Stock 939 CHINA CONSTRUCTION BANK CORPORATION
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Financials China Construction Bank Corporation

Equities

939

CNE1000002H1

Banks

Market Closed - Hong Kong S.E.
Other stock markets
 04:08:20 2024-04-26 am EDT 		5-day change 1st Jan Change
4.97 HKD -0.40% Intraday chart for China Construction Bank Corporation +2.05% +6.88%
Apr. 19 Nomura Adjusts China Construction Bank’s Price Target to HK$6.34 From HK$5.93, Keeps at Buy MT
Apr. 18 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 1,515,310 1,252,050 1,114,060 1,092,231 1,078,642 1,174,367 - -
Enterprise Value (EV) 1 1,515,310 1,252,050 1,114,060 1,092,231 1,078,642 1,174,367 1,174,367 1,174,367
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% 9.2% 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) 250,010,977 250,010,977 250,010,977 250,010,977 250,010,977 250,010,977 - -
Reference price 2 6.014 4.957 4.400 4.319 4.226 4.601 4.601 4.601
Announcement Date 3/29/20 3/26/21 3/29/22 3/29/23 3/28/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 705,629 755,858 764,706 758,155 745,615 735,150 786,738 820,275
EBITDA - - - - - - - -
EBIT 1 326,954 337,246 545,524 537,035 525,463 515,554 549,903 577,376
Operating Margin 46.34% 44.62% 71.34% 70.83% 70.47% 70.13% 69.9% 70.39%
Earnings before Tax (EBT) 1 326,597 336,616 378,412 382,017 389,377 394,445 410,470 426,002
Net income 1 266,733 271,050 302,513 319,323 327,543 336,647 348,748 364,639
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 0.4059 0.4231 0.4332
Announcement Date 3/29/20 3/26/21 3/29/22 3/29/23 3/28/24 - - -
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 1 333,614 359,924 191,632 192,167 192,495 394,434 181,190 187,207 388,155 182,471 174,989 - 187,982 182,703 - 179,751 172,454 - - -
EBITDA - - - - - - - - - - - - - - - - - - - -
EBIT 1 224,031 280,339 142,308 - 145,751 303,454 101,931 136,761 292,632 132,087 101,208 - 144,132 - - - - - - -
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) 1 135,417 168,773 - - - - 88,909 92,559 197,264 - - - 102,748 - - - - - - -
Net income 1 112,543 137,626 - - - - 72,041 78,148 167,295 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 3/29/20 8/30/20 10/29/21 3/29/22 8/30/22 8/30/22 3/29/23 8/23/23 8/23/23 10/26/23 3/28/24 3/28/24 - - - - - - - -
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 24,336,953 26,783,597 29,087,788 31,932,300 35,993,736 40,074,412 43,436,525 46,280,992
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 3/29/20 3/26/21 3/29/22 3/29/23 3/28/24 - - -
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
B-
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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