# BOC Hong Kong Holdings (2388.HK)

Canonical: https://gigainvestors.com/s/2388.HK

Analysis as of: 2026-10-16T07:33:47.866Z. Financial observations: FY2015–FY2025.

Listing currency: HKD. Reporting currency: HKD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: HKD 50.45 per share; close as of 2026-10-15.

Estimated value: low HKD 33.73 per share, central HKD 41.84 per share, high HKD 55.10 per share. Buy at or below the central value HKD 41.84 per share. Valuation as of 2026-10-16T07:33:47.866Z; scenarios are not confidence intervals.

Expected annual return: 9.3% at the stated quote. About 9.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; HK 10-year bond 4.0% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.38×

Chart: Net income; fiscal year observations.

- FY2016: HKD 56B

- FY2017: HKD 31B

- FY2018: HKD 32B

- FY2019: HKD 32B

- FY2020: HKD 26B

- FY2021: HKD 23B

- FY2022: HKD 27B

- FY2023: HKD 33B

- FY2024: HKD 38B

- FY2025: HKD 40B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 11.3%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 8.4%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 24.4%

- FY2017: 12.8%

- FY2018: 11.4%

- FY2019: 11.5%

- FY2020: 9.2%

- FY2021: 7.8%

- FY2022: 8.4%

- FY2023: 10.3%

- FY2024: 11.4%

- FY2025: 11.3%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 12.2%

- Book return interval: 10 years

- Starting book value per share: HKD 18.42

- Ending book value per share: HKD 33.67

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 27.9%

- FY2017: 12.6%

- FY2018: 20.8%

- FY2019: 4.7%

- FY2020: 9.4%

- FY2021: 7.6%

- FY2022: 12.5%

- FY2023: 3.7%

- FY2024: 11.5%

- FY2025: 13.1%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: -0.0%

- Share growth excluding flagged crisis recapitalisations: -0.0%

- Five-year share growth excluding flagged crisis recapitalisations: -0.0%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.06×

- Book value created per share: HKD 15.25

- Earnings retained per share after dividends and buybacks: HKD 14.34

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 100

- FY2019: 100

- FY2020: 100

- FY2021: 100

- FY2022: 100

- FY2023: 100

- FY2024: 100

- FY2025: 100

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 6.6% a year forever · net income +4.9%

Story as of 2026-10-16T09:59:57.810Z; price observation 2026-10-15.

The price assumes profits grow 6.6% a year forever

### Net income · FY2025

net income +4.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: HKD 56B 

- FY2017: HKD 31B 

- FY2018: HKD 32B 

- FY2019: HKD 32B 

- FY2020: HKD 26B 

- FY2021: HKD 23B 

- FY2022: HKD 27B 

- FY2023: HKD 33B 

- FY2024: HKD 38B 

- FY2025: HKD 40B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are HKD 68.7 billion.

- Source: https://eodhd.com/api/fundamentals/2388.HK.json#2025-12-31 (filed 2026-10-16T07:33:47.866Z); FY2025: revenue 68728000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2388.HK: 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.

### Why customers stay

It earns 11.3% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:47.866Z); 10-year return on tangible equity observations [[2016,0.2443767029525863],[2017,0.1277077920481276],[2018,0.11412324028867095],[2019,0.11544462897665926],[2020,0.09182845652475385],[2021,0.07760816828505207],[2022,0.08426698561910724],[2023,0.10297926442033843],[2024,0.11372742659460232],[2025,0.11270861952237682]]; median 0.11321802305848958. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:47.866Z); Dividend observations: [[2016,20448000000],[2017,13375000000],[2018,13776000000],[2019,15521000000],[2020,16590000000],[2021,14509000000],[2022,11947000000],[2023,15193000000],[2024,18132000000],[2025,24201000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2388.HK SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 6.6% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:47.866Z); Price 50.45; FX 1; original perpetual distributable cash 1.739422827290531; discount 0.1; growth 0.06552184683269513. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (HKD per share)

- 2016-10: HKD 27.70 per share

- 2016-11: HKD 29.10 per share

- 2016-12: HKD 27.75 per share

- 2017-01: HKD 31.20 per share

- 2017-02: HKD 30.70 per share

- 2017-03: HKD 31.75 per share

- 2017-04: HKD 32.00 per share

- 2017-05: HKD 35.15 per share

- 2017-06: HKD 37.35 per share

- 2017-07: HKD 38.45 per share

- 2017-08: HKD 39.85 per share

- 2017-09: HKD 37.95 per share

- 2017-10: HKD 37.15 per share

- 2017-11: HKD 39.50 per share

- 2017-12: HKD 39.60 per share

- 2018-01: HKD 39.95 per share

- 2018-02: HKD 39.60 per share

- 2018-03: HKD 38.20 per share

- 2018-04: HKD 40.85 per share

- 2018-05: HKD 39.45 per share

- 2018-06: HKD 36.95 per share

- 2018-07: HKD 38.00 per share

- 2018-08: HKD 38.30 per share

- 2018-09: HKD 37.20 per share

- 2018-10: HKD 29.30 per share

- 2018-11: HKD 30.50 per share

- 2018-12: HKD 29.10 per share

- 2019-01: HKD 30.10 per share

- 2019-02: HKD 32.80 per share

- 2019-03: HKD 32.50 per share

- 2019-04: HKD 35.10 per share

- 2019-05: HKD 30.10 per share

- 2019-06: HKD 30.75 per share

- 2019-07: HKD 30.10 per share

- 2019-08: HKD 26.45 per share

- 2019-09: HKD 26.60 per share

- 2019-10: HKD 27.00 per share

- 2019-11: HKD 26.60 per share

- 2019-12: HKD 27.05 per share

- 2020-01: HKD 25.95 per share

- 2020-02: HKD 26.75 per share

- 2020-03: HKD 21.45 per share

- 2020-04: HKD 23.85 per share

- 2020-05: HKD 21.60 per share

- 2020-06: HKD 24.65 per share

- 2020-07: HKD 21.60 per share

- 2020-08: HKD 22.00 per share

- 2020-09: HKD 20.40 per share

- 2020-10: HKD 21.50 per share

- 2020-11: HKD 25.25 per share

- 2020-12: HKD 23.50 per share

- 2021-01: HKD 23.20 per share

- 2021-02: HKD 25.80 per share

- 2021-03: HKD 27.15 per share

- 2021-04: HKD 27.40 per share

- 2021-05: HKD 28.05 per share

- 2021-06: HKD 26.35 per share

- 2021-07: HKD 25.00 per share

- 2021-08: HKD 23.60 per share

- 2021-09: HKD 23.50 per share

- 2021-10: HKD 24.70 per share

- 2021-11: HKD 23.55 per share

- 2021-12: HKD 25.55 per share

- 2022-01: HKD 30.00 per share

- 2022-02: HKD 28.10 per share

- 2022-03: HKD 29.70 per share

- 2022-04: HKD 28.65 per share

- 2022-05: HKD 30.15 per share

- 2022-06: HKD 31.00 per share

- 2022-07: HKD 28.35 per share

- 2022-08: HKD 27.10 per share

- 2022-09: HKD 26.15 per share

- 2022-10: HKD 24.40 per share

- 2022-11: HKD 24.75 per share

- 2022-12: HKD 26.60 per share

- 2023-01: HKD 27.35 per share

- 2023-02: HKD 26.55 per share

- 2023-03: HKD 24.45 per share

- 2023-04: HKD 24.70 per share

- 2023-05: HKD 23.25 per share

- 2023-06: HKD 23.95 per share

- 2023-07: HKD 23.70 per share

- 2023-08: HKD 21.80 per share

- 2023-09: HKD 21.45 per share

- 2023-10: HKD 20.70 per share

- 2023-11: HKD 20.90 per share

- 2023-12: HKD 21.20 per share

- 2024-01: HKD 18.72 per share

- 2024-02: HKD 20.65 per share

- 2024-03: HKD 20.95 per share

- 2024-04: HKD 24.15 per share

- 2024-05: HKD 24.50 per share

- 2024-06: HKD 24.05 per share

- 2024-07: HKD 22.75 per share

- 2024-08: HKD 24.60 per share

- 2024-09: HKD 24.90 per share

- 2024-10: HKD 25.40 per share

- 2024-11: HKD 23.90 per share

- 2024-12: HKD 24.95 per share

- 2025-01: HKD 25.25 per share

- 2025-02: HKD 27.35 per share

- 2025-03: HKD 31.40 per share

- 2025-04: HKD 32.20 per share

- 2025-05: HKD 33.10 per share

- 2025-06: HKD 34.10 per share

- 2025-07: HKD 35.30 per share

- 2025-08: HKD 35.22 per share

- 2025-09: HKD 36.54 per share

- 2025-10: HKD 38.18 per share

- 2025-11: HKD 37.46 per share

- 2025-12: HKD 39.42 per share

- 2026-01: HKD 41.24 per share

- 2026-02: HKD 44.90 per share

- 2026-03: HKD 42.80 per share

- 2026-04: HKD 44.72 per share

- 2026-05: HKD 47.94 per share

- 2026-06: HKD 42.38 per share

- 2026-07: HKD 52.20 per share

- 2026-08: HKD 52.70 per share

- 2026-09: HKD 52.25 per share

- 2026-10: HKD 50.45 per share

## Annual estimated value (HKD per share)

- FY2016: low HKD 27.30 per share, central HKD 30.03 per share, high HKD 33.37 per share

- FY2017: low HKD 35.81 per share, central HKD 44.55 per share, high HKD 58.92 per share

- FY2018: low HKD 41.52 per share, central HKD 51.90 per share, high HKD 69.21 per share

- FY2019: low HKD 41.19 per share, central HKD 51.49 per share, high HKD 68.66 per share

- FY2020: low HKD 39.54 per share, central HKD 49.42 per share, high HKD 65.89 per share

- FY2021: low HKD 35.76 per share, central HKD 44.71 per share, high HKD 59.61 per share

- FY2022: low HKD 32.63 per share, central HKD 35.89 per share, high HKD 39.88 per share

- FY2023: low HKD 30.52 per share, central HKD 33.58 per share, high HKD 37.31 per share

- FY2024: low HKD 31.97 per share, central HKD 35.17 per share, high HKD 39.08 per share

- FY2025: low HKD 33.73 per share, central HKD 41.84 per share, high HKD 55.10 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations