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China Construction Bank
(0939)
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Rating:70Outperform
Price Target:
HK$10.00
â–²(8.93% Upside)
Action:Reiterated
Date:08/29/26
Overall score reflects a mix of strong earnings profile and supportive valuation, tempered by a meaningful recent deterioration in cash flow and elevated leverage. Technicals are constructive (price above major averages with positive momentum), and the latest earnings call reinforced stable asset quality and strong capital, but macro/low-rate headwinds and retail risk monitoring remain notable constraints.
Positive Factors
Core Earnings Growth
Double-digit operating-income and pre-provision growth, alongside 16.31% net-interest-income growth, shows the core franchise is still expanding. This supports earnings resilience over the next several quarters, although net profit growth remains more moderate.
Negative Factors
Negative Cash Generation
TTM operating cash flow of about -CNY239bn and free cash flow of about -CNY265bn mark a sharp reversal from positive 2022–2024 levels. Although bank cash flow reflects balance-sheet movements, persistent weakness reduces financial flexibility and warrants monitoring.
Read all positive and negative factors
Positive Factors
Negative Factors
Core Earnings Growth
Double-digit operating-income and pre-provision growth, alongside 16.31% net-interest-income growth, shows the core franchise is still expanding. This supports earnings resilience over the next several quarters, although net profit growth remains more moderate.
Read all positive factors
China Construction Bank (0939) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$2.46T
Dividend Yield4.8%
Average Volume (3M)229.16M
Price to Earnings (P/E)8.2
Beta (1Y)0.54
Revenue Growth2.44%
EPS Growth5.10%
CountryHK
Employees378,344
SectorFinancial
Sector Strength70
IndustryBanks - Diversified
Share Statistics
EPS (TTM)1.34
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 TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.34
Revenue Forecast (FY)HK$795.25B
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:Aug 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 23, 2026
Earnings Call Sentiment Positive
The call presented a largely positive operational and financial picture: robust top-line growth, improving margins, solid cost efficiency, strong loan growth in targeted sectors (manufacturing, private enterprises), growing wealth and custody businesses, active international expansion, and broad AI/digital adoption. Asset quality metrics remain stable and capital ratios are strong, enabling dividends and orderly capital issuance. Management did, however, acknowledge macroeconomic and market challenges — notably a low-rate environment and potential retail/consumer pressures — and emphasized prudent risk management and readiness for downside scenarios. On balance, the positives (revenue, margin, efficiency, product and digital execution, capital strength) outweigh the cited risks, though the bank is clearly focused on mitigating macro- and market-related headwinds.Positive Updates
Strong Top-Line and Pre-Provision Profit Growth
Operating income of CNY 426 billion and profit before provision of CNY 328 billion, with operating revenue and pre-provision profit reported as growing in double digits year-on-year (operational revenue up ~10.48% and profit before provision up ~13% YoY per management commentary).
Negative Updates
Slower Net Profit Growth Relative to Revenue
Net profit growth (+5.56% YoY) lagged behind faster growth in operating revenue and net interest income, suggesting margin on bottom-line growth versus top-line momentum.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Top-Line and Pre-Provision Profit Growth
Operating income of CNY 426 billion and profit before provision of CNY 328 billion, with operating revenue and pre-provision profit reported as growing in double digits year-on-year (operational revenue up ~10.48% and profit before provision up ~13% YoY per management commentary).
Read all positive updates
Company Guidance
CCB guided that H2 will prioritize five areas (technology finance, green, inclusive, pension and digital), deepen support for the real economy, optimize asset‑liability and bond duration, grow net interest and non‑interest income, accelerate AI/digital deployment and tighten risk/compliance while executing orderly capital replenishment. Management framed that guidance with H1 metrics: operating income CNY426bn, pre‑provision profit CNY328bn (double‑digit YoY), net profit CNY171bn (+5.56%), NIM 1.37%, ROA 0.74%, ROE 9.52%, CAR 19.42% (Core Tier‑1 14.24%), cost‑to‑income 22.17%, loans CNY29.34tn, financial investments CNY13.99tn, net interest income CNY115bn (+16.31%), NPL ratio 1.29% with provision coverage ≈239%, interim dividend RMB2.01/10 shares (total CNY52.58bn; payout ratio 31%), personal customers 592m, personal AUM CNY24tn, wealth AUM >CNY5.3tn, green loans CNY6.53tn (+8.95%), manufacturing loans CNY4tn (+17.5%), private enterprise loans CNY7.36tn (+9.42%) and international loans CNY2tn (+24.57%).China Construction Bank Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
62
Positive
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.36T | 1.33T | 607.87B | 622.34B | 821.28B | 822.64B |
| Gross Profit | 656.57B | 616.23B | 749.57B | 1.41T | 821.28B | 822.64B |
| EBITDA | 399.01B | 390.61B | 414.61B | -4.30B | 935.68B | 405.71B |
| Net Income | 344.03B | 330.13B | 335.58B | 332.65B | 324.73B | 302.51B |
Balance Sheet | ||||||
| Total Assets | 47.32T | 45.65T | 40.57T | 38.32T | 34.60T | 30.25T |
| Cash, Cash Equivalents and Short-Term Investments | 2.83T | 4.23T | 4.77T | 3.95T | 3.89T | 3.23T |
| Total Debt | 8.94T | 10.08T | 2.87T | 6.61T | 2.00T | 1.62T |
| Total Liabilities | 43.66T | 42.10T | 37.23T | 35.15T | 31.72T | 27.64T |
| Stockholders Equity | 3.64T | 3.52T | 3.32T | 3.01T | 2.86T | 2.59T |
Cash Flow | ||||||
| Free Cash Flow | -265.38B | -51.16B | 308.85B | 560.60B | 954.67B | 415.48B |
| Operating Cash Flow | -238.69B | -28.21B | 338.02B | 585.69B | 978.42B | 436.72B |
| Investing Cash Flow | -3.02T | -1.76T | -692.63B | -821.25B | -651.67B | -518.55B |
| Financing Cash Flow | 2.81T | 163.79B | -7.20B | -47.33B | -6.42B | 16.12B |
China Construction Bank Technical Analysis
Positive
9.18
Price Trends
8.62
Positive
8.55
Positive
8.10
Positive
Market Momentum
0.14
Negative
59.68
Neutral
67.09
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 9.18 is above the 20-day moving average (MA) of 8.99, above the 50-day MA of 8.62, and above the 200-day MA of 8.10, indicating a bullish trend. The MACD of 0.14 indicates Negative momentum. The RSI at 59.68 is Neutral, neither overbought nor oversold. The STOCH value of 67.09 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$2.14T | 7.55 | 8.19% | 4.75% | 2.02% | 6.25% | |
74 Outperform | HK$1.17T | 6.78 | 11.91% | 4.66% | -0.16% | 5.69% | |
72 Outperform | HK$2.72T | 8.38 | 9.73% | 6.95% | 4.19% | 7.85% | |
71 Outperform | HK$717.96B | 6.57 | 7.92% | 5.00% | -0.80% | -10.99% | |
70 Outperform | HK$2.46T | 8.16 | 9.62% | 5.00% | 2.44% | 5.10% | |
69 Neutral | HK$3.12T | 7.78 | 9.23% | 4.87% | 0.92% | 6.35% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
HK:0939
China Construction Bank
9.14
1.99
27.90%
HK:1288
Agricultural Bank of China
6.23
1.27
25.55%
HK:3988
Bank of China
5.58
1.50
36.60%
HK:3328
Bank of Communications Co
7.51
1.21
19.19%
HK:3968
China Merchants Bank Co
49.02
4.21
9.39%
HK:1398
Industrial and Commercial Bank of China
7.45
2.01
37.01%
China Construction Bank Corporate Events
CCB Board Approves Five-Year Development, Capital Plan and 2026 Interim Payout
Aug 28, 2026
China Construction Bank’s board met in Beijing and Hong Kong on 28 August 2026, with all 16 directors attending and unanimously approving a series of key strategic and regulatory resolutions. The session underscored the bank’s adherenc...
China Construction Bank Sets Out Board Line-Up and Governance Structure
Aug 28, 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 chairma...
China Construction Bank Sets Interim Dividend with Currency Option
Aug 28, 2026
China Construction Bank Corporation has declared an ordinary interim dividend of RMB 2.01 per 10 shares for the six months ended 30 June 2026, for the financial year ending 31 December 2026. The dividend will be payable in Hong Kong dollars by def...
China Construction Bank Details Capital and Risk Framework in 2026 Pillar III Report
Aug 28, 2026
China Construction Bank has released its Capital Management Pillar III Half-Year Report 2026, outlining key prudential regulatory indicators, the structure of its risk-weighted assets, and the composition of its regulatory capital and total loss-a...
China Construction Bank Unveils 2026 Interim Results and Dividend Plan
Aug 28, 2026
China Construction Bank Corporation released its unaudited consolidated interim results for the six months ended 30 June 2026, prepared under both PRC GAAP and IFRS and reviewed by Ernst Young entities and the bank’s audit committee. The ha...
China Construction Bank Adds Yang Qiang as Independent Non-executive Director
Aug 27, 2026
China Construction Bank has announced that shareholders approved the election of Mr. Yang Qiang as an independent non-executive director at the bank’s 2025 annual shareholders’ meeting, held on 26 June 2026. Following regulatory cleara...
China Construction Bank Updates Board Composition and Committee Roles
Aug 27, 2026
China Construction Bank has released an updated list of its directors and clarified their respective roles, confirming Zhang Jinliang as chairman and Zhang Yi as vice chairman, president, and chief compliance officer. The board comprises executive...
China Construction Bank Raises RMB50 Billion in TLAC Non-Capital Bond Issue
Aug 25, 2026
China Construction Bank has completed the issuance of its 2026 domestic total loss-absorbing capacity non-capital bonds (second tranche) via Bond Connect in the National Interbank Bond Market, following shareholder approval in 2025 for a broader p...
China Construction Bank Sets Live Webcast for 2026 Interim Results
Aug 21, 2026
China Construction Bank Corporation has scheduled its 2026 interim results presentation for Friday, 28 August 2026, from 17:30 to 18:45 Beijing time via live webcast. The event follows publication of the bank’s interim results on the Hong Ko...
China Construction Bank Sets August Board Meeting to Review Interim Results and Dividends
Aug 18, 2026
China Construction Bank has scheduled a board meeting for 28 August 2026 to review and approve its interim financial results for the six months ended 30 June 2026, signaling that detailed performance data for the first half of the year will soon b...
China Construction Bank Fully Redeems RMB65 Billion Tier-2 Bonds
Aug 11, 2026
China Construction Bank has redeemed in full a RMB65 billion tranche of its domestic Tier-2 capital bonds issued in August 2021, which carried a 10-year term and an issuer call option at the end of the fifth year. The redemption, executed at par f...
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.