HKSE · 1398.HK
Industrial and Commercial Bank of China Limited
Financial Services · Banks - Diversified
HK$7.46▼ 3.31% (HK$0.25)at close
As of 4:08 AM ET
Market cap
HK$3.49T
Valuation
P/E Valuation
Verdict: expensive. Price above all scenarios.
Estimated value / share · Base
HK$5.01
−33%Price vs. estimate range
Assumption scenarios, not confidence intervals
Bear HK$5.32, Base HK$5.01, Bull HK$6.34; price used HK$7.46
Bear HK$5.32, Base HK$5.01, Bull HK$6.34; price used HK$7.46
- P/E multiple
- 4.1×
- Earnings basis
- Trailing EPS
HKD · Trailing earnings · Price Oct 2, 8:08 AM UTC
Price vs Fundamentals
Why The Stock Is Moving
What changed
The stock rose 30.19% over the last year. Income declined 21.07% over the trailing twelve months. Operating margin moved from 56.88% to 69.43%. The price is in HKD and the financials are reported in CNY, so a currency move can look like a change in valuation.
What the market seems to be pricing
The stock is rising despite deteriorating fundamentals and now sits at the 90th percentile of its historical P/E range. This is a momentum-driven move — the market may be front-running a recovery that has not yet appeared in reported numbers.
What would invalidate this read
Operating margin (currently 69.43%) would need to stabilize or improve to justify the move. Income is declining 21.07% — a trend reversal in the next report would be the key signal to watch. This read is wrong if the next period shows operating metrics turning the corner. At that point the price would be anticipating real improvement rather than running ahead of it.
Return analysis
Company profile
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.
Market multiples
Stock splits
Every 1000 shares became 1019
Profitability & growth
Standard profitability metrics can be misleading for financial/insurance companies. GAAP requires unrealized investment gains/losses in net income (affecting ROE), and margins are blended across diverse business segments.
Analyst consensus
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
Oct 31, 2026
Q3 FY26 · EPS est HK$0.35 · Revenue est HK$248.8B
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