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China Construction Bank Corporation

China Construction Bank Corporation

SHA:601939 · SEHK · Banking

China Construction Bank Corporation is one of the largest commercial banks in the world, headquartered in Beijing and operating across corporate banking, retail banking, wealth management, payments, investment services,…

Current price

HK$9.85

▼ −HK$0.11 (1.10%) today

Share price

Live market data
▲ +2.53 (+34.56%)2025-10-13 — 2026-10-14
HK$10.12HK$9.53HK$8.94HK$8.34HK$7.75HK$7.162025-10-132026-10-14
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ET&A View

Last reviewed 14 September 2026

Buy

ET&A sees significant upside from the current price with an attractive risk/reward profile.

Fair Value
Members
12M Price Target
Members
Preferred Entry
Members
ET&A Score
8.2/ 10Strong overall
Members see what we think China Construction Bank Corporation is worth today, our 12-month Price Target, the price we would prefer to buy at and the return we expect. See membership

China Construction Bank combines enormous scale, one of China's strongest deposit franchises, robust capitalisation and an exceptionally inexpensive valuation.

Is it expensive?

Read our full view

Why we like it

  • Pays a dividend yield of 4.4%, covered 3.3× by earnings.
  • The share price trend has been positive.
  • The share price has been steadier than most.

What worries us

Members see every risk we are watching. See membership

Business Health

Is the business financially healthy?

Mixed

Watch revenue and earnings.

Overall

Average

  • Revenue

    CN¥625.6bn · ↑ +2% last year

    Growth Below Average

  • Earnings

    CN¥340.2bn · ↑ +1% last year

    Growth Below Average

  • Profitability

    Earns 9% a year on shareholders' money

    Good

  • Capital strength

    Its cushion against losses

    Not rated yet

  • Dividend

    4.4% yield · Pays out 30% of earnings · covered 3.3×

    Yield Strong
Financial and earnings trends

Investor View

More on China Construction Bank Corporation

Open a section for the detail behind the quick view.

Our full viewET&A's complete thesis — why we hold the view we do.

China Construction Bank combines enormous scale, one of China's strongest deposit franchises, robust capitalisation and an exceptionally inexpensive valuation. H1 2026 results suggest the earnings environment is…

Insight

The complete ET&A view

See our full reasoning, what could drive the shares higher or go wrong, our Fair Value and Preferred Entry, and how our view has changed.

  • Our View in full
  • What could drive it higher / go wrong
  • Fair Value & Preferred Entry
  • How our view has changed
Explore Insight →Included with Insight
What could drive it higher — and what could go wrongThe catalysts and risks we are watching.
Members see every catalyst and risk we are watching. See membership
Valuation discussionWhere today's price sits, and how it compares with the company's own history and its peers.
Members see where the price sits against our valuation, its history and its peers. See membership
Who it suitsStrategy suitability and investment style.

Investors who want regular income

Also suits: Investors who want a mix of growth and stability

Investment styleValueIncomeET&A strategies: Income, Balanced · what these mean
How it compares with peersOther companies we cover in Banking.

Compare China Construction Bank Corporation with any company → The model’s own peer calculations are in the Research View.

What the company doesThe full company profile.

China Construction Bank Corporation is one of the largest commercial banks in the world, headquartered in Beijing and operating across corporate banking, retail banking, wealth management, payments, investment services, and infrastructure financing. The bank has a particularly strong position in lending to large enterprises, property and infrastructure projects, local governments, and Chinese households, while also maintaining an extensive nationwide branch network and growing digital banking capabilities. As one of China’s major state-owned banks, China Construction Bank plays an important role in supporting credit creation and investment across the Chinese economy.

China Construction Bank’s strength comes from its enormous deposit base, scale, extensive customer relationships, and close connection to China’s broader economic and financial system. The bank is particularly exposed to long-term themes including urbanisation, infrastructure investment, household wealth growth, digital banking, and the continued development of China’s domestic capital markets. Its scale provides significant funding advantages and recurring income opportunities, although the business remains sensitive to interest margins, property-sector conditions, credit quality, and government policy. With a dominant domestic franchise and strategic importance to China’s financial system, China Construction Bank remains one of the most significant banking institutions in global emerging markets.

Banking · China

Research ViewOpen the full researchFull financial statements, valuation multiples, historical data, forecasts, methodology, scoring calculations and the valuation model.

For detailed analysis. Each section opens on its own.

Financial statementsEvery published figure with its source, the market snapshot and connected sheets.

Income

Revenue
CN¥625.6bn
Gross profit
CN¥625.6bn
Operating profit (EBIT)
CN¥412.6bn
Net income
CN¥340.2bn
Earnings per share (EPS)
CN¥1.44

Growth

Revenue growth, latest year
1.9%
Revenue growth, 3-year average
−0.9%
Earnings growth, latest year
1.0%
Earnings growth, 3-year average
1.4%
Revenue growth, latest quarter vs a year earlier
7.9%
Earnings growth, latest quarter vs a year earlier
−0.5%

Margins & returns

Gross margin
0.0%
EBITDA margin
0.0%
Operating margin
66.0%
Net margin
55.4%
Return on equity (ROE)
9.4%
Return on assets (ROA)
0.8%

Cash flow

Operating cash flow
−CN¥525.3bn
Free cash flow
CN¥2.08tn
Free-cash-flow margin
332.1%
Free cash flow ÷ net income
6.1×

Balance sheet

Cash
CN¥1.35tn
Total debt
CN¥6.31tn
Net debt
CN¥4.96tn

Shares & dividends

Shares outstanding
240.42bn
Market capitalisation
CN¥2.58tn
Dividend per share
CN¥0.40
Dividend yield
4.4%
Payout ratio
30.0%
  • Market data — the live feed (Yahoo Finance)
  • Calculated — worked out by ET&A from the figures shown, using the formulas in our methodology

Other published figures

Price / Sales
Members
Price / Book
Members
Forward P/E
Members
Valuation ratios (P/E, P/S, P/B, EV/EBITDA) are part of ET&A membership — view plans.

Market data

Live
PriceHK$9.85
Day−HK$0.11 (−1.10%)
52-week rangeHK$7.39 – HK$9.96
vs 52-week low+33.29%
vs 52-week high−1.10%

As of 14 October 2026

P/E Ratio
6.84x
Valuation multiplesP/E, forward P/E, EV/EBITDA, Price/Sales and FCF yield — today and at Fair Value.

Standard ways of comparing the share price with the company’s earnings, sales and cash. Tap the “i” for what each one means.

MeasureTodaySource
P/EMembers
Forward P/EMembers
EV/EBITDAMembers
Price/SalesMembers
FCF YieldMembers

Valuation ratios are part of ET&A membership.

Other published measures

Price / Book
Members
Historical dataValuation history, how our view has changed, and the share-price history.

Valuation history

Members see how the valuation compares with its history. See membership

Share-price history

Use the 5Y and Max ranges on the price chart at the top of the page.

ForecastsWhat analysts expect — market consensus, not ET&A estimates.

Forecasts

Forward EPS (next year, consensus)
CN¥1.63
Expected EPS growth, next year
2.1%
Expected revenue growth, next year
9.1%

Forecasts are market consensus or calculated from forward EPS — not ET&A estimates, and they can be wrong.

MethodologyHow ET&A values a company and reaches a view.

How we value China Construction Bank Corporation

  1. 1. The right method for the business. Each business is valued on the method that suits its economics — earnings for most companies, book value and returns for banks and insurers, cash flows or dividends where earnings mislead.
  2. 2. What the business deserves. ET&A builds a fair multiple from the company's own quality, sustainable growth, earnings predictability and risk. History, peers and the market are checked against it, but they don't set it.
  3. 3. Fair Value. The earnings (or other basis) per share multiplied by that fair multiple, cross-checked against independent methods.
  4. 4. Preferred Entry. A price below Fair Value that leaves room for the return ET&A requires for the company's risk.
  5. 5. Is it expensive? Today’s price is placed on ET&A’s Valuation Attractiveness scale — the same measure the ET&A Score uses. Cheap is the Preferred Entry; above Fair Value the shares are Expensive, and Very Expensive once they are more than 25% above it.

Powered by the ET&A Valuation FrameworkHow Fair Value & Preferred Entry work →

Read the full ET&A methodology →

How we reach a view

The ET&A View combines our assessment of the business with where today’s price sits against our Preferred Entry and Fair Value. It is a considered judgement, not a mechanical score.

  • Business quality
  • Financial performance
  • Growth outlook
  • Debt and financial strength
  • Valuation
  • Risk
  • What could drive it higher
Buy
ET&A sees significant upside from the current price with an attractive risk/reward profile.
Accumulate
ET&A likes the company but would prefer investors to build exposure gradually.
Hold
ET&A sees limited reason to buy aggressively or sell at the current price.
Reduce
ET&A believes the current valuation or risk profile makes a smaller position more appropriate.
Sell
ET&A believes the downside risk materially outweighs the potential return at the current price.

ET&A Score: ET&A's overall assessment of business quality, valuation, growth and risk, out of 10. It weighs business quality, financial strength, growth, valuation, risk, future prospects.

Powered by the ET&A Company Assessment FrameworkSee the full framework →

Scoring calculationsBehind the ET&A Score and the Business Health ratings.

Behind the ET&A Score

The automatic, rules-based scores that feed our research. The ET&A Score blends these with our own analysis of the business and its value. How the framework works →

ET&A Quant Score

6.7/ 10Favourable

Thin margins · Strong

Profitability & margins · Thin margins5.0
Price momentum · Strong10.0

Context — not part of the score

  • Valuation multiplesInexpensive
  • Share-price steadinessModerate volatility
  • IncomeModerate yield

Valuation and share-price swings describe the shares, not the company, so they are judged in the ET&A Score and View instead.

Annualised volatility
Members
Max drawdown (1y)
Members
12-month return
Members
3-month return
Members
P/E
Members
Price / Sales
Members
Dividend yield
Members
The detailed figures behind these scores — price swings, past falls, returns, valuation and margins — are part of ET&A membership. View plans

Based on the factors that could be measured (30% of the model).

Business Health ratings

Each area is scored from 0 to 10 on ET&A’s methodology scales — the same ones our research uses — then given a word: Excellent from 8.5, Strong from 7, Good from 5.5, Average from 4.5, Below Average from 3, Weak below 3. The overall answer is the average of the areas we could rate (at least three); the dividend isn’t part of it.

AreaBased onScoreRating
Revenue
  • Revenue growth, 3-year average −0.9% → 3.6

Rated on 3-year average revenue growth, on ET&A's growth scale.

3.6 / 10Below Average
Earnings
  • Earnings growth, 3-year average 1.4% → 4.4

Rated on 3-year average earnings growth, on ET&A's growth scale.

4.4 / 10Below Average
Profitability
  • Return on equity 9.4% → 5.7

For banks and insurers ET&A judges profitability on return on equity (and cost ÷ income where known), not sales margins.

5.7 / 10Good
Capital strengthNeeds equity and total assets to rate.

For banks ET&A measures capital as equity ÷ assets, on its bank capital scale.

—Not rated
Dividend
  • Dividend yield 4.4% → 7.4

Dividend yield on ET&A's income scale. Not part of the overall health rating.

7.4 / 10Strong
OverallAverage of the 3 rated areas4.6 / 10Average

ET&A's scales

Where each band starts on the scales above. They are fixed and identical for every company we cover; they come straight from ET&A’s methodology, so a company is judged the same way here as in our research.

MeasureExcellentStrongGoodAverageBelow AverageWeak
GrowthStructural Growth (Fundamental Conviction)18%+10%+5.0%+1.7%+−2.5%+below −2.5%
Operating marginCompetitive Position (Fundamental Conviction)29%+20%+13%+7.5%+0%+below 0% (loss)
Net marginEarnings Durability (Fundamental Conviction)23%+15%+9.8%+6.0%+0%+below 0% (loss)
Free-cash-flow marginCapital Allocation (Fundamental Conviction)15%+8.5%+3.8%+1.3%+−2.5%+below −2.5%
Net debt ÷ EBITDAStructural Risk (Fundamental Conviction)net cash≤ 1.5×≤ 2.8×≤ 3.6×≤ 5.0×above 5.0×
Return on equity (banks & insurers)Bank and insurer quality16%+12%+9.0%+6.7%+2.7%+below 2.7%
Equity ÷ assetsBank capital7.5%+6.0%+4.7%+4.0%+any—
Dividend yieldIncome factor (ET&A Quant Score)5.8%+4.0%+2.5%+1.8%+1.0%+below 1.0%

Band floors: Excellent 8.5 · Strong 7 · Good 5.5 · Average 4.5 · Below Average 3 (scores out of 10). Utilities and property companies’ structural debt is scored 6.5, as in ET&A’s risk model.

Valuation model outputsFair Value, the 12-Month Price Target, Preferred Entry and the expected return — and how each was calculated.
Members see how we calculate the Fair Value and Preferred Entry. See membership
Peer calculationsThe comparable companies the valuation model used, with their multiples and returns.
Members see the peer set behind our valuation. See membership
Detailed assumptionsEvery input the valuation model used, with its source.
Members see the assumptions behind our valuation. See membership
Research notesNo research notes published yet.

No research notes have been published for China Construction Bank Corporation yet.

Need deeper analysis on China Construction Bank Corporation? ET&A Professional includes full company notes, valuations and models — or commission bespoke research.

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