Agricultural Bank of China
Agricultural Bank of China Limited provides corporate and retail banking products and services in the Mainland China and internationally. The last earnings update was 27 days ago. More info.
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1288 Share Price and Events
7 Day Returns
1 Year Returns
1288 Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Agricultural Bank of China (1288) | -1.6% | -1.1% | -2.7% | -16.3% | 27.7% | 10.8% |
| HK Banks | -2.1% | 1.9% | 3.6% | -11.6% | 28.2% | 22.9% |
| HK Market | -1.3% | 3.2% | 9.8% | -5.7% | 27% | 20.8% |
1 Year Return vs Industry and Market
- 1288 underperformed the Banks industry which returned -11.6% over the past year.
- 1288 underperformed the Market in Hong Kong which returned -5.7% over the past year.
Value
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
Agricultural Bank of China
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Agricultural Bank of China.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | Excess Returns Model | |
| Stable EPS |
Weighted future Return on Equity estimates from 18 analysts.
= Stable Book Value * Return on Equity = CN¥5.39 * 12.3% |
CN¥0.66 |
| Book Value of Equity per Share | Weighted future Book Value estimates from 17 analysts. | CN¥5.39 |
| Discount Rate (Cost of Equity) | See below | 8.9% |
| Perpetual Growth Rate | 10-Year HK Government Bond Rate | 2% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year HK Govt Bond Rate | 2% |
| Equity Risk Premium | S&P Global | 6% |
| Banks Unlevered Beta | Simply Wall St/ S&P Global | 0.6 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.595 (1 + (1- 25%) (144.51%)) |
1.161 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
1.16 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2% + (1.161 * 5.96%) |
8.92% |
Discounted Cash Flow Calculation for SEHK:1288 using Excess Returns Model Model
The calculations below outline how an intrinsic value for Agricultural Bank of China is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.
In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.
The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.
Note the calculations below are per share.
See our documentation to learn about this calculation.
| Calculation | Result | |
|---|---|---|
| Excess Returns |
= (Stable Return on equity – Cost of equity) (Book Value of
Equity per share)
= (12.3% – 8.92%) * CN¥5.39) |
CN¥0.18 |
| Terminal Value of Excess Returns |
= Excess Returns / (Cost of Equity -
Expected Growth Rate)
= CN¥0.18 / (8.92% - 2%) |
CN¥2.64 |
| Value of Equity |
= Book Value per share + Terminal Value of
Excess Returns
= CN¥5.39 + CN¥2.64 |
CN¥8.03 |
| Calculation | Result | |
|---|---|---|
| Exchange Rate | CNY/HKD
(Reporting currency to currency of SEHK:1288) |
1.167 |
| Value per Share (HKD) |
= Value per Share in CNY x Exchange Rate (CNY/HKD)
= CN¥8.03 x 1.167 |
HK$9.36 |
| Value per share (HKD) | From above. | HK$9.36 |
| Current discount | Discount to share price of
HK$3.60
= -1 x (HK$3.60 - HK$9.36) / HK$9.36 |
61.6% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- Agricultural Bank of China's share price is below the future cash flow value, and at a moderate discount (> 20%).
- Agricultural Bank of China's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for Agricultural Bank of China's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Agricultural Bank of China's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2018-12-31) in CNY | CN¥0.59 |
| SEHK:1288 Share Price ** | SEHK (2019-04-25) in HKD | HK$3.6 |
| SEHK:1288 Share Price converted to CNY reporting currency | Exchange rate (HKD/ CNY) 0.857 | CN¥3.09 |
| Hong Kong Banks Industry PE Ratio | Median Figure of 31 Publicly-Listed Banks Companies | 6.17x |
| Hong Kong Market PE Ratio | Median Figure of 1,476 Publicly-Listed Companies | 12.09x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Agricultural Bank of China.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = SEHK:1288 Share Price ÷ EPS (both in CNY) = 3.09 ÷ 0.59 |
5.25x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Agricultural Bank of China is good value based on earnings compared to the HK Banks industry average.
- Agricultural Bank of China is good value based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does
Agricultural Bank of China's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 5.25x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 18 Analysts |
6.7%per year |
| Hong Kong Banks Industry PEG Ratio | Median Figure of 16 Publicly-Listed Banks Companies | 0.89x |
| Hong Kong Market PEG Ratio | Median Figure of 465 Publicly-Listed Companies | 0.86x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 5.25x ÷ 6.7% |
0.78x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Agricultural Bank of China is good value based on expected growth next year.
Price based on value of assets
What value do investors place on
Agricultural Bank of China's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2018-12-31) in CNY | CN¥4.54 |
| SEHK:1288 Share Price * | SEHK (2019-04-25) in HKD | HK$3.6 |
| SEHK:1288 Share Price converted to CNY reporting currency | Exchange rate (HKD/ CNY) 0.857 | CN¥3.09 |
| Hong Kong Banks Industry PB Ratio | Median Figure of 31 Publicly-Listed Banks Companies | 0.75x |
| Hong Kong Market PB Ratio | Median Figure of 2,150 Publicly-Listed Companies | 1.02x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = SEHK:1288 Share Price ÷ Book Value per Share (both in CNY) = 3.09 ÷ 4.54 |
0.68x |
* Primary Listing of Agricultural Bank of China.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Agricultural Bank of China is good value based on assets compared to the HK Banks industry average.
Value checks
We assess Agricultural Bank of China's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check) Agricultural Bank of China has a total score of 6/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
Future Performance
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- Agricultural Bank of China's earnings growth is expected to exceed the low risk savings rate of 2%.
Growth vs Market Checks
- Agricultural Bank of China's earnings growth is positive but not above the Hong Kong market average.
- Agricultural Bank of China's revenue growth is expected to exceed the Hong Kong market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| SEHK:1288 Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 18 Analysts | 6.7% |
| SEHK:1288 Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 18 Analysts | 16.3% |
| Hong Kong Banks Industry Earnings Growth Rate | Market Cap Weighted Average | 6.2% |
| Hong Kong Banks Industry Revenue Growth Rate | Market Cap Weighted Average | 13.5% |
| Hong Kong Market Earnings Growth Rate | Market Cap Weighted Average | 11.9% |
| Hong Kong Market Revenue Growth Rate | Market Cap Weighted Average | 11.2% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 months ago) | See Below |
| Future Estimates | Average of up to 18 Analyst Estimates (S&P Global) | See Below |
| Date (Data in CNY Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | ||||
| 2022-12-31 | ||||
| 2021-12-31 | 758,189 | 240,528 | 5 | |
| 2020-12-31 | 697,779 | 412,676 | 230,932 | 15 |
| 2019-12-31 | 639,503 | 671,147 | 212,497 | 16 |
| Date (Data in CNY Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2018-12-31 | 465,910 | -987,663 | 198,183 |
| 2018-09-30 | 461,248 | -1,012,902 | 199,963 |
| 2018-06-30 | 452,756 | -896,811 | 195,558 |
| 2018-03-31 | 441,967 | -753,611 | 191,388 |
| 2017-12-31 | 444,833 | -341,547 | 188,362 |
| 2017-09-30 | 435,540 | -580,923 | 185,181 |
| 2017-06-30 | 432,536 | -852,156 | 182,786 |
| 2017-03-31 | 427,580 | 43,227 | 180,363 |
| 2016-12-31 | 423,683 | -717,811 | 179,341 |
| 2016-09-30 | 432,576 | -201,897 | 179,142 |
| 2016-06-30 | 445,471 | -60,448 | 179,015 |
| 2016-03-31 | 456,997 | -554,847 | 178,754 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 months ago) | See Below |
| Future Estimates | Average of up to 18 Analyst Estimates (S&P Global) | See Below |
All data from Agricultural Bank of China Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in CNY Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 0.84 | 0.84 | 0.84 | 1.00 |
| 2022-12-31 | 0.80 | 0.80 | 0.80 | 1.00 |
| 2021-12-31 | 0.69 | 0.73 | 0.63 | 9.00 |
| 2020-12-31 | 0.65 | 0.70 | 0.59 | 18.00 |
| 2019-12-31 | 0.60 | 0.62 | 0.57 | 16.00 |
| Date (Data in CNY Millions) | EPS * |
|---|---|
| 2018-12-31 | 0.59 |
| 2018-09-30 | 0.60 |
| 2018-06-30 | 0.59 |
| 2018-03-31 | 0.59 |
| 2017-12-31 | 0.58 |
| 2017-09-30 | 0.57 |
| 2017-06-30 | 0.56 |
| 2017-03-31 | 0.55 |
| 2016-12-31 | 0.55 |
| 2016-09-30 | 0.55 |
| 2016-06-30 | 0.55 |
| 2016-03-31 | 0.54 |
*GAAP earnings excluding extraordinary items.
Performance in 3 years
In the same way as past performance we look at the future estimated return
(profit) compared to the available
funds. We do this looking forward 3 years.
- Agricultural Bank of China is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
Future performance checks
We assess Agricultural Bank of China's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Hong Kong market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Hong Kong market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Agricultural Bank of China has a total score of 2/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
Past Performance
How has Agricultural Bank of China performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- Agricultural Bank of China's year on year earnings growth rate has been positive over the past 5 years.
- Agricultural Bank of China's 1-year earnings growth exceeds its 5-year average (5.2% vs 2.5%)
- Agricultural Bank of China's earnings growth has exceeded the HK Banks industry average in the past year (5.2% vs 4.7%).
Earnings and Revenue History
All data from Agricultural Bank of China Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in CNY Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2018-12-31 | 465,910.00 | 198,183.00 | 204,595.00 | |
| 2018-09-30 | 461,248.00 | 199,963.00 | 199,617.00 | |
| 2018-06-30 | 452,756.00 | 195,558.00 | 199,617.00 | |
| 2018-03-31 | 441,967.00 | 191,388.00 | 200,289.00 | |
| 2017-12-31 | 444,833.00 | 188,362.00 | 199,617.00 | |
| 2017-09-30 | 435,540.00 | 185,181.00 | 186,465.00 | |
| 2017-06-30 | 432,536.00 | 182,786.00 | 186,465.00 | |
| 2017-03-31 | 427,580.00 | 180,363.00 | 224,874.00 | |
| 2016-12-31 | 423,683.00 | 179,341.00 | 186,465.00 | |
| 2016-09-30 | 432,576.00 | 179,142.00 | 185,033.00 | |
| 2016-06-30 | 445,471.00 | 179,015.00 | 99,633.00 | |
| 2016-03-31 | 456,997.00 | 178,754.00 | 185,033.00 | |
| 2015-12-31 | 456,690.00 | 178,182.00 | 185,033.00 | |
| 2015-09-30 | 458,232.00 | 180,232.00 | 182,285.00 | |
| 2015-06-30 | 454,200.00 | 179,744.00 | 267,685.00 | |
| 2015-03-31 | 453,403.00 | 180,147.00 | 182,285.00 | |
| 2014-12-31 | 456,182.00 | 179,461.00 | 182,285.00 | |
| 2014-09-30 | 442,115.00 | 180,766.00 | 166,755.00 | |
| 2014-06-30 | 438,191.00 | 177,995.00 | 88,646.00 | |
| 2014-03-31 | 428,730.00 | 172,734.00 | 166,755.00 | |
| 2013-12-31 | 412,795.00 | 166,315.00 | 166,755.00 | |
| 2013-09-30 | 407,821.00 | 162,999.00 | 153,125.00 | |
| 2013-06-30 | 396,186.00 | 156,947.00 | 231,234.00 | |
| 2013-03-31 | 381,378.00 | 148,651.00 | 153,125.00 | |
| 2012-12-31 | 370,752.00 | 145,094.00 | 153,125.00 | |
| 2012-09-30 | 361,450.00 | 141,253.00 | 92,386.00 | |
| 2012-06-30 | 346,743.00 | 135,759.00 | 92,386.00 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- Agricultural Bank of China has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- Agricultural Bank of China used its assets more efficiently than the HK Banks industry average last year based on Return on Assets.
- Unable to establish if Agricultural Bank of China improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
Past performance checks
We assess Agricultural Bank of China's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Agricultural Bank of China has a total score of 4/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
Health
This company is a bank or financial institution.Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Balance sheet
Assets
Liabilities and shares
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from Agricultural Bank of China Company Filings, last reported 3 months ago.
| Date (Data in CNY Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2018-12-31 | 1,674,787.00 | 1,862,464.00 | 1,704,355.00 |
| 2018-09-30 | 1,634,868.00 | 1,730,718.00 | 2,238,823.00 |
| 2018-06-30 | 1,569,711.00 | 1,523,602.00 | 1,334,120.00 |
| 2018-03-31 | 1,463,627.00 | 1,519,130.00 | 4,353,826.00 |
| 2017-12-31 | 1,429,397.00 | 1,578,189.00 | 1,856,487.00 |
| 2017-09-30 | 1,409,360.00 | 1,303,559.00 | 2,348,367.00 |
| 2017-06-30 | 1,358,441.00 | 1,309,898.00 | 1,776,672.00 |
| 2017-03-31 | 1,366,045.00 | 1,340,570.00 | 2,624,928.00 |
| 2016-12-31 | 1,321,591.00 | 1,207,878.00 | 2,043,545.00 |
| 2016-09-30 | 1,313,025.00 | 943,842.00 | 2,080,653.00 |
| 2016-06-30 | 1,258,802.00 | 874,891.00 | 1,852,869.00 |
| 2016-03-31 | 1,263,095.00 | 808,770.00 | 2,395,386.00 |
| 2015-12-31 | 1,211,885.00 | 860,096.00 | 2,252,224.00 |
| 2015-09-30 | 1,175,127.00 | 750,435.00 | 2,438,760.00 |
| 2015-06-30 | 1,122,042.00 | 723,873.00 | 2,095,231.00 |
| 2015-03-31 | 1,125,520.00 | 709,176.00 | 2,665,397.00 |
| 2014-12-31 | 1,032,619.00 | 768,472.00 | 1,839,536.00 |
| 2014-09-30 | 958,693.00 | 708,453.00 | 2,283,663.00 |
| 2014-06-30 | 907,737.00 | 636,152.00 | 2,145,942.00 |
| 2014-03-31 | 905,149.00 | 457,607.00 | 2,537,459.00 |
| 2013-12-31 | 844,537.00 | 475,150.00 | 1,728,800.00 |
| 2013-09-30 | 828,772.00 | 465,937.00 | 2,262,842.00 |
| 2013-06-30 | 791,231.00 | 471,239.00 | 1,794,614.00 |
| 2013-03-31 | 800,319.00 | 437,838.00 | 2,739,766.00 |
| 2012-12-31 | 751,354.00 | 355,571.00 | 1,693,529.00 |
| 2012-09-30 | 727,045.00 | 266,525.00 | 2,444,303.00 |
| 2012-06-30 | 691,826.00 | 278,483.00 | 1,839,554.00 |
BANK ANALYSIS
This company is a bank or financial institution, which is analysed accordingly below.
- Agricultural Bank of China has an acceptable proportion of non-loan assets held.
- Agricultural Bank of China's liabilities are made up of primarily low risk sources of funding.
- Loans at Agricultural Bank of China are broadly funded by customer deposits.
- Agricultural Bank of China's level of assets compared to its equity is moderate (i.e. an appropriate level of borrowing to fund lending).
- Agricultural Bank of China has a sufficient allowance for bad loans.
- Agricultural Bank of China has an acceptable level of bad loans (less than 2%).
Financial health checks
We assess Agricultural Bank of China's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Agricultural Bank of China has a total score of 6/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
Dividends
What is Agricultural Bank of China's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
HK$2,000 of
Agricultural Bank of China
shares you are expected to receive
HK$113
in your first year as a dividend.
Dividend Amount
- Agricultural Bank of China's pays a higher dividend yield than the bottom 25% of dividend payers in Hong Kong (1.97%).
- Agricultural Bank of China's dividend is above the markets top 25% of dividend payers in Hong Kong (5.39%).
Upcoming dividend payment
Purchase Agricultural Bank of China before the 'Buy Limit' to receive their next dividend payment.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 18 Analyst Estimates (S&P Global) | See Below |
| Hong Kong Banks Industry Average Dividend Yield | Market Cap Weighted Average of 28 Stocks | 5% |
| Hong Kong Market Average Dividend Yield | Market Cap Weighted Average of 966 Stocks | 3.4% |
| Hong Kong Minimum Threshold Dividend Yield | 10th Percentile | 1.1% |
| Hong Kong Bottom 25% Dividend Yield | 25th Percentile | 2% |
| Hong Kong Top 25% Dividend Yield | 75th Percentile | 5.4% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in CN¥) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2023-12-31 | 0.30 | 2.00 |
| 2022-12-31 | 0.24 | 2.00 |
| 2021-12-31 | 0.21 | 9.00 |
| 2020-12-31 | 0.20 | 21.00 |
| 2019-12-31 | 0.18 | 18.00 |
| Date (Data in CN¥) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-03-29 | 0.174 | 5.541 |
| 2018-05-11 | 0.178 | 5.610 |
| 2017-06-28 | 0.170 | 5.220 |
| 2016-06-29 | 0.167 | 5.746 |
| 2015-07-02 | 0.182 | 7.359 |
| 2014-03-25 | 0.177 | 5.964 |
| 2013-05-03 | 0.157 | 5.707 |
| 2012-06-08 | 0.132 | 4.790 |
| 2011-04-27 | 0.054 | 1.841 |
| 2011-03-29 | 0.054 | 1.423 |
| 2010-08-27 | 0.077 | 2.266 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Agricultural Bank of China has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
- Dividend payments have increased, but Agricultural Bank of China only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of
Agricultural Bank of China's earnings are
paid
to the shareholders as a dividend.
- Dividends paid are well covered by earnings (3.4x coverage).
- Dividends after 3 years are expected to be well covered by earnings (3.3x coverage).
Income/ dividend checks
We assess Agricultural Bank of China's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Agricultural Bank of China afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Agricultural Bank of China has a total score of 4/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
Management
- Agricultural Bank of China has no CEO, or we have no data on them.
Management Team Tenure
Average tenure and age of the Agricultural Bank of China management team in years:
- The average tenure for the Agricultural Bank of China management team is less than 2 years, this suggests a new team.
Management Team
Mubing Zhou
President & Chairman of the Board
CN¥704K
61
0.5 yrs
Wei Wang
Executive VP & Executive Director
CN¥646K
55
5.3 yrs
Keqiu Zhang
Executive VP & Executive Director
CN¥646K
54
1.8 yrs
Zhicheng Li
Chief Risk Officer
CN¥1M
55
2.2 yrs
Wanfu Zhou
Company Secretary & Secretary to the Board of Directors
CN¥930K
53
1 yrs
Mingde Yao
General Manager of the Finance & Accounting Department
Chris Ho
Assistant to the Company Secretary
3.9 yrs
Cecilia Woo
Assistant Company Secretary
Siu Kuen Lai
Assistant to the Company Secretary
1.8 yrs
Board of Directors Tenure
Average tenure and age of the Agricultural Bank of China board of directors in years:
- The tenure for the Agricultural Bank of China board of directors is about average.
Board of Directors
Mubing Zhou
President & Chairman of the Board
CN¥704K
61
2.8 yrs
Wei Wang
Executive VP & Executive Director
CN¥646K
55
1.2 yrs
Keqiu Zhang
Executive VP & Executive Director
CN¥646K
54
0.3 yrs
Tiejun Wen
Independent Non-Executive Director
CN¥410K
66
7.9 yrs
Francis Yuen
Independent Non-Executive director
CN¥380K
66
6.1 yrs
Xing Xiao
Independent Non-Executive Director
CN¥380K
47
4.1 yrs
Jingdong Wang
Chairman of the Board of Supervisors
56
0.4 yrs
Wang Li
External Supervisor
53
3.8 yrs
Chengxu Liu
Employee Representative Supervisor
56
2.8 yrs
Jianbo Chen
Non-Executive Director
55
4.3 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (HK$) | Value (HK$) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 16. Nov 18 | Buy | BlackRock, Inc. | Company | 13. Nov 18 | 13. Nov 18 | 4,688,980 | HK$3.49 | HK$16,353,751 | ||
| 14. Nov 18 | Sell | BlackRock, Inc. | Company | 09. Nov 18 | 09. Nov 18 | -17,733,000 | HK$3.54 | HK$-62,824,525 | ||
| 27. Oct 18 | Sell | Capital Research and Management Company | Company | 25. Oct 18 | 25. Oct 18 | -407,265,861 | HK$3.36 | HK$-1,369,635,339 | ||
| 24. Oct 18 | Sell | Capital Research and Management Company | Company | 22. Oct 18 | 22. Oct 18 | -193,755,000 | HK$3.58 | HK$-693,293,652 | ||
Management checks
We assess Agricultural Bank of China's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Agricultural Bank of China has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
News
Simply Wall St News
Agricultural Bank of China Limited (HKG:1288): Immense Growth Potential?
As Agricultural Bank of China Limited (HKG:1288) announced its earnings release on 31 December 2018, … analyst consensus outlook appear cautiously optimistic, … the past 5-year average growth rate of 2.5%.
Simply Wall St - – Full articleFinancial Metrics For Agricultural Bank of China Limited (HKG:1288)
Agricultural Bank of China Limited (HKG:1288) is a large-cap stock operating in the financial services sector with a market cap of HK$1.5t. … As major financial institutions return to health after the Global Financial Crisis, we are seeing an increase in market confidence, and understanding of, these “too-big-to-fail” banking stocks. … Following the crisis, a set of reforms termed Basel III was enforced to bolster risk management, regulation, and supervision in the financial services industry.
Simply Wall St - – Full articleHow Much Of Agricultural Bank of China Limited (HKG:1288) Do Institutions Own?
A look at the shareholders of Agricultural Bank of China Limited (HKG:1288) can tell us which group is most powerful. … With a market capitalization of HK$1.5t, Agricultural Bank of China is rather large. … Check out our latest analysis for Agricultural Bank of China
Simply Wall St - – Full articleCan You Imagine How Agricultural Bank of China's Shareholders Feel About The 42% Share Price Increase?
For example, Agricultural Bank of China Limited (HKG:1288) shareholders have seen the share price rise 42% over three years, well in excess of the market return (33%, not including dividends). … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … During three years of share price growth, Agricultural Bank of China achieved compound earnings per share growth of 2.9% per year.
Simply Wall St - – Full articleRisk Factors To Consider Before Investing In Agricultural Bank of China Limited (HKG:1288)
Large banks such as Agricultural Bank of China Limited (HKG:1288), with a market capitalisation of HK$1.5t, have benefited from improving credit quality as a result of post-GFC recovery, leading to a strong growth environment. … Economic growth fuels demand for loans and affects a borrower’s ability to repay which directly impacts the level of risk Agricultural Bank of China takes on. … The level of risky assets a bank holds on its accounts affects the attractiveness of the company as an investment.
Simply Wall St - – Full articleHere's How P/E Ratios Can Help Us Understand Agricultural Bank of China Limited (HKG:1288)
We'll look at Agricultural Bank of China Limited's (HKG:1288) P/E ratio and reflect on what it tells us about the company's share price. … Based on the last twelve months, Agricultural Bank of China's P/E ratio is 5.15. … Price to Earnings Ratio = Price per Share (in the reporting currency) ÷ Earnings per Share (EPS)
Simply Wall St - – Full articleWhat Is Agricultural Bank of China Limited's (HKG:1288) Share Price Doing?
Some share price movements can give investors a better opportunity to enter into the stock, and potentially buy at a lower price? … A question to answer is whether Agricultural Bank of China's current trading price of HK$3.39 reflective of the actual value of the? … Let’s take a look at Agricultural Bank of China’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change
Simply Wall St - – Full articleThree Understated Metrics For Agricultural Bank of China Limited (HKG:1288) You Should Know
Agricultural Bank of China Limited (HKG:1288) is a large-cap stock operating in the financial services sector with a market cap of HK$1.4t. … As major financial institutions return to health after the Global Financial Crisis, we are seeing an increase in market confidence, and understanding of, these “too-big-to-fail” banking stocks. … Following the crisis, a set of reforms termed Basel III was enforced to bolster risk management, regulation, and supervision in the financial services industry.
Simply Wall St - – Full articleShould Agricultural Bank of China Limited (HKG:1288) Be Part Of Your Dividend Portfolio?
Historically, Agricultural Bank of China Limited (HKG:1288) has paid a dividend to shareholders. … Let's take a look at Agricultural Bank of China in more detail. … View our latest analysis for Agricultural Bank of China
Simply Wall St - – Full articleIs Agricultural Bank of China Limited (HKG:1288) Over-Exposed To Risk?
Large banks such as Agricultural Bank of China Limited (HKG:1288), with a market capitalisation of HK$1.5t, have benefited from improving credit quality as a result of post-GFC recovery, leading to a strong growth environment. … Economic growth fuels demand for loans and affects a borrower’s ability to repay which directly impacts the level of risk Agricultural Bank of China takes on. … It is relevant to understand a bank’s level of risky assets on its accounts as it affects the attractiveness of its stock as an investment.
Simply Wall St - – Full articleCompany Info
Description
Agricultural Bank of China Limited provides corporate and retail banking products and services in the Mainland China and internationally. The company operates through Corporate Banking, Personal Banking, and Treasury Operations segments. Its deposit products include demand, call, foreign currency time, foreign currency call, time or demand optional, foreign exchange demand, foreign exchange call, savings, foreign exchange time, agreed-term, and negotiated deposits; and loans comprise housing, consumer, business, fixed asset, working capital, real estate, entrusted syndicated, and small enterprise loans, as well as trade finances, guarantees and commitments, and loans with custody of export rebates accounts. The company also provides credit card, debit card, payment and settlement, private banking, cash management, investment banking, custody, financial market, and financial institution services, as well as trading and wealth management services. In addition, it offers agro-related personal and corporate banking products and services; personal and online, telephone, mobile, self-service, and SMS banking services; financial leasing services; and life, health, and accident insurance, as well as reinsurance products. As of December 31, 2017, the company had 23,661 branches in China; and 13 overseas branches and 4 overseas representative offices. Agricultural Bank of China Limited was founded in 1951 and is based in Beijing, the People’s Republic of China.
Details
| Name: | Agricultural Bank of China Limited |
| 1288 | |
| Exchange: | SEHK |
| Founded: | 1951 |
| HK$1,503,638,619,280 | |
| 349,983,033,873 | |
| Website: | http://www.abchina.com |
| Address: |
Agricultural Bank of China Limited No. 69, Jianguomen Nei Avenue, Dongcheng District, Beijing, 100005, China |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| SEHK | 1288 | Foreign Shares-Foreign Listed | The Stock Exchange of Hong Kong Ltd. | HK | HKD | 16. Jul 2010 | |
| OTCPK | ACGB.F | Foreign Shares-Foreign Listed | Pink Sheets LLC | US | USD | 16. Jul 2010 | |
| DB | EK7 | Foreign Shares-Foreign Listed | Deutsche Boerse AG | DE | EUR | 16. Jul 2010 | |
| SHSC | 1288 | Foreign Shares-Foreign Listed | Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect | HK | HKD | 16. Jul 2010 | |
| SZSC | 1288 | Foreign Shares-Foreign Listed | The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect | HK | HKD | 16. Jul 2010 | |
| WBAG | EK7 | Foreign Shares-Foreign Listed | Wiener Boerse AG | AT | EUR | 16. Jul 2010 | |
| OTCPK | ACGB.Y | ADR | Pink Sheets LLC | US | USD | 28. Sep 2010 | |
| SHSE | 601288 | Domestic Shares | Shanghai Stock Exchange | CN | CNY | 15. Jul 2010 | |
| XSSC | 601288 | Domestic Shares | Shanghai Stock Exchange - Shanghai - Hong Kong Stock Connect | CN | CNY | 15. Jul 2010 |
Number of employees
Current staff
Industry
| Diversified Banks | |
| Banks |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/04/25 13:41 |
| End of day share price update: | 2019/04/25 00:00 |
| Last estimates confirmation: | 2019/04/17 |
| Last earnings filing: | 2019/03/29 |
| Last earnings reported: | 2018/12/31 |
| Last annual earnings reported: | 2018/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
