China Construction Bank
China Construction Bank Corporation provides various banking and related financial services in the People's Republic of China. The last earnings update was 22 days ago. More info.
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939 Share Price and Events
7 Day Returns
1 Year Returns
939 Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| China Construction Bank (939) | 2.8% | -0.1% | 6.5% | -13.7% | 38.2% | 31.2% |
| HK Banks | 2.2% | 0.9% | 8% | -9% | 29.7% | 25% |
| HK Market | -0.2% | 1.9% | 13% | -3.9% | 28.2% | 20.5% |
1 Year Return vs Industry and Market
- 939 underperformed the Banks industry which returned -9% over the past year.
- 939 underperformed the Market in Hong Kong which returned -3.9% over the past year.
939 Value
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
China Construction Bank
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for China Construction Bank.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | Excess Returns Model | |
| Stable EPS |
Weighted future Return on Equity estimates from 14 analysts.
= Stable Book Value * Return on Equity = CN¥9.07 * 13% |
CN¥1.18 |
| Book Value of Equity per Share | Weighted future Book Value estimates from 17 analysts. | CN¥9.07 |
| Discount Rate (Cost of Equity) | See below | 8.4% |
| Perpetual Growth Rate | 10-Year HK Government Bond Rate | 2% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year HK Govt Bond Rate | 2% |
| Equity Risk Premium | S&P Global | 6% |
| Banks Unlevered Beta | Simply Wall St/ S&P Global | 0.59 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.591 (1 + (1- 25%) (118.66%)) |
1.078 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
1.08 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2% + (1.078 * 5.96%) |
8.43% |
Discounted Cash Flow Calculation for SEHK:939 using Excess Returns Model Model
The calculations below outline how an intrinsic value for China Construction Bank is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.
In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.
The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.
Note the calculations below are per share.
See our documentation to learn about this calculation.
| Calculation | Result | |
|---|---|---|
| Excess Returns |
= (Stable Return on equity – Cost of equity) (Book Value of
Equity per share)
= (13% – 8.43%) * CN¥9.07) |
CN¥0.42 |
| Terminal Value of Excess Returns |
= Excess Returns / (Cost of Equity -
Expected Growth Rate)
= CN¥0.42 / (8.43% - 2%) |
CN¥6.48 |
| Value of Equity |
= Book Value per share + Terminal Value of
Excess Returns
= CN¥9.07 + CN¥6.48 |
CN¥15.55 |
| Calculation | Result | |
|---|---|---|
| Exchange Rate | CNY/HKD
(Reporting currency to currency of SEHK:939) |
1.173 |
| Value per Share (HKD) |
= Value per Share in CNY x Exchange Rate (CNY/HKD)
= CN¥15.55 x 1.173 |
HK$18.24 |
| Value per share (HKD) | From above. | HK$18.24 |
| Current discount | Discount to share price of
HK$7.06
= -1 x (HK$7.06 - HK$18.24) / HK$18.24 |
61.3% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- China Construction Bank's share price is below the future cash flow value, and at a moderate discount (> 20%).
- China Construction Bank's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for China Construction Bank's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
China Construction Bank's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2018-12-31) in CNY | CN¥1.00 |
| SEHK:939 Share Price ** | SEHK (2019-04-18) in HKD | HK$7.06 |
| SEHK:939 Share Price converted to CNY reporting currency | Exchange rate (HKD/ CNY) 0.853 | CN¥6.02 |
| Hong Kong Banks Industry PE Ratio | Median Figure of 31 Publicly-Listed Banks Companies | 6.3x |
| Hong Kong Market PE Ratio | Median Figure of 1,475 Publicly-Listed Companies | 11.98x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of China Construction Bank.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = SEHK:939 Share Price ÷ EPS (both in CNY) = 6.02 ÷ 1.00 |
6x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- China Construction Bank is good value based on earnings compared to the HK Banks industry average.
- China Construction Bank is good value based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does
China Construction Bank's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 6x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts |
6.3%per year |
| Hong Kong Banks Industry PEG Ratio | Median Figure of 16 Publicly-Listed Banks Companies | 0.86x |
| Hong Kong Market PEG Ratio | Median Figure of 463 Publicly-Listed Companies | 0.87x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 6x ÷ 6.3% |
0.95x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- China Construction Bank is good value based on expected growth next year.
Price based on value of assets
What value do investors place on
China Construction Bank's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2018-12-31) in CNY | CN¥7.59 |
| SEHK:939 Share Price * | SEHK (2019-04-18) in HKD | HK$7.06 |
| SEHK:939 Share Price converted to CNY reporting currency | Exchange rate (HKD/ CNY) 0.853 | CN¥6.02 |
| Hong Kong Banks Industry PB Ratio | Median Figure of 31 Publicly-Listed Banks Companies | 0.76x |
| Hong Kong Market PB Ratio | Median Figure of 2,150 Publicly-Listed Companies | 1.03x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = SEHK:939 Share Price ÷ Book Value per Share (both in CNY) = 6.02 ÷ 7.59 |
0.79x |
* Primary Listing of China Construction Bank.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- China Construction Bank is overvalued based on assets compared to the HK Banks industry average.
Value checks
We assess China Construction Bank's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check) China Construction Bank has a total score of 5/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
939 Future Performance
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- China Construction Bank's earnings growth is expected to exceed the low risk savings rate of 2%.
Growth vs Market Checks
- China Construction Bank's earnings growth is positive but not above the Hong Kong market average.
- China Construction Bank's revenue growth is expected to exceed the Hong Kong market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| SEHK:939 Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts | 6.3% |
| SEHK:939 Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 15 Analysts | 12.9% |
| Hong Kong Banks Industry Earnings Growth Rate | Market Cap Weighted Average | 6.3% |
| Hong Kong Banks Industry Revenue Growth Rate | Market Cap Weighted Average | 14.2% |
| Hong Kong Market Earnings Growth Rate | Market Cap Weighted Average | 11.7% |
| Hong Kong Market Revenue Growth Rate | Market Cap Weighted Average | 11.3% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 months ago) | See Below |
| Future Estimates | Average of up to 15 Analyst Estimates (S&P Global) | See Below |
| Date (Data in CNY Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | ||||
| 2022-12-31 | 811,000 | 343,000 | 1 | |
| 2021-12-31 | 757,381 | 297,856 | 5 | |
| 2020-12-31 | 736,156 | 286,395 | 14 | |
| 2019-12-31 | 683,670 | 265,141 | 15 |
| Date (Data in CNY Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2018-12-31 | 507,782 | 615,831 | 250,719 |
| 2018-09-30 | 488,910 | -29,991 | 254,085 |
| 2018-06-30 | 484,830 | -425,058 | 249,907 |
| 2018-03-31 | 474,945 | -532,288 | 245,022 |
| 2017-12-31 | 494,436 | 79,090 | 241,219 |
| 2017-09-30 | 466,354 | -414,628 | 237,800 |
| 2017-06-30 | 464,105 | -993,356 | 235,322 |
| 2017-03-31 | 464,543 | -885,667 | 232,453 |
| 2016-12-31 | 469,582 | -959,394 | 230,393 |
| 2016-09-30 | 482,586 | -270,918 | 230,423 |
| 2016-06-30 | 486,662 | -1,458,367 | 229,660 |
| 2016-03-31 | 510,448 | 698,842 | 229,092 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 months ago) | See Below |
| Future Estimates | Average of up to 15 Analyst Estimates (S&P Global) | See Below |
All data from China Construction Bank Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in CNY Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 1.48 | 1.48 | 1.48 | 1.00 |
| 2022-12-31 | 1.36 | 1.37 | 1.35 | 2.00 |
| 2021-12-31 | 1.21 | 1.26 | 1.13 | 7.00 |
| 2020-12-31 | 1.15 | 1.27 | 1.06 | 17.00 |
| 2019-12-31 | 1.07 | 1.09 | 1.03 | 15.00 |
| Date (Data in CNY Millions) | EPS * |
|---|---|
| 2018-12-31 | 1.00 |
| 2018-09-30 | 1.02 |
| 2018-06-30 | 1.00 |
| 2018-03-31 | 0.98 |
| 2017-12-31 | 0.96 |
| 2017-09-30 | 0.94 |
| 2017-06-30 | 0.94 |
| 2017-03-31 | 0.93 |
| 2016-12-31 | 0.92 |
| 2016-09-30 | 0.92 |
| 2016-06-30 | 0.92 |
| 2016-03-31 | 0.91 |
*GAAP earnings excluding extraordinary items.
Performance in 3 years
In the same way as past performance we look at the future estimated return
(profit) compared to the available
funds. We do this looking forward 3 years.
- China Construction Bank is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
Future performance checks
We assess China Construction Bank's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Hong Kong market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Hong Kong market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
China Construction Bank has a total score of 2/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
939 Past Performance
How has China Construction Bank performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- China Construction Bank's year on year earnings growth rate has been positive over the past 5 years.
- China Construction Bank's 1-year earnings growth exceeds its 5-year average (3.9% vs 2.5%)
- China Construction Bank's earnings growth has not exceeded the HK Banks industry average in the past year (3.9% vs 5.2%).
Earnings and Revenue History
All data from China Construction Bank Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in CNY Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2018-12-31 | 507,782.00 | 250,719.00 | 164,188.00 | |
| 2018-09-30 | 488,910.00 | 254,085.00 | 158,933.00 | |
| 2018-06-30 | 484,830.00 | 249,907.00 | 162,785.00 | |
| 2018-03-31 | 474,945.00 | 245,022.00 | 158,933.00 | |
| 2017-12-31 | 494,436.00 | 241,219.00 | 156,199.00 | |
| 2017-09-30 | 466,354.00 | 237,800.00 | 151,784.00 | |
| 2017-06-30 | 464,105.00 | 235,322.00 | 218,259.00 | |
| 2017-03-31 | 464,543.00 | 232,453.00 | 151,784.00 | |
| 2016-12-31 | 469,582.00 | 230,393.00 | 151,784.00 | |
| 2016-09-30 | 482,586.00 | 230,423.00 | 155,919.00 | |
| 2016-06-30 | 486,662.00 | 229,660.00 | 155,919.00 | |
| 2016-03-31 | 510,448.00 | 229,092.00 | 154,429.00 | |
| 2015-12-31 | 495,157.00 | 228,145.00 | 155,919.00 | |
| 2015-09-30 | 497,363.00 | 229,089.00 | 158,550.00 | |
| 2015-06-30 | 498,575.00 | 229,063.00 | 158,550.00 | |
| 2015-03-31 | 489,337.00 | 229,055.00 | 158,550.00 | |
| 2014-12-31 | 496,640.00 | 227,830.00 | 158,550.00 | |
| 2014-09-30 | 493,145.00 | 228,473.00 | 154,148.00 | |
| 2014-06-30 | 487,805.00 | 225,608.00 | 154,148.00 | |
| 2014-03-31 | 488,365.00 | 220,857.00 | 154,148.00 | |
| 2013-12-31 | 468,604.00 | 214,657.00 | 154,148.00 | |
| 2013-09-30 | 456,986.00 | 211,470.00 | 138,644.00 | |
| 2013-06-30 | 446,061.00 | 206,607.00 | 138,644.00 | |
| 2013-03-31 | 437,185.00 | 201,247.00 | 138,644.00 | |
| 2012-12-31 | 422,907.00 | 193,179.00 | 138,644.00 | |
| 2012-09-30 | 407,045.00 | 188,437.00 | 118,208.00 | |
| 2012-06-30 | 395,125.00 | 182,716.00 | 118,208.00 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- China Construction Bank has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- China Construction Bank used its assets more efficiently than the HK Banks industry average last year based on Return on Assets.
- Unable to establish if China Construction Bank improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
Past performance checks
We assess China Construction Bank's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
China Construction Bank has a total score of 3/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
939 Health
This company is a bank or financial institution.Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Balance sheet
Assets
Liabilities and shares
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from China Construction Bank Company Filings, last reported 3 months ago.
| Date (Data in CNY Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2018-12-31 | 1,991,594.00 | 1,829,688.00 | 1,810,320.00 |
| 2018-09-30 | 1,938,849.00 | 1,812,149.00 | 6,200,965.00 |
| 2018-06-30 | 1,864,577.00 | 1,662,608.00 | 5,919,020.00 |
| 2018-03-31 | 1,853,616.00 | 1,831,914.00 | 6,255,060.00 |
| 2017-12-31 | 1,795,827.00 | 1,681,598.00 | 1,304,855.00 |
| 2017-09-30 | 1,708,626.00 | 1,746,359.00 | 4,450,063.00 |
| 2017-06-30 | 1,644,602.00 | 1,601,473.00 | 1,408,812.00 |
| 2017-03-31 | 1,650,607.00 | 1,509,911.00 | 4,593,113.00 |
| 2016-12-31 | 1,589,654.00 | 1,494,352.00 | 1,374,445.00 |
| 2016-09-30 | 1,571,448.00 | 1,303,361.00 | 3,879,711.00 |
| 2016-06-30 | 1,505,960.00 | 1,103,938.00 | 1,299,507.00 |
| 2016-03-31 | 1,510,224.00 | 870,572.00 | 4,058,102.00 |
| 2015-12-31 | 1,445,083.00 | 1,075,258.00 | 1,265,774.00 |
| 2015-09-30 | 1,374,400.00 | 926,244.00 | 3,975,591.00 |
| 2015-06-30 | 1,312,450.00 | 811,153.00 | 1,031,787.00 |
| 2015-03-31 | 1,316,263.00 | 801,920.00 | 4,017,543.00 |
| 2014-12-31 | 1,251,848.00 | 919,171.00 | 1,084,057.00 |
| 2014-09-30 | 1,208,179.00 | 841,944.00 | 3,963,955.00 |
| 2014-06-30 | 1,147,012.00 | 728,496.00 | 1,078,248.00 |
| 2014-03-31 | 1,147,719.00 | 640,983.00 | 2,098,077.00 |
| 2013-12-31 | 1,074,329.00 | 674,359.00 | 941,937.00 |
| 2013-09-30 | 1,049,612.00 | 728,752.00 | 1,504,996.00 |
| 2013-06-30 | 1,000,511.00 | 583,356.00 | 1,336,558.00 |
| 2013-03-31 | 1,010,825.00 | 468,479.00 | 1,917,447.00 |
| 2012-12-31 | 949,545.00 | 403,429.00 | 1,148,784.00 |
| 2012-09-30 | 917,684.00 | 354,122.00 | 1,404,867.00 |
| 2012-06-30 | 869,405.00 | 334,468.00 | 1,120,181.00 |
BANK ANALYSIS
This company is a bank or financial institution, which is analysed accordingly below.
- China Construction Bank has an acceptable proportion of non-loan assets held.
- China Construction Bank's liabilities are made up of primarily low risk sources of funding.
- Loans at China Construction Bank are broadly funded by customer deposits.
- China Construction Bank's level of assets compared to its equity is moderate (i.e. an appropriate level of borrowing to fund lending).
- China Construction Bank has a sufficient allowance for bad loans.
- China Construction Bank has an acceptable level of bad loans (less than 2%).
Financial health checks
We assess China Construction Bank's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) China Construction Bank has a total score of 6/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
939 Dividends
What is China Construction Bank's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
HK$2,000 of
China Construction Bank
shares you are expected to receive
HK$102
in your first year as a dividend.
Dividend Amount
- China Construction Bank's pays a higher dividend yield than the bottom 25% of dividend payers in Hong Kong (1.95%).
- China Construction Bank's dividend is below the markets top 25% of dividend payers in Hong Kong (5.27%).
Upcoming dividend payment
Purchase China Construction Bank before the 'Buy Limit' to receive their next dividend payment.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 15 Analyst Estimates (S&P Global) | See Below |
| Hong Kong Banks Industry Average Dividend Yield | Market Cap Weighted Average of 28 Stocks | 4.9% |
| Hong Kong Market Average Dividend Yield | Market Cap Weighted Average of 965 Stocks | 3.4% |
| Hong Kong Minimum Threshold Dividend Yield | 10th Percentile | 1.1% |
| Hong Kong Bottom 25% Dividend Yield | 25th Percentile | 1.9% |
| Hong Kong Top 25% Dividend Yield | 75th Percentile | 5.3% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in CN¥) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2023-12-31 | 0.44 | 1.00 |
| 2022-12-31 | 0.41 | 2.00 |
| 2021-12-31 | 0.37 | 9.00 |
| 2020-12-31 | 0.35 | 21.00 |
| 2019-12-31 | 0.32 | 19.00 |
| Date (Data in CN¥) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-03-27 | 0.306 | 5.157 |
| 2018-06-29 | 0.291 | 4.985 |
| 2017-04-28 | 0.278 | 4.625 |
| 2017-03-29 | 0.278 | 5.009 |
| 2016-03-30 | 0.274 | 5.723 |
| 2015-03-27 | 0.301 | 6.358 |
| 2014-07-02 | 0.300 | 6.329 |
| 2013-04-22 | 0.268 | 5.919 |
| 2013-03-25 | 0.268 | 5.410 |
| 2012-06-07 | 0.237 | 5.118 |
| 2011-06-09 | 0.212 | 4.507 |
| 2010-04-29 | 0.202 | 3.436 |
| 2010-03-29 | 0.202 | 3.533 |
| 2009-11-09 | 0.000 | 0.000 |
| 2009-10-23 | 0.000 | 0.000 |
| 2009-08-31 | 0.000 | 0.000 |
| 2009-04-24 | 0.194 | 4.027 |
| 2009-04-20 | 0.194 | 4.911 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Dividends per share have been stable in the past 10 years.
- Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of
China Construction Bank's earnings are
paid
to the shareholders as a dividend.
- Dividends paid are well covered by earnings (3.3x coverage).
- Dividends after 3 years are expected to be well covered by earnings (3.3x coverage).
Income/ dividend checks
We assess China Construction Bank's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can China Construction Bank afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) China Construction Bank has a total score of 5/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
939 Management
CEO
| COMPENSATION | CN¥711,300 |
| AGE | 58 |
CEO Bio
Mr. Guoli Tian serves as Chairman of the Board and President of China Construction Bank Corporation. Mr. Tian served as the President of CITIC Group Corporation (formerly Citic Group ) since December 2011 and served as its General Manager from December 2010 to April 2013. Mr. Tian served as the Chief Executive Officer of China CINDA Asset Management Corporation. Mr. Tian joined Bank of China in April 2013. He worked for China CINDA Asset Management Corporation from April 1999 to December 2010 and served as its Vice President and President. From July 1983 to April 1999, he served various positions in China Construction Bank ("CCB"), including General Manager of sub-branch, Deputy Branch General Manager and Assistant Executive President of CCB. He worked at China Construction Bank Corporation from July 1983 to April 1999 and served as its Vice Sub-Branch President, Sub-Branch President, Vice President of Beijing branch and General Manager of the Head Office’s Operation Department prior to July 1997. From July 1997 to April 1999, Mr. Tian served as an Assistant President of China Construction Bank Corporation. He served as the Executive Chairman at Bank of China Limited since May 2013 until August 16, 2017. From April 1999 to December 2010, He was Vice President and President of China Cinda Asset Management Company. He is a senior economist with rich experience in financial industry. He has been the Chairman at Bank of China, Taiwan Branch since May 2013. He served as Chairman of Bank of China (Hong Kong) Limited since June 4, 2013 until August 16, 2017. He served as the Non Executive Chairman of BOC Hong Kong (Holdings) Ltd. since June 4, 2013 until August 16, 2017. He served as Chairman of BOCI-Prudential Trustee Limited and BOC Group Trustee Co., Ltd. from June 4, 2013. to August 16, 2017. He served as the Chairman of China CITIC Bank Corporation Ltd. from July 2011 to April 25, 2013. From July 2010 to December 2010, he served as the Chairman of the Board of Directors at China CINDA Asset Management Corporation. He served as the Vice Chairman of Citic Group Corporation from December 2011 to April 2013. Mr. Tian served as a Non-Executive Director of China CITIC Bank Corporation Ltd since July 2011. He served as a Director at Citic Group Corporation. Mr. Tian also serves as Chairman of China Banking Association, a member of the Expert Committee for the 13th Five-Year Plan for Economic and Social Development of China, a member of the Monetary Policy Committee of the People's Bank of China and Chairman of the Board of Directors of Asian Financial Cooperation Association. He graduated from Capital Construction Department of Hubei Institute of Finance and Economics in 1983 (later Zhongnan University of Economics and Law) with a Bachelor's degree in Capital Construction Finance and Credit.
CEO Compensation
- Guoli's compensation has increased by more than 20% in the past year.
- Guoli's remuneration is lower than average for companies of similar size in Hong Kong.
Management Team Tenure
Average tenure and age of the China Construction Bank management team in years:
- The tenure for the China Construction Bank management team is about average.
Management Team
Guoli Tian
Chairman of the Board & President
CN¥711K
58
Yiming Xu
Chief Financial Officer
CN¥992K
58
4.8 yrs
Zhiling Huang
Chief Economist & Secretary of the board
CN¥826K
57
8.2 yrs
Gengsheng Zhang
Executive VP & Executive Director
CN¥653K
58
6 yrs
Yi Huang
Executive Vice President
CN¥653K
54
5 yrs
Lin Liao
Executive VP & Chief Risk Officer
CN¥869K
52
2.1 yrs
Lilin Zhang
Executive Vice President
CN¥636K
47
1.6 yrs
Guiya Wang
Chief Investment & Wealth Management Officer and GM of Investment Banking Dept of the Head Office
CN¥870K
53
8.1 yrs
Qiuyue Fang
GM of Finance & Accounting Department and Shareholder Representative Supervisor
57
4.3 yrs
Kegui Lu
GM of Asset Preservation & Operation Center and Employee Representative Supervisor
55
2 yrs
Board of Directors Tenure
Average tenure and age of the China Construction Bank board of directors in years:
- The average tenure for the China Construction Bank board of directors is less than 3 years, this suggests a new board.
Board of Directors
Guoli Tian
Chairman of the Board & President
CN¥711K
58
1.5 yrs
Gengsheng Zhang
Executive VP & Executive Director
CN¥653K
58
3.7 yrs
Qiuyue Fang
GM of Finance & Accounting Department and Shareholder Representative Supervisor
57
0.8 yrs
Kegui Lu
GM of Asset Preservation & Operation Center and Employee Representative Supervisor
55
0.9 yrs
Jianhang Wu
GM of Strategic Planning Department & Shareholder Representative Supervisor
55
0.8 yrs
Yuanguo Cheng
GM of Corporate Business Department & Employee Representative Supervisor
55
0.9 yrs
Yi Wang
GM of Housing Finance & Personal Credit Department and Employee Representative Supervisor
54
0.9 yrs
Timpson Chung
Independent Non-Executive Director
CN¥440K
67
5.8 yrs
Murray James Horn
Independent Non-Executive Director
CN¥470K
63
5.8 yrs
Carl Walter
Independent Non-Executive Director
CN¥440K
71
3.7 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (HK$) | Value (HK$) | |
|---|---|---|---|---|---|---|---|---|---|---|
Management checks
We assess China Construction Bank's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) China Construction Bank has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
939 News
Simply Wall St News
Should You Think About Buying China Construction Bank Corporation (HKG:939) Now?
Let's talk about the popular China Construction Bank Corporation (HKG:939). … As a large-cap stock with high coverage by analysts, you could assume any recent changes in the company’s outlook is already priced into the stock? … Today I will analyse the most recent data on China Construction Bank’s outlook and valuation to see if the opportunity still exists.
Simply Wall St - – Full articleUpdate: China Construction Bank (HKG:939) Stock Gained 39% In The Last Three Years
Just take a look at China Construction Bank Corporation (HKG:939), which is up 39%, over three years, soundly beating the market return of 28% (not including dividends). … By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time. … During three years of share price growth, China Construction Bank achieved compound earnings per share growth of 3.6% per year.
Simply Wall St - – Full articleAre You Considering All The Risks For China Construction Bank Corporation’s (HKG:939)?
As a HK$1.7t market capitalisation company operating in the financial services sector, China Construction Bank Corporation (HKG:939) has benefited from strong economic growth and improved credit quality as a result of post-GFC recovery. … A borrower’s demand for, and ability to repay, loans is driven by economic growth which directly impacts the level of risk China Construction Bank takes on. … It is relevant to understand a bank’s level of risky assets on its accounts as it affects the attractiveness of its stock as an investment.
Simply Wall St - – Full articleWill China Construction Bank Corporation's (HKG:939) Earnings Grow In The Next 12 Months?
Looking at China Construction Bank Corporation's (HKG:939) earnings update in September 2018,. … as a 6.4% increase in profits is expected in the upcoming year, … the past 5-year average growth rate of 2.6%
Simply Wall St - – Full articleShould You Be Concerned About China Construction Bank Corporation’s (HKG:939) Liquidity?
As these large financial institutions revert back to health after the 2008 Financial Crisis, we are seeing an increase in market confidence in these “too-big-to-fail” banking stocks. … Following the crisis, a set of reforms termed Basel III was enforced to bolster risk management, regulation, and supervision in the financial services industry. … Investors should be more cautious when it comes to financial stocks given the different type of risk to which they are exposed.
Simply Wall St - – Full articleDoes China Construction Bank Corporation's (HKG:939) CEO Pay Compare Well With Peers?
Zuji Wang has been the CEO of China Construction Bank Corporation (HKG:939) since 2015. … This report will, first, examine the CEO compensation levels in comparison to CEO compensation at other big companies. … How Does Zuji Wang's Compensation Compare With Similar Sized Companies?
Simply Wall St - – Full articleWhat To Know Before Buying China Construction Bank Corporation (HKG:939) For Its Dividend
Historically, China Construction Bank Corporation (HKG:939) has paid dividends to shareholders, and these days it yields 5.1%. … Let's dig deeper into whether China Construction Bank should have a place in your portfolio. … View our latest analysis for China Construction Bank
Simply Wall St - – Full articleHave You Considered These Key Risks For China Construction Bank Corporation (HKG:939)?
Post-GFC recovery has strengthened economic growth and credit quality, benefiting large banks such as China Construction Bank Corporation (HKG:939), with a market capitalisation of HK$1.6t. … Growth stimulates demand for loans and impacts a borrower’s ability to repay which directly affects the level of risk China Construction Bank takes on. … It is relevant to understand a bank’s level of risky assets on its accounts as it affects the attractiveness of its stock as an investment.
Simply Wall St - – Full articleWhat You Should Know About China Construction Bank Corporation’s (HKG:939) Liquidity
As these large financial institutions revert back to health after the 2008 Financial Crisis, we are seeing an increase in market confidence in these “too-big-to-fail” banking stocks. … These reforms target bank level regulation and aims to improve the banking sector’s ability to absorb shocks arising from economic stress which could expose financial institutions to vulnerabilities. … As a large bank in HKD, 939 is exposed to strict regulation which has focused investor attention on the type and level of risks it is subjected to, and higher scrutiny on its risk-taking behaviour.
Simply Wall St - – Full articleDoes China Construction Bank Corporation's (HKG:939) CEO Pay Compare Well With Peers?
In 2015 Zuji Wang was appointed CEO of China Construction Bank Corporation (HKG:939). … First, this article will compare CEO compensation with compensation at other large companies. … Our data indicates that China Construction Bank Corporation is worth HK$1.6t, and total annual CEO compensation is CN¥660k.
Simply Wall St - – Full article939 Company Info
Description
China Construction Bank Corporation provides various banking and related financial services in the People's Republic of China. It operates through Corporate Banking, Personal Banking, Treasury Business, and Others segments. The company offers personal banking products and services, such as foreign currency deposits, all in one accounts, and RMB deposits; personal business loans, personal car loans, and personal housing loans; physical gold for personal investment and personal gold accounts; credit cards; foreign exchange services; certificate treasury and savings bonds, securities deposit accounts, and securities services, as well as bank-securities transfer and book-entry treasury bond over the counter services; and wealth management products. It also provides corporate banking products and services, including corporate term, notification, and demand deposits, as well corporate deposits by agreement and statement of deposits; SME, traditional credit, commercial draft, buyer credit, and RMB credit line loans; international settlement and financing services, and FI services for foreign banks; fund settlement services; guarantee-based, consulting and advising, and factoring services; and custody services, as well as e-banking services. In addition, the company offers corporate services comprising institutional services comprising services for government agencies, services for non-banking financial institutions, social security, banks cooperation, bank-securities cooperation, and bank-insurance cooperation. As of December 31, 2017, it operated 14,920 institutions, including 14,890 domestic institutions and 30 overseas institutions. China Construction Bank Corporation was founded in 1954 and is headquartered in Beijing, the People's Republic of China.
Details
| Name: | China Construction Bank Corporation |
| 939 | |
| Exchange: | SEHK |
| Founded: | 1954 |
| HK$1,808,710,141,146 | |
| 250,010,977,486 | |
| Website: | http://www.ccb.com |
| Address: |
China Construction Bank Corporation No. 25, Finance Street, Xicheng District, Beijing, 100033, China |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| SEHK | 939 | Foreign Shares-Foreign Listed | The Stock Exchange of Hong Kong Ltd. | HK | HKD | 27. Oct 2005 | |
| OTCPK | CICH.F | Foreign Shares-Foreign Listed | Pink Sheets LLC | US | USD | 27. Oct 2005 | |
| DB | C6T | Foreign Shares-Foreign Listed | Deutsche Boerse AG | DE | EUR | 27. Oct 2005 | |
| SHSC | 939 | Foreign Shares-Foreign Listed | Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect | HK | HKD | 27. Oct 2005 | |
| SZSC | 939 | Foreign Shares-Foreign Listed | The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect | HK | HKD | 27. Oct 2005 | |
| OTCPK | CICH.Y | ADR | Pink Sheets LLC | US | USD | 24. Oct 2008 | |
| SHSE | 601939 | Domestic Shares | Shanghai Stock Exchange | CN | CNY | 25. Sep 2007 | |
| XSSC | 601939 | Domestic Shares | Shanghai Stock Exchange - Shanghai - Hong Kong Stock Connect | CN | CNY | 25. Sep 2007 |
Number of employees
Current staff
Industry
| Diversified Banks | |
| Banks |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/04/18 12:45 |
| End of day share price update: | 2019/04/18 00:00 |
| Last estimates confirmation: | 2019/04/16 |
| Last earnings filing: | 2019/03/27 |
| Last earnings reported: | 2018/12/31 |
| Last annual earnings reported: | 2018/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
