China Construction Bank Corporation Class H (HK:0939)
:0939
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China Construction Bank
(0939)
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Rating:70Outperform
Price Target:
HK$10.00
â–˛(25.47% Upside)
Action:Reiterated
Date:04/30/26
The score is driven by very attractive valuation (low P/E and strong dividend) and positive technical trend, balanced against weaker financial quality signals—especially recent cash-flow deterioration and higher leverage. Earnings-call guidance is broadly supportive but tempered by modest growth and ongoing NIM/fee pressures.
Positive Factors
Scale & Customer Franchise
A massive retail and custody footprint (hundreds of millions of digital users, ~785m customers, CNY27tn AUC) creates durable low-cost deposit advantages, cross-sell potential and fee diversification. This scale supports stable funding, broad distribution of new products and long-term revenue resilience.
Negative Factors
NIM Pressure
Persistent net interest margin compression is a structural headwind for core banking profitability. Even if decline slows, lower NIMs reduce the bank’s primary earnings engine, constraining ROA/ROE upside and forcing reliance on fee growth or higher risk lending to sustain profits.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale & Customer Franchise
A massive retail and custody footprint (hundreds of millions of digital users, ~785m customers, CNY27tn AUC) creates durable low-cost deposit advantages, cross-sell potential and fee diversification. This scale supports stable funding, broad distribution of new products and long-term revenue resilience.
Read all positive factors
China Construction Bank (0939) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$2.34T
Dividend Yield5.64%
Average Volume (3M)229.16M
Price to Earnings (P/E)5.6
Beta (1Y)0.53
Revenue Growth0.25%
EPS Growth3.62%
CountryHK
Employees376,847
SectorFinancial
Sector Strength70
IndustryBanks - Diversified
Share Statistics
EPS (TTM)1.33
Shares Outstanding240,417,310,000
10 Day Avg. Volume261,828,976
30 Day Avg. Volume229,156,537
Financial Highlights & Ratios
PEG Ratio-6.85
Price to Book (P/B)0.49
Price to Sales (P/S)1.30
P/FCF Ratio-33.75
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$10.29Price Target Upside29.14% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)1.32
Revenue Forecast (FY)HK$784.49B
China Construction Bank Business Overview & Revenue Model
Company Description
China Construction Bank Corporation provides various banking and related financial services to individuals and corporate customers in the People's Republic of China and internationally. It operates through Corporate Banking, Personal Banking, Trea...
How the Company Makes Money
China Construction Bank primarily earns money through banking spread and fee-based services. Its largest recurring source of income is net interest income: it collects interest on loans and other interest-earning assets (e.g., corporate and person...
China Construction Bank Earnings Call Summary
Earnings Call Date:Mar 27, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 28, 2026
Earnings Call Sentiment Positive
The call emphasized steady, market-leading franchise metrics: asset and loan growth, healthy asset quality, strong capital ratios, large digital and custody franchises, active strategic deployment across technology, green finance and inclusive finance, and continued shareholder returns. Key challenges include modest net profit growth, ongoing NIM pressure, industry fee-cutting headwinds, and some inconsistencies in reported figures. On balance the company presented multiple operational and strategic positives that outweigh the headwinds, while acknowledging areas of vigilance (margins, retail credit, fee pressure).Positive Updates
Net Profit and Operating Income Growth
Net profit of CNY 339 billion, up 1.04% YoY; operating income up 1.69% YoY; profit before provisions up 1.7% YoY — indicates positive but modest top-line and bottom-line expansion.
Negative Updates
Modest Profit Growth
Net profit growth only 1.04% YoY and operating income growth of 1.69% YoY — progress is steady but growth pace is modest, potentially reflecting margin pressures and challenging macro conditions.
Read all updates
Q4-2025 Updates
Positive
Negative
Net Profit and Operating Income Growth
Net profit of CNY 339 billion, up 1.04% YoY; operating income up 1.69% YoY; profit before provisions up 1.7% YoY — indicates positive but modest top-line and bottom-line expansion.
Read all positive updates
Company Guidance
Management guided that CCB will seek a steady, high‑quality start to 2026 by continuing to serve the national strategy and the bank’s five priorities (technology, green, inclusive, pension and digital finance), while balancing scale, pricing and risk and keeping tight cost discipline and three‑line risk controls; they expect NIM pressure to continue to ease (management is confident the NIM decline will slow and remain favorable versus peers) as they pursue active liability management and asset reallocation. Management reiterated 2025 metrics as the baseline for guidance: net profit CNY 339.0bn (+1.04% YoY), operating income +1.69%, profit before provisions +1.7%, NIM 1.34%, ROA 0.79%, ROE 10.04%, capital adequacy ratio 19.69%, cost-to-income 29.44% and non‑interest income ratio 22.69%; asset quality targets remain conservative with NPL 1.31% (down 0.03ppt), SML 1.77% and provision coverage 233.15%. They signaled continued lending and investment support for the real economy — total assets CNY45.63tn (+12%), gross loans CNY27.77tn (+7.47%), financial investments ~CNY12.9tn (+~20%), deposits and liabilities +12% (retail/deposit growth ~7%), tech loans >CNY5tn, green finance CNY6tn (+20.5%), personal consumption loans CNY6.72tn (+29.41%) and loan exposure to manufacturing CNY3.52tn — while maintaining shareholder returns (total dividends CNY106bn; interim RMB1.858/10 shares, final RMB2/10). They also flagged digital and AI scaling (mobile/CCB app users ~546m, customers ~785m, AUC CNY27tn, large‑scale models in ~398–400 scenarios, cloud +12%) and emphasized stronger anti‑fraud, dynamic loan controls and integrated domestic/foreign currency and group‑wide service models as the means to hit these targets.China Construction Bank Financial Statement Overview
Summary
Income Statement
70
Positive
Balance Sheet
58
Neutral
Cash Flow
45
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.14T | 1.33T | 607.87B | 622.34B | 821.28B | 822.64B |
| Gross Profit | 637.49B | 616.23B | 749.57B | 1.41T | 821.28B | 822.64B |
| EBITDA | 397.51B | 390.61B | 414.61B | -4.30B | 935.68B | 0.00 |
| Net Income | 339.83B | 330.13B | 335.58B | 332.65B | 324.73B | 302.51B |
Balance Sheet | ||||||
| Total Assets | 46.98T | 45.65T | 40.57T | 38.32T | 34.60T | 30.25T |
| Cash, Cash Equivalents and Short-Term Investments | 2.72T | 4.23T | 4.77T | 3.95T | 3.89T | 3.23T |
| Total Debt | 9.97T | 10.08T | 2.87T | 6.61T | 2.00T | 1.62T |
| Total Liabilities | 43.36T | 42.10T | 37.23T | 35.15T | 31.72T | 27.64T |
| Stockholders Equity | 3.60T | 3.52T | 3.32T | 3.01T | 2.86T | 2.59T |
Cash Flow | ||||||
| Free Cash Flow | 153.02B | -51.16B | 308.85B | 560.60B | 954.67B | 415.48B |
| Operating Cash Flow | 176.11B | -28.21B | 338.02B | 585.69B | 978.42B | 436.72B |
| Investing Cash Flow | -2.80T | -4.18T | -692.63B | -821.25B | -651.67B | -518.55B |
| Financing Cash Flow | 2.75T | 4.70T | -7.20B | -47.33B | -6.42B | 16.12B |
China Construction Bank Technical Analysis
Positive
7.97
Price Trends
8.46
Positive
8.14
Positive
7.89
Positive
Market Momentum
0.09
Positive
56.22
Neutral
26.36
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0939, the sentiment is Positive. The current price of 7.97 is below the 20-day moving average (MA) of 8.86, below the 50-day MA of 8.46, and above the 200-day MA of 7.89, indicating a neutral trend. The MACD of 0.09 indicates Positive momentum. The RSI at 56.22 is Neutral, neither overbought nor oversold. The STOCH value of 26.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:0939.
China Construction Bank Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | HK$1.97T | 5.73 | 8.19% | 5.67% | -0.06% | 5.64% | |
78 Outperform | HK$2.56T | 5.75 | 9.18% | 4.81% | 0.60% | 5.68% | |
73 Outperform | HK$2.81T | 6.18 | 9.18% | 5.46% | -3.35% | 0.57% | |
70 Outperform | HK$2.34T | 5.64 | 9.77% | 5.64% | 0.25% | 3.62% | |
70 Outperform | HK$1.09T | 7.29 | 11.91% | 4.26% | -4.57% | 1.77% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | HK$677.76B | 5.28 | 7.91% | 6.06% | -2.97% | -9.43% |
* Financial Sector Average
HK:0939
China Construction Bank
8.73
1.94
28.48%
HK:1288
Agricultural Bank of China
6.07
1.40
29.98%
HK:3988
Bank of China
5.23
0.66
14.47%
HK:3328
Bank of Communications Co
7.19
0.23
3.36%
HK:3968
China Merchants Bank Co
46.10
-0.27
-0.57%
HK:1398
Industrial and Commercial Bank of China
6.88
1.70
32.87%
China Construction Bank Corporate Events
China Construction Bank Shareholders Overwhelmingly Approve 2024 Directors’ Pay Plan
Apr 29, 2026
China Construction Bank Corporation held its first extraordinary shareholders’ meeting of 2026 in Beijing, convened by the board and chaired by vice chairman Zhang Yi, with 13 directors and senior management in attendance. The meeting compli...
China Construction Bank Details Capital and Risk Profile in Q1 2026 Pillar III Report
Apr 29, 2026
China Construction Bank has released its 2026 first-quarter Capital Management Pillar III report, outlining key prudential regulatory indicators, risk-weighted assets, leverage ratio, and liquidity risk metrics. The disclosure reinforces the bank&...
China Construction Bank Posts Higher Q1 2026 Profit and Assets Amid Cash Flow Decline
Apr 29, 2026
China Construction Bank reported unaudited consolidated results for the first quarter of 2026, showing operating income of RMB 206.4 billion, up 11% year on year, and net profit of RMB 86.8 billion, a 3.7% increase. Profit before tax rose 6%, tota...
China Construction Bank Sets Board Meeting to Approve First-Quarter 2026 Results
Apr 17, 2026
China Construction Bank has scheduled a board meeting for 29 April 2026 to review and approve its financial results for the three months ended 31 March 2026. The meeting may also address other corporate matters, signaling the upcoming release of f...
China Construction Bank Calls 2026 Extraordinary Meeting to Vote on Pay and Board Changes
Apr 10, 2026
China Construction Bank has called its first extraordinary shareholders’ meeting of 2026 for 29 April in Beijing, with voting to be conducted by registered poll and a mix of onsite and online channels. The meeting will determine 2024 remuner...
China Construction Bank Nominates Sun Xiaokun as Executive Director
Apr 9, 2026
China Construction Bank’s board met in Beijing on 9 April 2026 and approved the nomination of senior banker Sun Xiaokun as an executive director, with his appointment subject to shareholder election and regulatory approval. Sun will also joi...
China Construction Bank CFO Sheng Liurong to Step Down in 2026
Mar 31, 2026
China Construction Bank has announced that chief financial officer Sheng Liurong will resign from his role effective 31 March 2026 due to age, and he will not continue to serve in any positions at the bank or its controlled subsidiaries. The board...
China Construction Bank Details Capital and Risk Framework in 2025 Pillar III Report
Mar 27, 2026
China Construction Bank has released its 2025 Capital Management Pillar III Annual Report, detailing its framework for managing key prudential indicators, capital adequacy, and total loss-absorbing capacity in line with regulatory requirements. Th...
CCB Board Backs 2025 Risk, Capital and Outsourcing Management Reports
Mar 27, 2026
China Construction Bank’s board met in Beijing on 27 March 2026 and unanimously approved a suite of 2025 regulatory and risk management reports, including its Capital Management Pillar III report, capital adequacy ratio management report, an...
China Construction Bank Posts Audited 2025 Results and Plans Over RMB100 Billion in Dividends
Mar 27, 2026
China Construction Bank has released its audited consolidated results for 2025, prepared under IFRS and PRC GAAP, with both Ernst Young and Ernst Young Hua Ming issuing unqualified audit opinions. The board and senior management have formally wa...
China Construction Bank Sets March 2026 Webcast for 2025 Results
Mar 20, 2026
China Construction Bank will hold its 2025 annual results presentation via live webcast on 27 March 2026, following the publication of its 2025 annual results on the Hong Kong stock exchange disclosure platform. The event, led by President Zhang Y...
China Construction Bank Sets March Board Meeting to Review 2025 Results and Dividend
Mar 17, 2026
China Construction Bank Corporation has scheduled a board meeting for 27 March 2026 to review and approve its annual financial results for the year ended 31 December 2025. The board will also consider a dividend payment, a decision that will be cl...
China Construction Bank Names President Zhang Yi as Chief Compliance Officer
Feb 27, 2026
China Construction Bank’s board met in Beijing on 27 February 2026 and unanimously approved a resolution to appoint President Zhang Yi as the bank’s chief compliance officer, with Zhang abstaining from the vote. The board confirmed the...
China Construction Bank President Zhang Yi Takes on Dual Role as Chief Compliance Officer
Feb 27, 2026
China Construction Bank has appointed its president, Zhang Yi, to concurrently serve as chief compliance officer with effect from 27 February 2026, following approval by the board of directors. The move consolidates executive leadership and compli...
CCB Board Backs RMB17 Billion 2026 Investment Plan and Tightens Governance
Feb 13, 2026
China Construction Bank’s board met in Beijing on 13 February 2026 and unanimously approved a series of governance and operational resolutions, including a proposed RMB17 billion fixed asset investment budget for 2026 to support the bankR...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.