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China Construction Bank
(0939)
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Rating:59Neutral
Price Target:
HK$9.50
â–²(8.20% Upside)
Action:Downgraded
Date:05/30/26
The score is driven mainly by mixed financial performance: stable earnings and strong scale are tempered by materially weaker recent cash-flow strength and higher leverage. Technical indicators point to weak near-term momentum, while valuation (low P/E and ~5% yield) is a key positive support.
Positive Factors
Scale and balance-sheet depth
TTM assets of 46.98T reflect enormous scale across balance sheet and operations. This scale provides durable funding depth, market-making capacity, extensive client reach and cost efficiency, supporting diversified revenue and resilience to regional or cyclical shocks over months.
Negative Factors
Elevated leverage
Debt-to-equity elevated to ~2.86x in the TTM represents a material increase in leverage versus earlier years. Higher leverage magnifies sensitivity to credit losses, tightens capital buffers, and constrains strategic flexibility for lending, buybacks or dividend support during stress.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale and balance-sheet depth
TTM assets of 46.98T reflect enormous scale across balance sheet and operations. This scale provides durable funding depth, market-making capacity, extensive client reach and cost efficiency, supporting diversified revenue and resilience to regional or cyclical shocks over months.
Read all positive factors
China Construction Bank (0939) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$2.38T
Dividend Yield4.97%
Average Volume (3M)229.16M
Price to Earnings (P/E)7.8
Beta (1Y)0.53
Revenue Growth0.25%
EPS Growth3.62%
CountryHK
Employees378,344
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-6.96
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$10.60Price Target Upside20.73% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)1.33
Revenue Forecast (FY)HK$793.60B
China Construction Bank Business Overview & Revenue Model
Company Description
China Construction Bank Corporation delivers a comprehensive range of banking and financial services to individual and corporate clients, both within the People's Republic of China and across international markets. The institution's operations are...
How the Company Makes Money
China Construction Bank makes money mainly by earning income from financial intermediation and fee-based services. (1) Net interest income: The bank takes in customer deposits and other funding and deploys those funds into interest-earning assets ...
China Construction Bank Earnings Call Summary
Earnings Call Date:Mar 27, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 29, 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 | 405.71B |
| 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 | -1.76T | -692.63B | -821.25B | -651.67B | -518.55B |
| Financing Cash Flow | 2.75T | 163.79B | -7.20B | -47.33B | -6.42B | 16.12B |
China Construction Bank Technical Analysis
Positive
8.78
Price Trends
8.46
Positive
8.38
Positive
7.99
Positive
Market Momentum
0.16
Positive
55.30
Neutral
22.43
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 8.78 is above the 20-day moving average (MA) of 8.77, above the 50-day MA of 8.46, and above the 200-day MA of 7.99, indicating a bullish trend. The MACD of 0.16 indicates Positive momentum. The RSI at 55.30 is Neutral, neither overbought nor oversold. The STOCH value of 22.43 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | HK$2.02T | 7.10 | 8.19% | 4.75% | -0.06% | 5.64% | |
73 Outperform | HK$2.58T | 8.00 | 9.45% | 6.95% | 0.60% | 5.68% | |
69 Neutral | HK$698.23B | 6.07 | 7.92% | 5.00% | -2.97% | -9.43% | |
69 Neutral | HK$1.16T | 6.72 | 11.91% | 4.66% | -2.89% | 3.99% | |
68 Neutral | HK$2.99T | 7.52 | 9.23% | 4.87% | -1.63% | 4.30% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
59 Neutral | HK$2.38T | 7.79 | 9.64% | 5.00% | 0.25% | 3.62% |
* Financial Sector Average
HK:0939
China Construction Bank
8.83
1.30
17.28%
HK:1288
Agricultural Bank of China
5.85
0.63
12.18%
HK:3988
Bank of China
5.26
0.95
21.99%
HK:3328
Bank of Communications Co
7.31
0.62
9.21%
HK:3968
China Merchants Bank Co
48.34
0.73
1.52%
HK:1398
Industrial and Commercial Bank of China
7.19
1.41
24.29%
China Construction Bank Corporate Events
China Construction Bank Raises RMB60 Billion in Tier-2 Bond to Boost Capital
Jul 27, 2026
China Construction Bank has completed the issuance of its 2026 domestic Tier-2 capital bonds (second tranche) via Bond Connect in the National Interbank Bond Market, following shareholder approval for up to RMB700 billion in capital and loss-absor...
China Construction Bank Updates 2025 Final Dividend and FX Terms for H Shares
Jul 13, 2026
China Construction Bank Corporation, a major Chinese commercial bank listed in Hong Kong, offers comprehensive banking services to corporate and individual customers and is a key player in China’s financial system. Its H-share listing enable...
China Construction Bank Raises RMB60 Billion in TLAC Bond Issuance
Jun 30, 2026
China Construction Bank Corporation has completed the issuance of its 2026 domestic total loss-absorbing capacity non-capital bonds, first tranche, via China’s National Interbank Bond Market under the Bond Connect scheme. The offering, appro...
China Construction Bank Details Board Composition and Governance Structure
Jun 26, 2026
China Construction Bank has announced the current composition of its board of directors, detailing the mix of executive, non-executive, and independent non-executive directors and confirming Zhang Jinliang as chairman and Zhang Yi as vice chairman...
China Construction Bank Sets 2025 Final Dividend and Tax Terms for H Shareholders
Jun 26, 2026
China Construction Bank Corporation, a major state-owned commercial lender in China with H shares listed in Hong Kong, offers comprehensive banking services to corporate and individual clients and serves a wide base of domestic and international s...
China Construction Bank Board Backs 2026 Audit Plan and 2027 Auditor Selection
Jun 26, 2026
China Construction Bank’s board met in Beijing on 26 June 2026, with all 15 eligible directors attending in person and confirming the meeting complied with PRC company law and the bank’s articles of association. The session, chaired by...
China Construction Bank Gains Strong Shareholder Backing at 2025 AGM
Jun 26, 2026
China Construction Bank Corporation held its 2025 annual shareholders’ meeting on 26 June 2026 in Beijing and Hong Kong, with the session convened and chaired by board chairman Zhang Jinliang. The meeting procedures, including voting by poll...
China Construction Bank Raises RMB30 Billion via AT1 Bond to Boost Capital
Jun 22, 2026
China Construction Bank Corporation has completed the issuance of its 2026 Undated Additional Tier 1 Capital Bonds (First Tranche) via Bond Connect in China’s National Interbank Bond Market, raising RMB30 billion. The perpetual bonds carry a...
China Construction Bank Raises RMB60 Billion in Tier-2 Bond to Bolster Capital
Jun 10, 2026
China Construction Bank Corporation has completed the issuance of its 2026 domestic Tier-2 capital bonds (first tranche) via Bond Connect in China’s National Interbank Bond Market. The RMB60 billion fixed-rate issue has a 10-year maturity, a...
China Construction Bank Sets 2025 AGM to Vote on Governance, Budget and Bond Plan
Jun 4, 2026
China Construction Bank has scheduled its 2025 Annual Shareholders’ Meeting for 26 June 2026 in Beijing and Hong Kong, where investors will vote on key ordinary and special resolutions. Items on the agenda include approval of the 2025 board ...
China Construction Bank Updates Timetable and Terms for 2025 Final Dividend
Jun 4, 2026
China Construction Bank has updated details of its proposed final cash dividend for the financial year ended 31 December 2025, confirming a payout of RMB 2.029 per 10 shares, with shareholders’ approval now scheduled for 26 June 2026. The di...
China Construction Bank Board Backs New Non-Executive Directors
Jun 4, 2026
China Construction Bank’s board has approved by written resolution the nomination of Central Huijin Investment executive Cao Liqun as a non-executive director, with a three-year term to begin upon shareholder approval. She will also serve on...
China Construction Bank Appoints Sun Xiaokun as Executive Director
Jun 2, 2026
China Construction Bank Corporation has appointed Mr. Sun Xiaokun as an executive director, following approval by shareholders at the first extraordinary shareholders’ meeting of 2026 and regulatory clearance from the National Financial Regu...
China Construction Bank Updates Board Composition and Committee Roles
Jun 2, 2026
China Construction Bank Corporation has announced the current composition of its board of directors, which includes executive, non-executive, and independent non-executive members, led by chairman Zhang Jinliang and vice chairman, president, and c...
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.