Financial Highlights & Ratios
PEG Ratio-4.08
Price to Book (P/B)0.43
Price to Sales (P/S)2.36
P/FCF Ratio-1.09
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Bank of China Ltd UnSp Singapore Depositary Receipt Repr 1 Sh Business Overview & Revenue Model
Company Description
Bank of China Limited, established in Beijing, China, in 1912, delivers a comprehensive array of banking and financial services. Its extensive operations cover Chinese Mainland, Hong Kong, Macao, Taiwan, and a broad international footprint. The in...
How the Company Makes Money
Bank of China Limited primarily earns money through (1) net interest income: it takes deposits and other funding and extends loans/advances to corporate and retail customers, invests in interest-earning securities, and earns the spread between int...
Bank of China Ltd UnSp Singapore Depositary Receipt Repr 1 Sh Earnings Call Summary
Earnings Call Date:Mar 30, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 29, 2026
Earnings Call Sentiment Positive
The call highlighted multiple positive operational outcomes: steady revenue growth, improved efficiency (lower cost-to-income), robust noninterest income expansion, strengthened capital and risk buffers (RMB 165bn capital replenishment and CAR 18.85%), strong asset growth and very low NPL ratio, plus meaningful digital and globalization progress (overseas profit contribution ~28%, cross-border settlements and RMB internationalization milestones). Lowlights were present but moderate — NIM compression and only modest net profit growth, deposit competition/time-deposit repricing risk, and external geopolitical and sector-specific pressures (real estate, personal loans). Overall, the positive operational and strategic achievements materially outweigh the challenges, though management emphasized vigilance on margins, deposits and external risks.Positive Updates
Operating Income and Profit Growth
Operating income reached RMB 659.9 billion, up 4.28% year-on-year. Net profit and net profit attributable to shareholders grew by 2.06% and 2.18% respectively, with profit growth improving quarter-by-quarter.
Negative Updates
Net Interest Margin Compression
Net interest margin (NIM) stood at 1.26%, down about 14 basis points year-on-year, reflecting continued pressure from the low interest rate environment despite management actions to stabilize margins.
Read all updates
Q4-2025 Updates
Positive
Negative
Operating Income and Profit Growth
Operating income reached RMB 659.9 billion, up 4.28% year-on-year. Net profit and net profit attributable to shareholders grew by 2.06% and 2.18% respectively, with profit growth improving quarter-by-quarter.
Read all positive updates
Company Guidance
BOC’s guidance for 2026 and the start of the 15th Five‑Year Plan emphasizes high‑quality support for the real economy, high‑level opening-up, value creation, digital/intelligent empowerment and a stable risk foundation, with an explicit aim to narrow the year‑on‑year decline in NIM and achieve positive net interest income growth while keeping loan growth steady and asset quality stable. Key metrics cited in the call include operating income RMB 659.9bn (+4.28% YoY), total assets RMB 38.36tn (+9.4%), total liabilities RMB 35.15tn (+9.47%), domestic RMB loans +RMB1.81tn (+9.9%), NIM 1.26% (down ~14bps YoY but expected to stabilize), net profit +2.06% (net profit attributable +2.18%), non‑interest income RMB 219.2bn (+19.21%) accounting for 33.21% of operating income (+4.16ppt), net fees RMB 82.2bn (+7.4%), cost‑to‑income down 0.93ppt, NPL ratio 1.23% (‑0.02ppt), provision coverage ~200.37%, capital replenishment RMB 165bn with CAR 18.85%, RMB deposits +RMB1.37tn and foreign‑currency deposits +15%, overseas pretax profit contribution ~27.99%, international settlement USD 4.45tn (+9.56%) and cross‑border e‑commerce settlement USD 1.18tn (+45.07%), plus digital/tech metrics such as >51,000 cloud services, >400 AI assistants, >3,600 RPA scenarios, >100m mobile MAUs and ~554m personal clients; the bank reiterated targets to optimize liability costs, expand non‑interest income, prioritize sci‑tech/green/inclusive finance (tech loans +18.78%, green loans +27.83%, small‑micro loan balances +21.32%), support consumption (personal consumption loans +28%, personal housing loans >RMB500bn) and maintain prudent risk controls.Bank of China Ltd UnSp Singapore Depositary Receipt Repr 1 Sh Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
61
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 733.55B | 559.11B | 1.25T | 1.20T | 1.01T | 968.43B |
| Gross Profit | 590.52B | 559.11B | 629.41B | 621.92B | 584.72B | 604.08B |
| EBITDA | 79.67B | 0.00 | 324.18B | 326.02B | 312.51B | 305.41B |
| Net Income | 245.29B | 243.02B | 237.84B | 231.90B | 226.52B | 216.56B |
Balance Sheet | ||||||
| Total Assets | 39.59T | 38.36T | 35.06T | 32.43T | 28.89T | 26.72T |
| Cash, Cash Equivalents and Short-Term Investments | 0.00 | 0.00 | 4.14T | 4.46T | 4.10T | 3.90T |
| Total Debt | 8.03T | 1.12T | 2.52T | 2.21T | 1.89T | 1.72T |
| Total Liabilities | 36.35T | 35.15T | 32.11T | 29.68T | 26.33T | 24.37T |
| Stockholders Equity | 3.10T | 3.06T | 2.82T | 2.63T | 2.42T | 2.23T |
Cash Flow | ||||||
| Free Cash Flow | -581.63B | -1.22T | 523.73B | 787.30B | -49.59B | 813.09B |
| Operating Cash Flow | -523.68B | -1.17T | 550.97B | 816.45B | -21.86B | 843.26B |
| Investing Cash Flow | -1.11T | -1.07T | -805.99B | -539.43B | -11.72B | -395.56B |
| Financing Cash Flow | 1.74T | 2.17T | 111.86B | 119.86B | 53.05B | 74.34B |
Bank of China Ltd UnSp Singapore Depositary Receipt Repr 1 Sh Technical Analysis
Positive
0.72
Price Trends
0.83
Positive
0.80
Positive
0.76
Positive
Market Momentum
>-0.01
Negative
53.65
Neutral
84.85
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:HBND, the sentiment is Positive. The current price of 0.72 is below the 20-day moving average (MA) of 0.83, below the 50-day MA of 0.83, and below the 200-day MA of 0.76, indicating a bullish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 53.65 is Neutral, neither overbought nor oversold. The STOCH value of 84.85 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:HBND.
Bank of China Ltd UnSp Singapore Depositary Receipt Repr 1 Sh Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | S$129.34B | 13.86 | 24.77% | 4.71% | -5.80% | -2.09% | |
72 Outperform | S$205.96B | 18.64 | 15.87% | 5.06% | -5.26% | -3.07% | |
66 Neutral | S$71.79B | 10.95 | 9.22% | 6.49% | -9.13% | -21.93% | |
60 Neutral | S$326.80B | 7.27 | 8.19% | 5.05% | ― | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
SG:HBND
Bank of China Ltd UnSp Singapore Depositary Receipt Repr 1 Sh
0.84
0.11
14.86%
SG:D05
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SG:O39
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SG:U11
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SG:HSHD
HSBC Holdings PLC UnSp Singapore Depositary Receipt Repr 1/5 Sh
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66.83%
SG:IBKD
PT Bank Central Asia Tbk Shs UnSp Singapore Depositary Receipt Repr 2/1 Sh
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-14.93%
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.