Stock 601939 CHINA CONSTRUCTION BANK CORPORATION
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Financials China Construction Bank Corporation Shanghai S.E.

Equities

601939

CNE100000742

Banks

End-of-day quote Shanghai S.E.
Other stock markets
 03:30:00 26/04/2024 am IST 		5-day change 1st Jan Change
7.12 CNY -1.66% Intraday chart for China Construction Bank Corporation -3.13% +9.37%
19/04 Nomura Adjusts China Construction Bank’s Price Target to HK$6.34 From HK$5.93, Keeps at Buy MT
18/04 China's top lenders face $221 billion loss-absorbing capital shortfall by 2025, Fitch estimates RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 15,15,310 12,52,050 11,14,060 10,92,231 10,78,642 11,74,367 - -
Enterprise Value (EV) 1 15,15,310 12,52,050 11,14,060 10,92,231 10,78,642 11,74,367 11,74,367 11,74,367
P/E ratio 5.73 x 4.68 x 3.7 x 3.37 x 3.23 x 3.45 x 3.32 x 3.18 x
Yield 5.32% 6.58% 8.27% 9.01% 9.46% 8.82% 9.19% 9.42%
Capitalization / Revenue 2.15 x 1.66 x 1.46 x 1.44 x 1.45 x 1.56 x 1.45 x 1.41 x
EV / Revenue 2.15 x 1.66 x 1.46 x 1.44 x 1.45 x 1.56 x 1.45 x 1.41 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 0.68 x 0.55 x 0.44 x 0.4 x 0.36 x 0.35 x 0.32 x 0.31 x
Nbr of stocks (in thousands) 25,00,10,977 25,00,10,977 25,00,10,977 25,00,10,977 25,00,10,977 25,00,10,977 - -
Reference price 2 6.014 4.957 4.400 4.319 4.226 4.601 4.601 4.601
Announcement Date 29/03/20 26/03/21 29/03/22 29/03/23 28/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 7,05,629 7,55,858 7,64,706 7,58,155 7,45,615 7,35,150 7,86,738 8,20,275
EBITDA - - - - - - - -
EBIT 1 3,26,954 3,37,246 5,45,524 5,37,035 5,25,463 5,15,554 5,49,903 5,77,376
Operating Margin 46.34% 44.62% 71.34% 70.83% 70.47% 70.13% 69.9% 70.39%
Earnings before Tax (EBT) 1 3,26,597 3,36,616 3,78,412 3,82,017 3,89,377 3,94,445 4,10,470 4,26,002
Net income 1 2,66,733 2,71,050 3,02,513 3,19,323 3,27,543 3,36,647 3,48,748 3,64,639
Net margin 37.8% 35.86% 39.56% 42.12% 43.93% 45.79% 44.33% 44.45%
EPS 2 1.050 1.060 1.190 1.280 1.310 1.335 1.384 1.447
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 0.3200 0.3260 0.3640 0.3890 0.4000 0.4060 0.4228 0.4332
Announcement Date 29/03/20 26/03/21 29/03/22 29/03/23 28/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2021 Q3 2021 Q4 2022 Q2 2022 S1 2022 Q4 2023 Q2 2023 S1 2023 Q3 2023 Q4 2023 S2 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4 2024 S2 2025 S1 2025 S2
Net sales 1 3,33,614 3,59,924 1,91,632 1,92,167 1,92,495 3,94,434 1,81,190 1,87,207 3,88,155 1,82,471 1,74,989 - 1,87,982 1,82,703 - 1,79,751 1,72,454 - - -
EBITDA - - - - - - - - - - - - - - - - - - - -
EBIT 1 2,24,031 2,80,339 1,42,308 - 1,45,751 3,03,454 1,01,931 1,36,761 2,92,632 1,32,087 1,01,208 - 1,44,132 - - - - - - -
Operating Margin 67.15% 77.89% 74.26% - 75.72% 76.93% 56.26% 73.05% 75.39% 72.39% 57.84% - 76.67% - - - - - - -
Earnings before Tax (EBT) 1 1,35,417 1,68,773 - - - - 88,909 92,559 1,97,264 - - - 1,02,748 - - - - - - -
Net income 1 1,12,543 1,37,626 - - - - 72,041 78,148 1,67,295 88,110 - - 87,659 - - - - - - -
Net margin 33.73% 38.24% - - - - 39.76% 41.74% 43.1% 48.29% - - 46.63% - - - - - - -
EPS 2 - - - - - - 0.2900 0.3200 0.6700 - - 0.6400 0.3500 - 0.6700 - - 0.6700 0.6800 0.6900
Dividend per Share - - - - - - - - - - - - - - - - - - - -
Announcement Date 29/03/20 30/08/20 29/10/21 29/03/22 30/08/22 30/08/22 29/03/23 23/08/23 23/08/23 26/10/23 28/03/24 28/03/24 - - - - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 13.2% 12.1% 12.2% 12.3% 11.6% 10.5% 10.4% 9.68%
ROA (Net income/ Total Assets) 1.1% 1.01% 1.04% 1% 0.91% 0.84% 0.8% 0.79%
Assets 1 2,43,36,953 2,67,83,597 2,90,87,788 3,19,32,300 3,59,93,736 4,00,74,412 4,34,36,525 4,62,80,992
Book Value Per Share 2 8.860 9.060 9.950 10.90 11.80 13.00 14.20 15.00
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 29/03/20 26/03/21 29/03/22 29/03/23 28/03/24 - - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for China Construction Bank Corporation

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
19
Last Close Price
4.601 CNY
Average target price
5.782 CNY
Spread / Average Target
+25.68%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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