China Construction Bank Corp (0939) Fair Value & Analysis
Financial Services · HK · Market cap HK$2.1T (≈ $273B) · ISIN CNE1000002H1
What is China Construction Bank Corp really worth?
Below-average quality, trading 47% below our fair value of HK$18.35.
Strengths
Risks
For context
Fair value as of: Aug 25, 2026
From 6 valuation models · updated 11 days ago
Fair value updated Aug 25, 2026, revised from HK$17.50 to HK$18.35 (+4.9%) since Aug 13, 2026. Share price +10.9% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price is below even our cautious bear case (HK$13.76). The market is more pessimistic than our downside scenario.
- Solid quality (46/100) at a price below fair value, the discount is the argument here, not the business quality.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 25, 2026.
How to read this chart
60‑month range HK$3.11 – HK$9.76 · fair‑value band HK$13.76 – HK$22.94 · the HK$9.76 price screens below the HK$18.35 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 25, 2026.
Analysis
China Construction Bank Corp (0939) currently trades at HK$9.76, while our model-based Fair Value estimate is HK$18.35, implying the stock looks roughly 46.8% undervalued today. The Quality Score stands at 46/100 (below-average quality), in the Financial Services sector. Bull case: the Multiples group reads highest at a median of HK$17.85 per share, and 4 of the 6 models we run sit above the HK$9.76 price. Bear case: the Dividend Discount group reads lowest at HK$7.54, and 2 of the 6 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, China Construction Bank Corp generated revenue of HK$614B at a net margin of 55.6%. Revenue grew 5.0% year over year. It earns a return on equity of 9.6%. Net debt stands at HK$7.0T. Fundamentals as of Aug 25, 2026
Our scenario range runs from HK$13.76 (bear case) to HK$22.94 (bull case); at HK$9.76, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 39% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −10% fair-value upside, at 88%, 0939 screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly HK$0.4469 per share, which is 2.4 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 6 models by family
Widest divergence: Multiples (HK$17.85) versus Dividend Discount (HK$7.54). Highest evidence: Residual Income (75).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 25, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 39 · Market factors (momentum, volatility) 80
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
China Construction Bank Corporation engages in the provision of various banking and related financial services to individuals and corporate customers in the People's Republic of China and internationally. It operates through Corporate Finance Business, Personal Finance Business, Treasury and Asset Management Business, and Others segments.
Full company description
China Construction Bank Corporation engages in the provision of various banking and related financial services to individuals and corporate customers in the People's Republic of China and internationally. It operates through Corporate Finance Business, Personal Finance Business, Treasury and Asset Management Business, and Others segments. The company offers corporate and personal loans; trade financing; deposit taking and wealth management, agency, financial consulting and advisory, cash management, remittance and settlement, guarantee, and investment banking services to individuals, corporations, government agencies, and financial institutions. It is also involved in inter-bank deposit and placement transactions, repurchase and resale transactions, and invests in debt securities; trades in derivatives and foreign currencies; precious metal trading; and custody services. In addition, the company provides finance leasing, transfer and purchase of finance lease assets, and fixed-income investment; motor vehicle, business and household property, construction and engineering, liability insurance, hull and cargo, and short-term health and accidental injury insurance, as well as reinsurance; and cost consulting, whole-process engineering consulting, project management, investment consulting, and bidding agency services; and debt-to-equity swaps and relevant supporting businesses. Further, it engages in private equity investment and management of development funds and other private equity funds; investment banking related services, such as sponsoring and underwriting of public offerings, corporate merger and acquisition and restructuring, direct investment, asset management, and securities brokerage and market research; house rental business; raising and selling of funds; management of annuity and pension funds; and pension advisory service. China Construction Bank Corporation was founded in 1954 and is headquartered in Beijing, the People's Republic of China.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
China Construction Bank Corp reported revenue of 1.3T CNY in FY2025 versus 823B CNY in FY2021, a compound +12.7%/yr. Reported net income was 330B CNY in FY2025, compounding +2.2%/yr from FY2021.
of which total revenue +4.1 % · buybacks/dilution −0.1 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
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Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Is China Construction Bank (CICHY) Stock Undervalued Right Now?
- Should Value Investors Buy China Construction Bank (CICHY) Stock?
- China Construction Bank (CICHY) Upgraded to Buy: Here's What You Should Know
- Are Investors Undervaluing China Construction Bank (CICHY) Right Now?
Peer Group
Banks - Diversified · 48 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Banks - Diversified median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Banks - Diversified stocks, each showing price versus our Fair Value estimate (as of Aug 25, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| JPMorgan Chase & Co JPM | $354.22 | $217.97 | −38% |
| Bank of America Corporation BAC | $61.17 | $50.87 | −17% |
| Industrial and Commercial Bank of China Limited 601398 | ¥7.86 | ¥14.44 | +84% |
| HSBC Holdings HSBC | $103.14 | $75.89 | −26% |
| Agricultural Bank of China Limited 601288 | ¥6.79 | ¥12.94 | +91% |
| Royal Bank of Canada RY | C$283.11 | C$151.80 | −46% |
| Bank of China Limited 601988 | ¥6.14 | ¥11.24 | +83% |
| Wells Fargo & Company WFC | $86.69 | $79.60 | −8% |
| Mitsubishi UFJ Financial Group MUFG | $22.90 | $20.50 | −10% |
| Citigroup Inc C | $132.90 | $117.65 | −11% |
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