China Construction Bank Corporation (0939) Fair Value & Analysis
Financial Services · HK · Market cap HK$2.1T
Fair value as of: Jul 16, 2026
From 17 valuation models · updated 22 days ago
Fair value updated Jul 16, 2026, revised from HK$16.60 to HK$16.38 (−1.3%) since Jun 26, 2026. Share price +13.2% over the past month.
A solid business, screening 85% undervalued on our models.
What matters now
- The price is below even our cautious bear case (HK$12.29). The market is more pessimistic than our downside scenario.
- Solid quality (55/100) 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 Jul 16, 2026.
How to read this chart
60‑month range HK$3.11 – HK$9.36 · fair‑value band HK$12.29 – HK$20.48 · the HK$8.86 price screens below the HK$16.38 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.
Analysis
China Construction Bank Corporation (0939) currently trades at HK$8.86, while our model-based Fair Value estimate is HK$16.38, implying the stock looks roughly 84.9% undervalued today. We read business quality at 55/100 (solid quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.
Over the trailing twelve months, China Construction Bank Corporation 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 Jul 16, 2026
Our scenario range runs from HK$12.29 (bear case) to HK$20.48 (bull case); at HK$8.86, 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 about 2% below its 52-week high and 27% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 9% fair-value upside, at 85%, 0939 screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.
All 17 models by family
Widest divergence: DCF Models (HK$42.78) versus Dividend Discount (HK$7.54). Highest evidence: Residual Income (76).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 39 · Market factors (momentum, volatility) 68
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.
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 Corporation reported revenue of HK$1.3T in FY2025 versus HK$823B in FY2021, a compound +12.7%/yr. Reported net income was HK$330B in FY2025, compounding +2.2%/yr from FY2021.
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Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- 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?
- Bears are Losing Control Over China Construction Bank (CICHY), Here's Why It's a 'Buy' Now
Peer Group
Banks - Diversified · 47 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
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.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Banks - Diversified stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| JPMorgan Chase & Co JPM | $341.10 | $278.99 | -18% |
| Bank of America Corporation BAC | $59.67 | $55.89 | -6% |
| Industrial and Commercial Bank of China Limited 601398 | ¥7.50 | ¥13.44 | +79% |
| HSBC Holdings HSBC | $100.52 | $84.67 | -16% |
| Agricultural Bank of China Limited 601288 | ¥6.37 | ¥11.85 | +86% |
| Royal Bank of Canada RY | C$305.74 | C$190.48 | -38% |
| Bank of China Limited 601988 | ¥5.88 | ¥9.80 | +67% |
| Wells Fargo & Company WFCS | C$23.58 | C$27.40 | +16% |
| Banco Santander, S.A SAN | 51.02 PLN | 55.60 PLN | +9% |
| UBS Group UBSN | 939.75 MXN | 534.84 MXN | -43% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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