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Data-driven stock valuation

China Construction Bank Co (601939) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of China Construction Bank Co stock ¥13.33, price ¥11.91, upside +11.9%, quality 46 out of 100. Rating: undervalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services CN · ISIN CNE100000742

CC China Construction Bank Co logo Broad data Nov 4, 2026

China Construction Bank Co

601939 · SHG
Speculative

The stock costs 11% less than our calculation considers fair.

Fair value ¥13.33 · Undervalued (11%)
Highly profitable · 55.2% net margin (TTM)
3.4% dividend yield · Low payout
Ranks above peers (9/14)
Broad data
Costs just 8.8 times its yearly profit.
Quality 46/100
Expensive Growth (revenue 5y +19.3 %/yr in CNY)
Moderate moat 63/100 · thin data
Downbeat coverage

What runs behind every stock

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

Price vs Fair Value

¥12.06 ¥4.92 Fair Value ¥13.33 May 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.

How to read this chart

60‑month range ¥4.92 – ¥12.06 · fair‑value band ¥10.00 – ¥16.66 · the ¥11.91 price screens below the ¥13.33 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 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.

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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 Co (601939) currently trades at ¥11.91, while our model-based Fair Value estimate is ¥13.33, implying the stock looks roughly 11% undervalued today.

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Valuation

Bull case: the Economic Profit group reads highest at a median of ¥13.69 per share, and 2 of the 6 models we run sit above the ¥11.91 price.

Bear case: the Dividend Discount group reads lowest at ¥7.54, and 4 of the 6 models stay below the price. Data coverage for this calculation is high.

Scenario range: ¥10.00 (bear) to ¥16.66 (bull), the price of ¥11.91 sits inside 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 Co reported revenue of 1.4T CNY in FY2025 versus 656B CNY in FY2021, a compound +20.0%/yr. Reported net income was 339B CNY in FY2025, compounding +2.9%/yr from FY2021.

Key figures

Market cap 3.1T CNY (≈ $458B) Mega · P/E ratio 8.8 · P/S ratio 4.73 · EPS (TTM) ¥1.33 · Dividend yield 3.4% · Net margin 55.2% · Return on equity 9.4% · Return on assets (EBIT) 1.1%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 63 out of 100 (low confidence).

What moves the price

The share trades about 1% below 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 −18% fair-value upside, at 12%, 601939 screens cheaper than that median.

Fair Value models

Bear ¥10.00 Fair Value ¥13.33 Bull ¥16.66
Price ¥11.91 · Upside +11.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (¥0.7865 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = 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.
Best data coverage
Residual Income ¥12.27 ¥13.69 ¥18.01 76
DDM Multi-Stage ¥4.17 ¥7.54 ¥9.72 66
Gordon GGM ¥4.17 ¥9.37 ¥16.38 65
All 6 models by family
Dividend Discount
Gordon GGM ¥4.17 ¥9.37 ¥16.38 65
DDM Multi-Stage ¥4.17 ¥7.54 ¥9.72 66
Multiples
P/E Multiple ¥12.90 ¥17.20 ¥21.50 63
P/B Multiple ¥7.09 ¥9.45 ¥11.81 55
Asset-Based
NCAV (Graham) ¥6.86 ¥9.20 ¥13.73 54
Economic Profit
Residual Income ¥12.27 ¥13.69 ¥18.01 76

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Quality Score breakdown

Overall quality 46/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 34
How much profit the company makes from its sales and capital
Quality Growth 61
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 22
Debt, balance sheet and risk of trouble
Investment 70
Does it invest with discipline instead of growing at any price?
Low Volatility 94
How calm the share price moves, does not count
Price momentum 62
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 80
Distance to the 52-week high, does not count
New shares 78
Buys back shares or issues new ones?

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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. 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+123.5%
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.
+30.2%
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.
+19.3%
Start year 2020 (pandemic). Over 10 years: +10.6% a year
Revenue growth 15 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.
+10.0%
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.
+7.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.1%
Dividend (yield on the price)3.4%
Per share before 2010divided by the spin-off factor 1.0196
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.4.1% vs 3.8%, 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.69% → 28%
Pace: the 5-year rate starts in 2020 (pandemic)

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Recent news

News mood ⓘNews mood, the average tone of recent news (78 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation. Very negative
Recent news coverage is unusually downbeat.

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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 · 46 stocks

Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 46 · Bottom 25%
Fair Value upside +11.9% · Top 25%
Profitability
Return on equity (12 months) 9.4% · Below median
Return on assets 0.7% · Above median
Net margin (12 months) 55.2% · Top 25%
Operating margin (12 months) 69.9% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) 11.6% · Above median
Dividend yield (12 months) 3.4% · Below median
Balance sheet
Debt / equity 0.22× · Lowest 25%

Valuation Multiplesvs Banks - Diversified median · lower = cheaper

P/E (12 months) 8.8× · Cheapest 25%
P/B 0.87× · Cheapest 25%
P/S (12 months) 4.73× · Priciest 25%
EV/EBITDA 1.9× · Cheapest 25%
PEG 1.53× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)49 · sector 0
FUTURE (revenue growth)58 · sector 34
PAST (return on equity)37 · sector 47
HEALTH (low debt)89 · sector 40
DIVIDEND (yield)68 · sector 68

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

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China Construction Bank Co: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "China Construction Bank Co Fair Value". https://www.fairvalue-calculator.com/stock/601939

Frequently asked questions

Is China Construction Bank Co (601939) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of ¥13.33 versus a price of ¥11.91, about +12% upside (undervalued).
What is the fair value of 601939?
Our model-based fair value for China Construction Bank Co is ¥13.33 (as of Nov 4, 2026), built from audited fundamentals. The current price: ¥11.91.
What is the quality score of 601939?
China Construction Bank Co 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 Co (601939)?
Our model-based price target is the fair value of ¥13.33 (as of Nov 4, 2026) from 6 valuation models. Cautious scenario ¥10.00, optimistic scenario ¥16.66. It is a calculation from audited fundamentals, not an analyst target.
What is the China Construction Bank Co stock forecast for 2026?
Our models put fair value at ¥13.33, about +12% upside versus a price of ¥11.91 (undervalued). Cautious scenario ¥10.00, optimistic scenario ¥16.66. The calculation is refreshed regularly with new filings.
What is the revenue of China Construction Bank Co (601939)?
China Construction Bank Co reported trailing-twelve-month revenue of about 644B CNY (latest available figure, as of Nov 4, 2026).
Does China Construction Bank Co pay a dividend?
China Construction Bank Co currently shows a dividend yield of 3.39% relative to its recent price (as of Nov 4, 2026).
What is the intrinsic value of China Construction Bank Co (601939)?
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 Co it is ¥13.33 per share (as of Nov 4, 2026), against a price of ¥11.91. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is China Construction Bank Co stock overvalued or undervalued in 2026?
As of Nov 4, 2026, 601939 trades below its calculated fair value: price ¥11.91, fair value ¥13.33, a gap of about +12% (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 601939?
No. The price is what the market pays today (¥11.91); the fair value is what the company's own numbers justify (¥13.33). For China Construction Bank Co the two are ¥1.42 per share apart. That gap is exactly why we show both numbers side by side.
How much is China Construction Bank Co worth?
The market values China Construction Bank Co at about 3.1T CNY (market capitalisation, as of Nov 4, 2026). Per share that is ¥11.91; our models calculate a fair value of ¥13.33 per share.
What do the bullish and bearish scenarios say about 601939?
Our models span a range for China Construction Bank Co: cautious scenario ¥10.00, base ¥13.33, optimistic ¥16.66 per share (as of Nov 4, 2026, price ¥11.91). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 601939?
China Construction Bank Co trades at a price-to-earnings ratio of 8.8 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥13.33 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 6.1. Other multiples: PEG 1.5, P/B 0.9, P/S 4.7, EV/EBITDA 1.9.
What is the PEG ratio of 601939?
The PEG ratio of China Construction Bank Co is 1.53 (P/E divided by earnings growth, as of Nov 4, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of China Construction Bank Co (601939)?
Balance-sheet figures for China Construction Bank Co (as of Nov 4, 2026): return on equity 9.4%, debt of 0.22 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is 601939 from its 52-week high?
China Construction Bank Co trades at ¥11.91, about 1% below its 52-week high of ¥12.06 and 39% above the low of ¥8.59 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of ¥13.33 is for.
Which stocks are comparable to China Construction Bank Co?
From the same area (Financial Services) we also value JPMorgan Chase & Co, Industrial and Commercial Bank of China Limited, Agricultural Bank of China Limited, Bank of America Corporation, 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 Co stock attractive at the current price?
The data as of Nov 4, 2026: price ¥11.91, calculated fair value ¥13.33 (+12%), 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 601939 calculated?
We run China Construction Bank Co 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 ¥13.33, 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 15.5% above its aggregate fair value. China Construction Bank Co currently trades 11% 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 Co (601939)?
The closing price on Nov 6, 2026 was ¥11.91. Our model-based fair value is ¥13.33, about +12% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with China Construction Bank Co right now?
For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of China Construction Bank Co (601939) come from?
Earnings per share at China Construction Bank Co grew +4.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +6.3 %, EBIT margin −4.3 %, tax rate +1.4 %, residual (interest, one-offs) +1.0 %. 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 Co

How large is the market capitalisation of China Construction Bank Co (601939)?
The market capitalisation of China Construction Bank Co is 3.1T CNY (≈ $458B). 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 Co (601939)?
The price-to-sales ratio of China Construction Bank Co is 4.73 (last twelve months). 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 Co (601939)?
Earnings per share at China Construction Bank Co are ¥1.33 (price ÷ EPS = P/E 8.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of China Construction Bank Co (601939)?
The dividend yield of China Construction Bank Co is 3.4% (payout 30.4%). 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 Co (601939)?
The net margin of China Construction Bank Co is 55.2% (last twelve months). 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 Co (601939)?
The return on equity (ROE) of China Construction Bank Co is 9.4% (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 Co (601939)?
On an EBIT basis the return on assets of China Construction Bank Co is 1.1% (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 Co (601939)?
The operating margin of China Construction Bank Co is 69.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at China Construction Bank Co (601939)?
Revenue at China Construction Bank Co is growing +11.6% versus a year earlier (3y avg +30.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at China Construction Bank Co (601939)?
Earnings per share at China Construction Bank Co are growing +8.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does China Construction Bank Co (601939) generate?
The free cash flow of China Construction Bank Co is −2.4T CNY (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 Co (601939) carry?
The net debt of China Construction Bank Co is 7.0T CNY (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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