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Aircraft leasing company owned by Bank of China, one of the world's largest lessors of commercial jets to airlines.
Aircraft leasing company owned by Bank of China, one of the world's largest lessors of commercial jets to airlines.
Buys aircraft, mainly from Airbus and Boeing, and rents them to airlines under long operating leases, earning the gap between rent and the cost of financing and depreciation. Selling older aircraft adds gains. It operates from Singapore, and Bank of China, as majority owner, helps it borrow at low cost.
In one line: A Chinese AerCap/Air Lease Corporation.
Moat: narrow (scale, installed base, distribution). Large owned/managed aircraft fleet and access to Bank of China's balance sheet support competitive lease financing.
Headquarters: Singapore · Founded: 1993 · Employees: 211
Size BOC Aviation (2588.HK) is a Hong Kong Financials company (Finance/Rental/Leasing) with a market value of $7.09B, the 209th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$80.10 on 6 Nov 2026.
Performance Over six months the shares fell 3.1%, against -9.3% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue fell 1.7% over the last twelve months (peer median +9.8%); the operating margin is 61.5% (peer median 34.5%).
Valuation It trades at 1.01× book value against a peer median of 1.95× (5th cheapest of 21).
Price implies The share price implies a return on equity of about 6.2%; BOC Aviation delivers 11.8%, so the price asks less than the business earns today.
Credit BOC Aviation has 3 bonds outstanding ($1.39B), rated A- by the agencies and trading like AA at a weighted spread of 69 bp.
Next results Next results expected around 11 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$19.2B | HK$18.8B | HK$19.0B | HK$18.7B | HK$15.8B |
| Revenue growth | — | -1% | +2% | +18% | — |
| Gross profit | HK$12.9B | HK$12.7B | HK$12.8B | HK$12.4B | HK$9.66B |
| EBITDA | HK$18.0B | HK$17.6B | HK$17.8B | HK$17.6B | HK$14.8B |
| Net income | HK$6.27B | HK$6.14B | HK$7.21B | HK$5.98B | HK$157M |
| Free cash flow | -HK$20.3B | -HK$16.1B | -HK$4.84B | -HK$15.6B | HK$2.42B |
| Capital expenditure | HK$36.1B | HK$33.1B | HK$19.3B | HK$28.5B | HK$9.46B |
| Total debt | n/a | HK$134B | HK$129B | HK$129B | HK$118B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| BOC Aviation 2588.HK | $7.09B | -3% | -2% | 12% | 1.01× | 6.2% |
| AerCap AER | $26.2B | +13% | 0% | 17% | 1.38× | 12.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2588.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.7% | -0.7% | 3rd highest of 21 |
| 6-month return | -3.1% | -9.3% | 9th highest of 21 |
| Return on equity | 11.8% | 13.1% | 8th lowest of 21 |
| Price / book | 1.01× | 1.95× | 5th cheapest of 21 |
| Trailing P/E | 8.9× | 16.6× | 5th cheapest of 21 |
| ROE the price implies | 6.2% | 19.2% | 3rd least demanding of 21 |
| ROE delivered | 11.8% | 13.1% | 8th lowest of 21 |
| Bond spread | 69 bp | 108 bp | 2nd tightest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| BOC Aviation 2588.HK | Hong Kong | $7.09B | -3% | -2% | 12% | 1.01× | 6.2% | 11.8% |
| Bajaj Housing Finance BAJAJHFL.NS | India | $7.05B | -9% | +17% | 12% | 2.77× | 41.1% | 12.4% |
| Piramal Finance PIRAMALFIN.NS | India | $7.17B | +13% | +71% | 7% | 1.58× | 13.0% | 6.5% |
| L&T Finance LTF.NS | India | $7.36B | -9% | +17% | 12% | 2.38× | 45.8% | 12.3% |
| Tokyo Century 8439.T | Japan | $7.50B | +12% | +8% | 12% | 1.01× | 7.7% | 11.6% |
| Jiangsu Financial Leasing 600901.SS | China | $6.66B | +12% | +14% | 13% | 1.67× | 5.9% | 13.5% |
| OneMain OMF | United States | $6.42B | 0% | +6% | 23% | 1.90× | 18.5% | 22.7% |
| FirstCash FCFS | United States | $7.96B | -18% | +23% | 18% | 3.50× | 19.9% | 18.2% |
| REC RECLTD.NS | India | $8.27B | -18% | -3% | 17% | 0.83× | 15.1% | 17.0% |
| Ayvens AYV.PA | France | $8.45B | -16% | 0% | 9% | 0.68× | 8.0% | 9.2% |
| SBI Cards & Payment Services SBICARD.NS | India | $5.89B | -10% | +6% | 16% | 3.24× | 40.7% | 16.3% |
| Chailease 5871.TW | Taiwan | $5.74B | -10% | -4% | 12% | 0.97× | 3.8% | 11.5% |
| Element Fleet Management EFN.TO | Canada | $5.61B | -31% | +5% | 11% | 2.06× | 9.2% | 10.6% |
| Credit Acceptance CACC | United States | $5.37B | -1% | +2% | 23% | 3.86× | 38.2% | 22.7% |
| Figure Technology Solutions FIGR | United States | $5.10B | -40% | +66% | 26% | 3.58× | 26.5% | 26.2% |
| Herc HRI | United States | $5.08B | +14% | +19% | 6% | 2.56× | 33.3% | 6.3% |
| Sundaram Finance SUNDARMFIN.NS | India | $4.95B | -11% | +14% | 14% | 2.89× | 35.3% | 14.4% |
| HDB Financial Services HDBFS.NS | India | $4.71B | -24% | +11% | 14% | 2.01× | 30.2% | 14.3% |
| Nelnet NNI | United States | $4.67B | +7% | -7% | 8% | 1.24× | 10.1% | 8.1% |
| Indian Railway Finance IRFC.NS | India | $11.1B | -25% | +13% | 13% | 1.74× | 28.2% | 12.6% |
| Bohai Leasing 000415.SZ | China | $4.44B | +2% | -7% | 18% | 0.90× | 6.3% | 17.8% |
BOC Aviation has 3 bonds outstanding with $1.39B face value. The agencies rate it A-; its bonds trade like AA. Weighted yield 5.27%, a spread of 69 bp over government bonds.