China CITIC Bank Corporation Limited

SZSC:998 Stock Report

Market Cap: HK$360.5b

China CITIC Bank Valuation

Is 998 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 998 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 998 (HK$5) is trading below our estimate of fair value (HK$20.98)

Significantly Below Fair Value: 998 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 998?

Key metric: As 998 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 998. This is calculated by dividing 998's market cap by their current earnings.
What is 998's PE Ratio?
PE Ratio4x
EarningsCN¥62.62b
Market CapCN¥337.96b

Price to Earnings Ratio vs Peers

How does 998's PE Ratio compare to its peers?

The above table shows the PE ratio for 998 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average7x
2388 BOC Hong Kong (Holdings)
7.4x1.3%HK$266.4b
1658 Postal Savings Bank of China
5.2x5.9%HK$555.9b
3328 Bank of Communications
4.9x5.6%HK$524.9b
11 Hang Seng Bank
10.3x1.6%HK$176.7b
998 China CITIC Bank
4x6.4%HK$360.5b

Price-To-Earnings vs Peers: 998 is good value based on its Price-To-Earnings Ratio (4x) compared to the peer average (7x).

Price to Earnings Ratio vs Industry

How does 998's PE Ratio compare vs other companies in the HK Banks Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No more companies available in this PE range
998 4.0xIndustry Avg. 4.8xNo. of Companies11PE0612182430+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 998 is good value based on its Price-To-Earnings Ratio (4x) compared to the Hong Kong Banks industry average (4.9x).

Price to Earnings Ratio vs Fair Ratio

What is 998's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

998 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio4x
Fair PE Ratio5x

Price-To-Earnings vs Fair Ratio: 998 is good value based on its Price-To-Earnings Ratio (4x) compared to the estimated Fair Price-To-Earnings Ratio (5x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 998 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentHK$5.00
HK$5.76
+15.2%
13.5%HK$7.35HK$4.43n/a12
Dec ’25HK$4.96
HK$5.72
+15.4%
13.6%HK$7.38HK$4.45n/a13
Nov ’25HK$4.93
HK$5.73
+16.3%
14.1%HK$7.51HK$4.48n/a13
Oct ’25HK$4.96
HK$5.47
+10.2%
10.4%HK$6.50HK$4.55n/a13
Sep ’25HK$4.51
HK$5.48
+21.5%
10.7%HK$6.52HK$4.57n/a13
Aug ’25HK$4.70
HK$5.45
+15.9%
11.2%HK$6.70HK$4.50n/a13
Jul ’25HK$5.01
HK$5.41
+8.0%
11.6%HK$6.67HK$4.37n/a13
Jun ’25HK$4.77
HK$5.29
+10.9%
12.4%HK$6.09HK$3.67n/a13
May ’25HK$4.60
HK$5.02
+9.2%
13.6%HK$5.73HK$3.60n/a13
Apr ’25HK$4.17
HK$4.99
+19.6%
13.3%HK$5.74HK$3.61n/a13
Mar ’25HK$4.19
HK$4.84
+15.6%
14.6%HK$5.76HK$3.62n/a12
Feb ’25HK$3.90
HK$4.77
+22.2%
15.6%HK$5.76HK$3.62n/a13
Jan ’25HK$3.68
HK$4.84
+31.7%
15.6%HK$5.80HK$3.65n/a14
Dec ’24HK$3.54
HK$4.88
+37.7%
14.9%HK$5.80HK$3.67HK$4.9614
Nov ’24HK$3.50
HK$4.77
+36.3%
14.9%HK$5.66HK$3.58HK$4.9314
Oct ’24HK$3.64
HK$4.84
+33.0%
14.7%HK$6.00HK$3.72HK$4.9615
Sep ’24HK$3.49
HK$4.95
+42.0%
14.4%HK$6.24HK$3.75HK$4.5116
Aug ’24HK$3.71
HK$4.83
+30.3%
12.8%HK$5.99HK$3.78HK$4.7016
Jul ’24HK$3.68
HK$4.83
+31.2%
11.5%HK$5.93HK$4.03HK$5.0115
Jun ’24HK$4.13
HK$4.82
+16.7%
13.7%HK$6.09HK$3.60HK$4.7715
May ’24HK$4.24
HK$4.62
+8.9%
17.9%HK$5.98HK$2.40HK$4.6015
Apr ’24HK$3.95
HK$4.53
+14.8%
18.3%HK$6.00HK$2.41HK$4.1716
Mar ’24HK$3.71
HK$4.44
+19.6%
20.7%HK$6.48HK$2.51HK$4.1916
Feb ’24HK$3.81
HK$4.45
+16.8%
20.7%HK$6.49HK$2.51HK$3.9016
Jan ’24HK$3.46
HK$4.15
+19.8%
21.7%HK$6.26HK$2.42HK$3.6817
Dec ’23HK$3.44
HK$4.02
+16.9%
21.3%HK$5.87HK$2.39HK$3.5417

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/18 04:42
End of Day Share Price 2024/12/18 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

China CITIC Bank Corporation Limited is covered by 68 analysts. 11 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Yu Hang AuABCI Securities Company Limited
Meizhi YanBarclays
Dorris ChenBNP Paribas Securities (Asia)