Is Industrial and Commercial Bank of China (SEHK:1398) Pricing In Recent Share Price Pullback?

Simply Wall St.01-23

If you are wondering whether Industrial and Commercial Bank of China is still offering value at current levels, this article will walk through what the market price might be implying about the stock. ...

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However, the 7 day return of a 2.7% decline and the year to date return of a 2.7% decline show that the ride has not been one way.\nRecent news coverage has focused on ICBC's role as one of...","collect":0,"end_time":0,"defaultTopTitle":"simplywall.st","property":[],"viewcount":null,"language":"en","relate_stocks":{"IE00BYV24P56.USD":"GUINNESS EMERGING MARKETS EQUITY INCOME \"C\" (USD) ACC","LU1224709979.USD":"FIDELITY CHINA FOCUS \"A\" (USD) ACC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","LU1497734951.SGD":"Eastspring Investments - Asian Low Volatility Equity Fund ASDM SGD-H","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU1282651048.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (USD) INC","LU2148611432.USD":"AZ ALLOCATION BALANCED BRAVE \"AAZ\" (USDHDG) ACC","LU1720050803.USD":"安联全方位中国股票基金","IE00BMCWC346.EUR":"GUINNESS EMERGING MARKETS EQUITY INCOME \"C\" (EUR) ACC","SG9999002463.SGD":"LionGlobal China Growth SGD","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","LU1497733557.USD":"EASTSPRING INV ASIAN LOW VOLATILITY EQUITY FUND \"A\" (USD) INC A","LU1634259391.SGD":"Eastspring Investments - Asian Low Volatility Equity Fund AS SGD","BK1560":"内银股","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","03143":"华夏香港银行股","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","SG9999001069.SGD":"UOB UNITED ASIA PACIFIC GROWTH (SGD) ACC","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","SG9999013353.USD":"SCHRODER ASIAN INCOME FUND\"A\" (USDHDG) INC","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","IE00BVYPNQ40.USD":"GUINNESS ASIAN EQUITY INCOME \"C\" (USD) ACC","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","LU0469268626.HKD":"AB FCP I-ASIA EX JAPAN EQUITY PTF(AD","LU0287142896.SGD":"Fidelity China Focus A-SGD","01398":"工商银行","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","IE00BVYPNP33.GBP":"GUINNESS ASIAN EQUITY INCOME \"C\" (GBP) ACC","LU1282651121.HKD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (HKD) INC","BK1521":"挪威政府全球养老基金持仓","BK1231":"综合性银行","SG9999007991.SGD":"Schroder Asian Income A Dis SGD","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","LU0048580855.USD":"富达大中华区A","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU2449936058.SGD":"SUSTAINABLE ASIA EQUITY \"AA\" (SGD) ACC","LU1634259557.SGD":"Eastspring Investments - Asian Low Volatility Equity Fund AS SGD-H","IE00BGHQDM52.EUR":"GUINNESS ASIAN EQUITY INCOME \"C\" (EUR) ACC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU0173614495.USD":"富达中国焦点A","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU0359201612.USD":"贝莱德中国基金A2"},"translate_title":"中国工商银行（SEHK：1398）是否在近期股价回调中定价？","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"03143":0.6,"01398":0.9},"content_text":"If you are wondering whether Industrial and Commercial Bank of China is still offering value at current levels, this article will walk through what the market price might be implying about the stock. The share price recently closed at HK$6.17, with returns of 27.4% over 1 year and 84.4% over 3 years. However, the 7 day return of a 2.7% decline and the year to date return of a 2.7% decline show that the ride has not been one way. Recent news coverage has focused on ICBC's role as one of China's largest banks and its exposure to broad trends in credit demand and regulatory oversight. This wider context helps explain why the stock's longer term returns of 81.5% over 5 years sit alongside short term pullbacks. On Simply Wall St's 6 point valuation checklist, Industrial and Commercial Bank of China scores 5/6. We will unpack this by looking at different valuation methods, then finish by discussing a more complete way to think about what this score really means for you.  Find out why Industrial and Commercial Bank of China's 27.4% return over the last year is lagging behind its peers. AdvertisementApproach 1: Industrial and Commercial Bank of China Excess Returns Analysis The Excess Returns model asks a simple question: are shareholders expected to earn more than the required return on their equity, and if so, how much is that worth today in the share price? For Industrial and Commercial Bank of China, the model uses a Book Value of HK$10.73 per share and a Stable EPS of HK$1.05 per share, based on weighted future Return on Equity estimates from 12 analysts. The implied Cost of Equity is HK$1.01 per share, so the Excess Return is HK$0.04 per share. That sits on top of an Average Return on Equity of 8.67% and a Stable Book Value estimate of HK$12.12 per share, based on forecasts from 9 analysts. Combining these inputs, the Excess Returns model arrives at an intrinsic value of about HK$14.33 per share. Compared with the recent share price of HK$6.17, this implies the stock is 56.9% undervalued on this approach. Result: UNDERVALUED Our Excess Returns analysis suggests Industrial and Commercial Bank of China is undervalued by 56.9%. Track this in your watchlist or portfolio, or discover 878 more undervalued stocks based on cash flows. 1398 Discounted Cash Flow as at Jan 2026 Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Industrial and Commercial Bank of China. Approach 2: Industrial and Commercial Bank of China Price vs Earnings For a profitable bank like Industrial and Commercial Bank of China, the P/E ratio is a straightforward way to relate what you pay for the shares to the earnings the business is generating today. Investors usually accept a higher or lower P/E depending on what they expect for future earnings growth and how much risk they see in those earnings. Industrial and Commercial Bank of China currently trades on a P/E of 5.59x. That sits close to both the Banks industry average P/E of 5.74x and the peer group average of 6.02x, so on simple comparisons the valuation looks broadly in line with the sector. Simply Wall St's Fair Ratio for the stock is 7.11x. This Fair Ratio is a proprietary estimate of what a more tailored P/E might be, given factors like the company’s earnings growth profile, profit margins, industry, market cap and specific risks. Because it pulls these elements together, it can be more informative than just lining the stock up against raw industry or peer averages. With the actual P/E of 5.59x sitting below the Fair Ratio of 7.11x, the shares screen as undervalued on this approach. Result: UNDERVALUED SEHK:1398 P/E Ratio as at Jan 2026 P/E ratios tell one story, but what if the real opportunity lies elsewhere? Discover 1428 companies where insiders are betting big on explosive growth. Upgrade Your Decision Making: Choose your Industrial and Commercial Bank of China Narrative Earlier we mentioned that there is an even better way to understand valuation, so let us introduce you to Narratives, which are simply your story about a company linked directly to your own forecast and fair value estimate. On Simply Wall St, Narratives let you set your assumptions for things like future revenue, earnings and margins, then tie that story to a financial forecast and a fair value that you can compare with the current share price to help you decide whether it looks like a buy, a hold or a sell for you. Narratives are available on the Community page, which is used by millions of investors. They update automatically when new information such as news or earnings is added, so your Industrial and Commercial Bank of China view can adjust as the facts change without you rebuilding your entire model. For example, one Industrial and Commercial Bank of China Narrative might assume a relatively low fair value while another assumes a much higher fair value. This reflects how different investors can look at the same bank and reach very different conclusions based on their own stories about credit growth, regulation and profitability. Do you think there's more to the story for Industrial and Commercial Bank of China? Head over to our Community to see what others are saying! SEHK:1398 1-Year Stock Price Chart  This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.New: AI Stock Screener & AlertsOur new AI Stock Screener scans the market every day to uncover opportunities.• Dividend Powerhouses (3%+ Yield)• Undervalued Small Caps with Insider Buying• High growth Tech and AI CompaniesOr build your own from over 50 metrics.Explore Now for FreeHave feedback on this article? Concerned about the content? Get in touch with us directly. 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