Opinions
Darren Sissons
China Construction Bank Corp
0939-HK
DON'T BUY
Feb 13, 2013
N/A
Stock price when the opinion was issued
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STRONG BUY
One of the largest banks in China and globally. Assets in excess of $150 billion. Great way to participate in China’s economic growth, which may be slowing at the moment but still far exceeds many other economies in the world. This one is trading at around 6X earnings with the dividend yield north of 5%. ROE at around 19%.
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Has looked at this a little. One thing that worries him about the Chinese is the inter-banking market, i.e., the banks lending to each other. Effectively they are listing loans up to an interbank market and they are being restocked into the economy. There is not the same governance as you would have in Canada, UK or Europe.