Bank of Communications Co Ltd (3328) fair value: what the stock is really worth
We calculate from audited financials what Bank of Communications Co Ltd is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.
Compare price with fair valuebelow fair value = cheap, above = expensive
Check the quality50 and up solid, 75 and up strong
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Financial Services · HK · Market cap HK$661B (≈ $84.3B) · ISIN CNE100000205
At a glance
BOBank of Communications Co Ltd3328 · HK
PriceHK$8.06
Fair ValueHK$12.85
Upside+59.5%
Quality46/100
Below-average quality, trading 37% below our fair value of HK$12.85.
As of Aug 23, 2026, the fair value of Bank of Communications Co Ltd is HK$12.85 per share against a price of HK$8.06, so the fair value sits 59% above the price. A model estimate from reported figures, not an analyst target.
✓Healthy Growth (revenue 5y +22.0 %/yr)
✓Highly profitable · 45.4% net margin
✓Moderate debt · generates free cash flow
·7.23% dividend yield
✓Ranks above peers (11/15)
✓Wide moat 66/100
!Weak on future: 16 out of 100
Evidence: HighRange HK$9.64 to HK$16.07
Fair value as of: Aug 23, 2026
From 6 valuation models · updated 19 days ago
Share price +10.3% over the past month.
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69 individual criteria per stock, every one traceable See the method →
What matters now
The price is below even our cautious bear case (HK$9.64). The market is more pessimistic than our downside scenario.
Solid quality (46/100) at a price below fair value, the discount is the argument here, not the business quality.
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 23, 2026.
How to read this chart
60‑month range HK$2.91 – HK$8.06 · fair‑value band HK$9.64 – HK$16.07 · the HK$8.06 price screens below the HK$12.85 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 23, 2026.
Bank of Communications Co Ltd (3328) currently trades at HK$8.06, while our model-based Fair Value estimate is HK$12.85, implying the stock looks roughly 37.3% undervalued today. The Quality Score stands at 46/100 (below-average quality), in the Financial Services sector. Bull case: the Multiples group reads highest at a median of HK$14.76 per share, and 5 of the 6 models we run sit above the HK$8.06 price. Bear case: the Dividend Discount group reads lowest at HK$7.98, and 1 of the 6 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Bank of Communications Co Ltd generated revenue of HK$212B at a net margin of 45.4%. Revenue grew 3.1% year over year. It earns a return on equity of 7.9%. Net debt stands at HK$4.0T. Fundamentals as of Aug 23, 2026
Scenario range: HK$9.64 (bear) to HK$16.07 (bull), the price of HK$8.06 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. The share trades near its 52-week high and 35% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −12% fair-value upside, at 59%, 3328 screens cheaper than that median.
Fair Value models
Based on fiscal year 2025 figures (about 8 months old). Earnings retained since then (HK$0.3432 per share) are deliberately not added.
Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →
ModelBear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence
Highest evidence
Residual Income best evidenceHK$12.23HK$13.17HK$15.6775
DDM Multi-StageHK$4.46HK$7.98HK$10.1564
Gordon GGMHK$4.46HK$9.74HK$16.3963
All 6 models by family
Dividend Discount
Gordon GGMHK$4.46HK$9.74HK$16.3963
DDM Multi-StageHK$4.46HK$7.98HK$10.1564
Multiples
P/E MultipleHK$11.07HK$14.76HK$18.4561
P/B MultipleHK$14.48HK$19.30HK$24.1353
Asset-Based
NCAV (Graham)HK$7.24HK$9.71HK$14.4952
Economic Profit
Residual Income best evidenceHK$12.23HK$13.17HK$15.6775
Widest divergence: Multiples (HK$14.76) versus Dividend Discount (HK$7.98). Highest evidence: Residual Income (75).
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Key figures & financial health
P/E ratio5.5as of Jul 2, 2026
P/S ratio1.03P/E × margin
EPS (TTM)HK$1.08price ÷ EPS = P/E 5.5
Dividend yield7.2%payout 54.1%
Net margin18.7%FY2025
Return on equity7.9%TTM
More key figures
Profitability
Return on assets (EBIT)0.8%avg 5y
Operating margin53.9%TTM
Growth
Revenue (TTM)HK$212BTTM
Revenue growth (YoY)+3.1%3y avg +36.4%
EPS growth (YoY)−11.8%
Balance sheet & cash flow
Free cash flowHK$80.6BFY2025
Net debtHK$4.0TFY2025 · ≈ 49.1 yrs of FCF
Figures from reported company fundamentals · as of Aug 23, 2026. TTM = trailing twelve months.
Quality Score breakdown
Overall quality46/100
Of which business quality 41
· Market factors (momentum, volatility) 77
Profitability28
Margins and returns on capital today
Quality Growth42
Are margins and returns improving?
Cashflow65
Earnings quality: real cash, not paper profit
Fin. Strength15
Balance sheet, leverage, solvency risk
Investment70
Disciplined investing over empire-building
Low Volatility96
Calm price path (market factor)
Momentum61
Price trend over the last 3–12 months (market factor)
52W Momentum82
Distance to the 52-week high (market factor)
Net Issuance39
Buybacks instead of dilution
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Bank of Communications Co., Ltd. provides commercial banking products and services in China and internationally. The company offers savings deposit products, including demand deposits, lump-sum deposits and withdrawal, time deposit of small savings for lump-sum withdrawal, interest withdrawal on principal deposited, time-demand deposit, call deposit, swap …
Full company description
Bank of Communications Co., Ltd. provides commercial banking products and services in China and internationally. The company offers savings deposit products, including demand deposits, lump-sum deposits and withdrawal, time deposit of small savings for lump-sum withdrawal, interest withdrawal on principal deposited, time-demand deposit, call deposit, swap management, and education deposit; personal certificate of deposit; salary financing; and foreign currency deposit. It also provides credit, quasi-credit, and debit cards; new housing and second-hand mortgage loans and unsecured personal loans; personal wealth management advisor services; and precious metal and commodity trading services. In addition, the company offers corporate structured deposit and corporate certificate of deposit; corporate cash management; industrial chain finance program comprising prepayment financing, inventory financing, accounts receivable financing and accounts payable financing; syndicated loans; corporation overdraft; investment banking services; and offshore banking services. Further, the company provides bond account activation, bond distribution, and transaction services; related bond escrow and settlement, pledge registration, and principal and interest payment services; training and consulting services for cooperative banks; cross-border inter-bank payments system services; consignment sales of precious metal products; bond underwriting distribution; third party bond depository services; bank derivatives transfer; b-share transfer; bank-futures transfer; standard warehouse warrant pledged financing; institutional investment consulting, wealth management, and insurance services; and clearing and settlement services for future markets. The company was founded in 1908 and is headquartered in Shanghai, the People's Republic of China.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Bank of Communications Co Ltd reported revenue of 499B CNY in FY2025 versus 203B CNY in FY2021, a compound +25.2%/yr. Reported net income was 93.1B CNY in FY2025, compounding +1.6%/yr from FY2021.
Growth Quality 95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
HK$499B
Latest YoY
+141.0%
Avg. revenue growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+36.4%
Avg. revenue growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+22.0%
Avg. revenue growth/yr (23Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+13.5%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+9.8%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+2.6%
Dividend yield7.2%
Trend ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y 2.6% vs 10Y 2.4%, steady
Operating margin (EBIT) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.26.6% (2002) → 20.3% (2025) · falling
Revenue+25.2%/yr
FY21203B CNY
FY22196B CNY
FY23201B CNY
FY24207B CNY
FY25499B CNY
Net income+1.6%/yr
FY2187.6B CNY
FY2292.1B CNY
FY2392.7B CNY
FY2493.6B CNY
FY2593.1B CNY
Character of growth · EPS growth decomposed (2014-2025)+3.4 % p.a.
Revenue per share+5.0 %
of which total revenue +5.4 % · buybacks/dilution −0.4 %
EBIT margin−7.6 %
Tax rate+1.9 %
Residual (interest, one-offs)+4.5 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Bank of Communications Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/3328
Peer Group
Banks - Diversified · 48 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
Quality Score45 · Bottom 25%
Fair Value upside+61% · Top 25%
Profitability
Return on equity (TTM)8% · Bottom 25%
Return on assets1% · Below median
Net margin (TTM)45% · Top 25%
Operating margin (TTM)54% · Top 25%
Growth and dividend
Revenue growth3% · Below median
Dividend yield (TTM)7.2% · Top 25%
Balance sheet
Debt / equity0.58× · Below median
Valuation Multiples vs Banks - Diversified median · lower = cheaper
P/E (TTM)5.5× · Cheapest 25%
P/B0.49× · Cheapest 25%
P/S (TTM)2.75× · Cheapest 25%
P/FCF0.9× · Cheapest 25%
EV/EBITDA4.8× · Cheapest 25%
PEG1.29× · Cheaper than median
What the price implies (reverse DCF)
The inverse question: what free-cash-flow growth must Bank of Communications Co Ltd deliver for ten years so that today's price is fair in our DCF model? Same formula, same discount rate as the fair value.
Implied FCF growth, 10 years-6.3 % per year
Achieved revenue growth, 5 years+22.0 % p.a.
Sector median revenue growth+8.2 %
FCF yield on price12.19 %
Discount rate (WACC) in the models8.6 %
The price demands less growth than the company recently delivered: even a weaker business would justify the price. Ranking of the largest stocks →
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.
This stockSector peers
VALUE100· sector 17
FUTURE16· sector 25
PAST31· sector 42
HEALTH71· sector 48
DIVIDEND100· sector 71
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
Similar stocks
10 more Banks - Diversified stocks, each showing price versus our Fair Value estimate (as of Aug 23, 2026).
Is Bank of Communications Co Ltd (3328) overvalued or undervalued?
As of Aug 23, 2026, our model estimates a fair value of HK$12.85 versus a price of HK$8.06, about +59% upside (undervalued).
What is the fair value of 3328?
Our model-based fair value for Bank of Communications Co Ltd is HK$12.85 (as of Aug 23, 2026), built from audited fundamentals. The current price: HK$8.06.
What is the quality score of 3328?
Bank of Communications Co Ltd has a Quality Score of 46/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Bank of Communications Co Ltd (3328)?
Our model-based price target is the fair value of HK$12.85 (as of Aug 23, 2026) from 6 valuation models. Cautious scenario HK$9.64, optimistic scenario HK$16.07. It is a calculation from audited fundamentals, not an analyst target.
What is the Bank of Communications Co Ltd stock forecast for 2026?
Our models put fair value at HK$12.85, about +59% upside versus a price of HK$8.06 (undervalued). Cautious scenario HK$9.64, optimistic scenario HK$16.07. The calculation is refreshed regularly with new filings.
What is the revenue of Bank of Communications Co Ltd (3328)?
Bank of Communications Co Ltd reported trailing-twelve-month revenue of about HK$212B (latest available figure, as of Aug 23, 2026).
What is the net profit margin of 3328?
The net profit margin of Bank of Communications Co Ltd is about 45.4%, meaning it keeps roughly 45.4% of revenue as net income. Based on the latest reported figures.
Does Bank of Communications Co Ltd pay a dividend?
Bank of Communications Co Ltd currently shows a dividend yield of about 7.23% relative to its recent price (as of Aug 23, 2026).
What growth is priced into Bank of Communications Co Ltd (3328)?
For today's price to be fair in a discounted-cash-flow model, Bank of Communications Co Ltd would have to grow free cash flow by -6.3 % per year for ten years (discount rate 8.6 %, then 2 % perpetual growth). Over the last 5 years revenue grew +22.0 % per year. As of Aug 23, 2026.
What discount rate (WACC) does the fair value of 3328 use?
Our models discount Bank of Communications Co Ltd at 8.6 %: a base by market capitalisation (large), damped by beta 0.10, country premium for Hong Kong. The same rate applies in all 26 models.
What is the intrinsic value of Bank of Communications Co Ltd (3328)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Bank of Communications Co Ltd it is HK$12.85 per share (as of Aug 23, 2026), against a price of HK$8.06. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Bank of Communications Co Ltd stock overvalued or undervalued in 2026?
As of Aug 23, 2026, 3328 trades below its calculated fair value: price HK$8.06, fair value HK$12.85, a gap of about +59% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 3328?
No. The price is what the market pays today (HK$8.06); the fair value is what the company's own numbers justify (HK$12.85). For Bank of Communications Co Ltd the two are HK$4.79 per share apart. That gap is exactly why we show both numbers side by side.
How much is Bank of Communications Co Ltd worth?
The market values Bank of Communications Co Ltd at about HK$661B (market capitalisation, as of Aug 23, 2026). Per share that is HK$8.06; our models calculate a fair value of HK$12.85 per share.
What do the bullish and bearish scenarios say about 3328?
Our models span a range for Bank of Communications Co Ltd: cautious scenario HK$9.64, base HK$12.85, optimistic HK$16.07 per share (as of Aug 23, 2026, price HK$8.06). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 3328?
Bank of Communications Co Ltd trades at a price-to-earnings ratio of 5.5 (as of Aug 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of HK$12.85 is built from several models across several years. Other multiples: PEG 1.3, P/B 0.5, P/S 2.7, EV/EBITDA 4.8.
What is the PEG ratio of 3328?
The PEG ratio of Bank of Communications Co Ltd is 1.29 (P/E divided by earnings growth, as of Aug 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Bank of Communications Co Ltd (3328)?
Balance-sheet figures for Bank of Communications Co Ltd (as of Aug 23, 2026): return on equity 7.9%, debt of 0.58 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is 3328 from its 52-week high?
Bank of Communications Co Ltd trades at HK$8.06, about 6% below its 52-week high of HK$7.60 and 35% above the low of HK$5.98 (as of Aug 23, 2026). Distance from the high says nothing about value: that is what the fair value of HK$12.85 is for.
Which stocks are comparable to Bank of Communications Co Ltd?
From the same area (Financial Services) we also value JPMorgan Chase & Co, Bank of America Corporation, China Construction Bank Corporation, Industrial and Commercial Bank of China Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Bank of Communications Co Ltd stock attractive at the current price?
The data as of Aug 23, 2026: price HK$8.06, calculated fair value HK$12.85 (+59%), Quality Score 46/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 3328 calculated?
We run Bank of Communications Co Ltd through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of HK$12.85, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 32.6 % above its aggregate fair value. Bank of Communications Co Ltd currently trades 59 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on <a href="/is-it-worth-investing-now/">is it worth investing now</a>.
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