0939.HK - China Construction Bank Corporation
| Previous Close | 6.180 |
| Open | 6.250 |
| Bid | 6.210 x 0 |
| Ask | 6.220 x 0 |
| Day's Range | 6.200 - 6.270 |
| 52 Week Range | 5.550 - 7.210 |
| Volume | 352,552,711 |
| Avg. Volume | 354,694,922 |
| Market Cap | 1.57T |
| Beta (3Y Monthly) | 1.29 |
| PE Ratio (TTM) | 5.45 |
| EPS (TTM) | 1.139 |
| Earnings Date | N/A |
| Forward Dividend & Yield | 0.35 (5.65%) |
| Ex-Dividend Date | 2019-07-02 |
| 1y Target Est | 9.19 |
- Financial Times
London races farther ahead as renminbi trading hub
In the second quarter an average of $85bn of renminbi changed hands in London every day, up 10 per cent from the first three months of the year, and 23 per cent higher than the same period a year earlier, according to a report published on Monday by the City of London Corporation and the European office of the People’s Bank of China. London’s gains came at the expense of Hong Kong and other minor centres such as Sydney and Toronto, and put its share of renminbi trading on a rough par with its total share of the $6.6tn-a-day FX market. “It’s no secret that the UK has long been a world leader in foreign exchange,” said Catherine McGuinness, policy chair at the City of London Corporation.
- Bloomberg
China’s Biggest Banks Prepare for Hard Times
(Bloomberg) -- China’s largest banks eked out higher profits but signaled tougher times ahead, shedding bad loans and boosting provisions as the economy shows signs of deterioration.Industrial & Commercial Bank of China Ltd., Agricultural Bank of China Ltd., Bank of China Ltd. and China Construction Bank Corp. reported declines in their nonperforming loan ratios in the third quarter while strengthening buffers against souring debts.The results come as the Chinese economy expanded at the slowest pace since the early 1990s and the trade war spills into new areas including finance. The outlook remains challenging as efforts to boost growth and help struggling small businesses threaten to squeeze margins and lead to a pileup of bad debt.Read More: China Bankers See Bad Loans Rising Toward a Peak in 2020China cleaned up 1.4 trillion yuan ($198 billion) of nonperforming loans in the first nine months, nearly 177 billion yuan more than in the same period last year, Huang Hong, vice chairman of the China Banking and Insurance Regulatory Commission said last week.Chinese banks reported 2.2 trillion yuan of nonperforming loans at the end of June, the highest in at least 15 years, according to the regulator. Xiao Yuanqi, its chief risk officer, said last week that the industry is particularly vulnerable to bad debts and that authorities are working to ensure banks report the true value of nonperforming advances.Efforts to clean up lenders’ balance sheets will continue “amid subdued economic growth and ailing corporate solvency,” CCB International Ltd. analysts led by Lawrence Chen wrote in a note this month.China recently revamped its system of interest rates to make them more market-oriented. The new market benchmark, the Loan Prime Rate, will be determined by submissions from a panel of 18 lenders rather than set by the central bank. In the short term, that may mean thinner margins as demand for credit in a slowing economy lessens.Shares of the top four banks have lost an average 3.6% in Hong Kong this year, trailing the benchmark Hang Seng Index and sending their valuations to near-record lows.(Updates with China Construction Bank in second paragraph and highlights at the end)To contact Bloomberg News staff for this story: Lucille Liu in Beijing at xliu621@bloomberg.netTo contact the editors responsible for this story: Candice Zachariahs at czachariahs2@bloomberg.net, David Scheer, Gregory TurkFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Bloomberg
Norwegian Air Is Flying Again
(Bloomberg Opinion) -- A charismatic entrepreneur who prioritized growth over profitability, ran up a massive rent bill and then stepped aside when it looked like the company might run out of cash. No, not WeWork Cos Inc.; I’m talking about Norwegian Air Shuttle ASA.On Thursday the hip transatlantic airline, loved by bargain-hunting American millennials, announced the first fruits of its turnaround under a new chief executive officer. Geir Karlsen replaced the company’s co-founder Bjorn Kjos as CEO this summer, and Norwegian’s chairman Bjorn Kise stood down in May.As well as reporting surprisingly good earnings for the third quarter, Norwegian announced a long-awaited aircraft-buying venture with a leasing subsidiary of China Construction Bank Corporation. The deal should help Norwegian keep more of its own cash, which is handy given the airline’s massive spending commitments and other liabilities. Including lease obligations, Norwegian has $6.8 billion of net debt. The shares surged as much as 23% on the news, bruising the many hedge funds shorting Norwegian’s stock.As with WeWork, Norwegian’s once giddy valuation imploded last year when investors started to doubt that the balance sheet was robust enough to support Kjos’s huge ambitions. Not content with revolutionizing transatlantic air travel, he started domestic flights in Argentina too.The stock has lost more than three-quarters of its value since April 2018, and a capital increase in January did little to stop the rot: Credit card companies became anxious about Norwegian’s prospects and held back money it was due on ticket sales. Shareholders wanted evidence that Norwegian recognized the gravity of its situation and was responding. At last that appears to be happening.Recently the company secured a two-year extension on about $380 million of debt that was about to mature. Norwegian has also reined in costs and sold aircraft. Meanwhile, capacity growth is expected to be flat this year and may decline by as much as 10% next year. That sounds like heresy for a growth company but it’s the right answer in such desperate circumstances.This doesn’t mean Norwegian’s in the clear. The June to September quarter is always good for airlines, while the winter months are much tougher because there are fewer passengers and there’s less cash coming in. Boeing Co.’s inability to restart deliveries of the 737 Max passenger jet creates additional costs for Norwegian, which is a big buyer of the aircraft, and it’s still not clear when these issues will be resolved. For now, though, Norwegian is proof that losing a charismatic founder needn’t destroy a company’s fortunes. Indeed, it might be just the ticket.To contact the author of this story: Chris Bryant at cbryant32@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Bryant is a Bloomberg Opinion columnist covering industrial companies. He previously worked for the Financial Times.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
- Reuters
Norwegian Air shares jump as fleet deal, earnings ease pressure
Norwegian Air unveiled higher-than-expected earnings and a deal to offload 27 new Airbus jets, sending its shares sharply higher on hopes that the low-cost carrier can avoid becoming the latest in a series of airline collapses. The carrier on Thursday posted third-quarter net income of 1.67 billion crowns (£141.9 million), raised its 2019 savings goal and outlined plans to cut capacity while increasing operating profit by 4 billion crowns over two years. Under a long-awaited joint venture, Norwegian will sell its A320 NEO planes on order from Airbus to a new leasing company 70% owned by China Construction Bank , generating a much-needed cash profit on each aircraft due in 2020-2023.
- Simply Wall St.
Do Institutions Own China Construction Bank Corporation (HKG:939) Shares?
The big shareholder groups in China Construction Bank Corporation (HKG:939) have power over the company. Institutions...
- Reuters
China's banks face earnings squeeze due to rate reform, trade war uncertainty
BEIJING/SHANGHAI (Reuters) - China's banks face pressure on earnings and asset quality in the coming months as interest rate reforms squeeze margins and a Chinese-U.S. trade war adds to economic uncertainty. Three of the nation's top listed banks this week each reported a profit rise of nearly 5% in the first half of the year, but warned they faced headwind. "The trade war causes uncertainty, and there is downward pressure on the economy," Gu Shu, president of the world's largest commercial lender, Industrial and Commercial Bank of China (ICBC), told a news conference on Thursday.
- Simply Wall St.
Some China Construction Bank (HKG:939) Shareholders Are Down 19%
Investors can approximate the average market return by buying an index fund. While individual stocks can be big...
- Simply Wall St.
What Should Investors Know About The Future Of China Construction Bank Corporation's (HKG:939)?
Looking at China Construction Bank Corporation's (HKG:939) earnings update in March 2019, analyst consensus outlook...
- Moody's
State Elite Global Limited -- Moody's announces completion of a periodic review of ratings of China Construction Bank Corporation
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of China Construction Bank Corporation and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
- Reuters
China April bank lending seen moderating, policy support still on track - Reuters poll
New bank loans in China likely pulled back in April from strong levels the previous month, but may still outpace the historical trend as the central bank keeps up efforts to support cash-strapped smaller companies, a Reuters poll showed. Chinese banks are expected to have extended 1.2 trillion yuan (135.9 billion pounds) in net new yuan loans in April, falling from 1.69 trillion yuan in March but still ahead of 1.18 trillion yuan in the same month last year, a median estimate in a Reuters survey of 32 economists showed. Bank lending jumped 20 percent in the first quarter to a new record -- and there are some signs the economy is slowly responding -- but there are also concerns that a prolonged, heavy credit burst could fuel a further rise in bad loans as banks loosen lending standards.
- Reuters
China Big Five banks post modest profit growth amid loan push
BEIJING/SINGAPORE (Reuters) - China's five biggest state-owned banks posted a modest growth in quarterly profit as policymakers pushed them to make more loans, but the results still missed expectations amid the lingering impact of an economic slowdown. Net profits at the country's so-called Big Five banks, led by Industrial and Commercial Bank of China Ltd (ICBC), grew by more than 4 percent in the January-March quarter from a year earlier. The gain comes on the heels of disappointing 2018 fourth quarter when four of the five turned in their weakest profit growth in more than two years as business activity slowed and they sharply increased provisions for bad loans.
- Investing.com
China’s Four Largest Banks’ Bad Loans Hit Multi-Year Highs
Investing.com - Bad loans at China's four largest lenders grew at the fastest pace since 2017 in the first quarter, Bloomberg reported citing financial statements.
- Reuters
China's big banks post modest first-quarter profit growth
BEIJING/SINGAPORE(Reuters) - China's five largest state-owned banks posted modest first-quarter profit growth, though slightly below expectations, as policymakers pushed lenders to make more loans to support the slowing economy. Net profits at the country's so-called Big Five banks, led by Industrial and Commercial Bank of China Ltd (ICBC), grew by more than 4 percent in the January-March quarter from a year earlier. The gain comes on the heels of disappointing 2018 fourth-quarter results that saw four of the five lenders posting their weakest quarterly profit growth in more than two years as business activity slowed and they sharply increased provisions for bad loans.
- Reuters
China Construction Bank posts 4.2 pct Q1 profit rise, misses estimates
BEIJING/SINGAPORE, April 29 (Reuters) - China Construction Bank Ltd (CCB), the country's second-largest lender by assets, posted a lower than expected 4.2 percent increase in first-quarter profit as its ...
- Reuters
Malaysia's Proton to get $455 mln financing from China Construction Bank
Malaysia's national carmaker Proton has secured 1.88 billion ringgit ($455.10 million) in banking facilities from China Construction Bank to fund expansion around the region, it said in a statement late Friday. The loans are earmarked for Proton's growth plans to be the number one automotive brand in Malaysia and number three in ASEAN by 2027, the company said. "Expansion to foreign markets is critical for sales growth while obtaining financing allows the company to invest in the many projects required to turn Proton into a truly global automotive brand," Chairman Syed Faisal Albar said in the statement.
- Simply Wall St.
At HK$7.01, Is China Construction Bank Corporation (HKG:939) Worth Looking At Closely?
China Construction Bank Corporation (HKG:939) saw significant share price movement during recent months on the SEHK, rising to highs of HK$7.18 and falling to the lows of HK$6.49...
