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BOC Hong Kong (Holdings) Limited (BNKHF) fair value: what the stock is really worth

As of Sep 11, 2026: fair value of BOC Hong Kong (Holdings) Limited $6.15, price $5.95, upside +3.4%, quality 47 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
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Financial Services · US · ISIN HK2388011192

BH BOC Hong Kong (Holdings) Limited logo Some data Sep 29, 2026

BOC Hong Kong (Holdings) Limited

BNKHF · US

Low PriorityFair Value upside is limited and quality is weak.

·Fair value $6.15 · Fairly valued (+3.4%)
!Quality 47/100
!Expensive Growth (revenue 5y +10.6 %/yr)
✓Highly profitable · 58.4% net margin (TTM)
!Low debt · negative free cash flow
✓Wide moat 66/100
!Evidence only medium, so the estimate is less certain
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26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

$6.15 $1.18 Fair Value $6.15 Aug 2015 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 29, 2026.

How to read this chart

60‑month range $1.18 – $6.15 · fair‑value band $4.05 – $7.69 · the $5.95 price screens below the $6.15 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 29, 2026.

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Company profile

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.

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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.

Stock analysis

BOC Hong Kong (Holdings) Limited (BNKHF) currently trades at $5.95, while our model-based Fair Value estimate is $6.15, so the stock looks roughly fairly valued today (gap 3.3%).

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Valuation

Bull case: the Multiples group reads highest at a median of $6.05 per share, and 2 of the 6 models we run sit above the $5.95 price.

Bear case: the Asset-Based group reads lowest at $2.90, and 4 of the 6 models stay below the price. Evidence for this calculation is medium.

Scenario range: $4.05 (bear) to $7.69 (bull), the price of $5.95 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 47/100 (below-average quality), in the Financial Services sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

BOC Hong Kong (Holdings) Limited reported revenue of HK$156B in FY2025 versus HK$46.8B in FY2021, a compound +35.2%/yr. Reported net income was HK$40.1B in FY2025, compounding +13.3%/yr from FY2021.

Key figures

Market cap $62.9B · P/E ratio 12.4 · P/S ratio 3.18 · EPS (TTM) $0.4800 · Net margin 25.7% · Return on equity 11.7% · Return on assets (EBIT) 1.1% · Operating margin 69.1%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 45 out of 100 (low confidence).

What moves the price

The share trades about 3% below 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 −36% fair-value upside, at 3%, BNKHF screens cheaper than that median.

Fair Value models

Bear $4.05 Fair Value $6.15 Bull $7.69
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘ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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Residual Income $3.94 $4.49 $5.78 76
Gordon GGM $2.68 $5.57 $8.84 66
DDM Multi-Stage $2.68 $4.70 $5.85 66
All 6 models by family
Dividend Discount
Gordon GGM $2.68 $5.57 $8.84 66
DDM Multi-Stage $2.68 $4.70 $5.85 66
Multiples
P/E Multiple $4.72 $6.29 $7.86 63
P/B Multiple $4.54 $6.05 $7.56 55
Asset-Based
NCAV (Graham) $2.16 $2.90 $4.32 54
Economic Profit
Residual Income $3.94 $4.49 $5.78 76

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Quality Score breakdown

Overall quality 47/100

Of which business quality 44 · Market factors (momentum, volatility) 79

Profitability 35
Margins and returns on capital today
Quality Growth 42
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 50
Balance sheet, leverage, solvency risk
Investment 83
Disciplined investing over empire-building
Low Volatility 56
Calm price path (market factor)
Momentum 84
Price trend over the last 3–12 months (market factor)
52W Momentum 98
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 55/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+117.6%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+44.5%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+10.6%
Start year 2020 (pandemic). Over 10 years: +14.8% a year
Revenue growth 24 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+9.2%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+7.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+7.6%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘ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.7.6% vs 5.0%, steady
Profit margin 2020 to 2025 ⓘ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.38% → 31%
Start year 2020 (pandemic)

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Peer Groupⓘ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.Banks - Regional · 1052 stocks

Beats the industry median on 6/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 51 · Below median
Fair Value upside −8.7% · Above median
Profitability
Return on equity (TTM) 11.7% · Above median
Return on assets 1.0% · Below median
Net margin (TTM) 58.4% · Top 25%
Operating margin (TTM) 69.1% · Top 25%
Growth and dividend
Revenue growth −2.7% · Bottom 25%
Dividend yield (TTM) 36.6% · Top 25%
Balance sheet
Debt / equity 0.04× · Lowest 25%

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (TTM) 12.4× · Pricier than median
PEG 2.67× · Priciest 25%

Context: sector, industry, market

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 - Regional stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
DBS Group D05 78.00 SGD 40.39 SGD −48%
China Merchants Bank Co 600036 ¥40.69 ¥52.73 +30%
UniCredit S.p.A UCG €79.53 €77.12 −3%
Mizuho Financial Group MFG $11.05 $6.82 −38%
Intesa Sanpaolo S.p.A ISP €6.38 €4.06 −36%
BNP Paribas SA BNP €91.54 €105.99 +16%
HDFC Bank Limited HDFCBANK ₹721.20 ₹406.44 −44%
Oversea-Chinese Banking Corporation O39 32.01 SGD 19.78 SGD −38%
Al Rajhi Banking and Investment Corporation 1120 63.15 SAR 36.95 SAR −41%
CaixaBank, S.A CABK €12.03 €8.46 −30%

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$6.15 +3%Fair Value
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Cite: Fair Value Calculator (2026). "BOC Hong Kong (Holdings) Limited Fair Value". https://www.fairvalue-calculator.com/stock/BNKHF

Frequently asked questions

Is BOC Hong Kong (Holdings) Limited (BNKHF) overvalued or undervalued?
As of Sep 29, 2026, our model estimates a fair value of $6.15 versus the last price from Sep 11, 2026 of $5.95, about +3% upside (fairly valued).
What is the fair value of BNKHF?
Our model-based fair value for BOC Hong Kong (Holdings) Limited is $6.15 (as of Sep 29, 2026), built from audited fundamentals. Last price (from Sep 11, 2026): $5.95.
What is the quality score of BNKHF?
BOC Hong Kong (Holdings) Limited has a Quality Score of 47/100. 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 BOC Hong Kong (Holdings) Limited (BNKHF)?
Our model-based price target is the fair value of $6.15 (as of Sep 29, 2026) from 6 valuation models. Cautious scenario $4.05, optimistic scenario $7.69. It is a calculation from audited fundamentals, not an analyst target.
What is the BOC Hong Kong (Holdings) Limited stock forecast for 2026?
Our models put fair value at $6.15, about +3% upside versus the last price from Sep 11, 2026 of $5.95 (fairly valued). Cautious scenario $4.05, optimistic scenario $7.69. The calculation is refreshed regularly with new filings.
What is the revenue of BOC Hong Kong (Holdings) Limited (BNKHF)?
BOC Hong Kong (Holdings) Limited reported trailing-twelve-month revenue of about HK$68.7B (latest available figure, as of Sep 29, 2026).
What is the intrinsic value of BOC Hong Kong (Holdings) Limited (BNKHF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For BOC Hong Kong (Holdings) Limited it is $6.15 per share (as of Sep 29, 2026), against a price of $5.95. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is BOC Hong Kong (Holdings) Limited stock overvalued or undervalued in 2026?
As of Sep 29, 2026, BNKHF trades below its calculated fair value: price $5.95, fair value $6.15, a gap of about +3% (fairly valued). 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 BNKHF?
No. The price is what the market pays today ($5.95); the fair value is what the company's own numbers justify ($6.15). For BOC Hong Kong (Holdings) Limited the two are $0.2000 per share apart. That gap is exactly why we show both numbers side by side.
How much is BOC Hong Kong (Holdings) Limited worth?
The market values BOC Hong Kong (Holdings) Limited at about $62.9B (market capitalisation, as of Sep 29, 2026). Per share that is $5.95; our models calculate a fair value of $6.15 per share.
What do the bullish and bearish scenarios say about BNKHF?
Our models span a range for BOC Hong Kong (Holdings) Limited: cautious scenario $4.05, base $6.15, optimistic $7.69 per share (as of Sep 29, 2026, price $5.95). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BNKHF?
BOC Hong Kong (Holdings) Limited trades at a price-to-earnings ratio of 12.4 (as of Sep 29, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $6.15 is built from several models across several years. Other multiples: PEG 2.7.
What is the PEG ratio of BNKHF?
The PEG ratio of BOC Hong Kong (Holdings) Limited is 2.67 (P/E divided by earnings growth, as of Sep 29, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of BOC Hong Kong (Holdings) Limited (BNKHF)?
Balance-sheet figures for BOC Hong Kong (Holdings) Limited (as of Sep 29, 2026): return on equity 11.7%, debt of 0.04 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is BNKHF from its 52-week high?
BOC Hong Kong (Holdings) Limited trades at $5.95, about 3% below its 52-week high of $6.15 and 35% above the low of $4.42 (as of Sep 11, 2026). Distance from the high says nothing about value: that is what the fair value of $6.15 is for.
Which stocks are comparable to BOC Hong Kong (Holdings) Limited?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, UniCredit S.p.A, Mizuho Financial Group, 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 BOC Hong Kong (Holdings) Limited stock attractive at the current price?
The data as of Sep 29, 2026: price $5.95, calculated fair value $6.15 (+3%), Quality Score 47/100, 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 BNKHF calculated?
We run BOC Hong Kong (Holdings) Limited 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 $6.15, 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 14.5 % above its aggregate fair value. BOC Hong Kong (Holdings) Limited currently trades 3 % 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 is it worth investing now.
What is the share price of BOC Hong Kong (Holdings) Limited (BNKHF)?
The latest price we hold is from Sep 11, 2026 and stands at $5.95. Our model-based fair value is $6.15, about +3% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with BOC Hong Kong (Holdings) Limited right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range ($4.05 to $7.69) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of BOC Hong Kong (Holdings) Limited (BNKHF) come from?
Earnings per share at BOC Hong Kong (Holdings) Limited grew +4.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +10.3 %, EBIT margin −3.7 %, tax rate −0.1 %, residual (interest, one-offs) −1.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of BOC Hong Kong (Holdings) Limited

How large is the market capitalisation of BOC Hong Kong (Holdings) Limited (BNKHF)?
The market capitalisation of BOC Hong Kong (Holdings) Limited is $62.9B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of BOC Hong Kong (Holdings) Limited (BNKHF)?
The price-to-sales ratio of BOC Hong Kong (Holdings) Limited is 3.18 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of BOC Hong Kong (Holdings) Limited (BNKHF)?
Earnings per share at BOC Hong Kong (Holdings) Limited are $0.4800 (price ÷ EPS = P/E 12.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of BOC Hong Kong (Holdings) Limited (BNKHF)?
The net margin of BOC Hong Kong (Holdings) Limited is 25.7% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of BOC Hong Kong (Holdings) Limited (BNKHF)?
The return on equity (ROE) of BOC Hong Kong (Holdings) Limited is 11.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of BOC Hong Kong (Holdings) Limited (BNKHF)?
On an EBIT basis the return on assets of BOC Hong Kong (Holdings) Limited is 1.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of BOC Hong Kong (Holdings) Limited (BNKHF)?
The operating margin of BOC Hong Kong (Holdings) Limited is 69.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at BOC Hong Kong (Holdings) Limited (BNKHF)?
Revenue at BOC Hong Kong (Holdings) Limited is growing −2.7% versus a year earlier (3y avg +44.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at BOC Hong Kong (Holdings) Limited (BNKHF)?
Earnings per share at BOC Hong Kong (Holdings) Limited are growing −1.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does BOC Hong Kong (Holdings) Limited (BNKHF) generate?
The free cash flow of BOC Hong Kong (Holdings) Limited is −HK$88.6B (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does BOC Hong Kong (Holdings) Limited (BNKHF) hold?
BOC Hong Kong (Holdings) Limited holds more cash than debt, HK$590B net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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