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4-Traders Homepage  >  Equities  >  SHANGHAI STOCK EXCHANGE  >  Bank of China Ltd    601988   CNE000001N05

BANK OF CHINA LTD (601988)
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Temasek To Raise Up To US$2.5 Billion Via Selling Shares of BOC, CCB H Shares - Term Sheet

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05/02/2012 | 01:59pm CET

Singapore state-investment firm Temasek Holdings Pte. Ltd. is seeking to raise up to US$2.5 billion by selling its stakes in Chinese lenders Bank of China Ltd. (3988.HK) and China Construction Bank Ltd. (0939.HK) via placements, according to term sheets seen by Dow Jones Newswires.

Temasek unit Fullerton Financial Holdings Pte Ltd. plans to sell 3.079 billion shares in Hong Kong-listed Bank of China at a price range of HK$3.13 to HK$3.18 each, according to the first term sheet, raising up to US$1.26 billion. The sale price represents a 2.5% to 4.0% discount to Bank of China's Wednesday closing price of HK$3.26.

Also, Cairnhill Investments (Mauritius) Pte. Ltd., a unit of Temasek, is selling 1.6 billion Hong Kong-traded shares in China Construction Bank at a HK$5.99 to HK$6.10 price range, according a second term sheet, or up to US$1.25 billion. The price range reflects a 1.0% to 2.80% discount to the stock's Wednesday closing price of HK$6.16.

China Construction Bank is the nation's No. 2 largest lender by assets, while Bank of China is No. 4.

Temasek is subject to a 90-day lock-up period, meaning the company isn't allowed to sell shares in either bank during the period, according to the term sheets. Bank of America Merrill Lynch and Morgan Stanley are handling the share placements.

The Hong Kong-traded shares of Bank of China have risen 14% so far this year, while those of China Construction Bank are up 13.7%. Both banks are also listed in Shanghai.

-By Prudence Ho, Dow Jones Newswires; 852-2802-7002; [email protected]

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Financials ( CNY)
Sales 2017 485 B
EBIT 2017 277 B
Net income 2017 162 B
Debt 2017 99 714 M
Yield 2017 4,40%
P/E ratio 2017 6,74
P/E ratio 2018 6,36
EV / Sales 2017 3,04x
EV / Sales 2018 2,81x
Capitalization 1 375 B
Chart BANK OF CHINA LTD
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Bank of China Ltd Technical Analysis Chart | 601988 | CNE000001N05 | 4-Traders
Technical analysis trends BANK OF CHINA LTD
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 4,52  CNY
Spread / Average Target 15%
EPS Revisions
Managers
NameTitle
Si Qing Chen Chairman
Xi Quan Wang Chairman-Supervisory Board
Qing Song Zhang Chief Information Officer & Executive VP
Wan Ming Liu Member-Supervisory Board
Zhi Ying Deng Member-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
BANK OF CHINA LTD13.95%207 800
JP MORGAN CHASE & COMPANY13.73%343 260
INDUSTRIAL AND COMMRCL BANK OF CHINA LTD36.73%318 840
BANK OF AMERICA20.45%278 810
WELLS FARGO-1.74%268 668
CHINA CONSTRUCTION BANK CORPORATION28.49%238 698