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China Construction Bank Corp (0939) fair value: what the stock is really worth

We calculate from audited financials what China Construction Bank Corp is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
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Financial Services · HK · ISIN CNE1000002H1

CC China Construction Bank Corp logo Some data Sep 17, 2026

China Construction Bank Corp

0939 · HK

Cheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.

✓Fair value HK$16.94 · Strongly undervalued (+74%)
!Quality 46/100
!Expensive Growth (revenue 5y +11.9 %/yr)
✓Highly profitable · 55.6% net margin (TTM)
!Low debt · negative free cash flow
·6.58% dividend yield
✓Ranks above peers (12/14)
!Moderate moat 64/100
!Evidence only medium, so the estimate is less certain
!Weak on future: 25 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

HK$9.89 HK$3.11 Fair Value HK$16.94 May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 17, 2026.

How to read this chart

60‑month range HK$3.11 – HK$9.89 · fair‑value band HK$15.23 – HK$25.84 · the HK$9.72 price screens below the HK$16.94 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 17, 2026.

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Company profile

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.

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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.

Stock analysis

China Construction Bank Corp (0939) currently trades at HK$9.72, while our model-based Fair Value estimate is HK$16.94, implying the stock looks roughly 42.6% undervalued today.

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Valuation

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$9.72 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.

Scenario range: HK$15.23 (bear) to HK$25.84 (bull), the price of HK$9.72 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 46/100 (below-average quality), in the Financial Services sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

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.

Key figures

Market cap HK$2.4T (≈ $310B) · P/E ratio 5.4 · P/S ratio 1.36 · EPS (TTM) HK$1.30 · Dividend yield 6.6% · Net margin 24.9% · Return on equity 9.6% · Return on assets (EBIT) 1.3%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (medium confidence).

What moves the price

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 −23% fair-value upside, at 74%, 0939 screens cheaper than that median.

Fair Value models

Bear HK$15.23 Fair Value HK$16.94 Bull HK$25.84
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (HK$0.4777 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Residual Income HK$12.88 HK$14.25 HK$22.34 75
DDM Multi-Stage HK$4.22 HK$7.54 HK$9.59 66
Gordon GGM HK$4.22 HK$9.20 HK$15.49 65
All 6 models by family
Dividend Discount
Gordon GGM HK$4.22 HK$9.20 HK$15.49 65
DDM Multi-Stage HK$4.22 HK$7.54 HK$9.59 66
Multiples
P/E Multiple HK$13.39 HK$17.85 HK$22.31 63
P/B Multiple HK$15.39 HK$20.53 HK$25.66 55
Asset-Based
NCAV (Graham) HK$7.33 HK$9.82 HK$14.66 54
Economic Profit
Residual Income HK$12.88 HK$14.25 HK$22.34 75

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Quality Score breakdown

Overall quality 46/100

Of which business quality 39 · Market factors (momentum, volatility) 78

Profitability 34
Margins and returns on capital today
Quality Growth 41
Are margins and returns improving?
Cashflow 6
Earnings quality: real cash, not paper profit
Fin. Strength 22
Balance sheet, leverage, solvency risk
Investment 72
Disciplined investing over empire-building
Low Volatility 93
Calm price path (market factor)
Momentum 65
Price trend over the last 3–12 months (market factor)
52W Momentum 83
Distance to the 52-week high (market factor)
Net Issuance 92
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+118.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.9%
Revenue growth 24 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.1%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+10.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.0%
Dividend (yield on the price)6.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.4% vs 4%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.44% → 28%

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Peer Groupⓘ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.Banks - Diversified · 47 stocks

Beats the industry median on 11/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 46 · Bottom 25%
Fair Value upside +88% · Top 25%
Profitability
Return on equity (TTM) 10% · Below median
Return on assets 1% · Above median
Net margin (TTM) 56% · Top 25%
Operating margin (TTM) 68% · Top 25%
Growth and dividend
Revenue growth 5% · Above median
Dividend yield (TTM) 6.6% · Top 25%
Balance sheet
Debt / equity 0.24× · Lowest 25%

Valuation Multiplesvs Banks - Diversified median · lower = cheaper

P/E (TTM) 5.4× · Cheapest 25%
P/B 0.61× · Cheapest 25%
P/S (TTM) 3.48× · Cheapest 25%
PEG 0.97× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 3
FUTURE (revenue growth)25 · sector 25
PAST (return on equity)38 · sector 41
HEALTH (low debt)88 · sector 48
DIVIDEND (yield)100 · sector 71

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Banks - Diversified stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
JPMorgan Chase & Co JPM $352.49 $192.16 −45%
Bank of America Corporation BAC $59.52 $41.70 −30%
Industrial and Commercial Bank of China Limited 601398 ¥8.11 ¥10.93 +35%
HSBC Holdings HSBC $101.83 $75.89 −25%
Agricultural Bank of China Limited 601288 ¥6.88 ¥12.94 +88%
Royal Bank of Canada RY C$284.45 C$151.80 −47%
Bank of China Limited 601988 ¥6.56 ¥9.86 +50%
Wells Fargo & Company WFC $89.72 $66.02 −26%
Mitsubishi UFJ Financial Group MUFG $23.71 $20.35 −14%
Citigroup Inc C $136.17 $105.36 −23%

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China Construction Bank Corp · Fair Value
HK$16.94 +43%Fair Value
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Cite: Fair Value Calculator (2026). "China Construction Bank Corp Fair Value". https://www.fairvalue-calculator.com/stock/0939

Frequently asked questions

Is China Construction Bank Corp (0939) overvalued or undervalued?
As of Sep 17, 2026, our model estimates a fair value of HK$16.94 versus a price of HK$9.72, about +74% upside (undervalued).
What is the fair value of 0939?
Our model-based fair value for China Construction Bank Corp is HK$16.94 (as of Sep 17, 2026), built from audited fundamentals. The current price: HK$9.72.
What is the quality score of 0939?
China Construction Bank Corp has a Quality Score of 46/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for China Construction Bank Corp (0939)?
Our model-based price target is the fair value of HK$16.94 (as of Sep 17, 2026) from 6 valuation models. Cautious scenario HK$15.23, optimistic scenario HK$25.84. It is a calculation from audited fundamentals, not an analyst target.
What is the China Construction Bank Corp stock forecast for 2026?
Our models put fair value at HK$16.94, about +74% upside versus a price of HK$9.72 (undervalued). Cautious scenario HK$15.23, optimistic scenario HK$25.84. The calculation is refreshed regularly with new filings.
What is the revenue of China Construction Bank Corp (0939)?
China Construction Bank Corp reported trailing-twelve-month revenue of about HK$614B (latest available figure, as of Sep 17, 2026).
Does China Construction Bank Corp pay a dividend?
China Construction Bank Corp currently shows a dividend yield of about 6.58% relative to its recent price (as of Sep 17, 2026).
What is the intrinsic value of China Construction Bank Corp (0939)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For China Construction Bank Corp it is HK$16.94 per share (as of Sep 17, 2026), against a price of HK$9.72. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is China Construction Bank Corp stock overvalued or undervalued in 2026?
As of Sep 17, 2026, 0939 trades below its calculated fair value: price HK$9.72, fair value HK$16.94, a gap of about +74% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0939?
No. The price is what the market pays today (HK$9.72); the fair value is what the company's own numbers justify (HK$16.94). For China Construction Bank Corp the two are HK$7.22 per share apart. That gap is exactly why we show both numbers side by side.
How much is China Construction Bank Corp worth?
The market values China Construction Bank Corp at about HK$2.4T (market capitalisation, as of Sep 17, 2026). Per share that is HK$9.72; our models calculate a fair value of HK$16.94 per share.
What do the bullish and bearish scenarios say about 0939?
Our models span a range for China Construction Bank Corp: cautious scenario HK$15.23, base HK$16.94, optimistic HK$25.84 per share (as of Sep 17, 2026, price HK$9.72). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 0939?
China Construction Bank Corp trades at a price-to-earnings ratio of 5.4 (as of Sep 17, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of HK$16.94 is built from several models across several years. Other multiples: PEG 1.0, P/B 0.6, P/S 3.5.
What is the PEG ratio of 0939?
The PEG ratio of China Construction Bank Corp is 0.97 (P/E divided by earnings growth, as of Sep 17, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of China Construction Bank Corp (0939)?
Balance-sheet figures for China Construction Bank Corp (as of Sep 17, 2026): return on equity 9.6%, debt of 0.24 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is 0939 from its 52-week high?
China Construction Bank Corp trades at HK$9.72, about 7% below its 52-week high of HK$9.05 and 39% above the low of HK$7.00 (as of Sep 17, 2026). Distance from the high says nothing about value: that is what the fair value of HK$16.94 is for.
Which stocks are comparable to China Construction Bank Corp?
From the same area (Financial Services) we also value JPMorgan Chase & Co, Bank of America Corporation, Industrial and Commercial Bank of China Limited, HSBC Holdings, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is China Construction Bank Corp stock attractive at the current price?
The data as of Sep 17, 2026: price HK$9.72, calculated fair value HK$16.94 (+74%), Quality Score 46/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0939 calculated?
We run China Construction Bank Corp through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of HK$16.94, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 16.1 % above its aggregate fair value. China Construction Bank Corp currently trades 74 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of China Construction Bank Corp (0939)?
The closing price on Sep 21, 2026 was HK$9.72. Our model-based fair value is HK$16.94, about +74% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with China Construction Bank Corp right now?
The price is below even our cautious bear case (HK$15.23). 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.
Where does the earnings growth of China Construction Bank Corp (0939) come from?
Earnings per share at China Construction Bank Corp grew +4.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.0 %, EBIT margin −8.2 %, tax rate +1.4 %, residual (interest, one-offs) +7.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of China Construction Bank Corp

How large is the market capitalisation of China Construction Bank Corp (0939)?
The market capitalisation of China Construction Bank Corp is HK$2.4T (≈ $310B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of China Construction Bank Corp (0939)?
The price-to-sales ratio of China Construction Bank Corp is 1.36 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of China Construction Bank Corp (0939)?
Earnings per share at China Construction Bank Corp are HK$1.30 (price ÷ EPS = P/E 5.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of China Construction Bank Corp (0939)?
The dividend yield of China Construction Bank Corp is 6.6% (payout 49.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of China Construction Bank Corp (0939)?
The net margin of China Construction Bank Corp is 24.9% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of China Construction Bank Corp (0939)?
The return on equity (ROE) of China Construction Bank Corp is 9.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of China Construction Bank Corp (0939)?
On an EBIT basis the return on assets of China Construction Bank Corp is 1.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of China Construction Bank Corp (0939)?
The operating margin of China Construction Bank Corp is 68.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at China Construction Bank Corp (0939)?
Revenue at China Construction Bank Corp is growing +5.0% versus a year earlier (3y avg +17.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does China Construction Bank Corp (0939) generate?
The free cash flow of China Construction Bank Corp is −HK$51.2B (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does China Construction Bank Corp (0939) carry?
The net debt of China Construction Bank Corp is HK$7.0T (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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