BOC Hong Kong (Holdings) Limited (2388) Fair Value & Analysis

Financial Services · HK · Market cap HK$447B

A solid business, currently priced close to our fair value.

What matters now

• The price sits close to our fair value, market and models broadly agree here, little valuation tension.
• For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 6, 2026.

How to read this chart

60‑month range HK$15.17 – HK$52.35 · fair‑value band HK$37.00 – HK$61.66 · the HK$50.20 price screens above the HK$49.33 fair value. Dashed = 300-day average. As of Aug 6, 2026.

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Analysis

BOC Hong Kong (Holdings) Limited (2388) currently trades at HK$50.20, while our model-based Fair Value estimate is HK$49.33, implying the stock looks roughly 1.7% fairly valued today. The Quality Score stands at 50/100 (solid quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, BOC Hong Kong (Holdings) Limited generated revenue of HK$68.7B at a net margin of 58.4%. Revenue declined 2.7% year over year. It earns a return on equity of 11.7%. Net debt stands at HK$7.5B. Fundamentals as of Aug 6, 2026

Our scenario range runs from HK$37.00 (bear case) to HK$61.66 (bull case); at HK$50.20, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 57% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 42% fair-value upside, at -2%, 2388 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: Multiples (HK$47.47) versus Asset-Based (HK$22.72). Highest evidence: Residual Income (76).

Key figures & financial health

Quality Score breakdown

About the company

BOC Hong Kong (Holdings) Limited, an investment holding company, provides banking and related financial services to corporate and individual customers in Hong Kong, China, and internationally. The company operates through four segments: Personal Banking, Corporate Banking, Treasury, and Insurance.

Full company description

BOC Hong Kong (Holdings) Limited, an investment holding company, provides banking and related financial services to corporate and individual customers in Hong Kong, China, and internationally. The company operates through four segments: Personal Banking, Corporate Banking, Treasury, and Insurance. It offers savings, current, and time deposit accounts, as well as monthly deposit plans; mortgage plans; corporate deposits, and payroll and e-cheque services. The company also offers cross-border financial and remittance services; and securities, funds, foreign exchange services, precious metals and FX margin services, currency linked investments, bonds, market information services, monthly savings plans, and structured products, as well as business and personal loans. In addition, it provides business and accident protection, medical, travel and leisure, family protection, RMB, and personal life insurance products; and credit cards. Further, the company offers safe deposit box, e-bill, and payment services; personal and corporate RMB, and RMB clearing bank services; business comprehensive, property, liability, group, and retailer comprehensive insurance plans; small business, asset-pledge, and syndicated loans; accounts receivable, machinery and equipment, SME green, and project financing; business banking, trade finance and services, investment, treasury, corporate collection and payment, e-commerce, and card services; and custody and cash management services. Additionally, it provides wealth management and overdraft services; mandatory provident fund schemes; and private and corporate banking services, as well as internet, phone, and mobile banking services; and trade related products and other credit facilities. BOC Hong Kong (Holdings) Limited was founded in 1917 and is based in Central, Hong Kong. BOC Hong Kong (Holdings) Limited is a subsidiary of BOC Hong Kong (BVI) Limited.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

BOC Hong Kong (Holdings) Limited reported revenue of HK$68.7B in FY2025 versus HK$76.9B in FY2021, a compound −2.8%/yr. Reported net income was HK$40.1B in FY2025, compounding +13.3%/yr from FY2021.

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Peer Group

Banks - Regional · 1083 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation Multiples vs Banks - Regional median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.