CHINA CONSTRUCTION BANK VALUATION

Author: Jaime Fernando Vara de Rey Campuzano

Last Date Modified: 07/06/2021

Table of Contents - Links to Worksheet Formatting Guide

123,456
1. Main & Similar Comparables Estimates 123,456
1.1. China Construction Bank 123,456
1.2. Industrial and Commercial Bank of China 123,456
1.3. Agricultural Bank of China
1.4. Bank of China

2. Other Comparables Estimates

3. Comparables Multiples Analysis

4. Regression Analysis - Asia

5. Regression Aanalysis - Europe & America

 Hardcoded Data
Assumptions
Links to Other Tabs
Formulas
CNY

Interest Income On Loans

Interest Income On Investments
Total Interest Income
Interest On Deposits
Total Interest Expense
Net Interest Income
Growth
% ATA

Income From Trading Activities

Gain (Loss) On Sale Of Assets (Rev)
Gain on Sale of Invest. & Secur (Rev)
Income (Loss) On Equity Invest. (Rev)
Total Other Non-Interest Income
Non-Oper. Income (Exp.)
Total Non Interest Income
Growth
% ATA

Revenue Before Loan Losses

Growth

Provision For Loan Losses

Growth
% ATA

Total Revenue
Growth

Salaries and Other Empl. Benefits

Amort. of Goodwill & Intang. Assets
Occupancy Expense
Selling General & Admin Exp., Total
(Income)/Loss from Affiliates
Total Other Non-Interest Expense
Total Non-Interest Expense
Growth
% Non-Int. Income

EBT Excl. Unusual Items

 Growth

Restructuring Charges
Impairment of Goodwill
Asset Writedown
Other Unusual Items
EBT Incl. Unusual Items

Income Tax Expense

Effective Tax Rate

Net Income to Company

Minority Int. in Earnings
% ATA

Net Income
Growth

Pref. Dividends and Other Adj.

Growth

NI to Common
Growth

Per Share Items

Basic EPS
Weighted Avg. Basic Shares Out.

Dividends per Share

Payout Ratio %

Total Equity
Tangible Equity
% Total Equity

Total Assets
Growth

Core Tier 1 Capital

T1 Capital
Risk Adjusted Assets
CET1 Ratio
T1 Ratio
Leverage Ratio

Return on Equity
Return on Tangible Equity
Sustainable Growth Rate
2020 Trailing P/E
Market Implied Cost of Equity
P/B
P/TB
 2015 2016

770,559.0 696,637.0
733.0 2,558.0
771,292.0 699,195.0
312,807.0 278,838.0
312,807.0 278,838.0
458,485.0 420,357.0
-8.32%
2.14%

3,913.0 3,975.0
78.0 -
6,155.0 10,408.0
- -
119,136.0 124,430.0
- -
129,282.0 138,813.0
7.37%
0.71%

587,767.0 559,170.0
-4.87%

92,610.0 89,588.0
-3.26%
0.46%

495,157.0 469,582.0
-5%

91,499.0 92,802.0
2,604.0 2,213.0
33,046.0 29,981.0
31,374.0 29,001.0
(275.0) (69.0)
38,412.0 20,353.0
196,660.0 174,281.0
-11.38%
125.55%

298,497.0 295,301.0
 - (45.0)
- -
- (46.0)
- -
298,497.0 295,210.0

69,611.0 62,821.0
23% 21%

228,886.0 232,389.0
(741.0) (929.0)
0.00%

228,145.0 231,460.0
1.45%

- 1,067.0

228,145.0 230,393.0
0.99%

0.91 0.92
250,011.0 250,011.0

0.27 0.28
33.0% 30.1%

1,445,083.00 1,589,654.00
1,394,887.00 1,536,553.00
0.97 0.97

18,349,489.00 20,963,705.00
14%

1,408,127.00 1,549,834.00
1,427,847.00 1,569,575.00
10,722,082.00 11,937,774.00
 13.13% 12.98%
13.32% 13.15%
7.78% 7.49%

15.32%
15.85%
10.71%
4.73
15.3332%
 2017 2018 2019

750,154.0 811,026.0 909,885.0

2,195.0 - -
752,349.0 811,026.0 909,885.0
297,698.0 324,748.0 372,819.0
297,698.0 324,748.0 372,819.0
454,651.0 486,278.0 537,066.0
8.16% 6.96% 10.44%
2.11% 2.14% 2.21%

4,858.0 - -
- - -
(2,808.0) - -
- 140.0 249.0
135,357.0 172,473.0 168,314.0
- - -
137,407.0 172,613.0 168,563.0
-1.01% 25.62% -2.35%
0.64% 0.76% 0.69%

592,058.0 658,891.0 705,629.0

5.88% 11.29% 7.09%

123,389.0 151,109.0 163,000.0

37.73% 22.47% 7.87%
0.57% 0.67% 0.67%

468,669.0 507,782.0 542,629.0

0% 8% 7%

96,237.0 - -
2,306.0 - -
30,485.0 - -
32,211.0 167,208.0 179,531.0
(161.0) - -
7,766.0 32,181.0 35,623.0
168,844.0 199,389.0 215,154.0
-3.12% 18.09% 7.91%
122.88% 115.51% 127.64%

299,825.0 308,393.0 327,475.0

 2.86% 6.19%

(37.0) - -
- - -
(1.0) 121.0 (521.0)
- (354.0) (357.0)
299,787.0 308,160.0 326,597.0

56,172.0 52,534.0 57,375.0

19% 17% 18%

243,615.0 255,626.0 269,222.0

(1,351.0) (971.0) (2,489.0)
-0.01% 0.00% -0.01%

242,264.0 254,655.0 266,733.0

4.67% 5.11% 4.74%

1,045.0 3,936.0 3,962.0

-2.06% 276.65% 0.66%

241,219.0 250,719.0 262,771.0

4.70% 3.94% 4.81%

0.96 1.0 1.05

250,011.0 250,011.0 250,011.0

0.29 0.31 0.32

29.2% 30.2% 30.4%

1,795,827.00 1,991,594.00 2,235,127.00

1,680,076.00 1,876,066.00 2,114,572.00
0.94 0.94 0.95

22,124,383.00 23,222,693.00 25,436,261.00

6% 5% 10%

1,691,332.00 1,889,390.00 2,089,976.00

1,771,120.00 1,969,110.00 2,209,692.00
12,919,980.00 13,659,497.00 15,053,291.00
13.09% 13.83% 13.88%
13.71% 14.42% 14.68%
8.01% 8.48% 8.69%

14.39% 13.50% 12.74%

15.15% 14.38% 13.49%
10.19% 9.43% 8.87%
 2020 2021 2022 2023

989,509.0
-
989,509.0
413,600.0
413,600.0
575,909.0 630,310.18 676,006.67 736,599.19
7.23% 9.45% 7.25% 8.96%
2.15% 2.17% 2.18% 2.22%

-
-
-
895.0
179,054.0
-
179,949.0 201,580.98 215,203.55 230,267.80
6.75% 12.02% 6.76% 7.00%
0.67% 0.69% 0.69% 0.69%

755,858.0 831,891.16 891,210.23 966,867.00

7.12% 10.06% 7.13% 8.49%

193,491.0 203,325.87 201,561.62 215,670.94

18.71% 5.08% -0.87% 7.00%
0.72% 0.70% 0.65% 0.65%

562,367.0 628,565.29 689,648.60 751,196.06

4% 12% 10% 9%

-
-
-
179,308.0
-
49,375.0
228,683.0 262,055.27 279,764.62 299,348.14
6.29% 14.59% 6.76% 7.00%
127.08% 130.00% 130.00% 130.00%

333,684.0 366,510.03 409,883.98 451,847.92

1.90% 9.84% 11.83% 10.24%

-
-
3,562.0
(630.0)
336,616.0 366,510.03 409,883.98 451,847.92

63,037.0 66,044.32 73,124.97 81,507.03

19% 18% 18% 18%

273,579.0 300,465.70 336,759.01 370,340.89

(2,529.0) -2,742.61 -2,927.95 -3,132.91
-0.01% -0.01% -0.01% -0.01%

271,050.0 297,723.10 333,831.06 367,207.98

1.62% 9.84% 12.13% 10.00%

5,624.0 6,822.17 8,275.60 10,038.68

41.95% 21.30% 21.30% 21.30%

265,426.0 290,900.93 325,555.47 357,169.30

1.01% 9.60% 11.91% 9.71%

1.06 1.16 1.30 1.43

250,011.0 250,011.0 250,011.0 250,011.0

0.33 0.37 0.41 0.45

31.8% 31.8% 31.8% 31.8%

2,389,353.00 2,587,805.32 2,809,898.94 3,053,559.48

2,283,224.00 2,444,947.25 2,661,279.07 2,895,957.74
0.96 0.94 0.95 0.95

28,132,254.00 29,960,850.51 32,058,110.05 34,302,177.75

11% 7% 7% 7%

2,261,449.00 2,459,901.32 2,681,994.94 2,925,655.48

2,361,517.00 2,559,969.32 2,782,062.94 3,025,723.48
16,604,591.00 17,683,889.42 18,921,761.67 20,246,284.99
13.62% 13.91% 14.17% 14.45%
14.22% 14.48% 14.70% 14.94%
8.39% 8.54% 8.68% 8.82%

11.83% 12.07% 12.48% 12.63%

12.44% 12.71% 13.19% 13.33%
8.07% 8.24% 8.51% 8.62%

0.542 0.5407 0.5814 0.5978

0.567 0.630 0.686 0.701
CNY

Interest Income On Loans

Total Interest Income
Interest On Deposits
Total Interest Expense
Net Interest Income
Growth
% ATA

Income From Trading Activities

Gain on Sale of Assets
Gain on Sale of Invest. & Secur (Rev)
Income (Loss) On Equity Invest. (Rev)
Total Other Non-Interest Income
Non-Oper. Income (Exp.)
Total Non Interest Income
Growth
% ATA

Revenue Before Loan Losses

Growth

Provision For Loan Losses

Growth
% ATA

Total Revenue
Growth

Salaries and Other Empl. Benefits

Amort. of Goodwill & Intang. Assets
Occupancy Expense
Selling General & Admin Exp., Total
(Income)/Loss from Affiliates
Total Other Non-Interest Expense
Non. Oper. (Income) Exp.
Total Non-Interest Expense
Growth
% Non-Int. Income

EBT Excl. Unusual Items

 Growth

Restructuring Charges
Impairment of Goodwill
Asset Writedown
Other Unusual Items
EBT Incl. Unusual Items

Income Tax Expense

Effective Tax Rate

Net Income to Company

Minority Int. in Earnings
% ATA

Net Income
Growth

Pref. Dividends and Other Adj.

Growth

NI to Common
Growth

Per Share Items

Basic EPS
Weighted Avg. Basic Shares Out.

Dividends per Share

Payout Ratio %

Total Equity
Tangible Equity
% Total Equity

Total Assets
Growth

Core Tier 1 Capital

T1 Capital
Risk Adjusted Assets
CET1 Ratio
T1 Ratio
Leverage Ratio

Return on Equity
Return on Tangible Equity
Sustainable Growth Rate
2020 Trailing P/E
Market Implied Cost of Equity
P/B
P/TB
 2015 2016

871,779.0 791,480.0
871,779.0 791,480.0
363,912.0 319,634.0
363,912.0 319,634.0
507,867.0 471,846.0
-7.09%
2.04%

4,227.0 6,457.0
848.0 181.0
(1,004.0) 3,854.0
- -
156,337.0 158,756.0
- -
160,408.0 169,248.0
5.51%
0.73%

668,275.0 641,094.0
-4.07%

86,022.0 86,138.0
0.13%
0.37%

582,253.0 554,956.0
-5%

114,173.0 113,354.0
2,295.0 2,059.0
28,114.0 28,414.0
21,219.0 20,388.0
(2,330.0) (2,604.0)
55,710.0 29,574.0

219,181.0 191,185.0
-12.77%
112.96%

363,072.0 363,771.0
 0.19%

487.0 -
(324.0) (492.0)
- -
363,235.0 363,279.0

85,515.0 84,173.0
24% 23%

277,720.0 279,106.0
(589.0) (857.0)
0.00%

277,131.0 278,249.0
0.40%

2,331.0 4,450.0
90.91%

274,800.0 273,799.0
-0.36%

0.77 0.77
356,027.0 356,407.0

0.23 0.23
33.7% 31.5%

1,800,519.00 1,981,163.00
1,681,387.00 1,861,632.00

22,209,780.00 24,137,265.00
9%

1,701,495.00 1,874,976.00
1,781,062.00 1,954,770.00
13,216,687.00 14,564,617.00
 12.87% 12.87%
13.48% 13.42%
8.02% 8.10%

14.76%
15.76%
10.79%
5.56
14.3973%
 2017 2018 2019

861,594.0 948,094.0 1,063,445.0

861,594.0 948,094.0 1,063,445.0
339,516.0 375,576.0 431,228.0
339,516.0 375,576.0 431,228.0
522,078.0 572,518.0 632,217.0
10.65% 9.66% 10.43%
2.08% 2.13% 2.19%

- - 8,447.0
1,348.0 - 1,264.0
2,107.0 - (3,682.0)
2,950.0 3,089.0 -
199,367.0 198,182.0 137,756.0
- - -
205,772.0 201,271.0 143,785.0
21.58% -2.19% -28.56%
0.82% 0.75% 0.50%

727,850.0 773,789.0 776,002.0

13.53% 6.31% 0.29%

127,211.0 158,506.0 175,479.0

47.68% 24.60% 10.71%
0.51% 0.59% 0.61%

600,639.0 615,283.0 600,523.0

8% 2% -2%

- - 126,950.0
- - 2,315.0
- - 27,713.0
177,723.0 185,041.0 -
- - (2,520.0)
59,168.0 55,967.0 50,798.0
- (1,226.0) -
236,891.0 239,782.0 205,256.0
23.91% 1.22% -14.40%
115.12% 119.13% 142.75%

363,748.0 375,501.0 395,267.0

-0.01% 3.23% 5.26%

- - -
(558.0) (3,088.0) (3,478.0)
1,451.0 - -
364,641.0 372,413.0 391,789.0

77,190.0 73,690.0 78,428.0

21% 20% 20%

287,451.0 298,723.0 313,361.0

(1,402.0) (1,047.0) (1,137.0)
-0.01% 0.00% 0.00%

286,049.0 297,676.0 312,224.0

2.80% 4.06% 4.89%

4,437.0 4,506.0 4,525.0

-0.29% 1.56% 0.42%

281,612.0 293,170.0 307,699.0

2.85% 4.10% 4.96%

0.79 0.82 0.86

356,407.0 356,407.0 356,407.0

0.24 0.25 0.26

30.7% 30.3% 30.1%

2,141,056.00 2,344,883.00 2,692,003.00

2,018,621.00 2,221,122.00 2,530,358.00
0.94 0.95 0.94

26,087,043.00 27,699,540.00 30,109,436.00

8% 6% 9%

2,030,108.00 2,232,033.00 2,457,274.00

2,110,060.00 2,312,143.00 2,657,523.00
15,902,801.00 17,190,992.00 18,616,886.00
12.77% 12.98% 13.20%
13.27% 13.45% 14.27%
8.09% 8.35% 8.83%

13.95% 13.32% 12.44%

14.82% 14.09% 13.19%
10.26% 9.82% 9.23%
 2020 2021 2022 2023

1,092,521.0
1,092,521.0
445,756.0
445,756.0
646,765.0 714,334.51 778,624.61 848,700.83
2.30% 10.45% 9.00% 9.00%
2.04% 2.05% 2.05% 2.05%

2,222.0
1,323.0
11,829.0
-
137,936.0
-
153,310.0 156,805.14 170,917.60 186,300.18
6.62% 2.28% 9.00% 9.00%
0.48% 0.45% 0.45% 0.45%

800,075.0 871,139.64 949,542.21 1,035,001.01

3.10% 8.88% 9.00% 9.00%

198,499.0 219,527.19 227,890.13 227,700.22

13.12% 10.59% 3.81% -0.08%
0.63% 0.63% 0.60% 0.55%

601,576.0 651,612.45 721,652.08 807,300.79

0% 8% 11% 12%

126,572.0
2,607.0
27,960.0
-
(1,304.0)
49,446.0
-
205,281.0 209,960.96 230,738.76 260,820.25
0.01% 2.28% 9.90% 13.04%
133.90% 133.90% 135.00% 140.00%

396,295.0 441,651.49 490,913.32 546,480.53

0.26% 11.45% 11.15% 11.32%

(359.0)
(3,810.0)
-
392,126.0 441,651.49 490,913.32 546,480.53

74,441.0 88,283.71 96,683.53 107,500.84

19% 20% 20% 20%

317,685.0 353,367.78 394,229.80 438,979.70

(1,779.0) -1,953.85 -2,129.70 -2,321.37
-0.01% -0.01% -0.01% -0.01%

315,906.0 351,413.93 392,100.10 436,658.33

1.18% 11.24% 11.58% 11.36%

8,839.0 13,071.05 19,329.39 28,584.17

95.34% 47.88% 47.88% 47.88%

307,067.0 338,342.88 372,770.71 408,074.15

-0.21% 10.19% 10.18% 9.47%

0.86 0.95 1.05 1.14

356,407.0 356,407.0 356,407.0 356,407.0

0.27 0.30 0.33 0.36

31.3% 31.3% 31.3% 31.3%

2,909,515.00 3,141,887.87 3,397,905.68 3,678,169.78

2,729,535.00 2,959,761.23 3,200,273.36 3,459,285.84
0.94 0.94 0.94 0.94

33,345,058.00 36,346,113.22 39,617,263.41 43,182,817.12

11% 9% 9% 9%

2,653,002.00 2,885,374.87 3,141,392.68 3,421,656.78

2,872,792.00 3,105,164.87 3,361,182.68 3,641,446.78
20,124,139.00 21,935,311.51 23,909,489.55 26,061,343.61
13.18% 13.15% 13.14% 13.13%
14.28% 14.16% 14.06% 13.97%
8.62% 8.54% 8.48% 8.43%

11.34% 11.68% 12.06% 12.41%

12.08% 12.42% 12.80% 13.18%
8.30% 8.53% 8.79% 9.05%

0.61 0.54 0.58 0.63

0.65 0.66 0.72 0.77
CNY

Interest Income On Loans

Interest Income On Investments
Total Interest Income
Interest On Deposits
Total Interest Expense
Net Interest Income
Growth
% ATA

Income From Trading Activities

Fees and Commissions
Other Market Sensitive Income
Equity in Earnings of Unconsol. Subs
Net Insurance Income
Other Noninterest Income
Operating Noninterest Income
Growth
% ATA

Revenue Before Loan Losses

Growth

Provision For Loan Losses

Growth
% ATA

Total Revenue
Growth

Salaries and Other Empl. Benefits

Amort. of Goodwill & Intang. Assets
Occupancy Expense
Selling General & Admin Exp., Total
(Income)/Loss from Affiliates
Total Other Non-Interest Expense
Non. Oper. (Income) Exp.
Total Non-Interest Expense
Growth
% Non-Int. Income
 EBT Excl. Unusual Items
Growth

Restructuring Charges
Impairment of Goodwill
Asset Writedown
Other Unusual Items
EBT Incl. Unusual Items

Income Tax Expense

Effective Tax Rate

Net Income to Company

Minority Int. in Earnings
% ATA

Net Income
Growth

Pref. Dividends and Other Adj.

NI to Common
Growth

Per Share Items

Basic EPS
Weighted Avg. Basic Shares Out.

Dividends per Share

Payout Ratio %

Total Equity
Tangible Equity
% Total Equity

Total Assets
Growth

Core Tier 1 Capital

T1 Capital
Risk Adjusted Assets
CET1 Ratio
T1 Ratio
Leverage Ratio

Return on Equity
Return on Tangible Equity
Sustainable Growth Rate
2020 Trailing P/E
Market Implied Cost of Equity
P/B
P/TB
 2015 2016

725,793.0 657,190.0

289,653.0 259,086.0
436,140.0 398,104.0
-8.72%
1.96%

8,131.0 4,068.0
82,549.0 90,935.0
779.0 517.0
-15.0 -9.0
-235.0 -239.0
5,181.0 4,844.0
96,390.0 100,116.0
3.87%
0.49%

532,530.0 498,220.0
-6.44%

84,094.0 86,043.0
2.32%
0.42%

448,436.0 412,177.0
-8%

110,349.0 111,536.0
19,633.0 19,037.0

58,777.0 43,816.0

188,759.0 174,389.0
-7.61%
174.19%
 259,677.00 237,788.00
-8.43%

255.0 285.0
259,932.0 238,073.0

79,158.0 54,013.0
30.5% 22.7%

180,774.0 184,060.0
192.0 119.0
0.00%

180,582.0 183,941.0
1.86%

0.0

180,582.0 183,941.0
1.86%

0.55 0.58
324,794.00 324,794.00

0.17 0.18
32% 31%

1,321,591.0 1,429,397.0
1,211,647.0 1,320,600.0
91.68% 92.39%

19,570,061.0 21,053,382.0
7.58%

1,124,690.0 1,231,030.0
1,204,592.0 1,310,934.0
10,986,302.0 11,856,530.0
10.24% 10.38%
10.96% 11.06%
6.16% 6.23%

13.38%
14.54%
9.23%
5.16
13.339%
 2017 2018 2019

713,699.0 784,724.0 873,140.0

271,769.0 306,964.0 372,270.0

441,930.0 477,760.0 500,870.0
11.01% 8.11% 4.84%
2.02% 2.01% 1.92%

-1,052.0 23,506.0 27,181.0

72,903.0 78,141.0 72,927.0
-515.0 327.0 483.0
14.0 -22.0 45.0
-653.0 -287.0 -411.0
6,232.0 4,354.0 3,934.0
76,929.0 106,019.0 104,159.0
-23.16% 37.81% -1.75%
0.35% 0.45% 0.40%

518,859.0 583,779.0 605,029.0

4.14% 12.51% 3.64%

97,515.0 136,898.0 138,723.0

13.33% 40.39% 1.33%
0.45% 0.58% 0.53%

421,344.0 446,881.0 466,306.0

2% 6% 4%

113,839.0 123,614.0 124,267.0

18,279.0 16,413.0 18,711.0

45,645.0 50,954.0 52,081.0

177,763.0 190,981.0 195,059.0

1.93% 7.44% 2.14%
231.07% 180.14% 187.27%
 243,581.00 255,900.00 271,247.00
2.44% 5.06% 6.00%

850.0 1,104.0 1,017.0

244,431.0 257,004.0 272,264.0

51,298.0 54,373.0 59,340.0

21.0% 21.2% 21.8%

193,133.0 202,631.0 212,924.0

171.0 -152.0 826.0
0.00% 0.00% 0.00%

192,962.0 202,783.0 212,098.0

4.90% 5.09% 4.59%

0.0 0.0 0.0

192,962.0 202,783.0 212,098.0

4.90% 5.09% 4.59%

0.59 0.59 0.59

337,423.0 349,983.0 349,983.0

0.17 0.18 0.19

30.8% 30.9% 33.9%

1,674,787.0 1,953,861.0 2,210,746.0

1,565,439.0 1,843,957.0 2,100,015.0
93.47% 94.38% 94.99%

22,609,471.0 24,877,491.0 27,205,047.0

7.39% 10.03% 9.36%

1,339,953.0 1,583,927.0 1,740,584.0

1,419,859.0 1,663,833.0 1,940,478.0
12,605,577.0 13,712,894.0 15,485,352.0
10.63% 11.55% 11.24%
11.26% 12.13% 12.53%
6.28% 6.69% 7.13%

12.44% 11.17% 10.23%

13.38% 11.89% 10.80%
8.61% 7.72% 6.76%
 2020 2021 2022 2023

930,932.0

385,853.0
545,079.0 580,506.4 624,044.4 670,847.7
8.83% 6.50% 7.50% 7.50%
1.96% 1.96% 1.96% 1.96%

8,319.0
74,545.0
679.0
518.0
-1,722.0
3,386.0
85,725.0 104,772.2 112,630.2 121,077.4
-17.70% 22.22% 7.50% 7.50%
0.31% 0.35% 0.35% 0.35%

630,804.0 685,278.6 736,674.5 791,925.1

4.26% 8.64% 7.50% 7.50%

164,903.0 177,706.0 184,666.2 188,248.1

18.87% 7.76% 3.92% 1.94%
0.59% 0.60% 0.58% 0.55%

465,901.0 507,572.6 552,008.3 603,677.0

0% 9% 9% 9%

123,345.0
19,551.0

53,315.0

196,211.0 209,870.2 225,610.4 242,531.2

0.59% 6.96% 7.50% 7.50%
228.88% 200.31% 200.31% 200.31%
 269,690.00 297,702.43 326,397.92 361,145.84
-0.57% 10.39% 9.64% 10.65%

1,173.0
270,863.0 297,702.4 326,397.9 361,145.8

54,463.0 62,551.3 68,600.7 75,778.4

20.1% 21.0% 21.0% 21.0%

216,400.0 235,151.1 257,797.2 285,367.4

475.0 504.7 542.5 583.2
0.00% 0.00% 0.00% 0.00%

215,925.0 235,655.8 258,339.7 285,950.6

1.80% 9.14% 9.63% 10.69%

0.0 0.0 0.0 0.0

215,925.0 235,655.8 258,339.7 285,950.6

1.80% 9.14% 9.63% 10.69%

0.59 0.66 0.70 0.76

352,308.0 359,543.2 366,927.1 374,462.5

0.19 0.22 0.24 0.26

33.5% 33.5% 33.5% 33.5%

2,270,396.0 2,427,072.2 2,598,829.9 2,788,944.7

2,182,863.0 2,299,540.5 2,470,553.7 2,656,088.9
96.14% 94.75% 95.06% 95.24%

28,547,154.0 30,688,190.6 32,989,804.8 35,464,040.2

4.93% 7.50% 7.50% 7.50%

1,875,372.0 2,032,048.2 2,203,805.9 2,393,920.7

2,195,256.0 2,351,932.2 2,523,689.9 2,713,804.7
16,989,668.0 18,263,893.1 19,633,685.1 21,106,211.5
11.04% 11.13% 11.22% 11.34%
12.92% 12.88% 12.85% 12.86%
7.69% 7.66% 7.65% 7.65%

9.66% 10.01% 10.26% 10.59%

10.11% 10.49% 10.81% 11.13%
6.42% 6.66% 6.82% 7.04%

0.49 0.502 0.527 0.564

0.51 0.574 0.612 0.650
0.02
CNY

Interest Income On Loans

Total Interest Income
Interest On Deposits
Total Interest Expense
Net Interest Income
Growth
% ATA

Income From Trading Activities

Gain (Loss) On Sale Of Assets (Rev)
Gain on Sale of Invest. & Secur (Rev)
Total Other Non-Interest Income
Non-Oper. Income (Exp.)
Total Non Interest Income
Growth
% ATA

Revenue Before Loan Losses

Growth

Provision For Loan Losses

Growth
% ATA

Total Revenue
Growth

Salaries and Other Empl. Benefits

Amort. of Goodwill & Intang. Assets
Occupancy Expense
Selling General & Admin Exp., Total
(Income)/Loss from Affiliates
Total Other Non-Interest Expense
Total Non-Interest Expense
Growth
% Non-Int. Income

EBT Excl. Unusual Items

Growth
Restructuring Charges
Impairment of Goodwill
Asset Writedown
Other Unusual Items
EBT Incl. Unusual Items

Income Tax Expense

Effective Tax Rate

Net Income to Company

Minority Int. in Earnings
% ATA

Net Income
Growth

Pref. Dividends and Other Adj.

Growth

NI to Common
Growth

Per Share Items

Basic EPS
Weighted Avg. Basic Shares Out.

Dividends per Share

Payout Ratio %

Total Equity
Tangible Equity
% Total Equity

Total Assets
Growth

Core Tier 1 Capital

T1 Capital
Risk Adjusted Assets
CET1 Ratio
T1 Ratio
Leverage Ratio
Return on Equity
Return on Tangible Equity
Sustainable Growth Rate
2020 Trailing P/E
Market Implied Cost of Equity
P/B
P/TB
 2015 2016

615,056.0 566,139.0
615,056.0 566,139.0
286,406.0 260,091.0
286,406.0 260,091.0
328,650.0 306,048.0
-6.88%
1.75%

9,460.0 8,496.0
2,883.0 29,752.0
5,765.0 12,524.0
126,534.0 127,702.0
- -
144,642.0 178,474.0
23.39%
1.02%

473,292.0 484,522.0
2.37%

58,989.0 89,040.0
50.94%
0.51%

414,303.0 395,482.0
-5%

80,324.0 81,080.0
- -
13,218.0 13,175.0
- 41,565.0
-2,334.0 -897.0
91,859.0 39,249.0
183,067.0 174,172.0
-4.86%
97.59%

231,236.0 221,310.0
-4.29%
 335.0 1,102.0
- -
231,571.0 222,412.0

52,154.0 38,361.0
23% 17%

179,417.00 184,051.00
-8,572.00 -19,473.00
-0.11%

170,845.00 164,578.00
-3.67%

5,012 6,718
34.04%

165,833.0 157,860.0
-4.81%

0.56 0.54
293,722.00 294,376.00

0.18 0.17
0.36 0.35

1,357,605.0 1,487,092.0
1,188,929.0 1,294,953.0
88% 87%

16,815,597.0 18,148,889.0
7.93%

1,182,300.0 1,280,841.0
1,285,459.0 1,384,364.0
10,654,081.0 11,269,592.0
11.10% 11.37%
12.07% 12.28%
7.64% 7.63%
 11.57%
13.25%
7.5%
4.42
14.75%
 2017 2018 2019

622,616.0 687,900.0 758,007.0

622,616.0 687,900.0 758,007.0
284,227.0 328,194.0 367,957.0
284,227.0 328,194.0 367,957.0
338,389.0 359,706.0 390,050.0
10.57% 6.30% 8.44%
1.80% 1.77% 1.77%

1,686.0 6,719.0 28,563.0

5,053.0 1,097.0 1,342.0
2,406.0 2,817.0 3,477.0
135,456.0 132,548.0 126,082.0
- - -
144,601.0 143,181.0 159,464.0
-18.98% -0.98% 11.37%
0.77% 0.70% 0.72%

482,990.0 502,887.0 549,514.0

-0.32% 4.12% 9.27%

88,000.0 99,294.0 102,136.0

-1.17% 12.83% 2.86%
0.47% 0.49% 0.46%

394,990.0 403,593.0 447,378.0

0% 2% 11%

82,061.0 85,391.0 90,762.0

- - -
13,667.0 13,451.0 21,175.0
41,235.0 42,768.0 41,845.0
-1,162.0 -2,110.0 -1,057.0
36,896.0 35,369.0 44,487.0
172,697.0 174,869.0 197,212.0
-0.85% 1.26% 12.78%
119.43% 122.13% 123.67%

222,293.0 228,724.0 250,166.0

0.44% 2.89% 9.37%
 610.0 919.0 479.0
- - -
222,903.0 229,643.0 250,645.0

37,917.0 37,208.0 48,754.0

17% 16% 19%

184,986.0 192,435.0 201,891.0

(12,579.0) (12,349.0) (14,486.0)
-0.07% -0.06% -0.07%

172,407.0 180,086.0 187,405.0

4.76% 4.45% 4.06%

6,754 6,791 6,826

0.54% 0.55% 0.52%

165,653.0 173,295.0 180,579.0

4.94% 4.61% 4.20%

0.56 0.59 0.61

294,365.0 294,373.0 294,378.0

0.18 0.18 0.19

32.6% 32.5% 32.5%

1,576,679.0 1,725,397.0 1,976,696.0

1,374,986.0 1,491,194.0 1,668,859.0
87% 86% 84%

19,467,424.0 21,267,275.0 22,769,744.0

7.27% 9.25% 7.06%

1,356,088.0 1,465,769.0 1,596,378.0

1,461,090.0 1,575,293.0 1,806,435.0
12,157,771.0 12,841,526.0 14,123,915.0
11.15% 11.41% 11.30%
12.02% 12.27% 12.79%
7.51% 7.41% 7.93%
11.25% 10.91% 10.12%
12.91% 12.57% 11.86%
7.6% 7.4% 6.8%
 2020 2021 2022 2023

760,070.0
760,070.0
344,152.0
344,152.0
415,918.0 455,719.7 489,898.6 526,641.0
6.63% 9.57% 7.50% 7.50%
1.76% 1.80% 1.80% 1.80%

8,055.0
1,596.0
9,547.0
134,036.0
-
153,234.0 169,629.0 182,351.2 196,027.5
-3.91% 10.70% 7.50% 7.50%
0.65% 0.67% 0.67% 0.67%

569,152.0 625,348.6 672,249.8 722,668.5

3.57% 9.87% 7.50% 7.50%

118,392.0 126,588.8 130,639.6 134,586.0

15.92% 6.92% 3.20% 3.02%
0.50% 0.50% 0.48% 0.46%

450,760.0 498,759.8 541,610.2 588,082.5

1% 11% 9% 9%

89,334.0
-
22,871.0
38,944.0
-158.0
51,262.0
202,253.0 212,036.2 227,938.9 245,034.4
2.56% 4.84% 7.50% 7.50%
131.99% 125.00% 125.00% 125.00%

248,507.0 286,723.6 313,671.2 343,048.1

-0.66% 15.38% 9.40% 9.37%
 -2,129.0
-
246,378.0 286,724 313,671 343,048

41,282.0 49,760.9 54,707.8 60,893.7

17% 17% 17% 18%

205,096.0 236,962.7 258,963.4 282,154.4

(12,226.0) -13,123.6 -14,107.8 -15,165.9
-0.05% -0.05% -0.05% -0.05%

192,870.0 223,839.1 244,855.6 266,988.5

2.92% 16.06% 9.39% 9.04%

12,029 14,972 18,635 23,195

76.22% 38.37% 38.37% 38.37%

180,841.0 208,867.0 226,220.2 243,793.5

0.15% 15.50% 8.31% 7.77%

0.61 0.71 0.77 0.83

294,381.0 294,546.0 294,711.1 294,876.2

0.2 0.24 0.26 0.28

34.2% 34.2% 34.2% 34.2%

2,162,837.0 2,300,286.3 2,449,155.2 2,609,588.7

1,866,235.0 1,980,241.7 2,101,534.5 2,235,154.4
86% 86% 86% 86%

24,402,659.0 26,232,858.4 28,200,322.8 30,315,347.0

7.17% 7.50% 7.50% 7.50%

1,704,778.0 1,842,227.3 1,991,096.2 2,151,529.7

1,992,621.0 2,130,070.3 2,278,939.2 2,439,372.7
15,109,085.0 16,242,266.4 17,460,436.4 18,769,969.1
11.28% 11.34% 11.40% 11.46%
13.19% 13.11% 13.05% 13.00%
8.17% 8.12% 8.08% 8.05%
 9.91% 10.03% 10.31% 10.56%
11.60% 11.64% 12.00% 12.31%
6.5% 6.6% 6.8% 6.9%

0.42 0.42 0.44 0.46

0.49 0.62 0.65 0.69
 2020
ROE P/BV P/TBV
China Merchants Bank (CMB) 14.53% 1.92 2.09
Postal Savings Bank of China (PSBC) 10.56% 0.69 0.75
Ping An Bank Co (PAB) 8.54% 1.27 1.39
Bank of Communications (BoCom) 9.48% 0.39 0.42
China CITIC Bank Corporation (CCBC) 9.07% 0.41 0.46
China Minsheng Banking Corporation (CMBC) 6.55% 0.36 0.39
China Everbright Bank Company Limited (CEBC) 9.01% 0.43 0.50
 2021 2022 2023
ROE P/BV ROE P/BV ROE P/BV
15.62% 1.91 16.06% 1.69 16.45% 1.5
11.20% 0.63 11.46% 0.58 11.69% 0.53
10.23% 1.39 10.76% 1.25 11.80% 1.13
9.71% 0.40 9.76% 0.38 9.88% 0.36
9.63% 0.33 10.01% 0.31 10.58% 0.28
7.46% 0.42 8.07% 0.38 7.89% 0.37
10.02% 0.56 10.30% 0.50 10.63% 0.48
Main Comps
Industrial and Commercial Bank of China (ICBC)
Agricultural Bank of China (ABC)

Similar Comps
Bank of China (BOC)

Other Comps
China Merchants Bank (CMB)
Postal Savings Bank of China (PSBC)
Ping An Bank Co (PAB)
Bank of Communications (BoCom)
China CITIC Bank Corporation (CCBC)
China Minsheng Banking Corporation (CMBC)
China Everbright Bank Company Limited (CEBC)

China Construction Bank (CCB)

Main Comps
Industrial and Commercial Bank of China (ICBC)
Agricultural Bank of China (ABC)

Similar Comps
Bank of China (BOC)

Other Comps
China Merchants Bank (CMB)
Postal Savings Bank of China (PSBC)
Ping An Bank Co (PAB)
Bank of Communications (BoCom)
China CITIC Bank Corporation (CCBC)
China Minsheng Banking Corporation (CMBC)
China Everbright Bank Company Limited (CEBC)

China Construction Bank (CCB)

Main Comps
Industrial and Commercial Bank of China (ICBC)
Agricultural Bank of China (ABC)

Similar Comps
Bank of China (BOC)

Other Comps
China Merchants Bank (CMB)
Postal Savings Bank of China (PSBC)
Ping An Bank Co (PAB)
Bank of Communications (BoCom)
China CITIC Bank Corporation (CCBC)
China Minsheng Banking Corporation (CMBC)
China Everbright Bank Company Limited (CEBC)

China Construction Bank (CCB)

Main Comps
Average
Median
Maximum
Minimum

Average Implied Equity Value

Median Implied Equity Value
Maximum Implied Equity Value
Minimum Implied Equity Value

Current Equity Value

Total Average
Total Median
Total Maximum
Total Minimum

Main & Similar Comps

Average
Median
Maximum
Minimum

Average Implied Equity Value

Median Implied Equity Value
Maximum Implied Equity Value
Minimum Implied Equity Value

Current Price
Total Average
Total Median
Total Maximum
Total Minimum

Main, Similar & Other Comps

Average
Median
Maximum
Minimum

Average Implied Equity Value

Median Implied Equity Value
Maximum Implied Equity Value
Minimum Implied Equity Value

Current Price
Total Average
Total Median
Total Maximum
Total Minimum

Main, Similar & Other Comps Ex CMB & PAB

Average
Median
Maximum
Minimum

Average Implied Equity Value

Median Implied Equity Value
Maximum Implied Equity Value
Minimum Implied Equity Value

Current Price
Total Average
Total Median
Total Maximum
Total Minimum
Industrial and Commercial Bank of China (ICBC)
Agricultural Bank of China (ABC)
Bank of China (BOC)
China Construction Bank (CCB)

Main Comps
Main & Similar Comps
Main, Similar & Other Comps Ex CMB & PAB

Figure I - Relative Valuation Ranges (Trillion CHY)

Main, Similar & Other Comps Ex CMB & PAB

Main & Similar Comps

Main Comps

0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40

Max Min
Market Capitalization Credit Rating & Outlook (S&P)

1,766,131.6 A / Stable
1,115,751.9 A / Stable

907,526.0 A / Stable

1,399,015.6 BBB+ / Stable

466,969.7 A / Stable
462,249.0 BBB+ / Negative
340,995.5 A- / Stable
231,042.0 BBB+ / Stable
194,933.8 BBB- / Stable
193,667.9 BBB+ / Stable

1,293,947.8 A / Stable

Stock Price Total Equity 2019

4.1 2,692,003.00
2.54 2210746

2.59 1976696

55.47 617,707.0
4.27 544,879.0
23.82 312,983.0
4.23 800,912.0
3.49 532,524.0
4.69 530,829.0
3.86 386,054.0

5.11 2,235,127.00

Price to Earnings Price to Book Value

 5.56 0.61
5.16 0.49

4.42 0.42

14.28 1.92
7.26 0.69
15.98 1.27
4.29 0.39
4.66 0.41
5.55 0.36
5.11 0.43

4.73 0.54

Price to Earnings Price to Book Value

5.36 55%
5.36 55%
5.56 61%
5.16 49%

1,465,747.35 1,312,297.39
1,465,747.35 1,312,297.39
1,520,929.59 1,450,383.26
1,410,565.11 1,174,211.53

1,293,947.80
1,366,748.07 Undervalued
1,366,748.07 Undervalued
1,482,887.07 Undervalued
1,250,609.07 Overvalued

5.05 51%
5.16 49%
5.56 61%
4.42 42%

1,380,683.34 1,209,055.62
1,410,565.11 1,174,211.53
1,520,929.59 1,450,383.26
1,210,555.33 1,002,572.07

1,293,947.80
1,280,435.35 Overvalued
1,250,609.07 Overvalued
1,482,887.07 Undervalued
1,107,809.92 Overvalued

7.23 70%
5.35 46%
15.98 192%
4.29 36%

1,977,268.32 1,668,587.12
1,464,922.95 1,095,614.57
4,371,599.11 4,576,879.32
1,172,416.84 860,540.20

1,293,947.80
1,797,075.65 Undervalued
1,239,437.50 Overvalued
4,571,965.77 Undervalued
977,647.24 Overvalued

5.25 47%
5.13 42%
7.26 69%
4.29 36%

1,436,740.76 1,134,476.08
1,404,180.73 1,009,794.84
1,986,272.95 1,658,055.75
1,172,416.84 860,540.20

1,293,947.80
1,253,512.61 Overvalued
1,181,125.48 Overvalued
1,786,503.48 Undervalued
977,647.24 Overvalued
 Required Rate of Return Sustainable Growth Rate
14.40% 8.30%
13.34% 6.42%
14.75% 6.52%
15.33% 8.07%

Min Max
1.25 1.48
1.11 1.48
0.98 1.79

aluation Ranges (Trillion CHY)

0.40 0.60 0.80 1.00 1.20 1.40 1.60 1.80 2.00

Max Min
Mainland China Loan Book (%)

91%
94%

81%

97%
100%
100%
94%
95%
97%
100%

90%

Total Equity 2020

2,909,515.00
2270396

2162837

730,354.0
672,930.0
364,131.0
878,628.0
560,038.0
541,248.0
454,998.0

2,389,353.00

Price to Tangible Book Value

 0.65
0.51

0.49

2.09
0.75
1.39
0.42
0.46
0.39
0.50

0.57

Price to Tangible Book Value

58%
58%
65%
51%

1,322,199.47
1,322,199.47
1,477,348.36
1,167,050.57

55%
51%
65%
49%

1,251,567.10
1,167,050.57
1,477,348.36
1,110,302.37

76%
51%
209%
39%

1,745,371.51
1,157,774.98
4,767,418.87
899,984.69

52%
49%
75%
39%

1,189,320.97
1,129,400.88
1,715,181.75
899,984.69
DPO
0.313203
0.335148
0.341929
0.317801
Commercial & Retail Banking Revenues

88.80%
85.20%

81.80%

95.60%
84.20%
94%
92.60%
83.80%
94.10%
83.10%

85.50%

Total Tangible Equity 2019

2,530,358.0
2,100,015.0

1,668,859.0

557,569.0
493,938.0
281,101.0
729,637.0
478,618.0
484,065.0
317,061.0

2,114,572.00

Basic Return on Equity

 11.34%
9.66%

9.91%

14.53%
10.56%
8.54%
9.48%
9.07%
6.55%
9.01%

11.83%

Basic Return on Equity

11%
11%
11%
10%

10%
10%
11%
10%
10%
10%
15%
7%

9%
10%
11%
7%
ROE
11.34%
9.66%
9.91%
11.83%
 Tier 1 Capital Ratio Stable Funding Ratio

13.70% 131.70%
12.92% 135.60%

13.19% 116.10%

12% 115.70%
11.50% 151.60%
11.40% 103.10%
12.90% 120.60%
10.30% 101.40%
9.50% 94.90%
10.40% 107%

14.22% 126.20%

Total Tangible Equity 2020 Net Income 2020

2,729,535.0 317,685.0
2,182,863.0 216,400.0

1,866,235.0 205,096.0

670,020.0 97,959.0
621,623.0 64,318.0
332,758.0 28,928.0
817,647.0 79,570.0
505,291.0 49,532.0
494,539.0 35,102.0
385,013.0 37,905.0

2,283,224.00 273,579.0

Basic Return on Tangible Equity Dividend Yield

 12.08% 6.49%
10.11% 7.29%

11.60% 7.61%

15.96% 2.25%
11.53% 4.92%
9.42% 0.76%
10.29% 7.57%
10.07% 7.16%
7.17% 4.48%
10.80% 5.44%

12.44% 6.38%

Basic Return on Tangible Equity Dividend Yield

11% 7%
11% 7%
12% 7%
10% 6%

11% 7%
12% 7%
12% 8%
10% 6%
11% 5%
11% 6%
16% 8%
7% 1%

10% 6%
11% 7%
12% 8%
7% 4%
Dividends per Share

0.27
0.19

0.20

1.25
0.21
0.18
0.32
0.25
0.21
0.21

0.326
 2020
ROE

China Construction Bank (CCB) 11.8%

Industrial and Commercial Bank of China (ICBC) 11.3%
Agricultural Bank of China (ABC) 9.7%
Bank of China (BOC) 9.9%
China Merchants Bank (CMB) 14.5%
Postal Savings Bank of China (PSBC) 10.6%
Ping An Bank Co (PAB) 8.5%
Bank of Communications (BoCom) 9.5%
China CITIC Bank Corporation (CCBC) 9.1%
China Minsheng Banking Corporation (CMBC) 6.5%
China Everbright Bank Company Limited (CEBC) 9.0%

2020
CCB Book Value 2,389,353.00
Objective P/B 0.58
Expected Market Cap 1,376,009.92
Actual Market Cap 1,293,947.80
 2020 2021
ROTE P/B P/TB ROE ROTE P/B P/TB

12.4% 54% 57% 12.1% 12.7% 54% 63%

12.1% 61% 65% 11.7% 12.4% 54% 66%
10.1% 49% 51% 10.0% 10.5% 50% 57%
11.6% 42% 49% 10.0% 11.6% 42% 62%
16.0% 192% 209% 15.6% 191%
11.5% 69% 75% 11.2% 63%
9.4% 127% 139% 10.2% 139%
10.3% 39% 42% 9.7% 40%
10.1% 41% 46% 9.6% 33%
7.2% 36% 39% 7.5% 42%
10.8% 43% 50% 10.0% 56%

80%
2021 2022 2023
2,587,805.32 2,809,898.94 3,053,559.48 70%
0.56 0.59 0.58
60%
1,452,629.12 1,668,701.41 1,786,299.82
f(x)

P/B
1,293,947.80 1,293,947.80 1,293,947.80 R² =
50%

40% CMBC

30%
6.0% 7.

75%

65%

55%
P/B

45%

35%

25%
6.0% 7
 2022 2023
ROE ROTE P/B P/TB ROE ROTE P/B P/TB

12.5% 13.2% 58% 69% 12.6% 13.3% 60% 70%

12.1% 12.8% 58% 72% 12.4% 13.2% 63% 77%
10.3% 10.8% 53% 61% 10.6% 11.1% 56% 65%
10.3% 12.0% 44% 65% 10.6% 12.3% 46% 69%
16.1% 169% 16.5% 150%
11.5% 58% 11.7% 53%
10.8% 125% 11.8% 113%
9.8% 38% 9.9% 36%
10.0% 31% 10.6% 28%
8.1% 38% 7.9% 37%
10.3% 50% 10.6% 48%

2020 Main, Similar & Other Comps Ex CMB, PAB 2021 Main, Si
80% 80%

70% 70%
PSBC
ICBC
60% 60%
f(x) = 4.39897112094046 x^0.952559635005625

P/B
P/B

ABC f(x) = 4
50% R² = 0.552801640375937 CCB 50% R² = 0.3
CEBC
BOC CMBC
BoCom
40% CMBC 40%
CCBC

30% 30%
6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 12.0% 6.0% 7.0% 8.0
ROE

2022 Main, Similar & Other Comps Ex CMB, PAB 2023 Main, Similar

75% 75%

65% 65%
PSBC ICBC
ABC
55% f(x) = 6.02882307436991 x − 0.158411216017282 55% f(x)
CCB
R² = 0.612157374165427 R² =
P/B
P/B

CEBC
45% 45%
CMBC BOC CMBC
35% BoCom CCBC 35%

25% 25%
6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 12.0% 6.0% 7.0% 8.0%
ROE
 2021 Main, Similar & Other Comps Ex CMB, PAB

PSBC

CEBC
ICBC
ABC
f(x) = 4.22346750752779 x + 0.0513726396530937
R² = 0.367121158607982 CCB
CMBC
BoCom BOC
CCBC

7.0% 8.0% 9.0% 10.0% 11.0% 12.0%

ROE

2023 Main, Similar & Other Comps Ex CMB, PAB

ICBC
ABC CCB
PSBC
f(x) = 5.90308417543835 x − 0.160667335122446
R² = 0.505647388140836 CEBC

CMBC BOC
BoCom

CCBC

7.0% 8.0% 9.0% 10.0% 11.0% 12.0% 13.0%

ROE
 M
250%

200%

150%
f(x) =
R² =
100%

50%

0%
5.0% 7.0%
 Main Comps + Similar + Other Ex
250%

200%

150%
f(x) = 14.7656704918154 x − 0.799017914699413
R² = 0.396377124280453
100%

50%

0%
5.0% 7.0% 9.0% 11.0% 13.0% 15.0% 17.0%
 2020
ROE

China Construction Bank (CCB) 12%

BNP Paribas 6%
Societe Generale 2%
Deutsche Bank
Intesa 5%
ABN Amro -1%
ING 5%
Santander 6%
UBS 11%
HSBC 4%
BoA 7%
Citigroup 6%
JP Morgan 11%
Morgan Stanley 13%
Goldman Sachs 10%

2020
CCB Book Value 2,389,353.00
Objective P/B 1.10
Actual Market Cap 1,293,947.80
Expected Market Cap 2,619,007.22
2020 2021 2022
P/B ROE P/B ROE P/B

54% 12% 54% 12% 58%

52% 6% 62% 7% 60%
27% 3% 34% 4% 32%
2% 39% 4% 38%
64% 6% 72% 7% 71%
40% 2% 53% 5% 52%
55% 7% 72% 7% 70%
54% 6% 59% 7% 57%
84% 9% 91% 9% 85%
62% 5% 65% 6% 63%
106% 10% 130% 10% 125%
71% 10% 79% 8% 73%
155% 15% 180% 13% 171%
134% 12% 145% 12% 138%
112% 16% 131% 12% 121%

2020 CCB & Europe

180%
2021 2022 2023 160%
2,587,805.32 2,809,898.94 3,053,559.48
140%
1.16 1.24 1.16
120%
1,293,947.80 1,293,947.80 1,293,947.80 BoA
f(x) = 6.6364606331793 x + 0.3109270971863
3,008,487.21 3,485,095.74 3,556,524.32 100% R² = 0.515667592392824
Citi
80% Intesa
HSBC BNP
60%
ING
40% Santander
SG
20%

0%
0% 2% 4% 6%

2022 CCB & Europea

180%

160%

140%
f(x) = 10.537409982881 x − 0.07453208
120%
R² = 0.666362787242066
100% UBS
Intesa ING
80%
HSBC
ABN City
60%
DB BNP
Santander
40%
SG
20%

0%
120%
R² = 0.666362787242066
100% UBS
Intesa ING
80%
HSBC
ABN City
60%
DB BNP
Santander
40%
SG
20%

0%
3% 5% 7% 9%
 2023
ROE P/B

13% 60%
7% 57%
5% 31%
4% 36%
8% 70%
6% 50%
8% 67%
8% 53%
9% 79%
7% 60%
10% 117%
9% 67%
14% 159%
13% 128%
12% 111%

2020 CCB & European - American 2021 CCB & European - American
200%

JPM 180%

MS 160% MS
140% BoA
f(x) = 8.0005000479947 x + 0.196590006748863
GS
BoA R² = 0.669617854226986
606331793 x + 0.310927097186301 120%
7592392824
100% UBS
Citi
Intesa UBS 80% Intesa
HSBC CCB HSBC
BNP ING City CCB
60% ABN
ING BNP
Santander
40% Santander
DB
20% SG

0%
4% 6% 8% 10% 12% 14% 0% 2% 4% 6% 8% 10% 12% 14%

2022 CCB & European - American 2023 CCB & European - American
180%
JPM
160%
MS
140%
BoA GS
10.537409982881 x − 0.0745320815398627 BoA
.666362787242066 120% f(x) = 10.5090651948651 x − 0.16283063761687
R² = 0.702064437373197 G
UBS 100%
Intesa ING ING Intesa UBS
80%
HSBC HSBC C
City CCB
BN 60% ABN
City
BNP
Santander DB BNP Santander
40%

20% SG

0%
 120% f(x) = 10.5090651948651 x − 0.16283063761687
.666362787242066
R² = 0.702064437373197 G
UBS 100%
Intesa ING ING Intesa UBS
80%
HSBC HSBC C
City CCB
BN 60% ABN City
BNP
Santander DB BNP Santander
40%

20% SG

0%
% 7% 9% 11% 13% 15% 2% 4% 6% 8% 10% 12%
- American

JPM

MS
BoA
96590006748863
GS

City CCB

10% 12% 14% 16% 18%

merican

JPM

MS
BoA
− 0.16283063761687
GS
UBS
a
CCB
City
nder
− 0.16283063761687
GS
UBS
a
CCB
City
nder

10% 12% 14%

 M
250%

200%

150%
f(x) =
R² =
100%

50%

0%
5.0% 7.0%
 Main Comps + Similar + Other Ex
250%

200%

150%
f(x) = 14.7656704918154 x − 0.799017914699413
R² = 0.396377124280453
100%

50%

0%
5.0% 7.0% 9.0% 11.0% 13.0% 15.0% 17.0%