The Bank of East Asia, Limited BKEAY

FinancialsBanking ServicesHong Kong

Last close 2.29 USD on Nov 2, 2026, +28.4% year to date

Quant rating

Quant rating C Rank 189 of 304 in Financials

Growth D 230 of 304
Valuation C 141 of 304
Quality D 251 of 304
Revisions D 229 of 304
Momentum A 5 of 304

Wall Street consensus Sell (4.00)Average target 1.58 USD −30.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 5.8B
Enterprise value: 3.1B
52-week range: 1.50 – 2.69
3-year range: 1.06 – 2.69
Dividend yield: 3.39%
Beta (5 years): 0.16
Shares outstanding: 2,654M
Next earnings: –

About the company

Bank of East Asia Ltd is principally engaged in banking business. The Company operates through nine segments. Personal Banking covers branch operations internet banking consumer and property loans MPF and credit cards. Chinese Mainland Operations cover subsidiaries and associates in Mainland China and Hong Kong support. Wholesale Banking covers corporate lending syndicated loans asset financing commercial lending securities financing and trade services. Overseas Macau and Taiwan Operations cover overseas branches subsidiaries and associates and Hong Kong support. Treasury Markets cover treasury operations and securities trading. Wealth Management covers private banking investment products advisory and brokerage. Corporate Management covers regulatory capital costs and interest income from capital-funded activities. Inter-segment Elimination covers elimination of inter-segment transactions. Others cover trust services and Hong Kong back-office support.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	4,236	5,125	5,082	3,182	2,316	–
Revenue growth	−17.3%	0.8%	59.7%	37.4%	−14.9%	9.2%
EPS (basic, normalized)	0.16	0.21	0.20	0.12	0.16	–
EPS growth	−22.9%	3.3%	65.6%	−21.6%	32.9%	6.6%
Gross margin	–	–	–	–	–	–
Net margin	9.7%	10.1%	8.9%	14.7%	24.7%	13.6%
ROE	–	4.3%	4.2%	3.7%	20.0%	8.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	4,236	−17.3%	0.7x	–	–	–	0.15	−20.5%	14.8x
2026	–	–	–	–	–	–	0.22	+41.9%	10.4x
2027	–	–	–	–	–	–	0.29	+31.8%	7.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	–	–	–	–	0.22	0.0%	0.0%	+4.8%
2027	–	–	–	–	0.29	0.0%	0.0%	–
2028	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
BKEAY The Bank of East Asia, Limited	5.8B	–	9.7%	1.36x	10.4x	7.9x	–	–
601398 Industrial and Commercial Bank of China Ltd	438.1B	14.9%	26.8%	1.43x	8.3x	8.0x	0.7x	0.7x
601988 Bank of China Ltd	314.9B	13.7%	22.9%	1.29x	9.2x	8.8x	0.8x	0.7x
600036 China Merchants Bank Co., Ltd.	164.9B	16.6%	40.9%	1.72x	7.3x	6.9x	0.9x	0.8x
CMWAY Commonwealth Bank of Australia	194.2B	–	–	–	25.6x	24.7x	–	–
DBSDY DBS Group Holdings Ltd	159.6B	–	–	–	16.8x	15.4x	–	–
Mean		15.1%	25.1%	1.45x	12.9x	12.0x	0.8x	0.8x
Median		14.9%	24.8%	1.40x	9.8x	8.4x	0.8x	0.7x

Technical analysis

1M−5.5%
3M+15.0%
1Y+34.0%
3Y+118.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, The Bank of East Asia, Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	4,236	5,125	5,082	3,182	2,316	2,723
Total interest expense	2,267	2,997	2,921	1,452	881	1,233
Net interest income	1,969	2,128	2,161	1,730	1,435	1,490
Loan loss provision	704	665	675	714	189	611
Net interest income after loan loss provision	1,265	1,463	1,486	1,015	1,246	879
Non-interest income	852	735	667	971	928	935
Non-interest expense	−1,535	−1,445	−1,473	−1,353	−1,387	−1,349
Net income before taxes	582	752	680	633	787	465
Provision for taxes	128	156	150	72.1	106	−10.2
Minority interest & equity in affiliates	−4.0	−2.7	−2.3	−2.4	−5.5	−9.2
Other	0	0	0	0	0	0
Net income before extraordinary items	450	593	527	558	676	466
Extraordinary items	–	–	–	–	–	–
Net income	450	593	527	558	676	466
Basic weighted average shares (mil)	2,636	2,639	2,668	2,759	2,919	2,913
Diluted weighted average shares (mil)	2,641	2,639	2,668	2,759	2,919	2,913
Basic EPS excluding extraordinary items	0.16	0.20	0.17	0.17	0.20	0.12
Basic EPS, normalized	0.16	0.21	0.20	0.12	0.16	0.12

Balance sheet in millions of USD, fiscal years

Balance sheet, The Bank of East Asia, Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	6,938	5,317	5,879	6,989	7,066	7,272
Other earning assets	31,765	30,431	28,614	28,217	30,643	29,935
Net loans	69,805	67,952	67,488	69,453	69,837	65,667
Property, plant & equipment	1,570	1,670	1,728	1,726	1,776	1,814
Goodwill	188	188	187	187	187	190
Intangibles	205	48.4	50.2	52.5	54.5	56.5
Long-term investments	1,174	1,088	1,074	1,160	1,148	1,184
Other long-term assets	260	208	237	240	529	3,699
Other assets	6,442	6,099	4,925	5,021	5,164	4,266
Total assets	118,346	113,001	110,181	113,045	116,405	114,085
Liabilities
Accounts payable	619	601	674	532	243	239
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Total deposits	94,950	88,679	87,318	90,433	93,589	87,870
Other bearing liabilities	4,432	4,225	3,428	3,559	3,678	2,236
Short-term borrowings	–	49.8	–	–	–	–
Current portion of long-term debt	1,030	629	301	294	456	548
Long-term debt	1,643	2,442	1,961	1,703	1,240	1,555
Minority interest	38.0	35.4	33.7	34.4	39.0	122
Other liabilities	2,098	2,764	2,625	2,907	2,313	6,958
Total liabilities	104,811	99,424	96,342	99,462	101,558	99,527
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	5,422	5,415	5,368	5,360	5,342	5,361
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	7,537	7,395	7,043	6,811	7,087	6,794
Treasury stock	–	–	–	–	–	–
Other equity	577	768	1,428	1,413	2,419	2,403
Total equity	13,535	13,577	13,839	13,583	14,847	14,557
Total liabilities & shareholders' equity	118,346	113,001	110,181	113,045	116,405	114,085

Cash flow statement in millions of USD, fiscal years

Cash flow statement, The Bank of East Asia, Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	582	752	680	633	787	465
Depreciation, depletion & amortization	110	113	105	112	124	128
Deferred taxes	–	–	–	–	–	–
Non-cash items	959	908	983	710	143	598
Changes in working capital	534	−1,870	−3,935	−1,314	187	1,088
Cash from operations	2,185	−97.6	−2,167	140	1,241	2,279
Investing activities
Capital expenditures	−52.3	−69.1	−87.1	−71.1	−77.6	−77.3
Other investing cash flows	−96.9	28.2	21.6	344	420	125
Cash from investing	−149	−40.9	−65.4	273	343	47.5
Financing activities
Financing cash flow items	−864	−913	−199	−665	−170	−192
Cash dividends paid	−245	−149	−176	−331	−216	−175
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−514	799	153	−26.3	−462	160
Cash from financing	−1,623	−263	−223	−1,022	−848	−207
Foreign exchange effects	201	−148	−108	−479	155	340
Net change in cash	614	−549	−2,563	−1,088	891	2,459
Free cash flow	2,132	−167	−2,254	69.0	1,164	2,201

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.