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China Construction Bank Corporation's (HK: 00939 HKD5.14) stock price increased 2.0c (0.4%) from its previous trading session to close at HKD5.14.
Compared with the Hang Seng which rose 47.2 points (0.2%) in the day, the relative price increase was 0.5%.
China Construction Bank Corporation is Hong Kong's largest Bank by market cap.
The open interest climbed 2.5% from 1,712 to 1,754. Combined with the price increase, this indicates a strong stock price.
There were 300,980,000 shares worth HKD1.5 billion ($197.3 million) traded today. Thursday's price rise was propped up by robust volume of 1.7 times the average daily volume of 175.5 million shares.
CHINA CONSTRUCTION BANK - H SHARES (00939) Stock Dashboard [traded in Hong Kong Dollars, HKD] End-of-Day
| Exchange | HONG KONG [Hong Kong] | EPS Growth (FY2021 vs FY2020) | 12.3% |
| Currency | 1.000 USD = 7.84 Hong Kong Dollar (HKD) | Ave Daily Volume | 175,451,680 shares |
| Jun 08, 2023 | HKD5.14 | Sector | Bank |
| EPS (FY2021) | HKD1.19 | Market Cap | HKD1,236 billion [US$158 billion] |
| 00939 P/E | Stock 3.9; Sector 2.3 | Shares Outstanding | 240,417,319,880 |
| 00939 Dividend Yield % (TTM) | Stock 8.2; Sector 6.6 | 00939 in Indices | HSI [of 73 stocks] |
| DPS (past 12 months) | 39c | PVHKD1000 (1 yr) PVUS$1000 (1 yr) | HKD986 US$987* |
*If You Invested $1,000 in China Construction Bank - H Shares a year ago, This is How Much You Would Have Today: $987. USD1000 would have bought HKD7,848 for 1,389 shares (@the then price of 5.65) worth HKD986 @5.14 today. Dividends reinvested are worth $77.
INDEX
SECTION 1 RECENT NEWS AND RESEARCH
SECTION 2 TODAY'S BULLISH SIGNALS
SECTION 3 ONGOING BULLISH PARAMETERS
SECTION 4 TODAY'S BEARISH SIGNALS
SECTION 5 ONGOING BEARISH PARAMETERS
SECTION 6 CORPORATE PROFILE
SECTION 7 BANK METRICS
APPENDIX I DATA & ARCHIVE DOWNLOAD CENTER
APPENDIX II STOCK IDENTIFIERS
GLOSSARY
SECTION 1 RECENT NEWS AND RESEARCH
Press Releases and Corporate Wire
May 11: China Construction Bank - H Shares announces EGM
China Construction Bank - H Shares has announced its Extra Ordinary General Meeting will take place on Thursday, June 29.
June 05: China Construction Bank - H Shares: Monthly Return of Equity Issuer on Movements in Securities
Monthly Return for Equity Issuer and Hong Kong Depositary Receipts listed under Chapter 19B of the Exchange Listing Rules on Movements in Securities
For the month ended: 31 May 2023
I. Movements in Authorised / Registered Share Capital
II. Movements in Issued Shares
III. Details of Movements in Issued Shares
Source: HongKong Stock Exchange
May 22: China Construction Bank: Monthly Return of Equity Issuer on Movements in Securities
Monthly Return for Equity Issuer and Hong Kong Depositary Receipts listed under Chapter 19B of the Exchange Listing Rules on Movements in Securities
For the month ended: 30 April 2023 Status: New Submission
To : Hong Kong Exchanges and Clearing Limited
I. Movements in Authorised / Registered Share Capital
II. Movements in Issued Shares
III. Details of Movements in Issued Shares
Source: HongKong Stock Exchange
April 13: China Construction Bank: Monthly Return of Equity Issuer on Movements in Securities
Monthly Return for Equity Issuer and Hong Kong Depositary Receipts listed under Chapter 19B of the Exchange Listing Rules on Movements in Securities
For the month ended: 31 March 2023 Status: New Submission
To : Hong Kong Exchanges and Clearing Limited
Name of Issuer: Indigo Star Holdings Limited
I. Movements in Authorised / Registered Share Capital
II. Movements in Issued Shares
III. Details of Movements in Issued Shares
Source: HongKong Stock Exchange
May 12: China Construction Bank: Circular of 2022 Annual General Meeting
2022 REPORT OF THE BOARD OF DIRECTORS 2022 REPORT OF THE BOARD OF SUPERVISORS 2022 FINAL FINANCIAL ACCOUNTS PROFIT DISTRIBUTION PLAN FOR 2022 ENGAGEMENT OF EXTERNAL AUDITORS FOR 2023 2023 FIXED ASSETS INVESTMENT BUDGET ELECTION OF MR. TIAN GUOLI TO BE RE-APPOINTED AS EXECUTIVE DIRECTOR OF THE BANK ELECTION OF MS. SHAO MIN TO BE RE-APPOINTED AS NON-EXECUTIVE DIRECTOR OF THE BANK ELECTION OF MS. LIU FANG TO BE RE-APPOINTED AS NON-EXECUTIVE DIRECTOR OF THE BANK ELECTION OF LORD SASSOON AS INDEPENDENT NON-EXECUTIVE DIRECTOR OF THE BANK ELECTION OF MR. LIU HUAN TO BE RE-APPOINTED AS EXTERNAL SUPERVISOR OF THE BANK ELECTION OF MR. BEN SHENGLIN TO BE RE-APPOINTED AS EXTERNAL SUPERVISOR OF THE BANK CAPITAL PLANNING OF CCB FOR THE PERIOD FROM 2024 TO 2026 ISSUANCE OF QUALIFIED WRITE-DOWN TIER-2 CAPITAL INSTRUMENTS AND NOTICE OF 2022 ANNUAL GENERAL MEETING
INTRODUCTION
The purpose of this circular is to give you notice of the 2022 Annual General Meeting and to provide you with reasonable and necessary information. At the 2022 Annual General Meeting, resolutions will be proposed to consider and approve the following as ordinary resolutions: (i) 2022 report of the Board of Directors; (ii) 2022 report of the Board of Supervisors; (iii) 2022 final financial accounts; (iv) profit distribution plan for 2022; (v) engagement of external auditors for 2023; (vi) 2023 fixed assets investment budget; (vii) election of Mr. Tian Guoli to be re-appointed as executive director of the Bank; (viii) election of Ms. Shao Min to be re-appointed as non-executive director of the Bank; (ix) election of Ms. Liu Fang to be re-appointed as non-executive director of the Bank; (x) election of Lord Sassoon as independent non-executive director of the Bank; (xi) election of Mr. Liu Huan to be re-appointed as external supervisor of the Bank; (xii) election of Mr.
March 22: CHINA CONSTRUCTION BANK - H SHARES: VOTING RESULTS OF THE FIRST EXTRAORDINARY GENERAL MEETING OF 2023
The board of directors (the "Board") of China Construction Bank Corporation (the "Bank") announces that the first extraordinary general meeting of 2023 (the "Meeting") was held on 20 March 2023 at No. 25, Financial Street, Xicheng District, Beijing and Building 1, Chang An Xing Rong Centre, No. 1, Naoshikou Street, Xicheng District, Beijing.
The Meeting was convened by the Board of the Bank and was chaired and presided over by Mr. Tian Guoli, chairman of the Board. All directors, all supervisors and some of the senior management of the Bank attended the Meeting in person. The convening and procedures of the Meeting and the voting method were in compliance with the requirements of laws and regulations, including the Company Law of the People's Republic of China and the Articles of Association of China Construction Bank Corporation (the "Articles of Association").
Unless otherwise indicated, capitalized terms used herein shall have the same meanings as those defined in the circular for the Meeting dated 31 January 2023.
Source: HongKong Stock Exchange
March 31: China Construction Bank: Announcement on the Completion of Issuance of the Domestic Tier-2 Capital Bonds (First Tranche) in 2023
With the consideration and approval of the Second Extraordinary General Meeting of 2021 of China Construction Bank Corporation (the "Bank") held on 20 December 2021, and as approved by the relevant regulatory authorities, the Bank recently issued the 2023 tier-2 capital bonds (First Tranche) of China Construction Bank Corporation (the "Bonds") in the domestic interbank bond market. The issuance has been completed on 28 March 2023.
The total issue size of the Bonds is RMB20 billion. The Bonds consist of two types. The first type of the Bonds are fixed rate bonds with a term of 10 years, coupon rate of 3.49% and an issue size of RMB5 billion, and the issuer shall have a conditional redemption right at the end of the fifth year. The second type of the Bonds are fixed rate bonds with a term of 15 years, coupon rate of 3.61% and an issue size of RMB15 billion, and the issuer shall have a conditional redemption right at the end of the tenth year.
The funds raised from the issuance of the Bonds will be used to replenish the Bank's tier-2 capital in accordance with the applicable laws and the approvals from the regulatory authorities.
Announcement of the captioned matter is hereby given.
Source: HongKong Stock Exchange
March 25: China Construction Bank: Announcement on Convening of the 2022 Annual Results Presentation
The Bank proposes to publish the Announcement of Annual Results 2022 of China Construction Bank Corporation on the HKEXnews website of Hong Kong Exchanges and Clearing Limited (www.hkexnews.hk) on 29 March 2023. To enable investors to have a more comprehensive and better understanding of the 2022 annual results and the business operation of the Bank, the Bank proposes to convene the Results Presentation on Thursday, 30 March 2023 from 16:30 to 18:00.
Source: HongKong Stock Exchange
SECTION 2 TODAY'S BULLISH SIGNALS
Price/Earnings:
China Construction Bank - H Shares stock is trading at the third lowest P/E multiple in the Hang Seng.China Construction Bank - H Shares stock is the seventh highest dividend yielding stock in the Hang Seng.
2.1 Relative Value Indicators: Undervaluation compared with Index averages and bond yield
- Earnings yield of 25.5% is more attractive compared with the Hong Kong average earning yield of 20.3%.
- The earnings yield of 25.5% is 7.1 times the 10-year bond yield of 3.6%.
(All figures in %)
| Earnings Yield | 25.5 |
| Hong Kong avg | 20.3 |
| Dividend Yield | 8.2 |
| Bond Yield | 3.6 |
Dividend Yield > Bond Yield of 3.59%:
The dividend yield of 8.22% is 2.29 times the triple-A bond yield of 3.59%. The times factor of 2.29 is above the benchmark factor of 0.67 times set by Benjamin Graham.
(All figures in %)
| Dividend Yield | 8.22 |
| Bond Yield | 3.59 |
| Spread | 4.63 |
The Dividend Yield of 8.2% is better than the Index average of 4.8%
- The relative yield of the stock, defined by its yield of 8.2%, divided by average yield of dividend yielding stocks in the Hang Seng of 4.8% is 172.3%. This suggests the stock is undervalued in dividend yield terms.
2.2 PAST WEEK: STRONG MOMENTUM UP - 00939 increases 3.4% propelled by week's volume 1.8 times average
The price ranged between a low of HKD5.02 on Friday Jun 02 and a high of HKD5.14 on Thursday Jun 08.
| Jun | China Construction Bank - H Shares | Close [HKD] | Change % | RPC % * | Comment |
| Fri 02 | Offers dividend yield of 8.4% | 5.02 | 1.0 | -2.9 | VI*=2.7 |
| Mon 05 | Up 2.6% in 2 days | 5.1 | 1.6 | 0.8 | Top Rise; VI*=1.4 |
| Tue 06 | Offers dividend yield of 8.3% | 5.08 | -0.4 | -0.3 | Steepest Fall; VI*=1.6 |
| Wed 07 | Up with rising open interest | 5.12 | 0.8 | -0.2 | VI*=1.4 |
| Thu 08 | Offers dividend yield of 8.2% | 5.14 | 0.4 | 0.5 | VI*=1.7 |
* RPC - Relative Price Change is % price change of stock less % change of the Hang Seng Index.
[Volume Index (VI); 1 is average]
2.3 Rank in the top 24% by Relative Valuation in the Hong Kong market
| Description | Value | Rank |
| P/E * P/NTA | 1.69 | In Top 12% |
| Price/Earnings | 3.9 | In Top 18% |
| Dividend Yield % | 8.2% | In Top 24% |
2.4 Short Selling
+ The current short volume is 0.4 times its own historical average of 0.01%. It plunged 49.5% from the previous day, plunged 66.2% from a week ago and plunged 85.4% from a month ago, a significant bullish indicator.
2.5 Rising open interest with rising price
Open Interest Trend
Same day trend: The price increased 0.4% from HKD5.12 to HKD5.14; Open interest has lifted 2.5% from 1,712 to 1,754. A price rise combined with an increase in open interest suggests there is new money coming into the market from existing or new buyers. This is a bullish signal.
| Duration | Open Interest change % | Price change % | Interpretation |
| 1-day | 2.5 | 0.4 | Strong Market |
| 1-week | 12.9 | 3.4 | Strong Trend |
2.6 Uptrend
Relative Strength (6 months) 75 percentile:
- The stock has a 6-month relative strength of 75 in the Hong Kong market of 1,705 stocks indicating it has outperformed 75% of the market.
2.7 Other Bullish Signals
- Return on Equity of 11.6% versus sector average of 9.5% and market average of 8.4%.
- As per the Du Pont analysis, Return on Equity of 11.6% is better than sector average of 9.5%. This is computed as net profit margin of 39.7% times asset turnover [sales/assets] of 0.03 times leverage factor [total assets/shareholders' equity] of 11.6.
SECTION 3 ONGOING BULLISH PARAMETERS
3.1 Growth in annual dividends per share and earnings per share
- China Construction Bank - H Shares sees dividend rise for a fifth consecutive year
China Construction Bank - H Shares reported dividends per share of 42.27c in the past year, up 7.9% from the previous year. This is the fifth consecutive dividend increase. In the past 5 years average annual compound growth rate of dividends was 5.9%.
- EPS growth [FY2021 vs FY2020] of 12.3%:
| FY | EPS (CNY) | Growth % |
| 2021 | 1.19 | 12.3 |
| 2020 | 1.06 | 1.0 |
3.2 Rule of 40
The stock scores a favorable score exceeding 40 when using the Rule of 40 (Revenue Growth plus EBITDA margin). Y.o.y revenue growth of 7%, EBITDA margin is 49.5% and the sum of the two 56.6% needs to exceed 40%.
3.3 Rank in the top 10% by Performance in the Hong Kong market
| Description | Value | Rank |
| Net Profit Margin % | 39.7 | In Top 9% |
| EBITDA Margin % | 49.5 | In Top 10% |
3.4 Present Value of HKD1000 Invested in the Past [3 Mo, 3 Yrs]; The Best Periods with PVHKD1000 > 1,025
| PVHKD1,000 | 3 mo ago | 3 yrs ago |
| 00939.HK | HKD1,026 | HKD1,049 |
| Bank sector | HKD1,018 | HKD992 |
| Hang Seng | HKD963 | HKD779 |
3.5 Past quarter: price rise of 2.6%
3-Month price change of 2.6% for China Construction Bank - H Shares outperformed the change of -0.1% in the Hang Seng Index for a relative price change of 2.7%.
| Price Change % | Quarter |
| China Construction Bank - H Shares | 2.6 |
| Bank sector | 1.8 |
| Hang Seng Index | -0.1 |
3.6 Annualised Period-based Total Shareholder Returns [TSR %]: The Best Period with TSR > 8.2%
| TSR % | 10 yrs |
| 00939.HK | 8.3 |
3.7 P/E/G < 1
The price earnings ratio of 3.9 divided by trailing twelve months eps growth of 12.3% corresponds to an attractive P/E/G of 0.3 times; being less than the value benchmark of 1.0.
| EPS Growth (%) | 12.26 |
| P/E/G | 0.32 |
| P/E | 3.93 |
3.8 Improved EBIT Margins:
EBIT margin is positive and has increased from 47.1% to 49.5% in the past year.
| FY | EBIT Margins (%) |
| 2021 | 49.5 |
| 2020 | 47.1 |
3.9 Satisfies one criterion of Benjamin Graham
- The P/E of 3.9 multiplied by the P/NTA of 0.4 is 1.7. Being less than the Benjamin Graham benchmark of 22.5 the stock appears undervalued.
3.10 Year-over-year (%) Change in Dividend:
Final dividend for FY 2021 was 42.0c. The year-on-year change was up 7.7% from 39.0c in the previous year FY 2020.
| Final | FY 2020 | FY 2021 |
| Dividend (HKD Cents) | 39.0 | 42.0 |
SECTION 4 TODAY'S BEARISH SIGNALS
4.1 Downtrend
Negative MACD:
- The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 5.13 minus the 26-day EMA of 5.18 is negative, suggesting a bearish signal.
Past Month:
- Falls to Rises: In the past month the number of falls outnumbered rises 14:9 or 1.6:1.
Past Quarter:
The Worst 3 weeks in the past quarter
The past month witnessed the worst 2 weeks in the past quarter. In the past quarter the steepest fall of 2.2% took place in the week beginning Monday May 08. The fall was exacerbated by volume of 3.4 times average.
| Mon-Fri | Change % | Hang Seng Index Change % | RPC % | Vol Ind [1 is avg] |
| May 08-12 | -2.2 | -2.1 | -0.1 | 3.4 |
| Mar 06-10 | -2.2 | -6.1 | 3.9 | 2.3 |
| May 29-Jun 02 | -1.4 | 1.1 | -2.5 | 2.3 |
SECTION 5 ONGOING BEARISH PARAMETERS
5.1 Present Value of HKD1000 Invested in the Past Year; The Worst Period with PVHKD1000 < 988
| PVHKD1,000 | 1 yr ago |
| 00939.HK | HKD986 |
| Bank sector | HKD983 |
| Hang Seng | HKD877 |
5.2 Moving Annual Return of -1.5% in the past year:
Moving Annual Return was -1.5% in the past year. Based on a dynamic start date of 5 years ago, the real rate of return has averaged 0.7%. The Moving Annual Return has been negative in 3 out of 5 years.
| 00939 | Close (HKD) | Dividends (HKD) | Capital Gain / (Loss) % | % Yield | Annual Return % |
| Jun 08 | 5.14 | 0.42 | (9.0) | 7.5 | (1.5) |
| 1 Yr ago | 5.65 | 0.39 | (8.9) | 6.3 | (2.6) |
| 2 Yrs ago | 6.2 | 0.35 | 2.8 | 5.8 | 8.6 |
| 3 Yrs ago | 6.03 | 0.35 | 9.1 | 6.3 | 15.4 |
| 4 Yrs ago | 5.53 | 0.34 | (21.3) | 4.9 | (16.4) |
Close 5 years ago HKD7.03
5.3 Annualised Period-based Total Shareholder Returns [TSR %]: The Worst Periods with TSR < 1.7%
| TSR % | 1 yr | 3 yrs |
| 00939.HK | -1.4 | 1.6 |
5.4 Declining Volume, down 46% in 5 years
In the past five years, Average Daily Volume of Trading (ADVT) has decreased 45.9% to 175.5 million shares.
Avg. Daily Volume Traded 12 months ended Jun 08, million shares
| Year | ADVT |
| 2023 | 175.5 |
| 2022 | 254.7 |
| 2021 | 305.6 |
| 2020 | 345.5 |
| 2019 | 324.3 |
5.5 Declining VWAP, down 17% in 5 years
In the past five years Volume Weighted Average Price (VWAP) has decreased by 17.2% to HKD4.99. Based on a dynamic start date of five years ago, there have been declines in VWAP in 4 out of 5 years.
Past five years, 12 months ended Jun 08 (HKD)
| Year | High Price | VWAP | Low Price |
| 2023 | 5.7 | 4.99 | 4.1 |
| 2022 | 6.33 | 5.63 | 5.03 |
| 2021 | 6.74 | 6.0 | 4.93 |
| 2020 | 6.47 | 5.85 | 5.24 |
| 2019 | 6.93 | 6.02 | 5.39 |
5.6 Declining share turnover, down 33% in 5 years
In the past five years, average daily share turnover has decreased 32.7% to HKD1.3 billion ($163 million). This suggests decreased liquidity.
Past five years, 12 months ended Jun 08 (HKD billion)
| Year | Average Daily Turnover |
| 2023 | 1.3 |
| 2022 | 1.4 |
| 2021 | 1.8 |
| 2020 | 2.0 |
| 2019 | 1.9 |
5.7 Satisfies 4 out of 9 criteria of Joseph Piotroski [pass mark 5]:
- Positive net income.
- Positive operating cashflow.
- Good quality of earnings [operating cashflow exceeds net income].
- Total shares on issue unchanged.
But does not meet the following 5 criteria of Joseph Piotroski:
- Return on Assets improvement.
- Improvement in long-term debt to total assets.
- Improvement in current ratio.
- Improvement in gross margin.
- Improvement in asset turnover.
SECTION 6 CORPORATE PROFILE
6.1 Activities
China Construction Bank is a leading commercial bank in China providing a comprehensive range of commercial banking products and services. Their business consists of three principal business segments: corporate banking, personal banking, and treasury operations. It is Hong Kong's largest Bank by market capitalisation.
6.2 Contact Details
| Website | http://www.ccb.com |
| Physical Address | No 25 Finance Street Xicheng District Beijing 100032 China |
| Phone | (852) 2532-9637 |
| Fax | (852) 2523-8185 |
| ir@ccb.cn |
6.3 Industry & Sector [of 394 stocks]
| Classification Level | Name of Sector |
| Economic Sector | Financials |
| Business Sector | Banking & Investment Services |
| Industry Group | Banking Services |
| Industry | Banks |
| Activity | Banks - NEC* |
* NEC: Not elsewhere classified
SECTION 7 BANK METRICS
7.1 Bank Metrics (FY2021)
All values are in CNY billion
| Description | FY2021 | FY2020 | Change |
| Interest Income | 138.6 | 989.5 | Down 86% |
| Interest Expense | 451.9 | 413.6 | Up 9.3% |
| Net Interest Income | 605.4 | 575.9 | Up 5.1% |
| Bank Other Revenue | 68 | 47.9 | Up 42.1% |
Favourable Changes:
- Net Interest Income up 5.1% from CNY575.9b to CNY605.4b
- Bank Other Revenue up 42.1% from CNY47.9b to CNY68b
Unfavourable Changes:
- Interest Income down 86% from CNY989.5b to CNY138.6b
- Interest Expense up 9.3% from CNY413.6b to CNY451.9b
APPENDIX I DATA & ARCHIVE DOWNLOAD CENTER
00939: EXCEL TABLES ARE AVAILABLE TO EXPORT DATA:
+ PRICE VOLUME - 5-YEAR HISTORY
+ PEER COMPARISON - STOCK IN BANK SECTOR AND STOCK IN INDICES
+ PATENTS - CATEGORISED LIST OF 5-YEAR HISTORY OF 1 :
00939: LINKS IN HTML TO FURTHER INFORMATION:
+ NEWS ARCHIVES - 00939 PAST 4 YEARS IN HTML:
+ USD vs HKD EXCHANGE RATE CHARTS IN HTML
APPENDIX II STOCK IDENTIFIERS
ISIN: CNE1000002H1
PermID: 55838741041
RIC: 0939.HK
GLOSSARY
ADVT: Average Daily Volume of shares Traded
Annual Return: Dividends Paid In a 12-Month Period/Price at the Beginning of the Period + Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)
Current Ratio: Current Assets/Current Liabilities (times)
Dividend Yield: Dividend Per Share/Share Price (%)
EBIT Margin : Earnings Before Interest and Tax/Revenue (%)
Earnings Yield: Earnings Per Share/Share Price (%)
Income during the n years (3/2/1): Dividends received during the Period
PV1000: Present value of 1000 invested 1 year/'n' years ago
Price/Earnings: Share Price/Earnings Per Share (times)
Relative Price Change [RPC]: Relative price change is price change of stock with respect to Benchmark Index
Relative Strength (6 Months): Price close today/Price close 6 months ago, then ranked by percentile within the entire market.
Return on Assets: Net Profit/Total Assets (%)
Return on Equity (Shareholders' Funds): Net Profit/Net Assets (%)
TSR: Total Shareholder Returns is expressed as an annualized rate of return for shareholders after allowing for capital appreciation and dividend
TTM: Trailing 12 Months
Volume Weighted Average Price (VWAP): The Volume Weighted Average Price (VWAP) is the summation of turnover divided by total volume in the same period.
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