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Chinese maker of high-speed steel and powder-metallurgy tool steel used in cutting tools and precision manufacturing.
Chinese maker of high-speed steel and powder-metallurgy tool steel used in cutting tools and precision manufacturing.
In one line: China's specialty tool-steel maker.
Moat: narrow (process know-how, scale). Advanced metallurgical process know-how, especially in powder metallurgy, in a specialty steel niche.
Headquarters: Jiangsu, China · Founded: 1993 · Employees: 3,601
Size Tiangong International (0826.HK) is a Hong Kong Industrials company (Industrial Machinery) with a market value of $843M, the 635th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$2.42 on 6 Nov 2026.
Performance Over six months the shares fell 28.2%, against -22.6% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 8th lowest of 20 in its peer set.
Growth Revenue grew 7.9% over the last twelve months (peer median +6.3%); the operating margin is 11.2% (peer median 5.5%).
Valuation It trades at 8.8× forward earnings against a peer median of 24.9× (cheapest of 15).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is -3%, so the hurdle is +8 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.9 points below its cost of capital (7.0% WACC).
Next results Next results expected around 29 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$5.42B | HK$5.12B | HK$5.24B | HK$5.71B | HK$5.89B |
| Revenue growth | — | -2% | -8% | -3% | — |
| Gross profit | HK$1.26B | HK$1.03B | HK$1.06B | HK$1.26B | HK$1.33B |
| EBITDA | HK$1.04B | HK$829M | HK$836M | HK$987M | HK$936M |
| Net income | HK$473M | HK$434M | HK$389M | HK$409M | HK$586M |
| Free cash flow | HK$162M | -HK$195M | HK$54.8M | -HK$372M | -HK$293M |
| Capital expenditure | HK$457M | HK$357M | HK$314M | HK$331M | HK$624M |
| Total debt | n/a | HK$3.82B | HK$3.50B | HK$3.19B | HK$3.25B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Tiangong International 0826.HK | $843M | -28% | +8% | 11% | 8.8× | 5.7% |
| Baoshan Iron & Steel 600019.SS | $19.9B | -3% | +6% | 3% | 14.4× | -9.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0826.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -20.6% | -8.1% | 5th lowest of 21 |
| 6-month return | -28.2% | -22.6% | 8th lowest of 20 |
| Distance from 52-week high | -46.6% | -47.1% | 10th highest of 21 |
| Revenue growth (TTM) | +7.9% | +6.3% | 10th highest of 21 |
| Operating margin | 11.2% | 5.5% | 6th highest of 21 |
| Forward P/E | 8.8× | 24.9× | cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | 5.7% | 20.4% | 4th least demanding of 12 |
| Growth delivered (Del g) | -2.7% | +10.0% | 2nd lowest of 12 |
| Hurdle (Req g minus delivered) | +8.4 pp | +6.0 pp | 6th most demanding of 12 |
| ROIC minus cost of capital | -2.9 pp | -5.2 pp | 8th highest of 19 |
| EV / EBITDA | 9.2× | 24.7× | 2nd cheapest of 7 |
| Net debt / EBITDA | 2.2× | -2.4× | most indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tiangong International 0826.HK | Hong Kong | $843M | -28% | +8% | 11% | 8.8× | 5.7% | -2.7% |
| Create Technology & Science 000551.SZ | China | $842M | -29% | +15% | 11% | 15.2× | -0.5% | +5.7% |
| Kirloskar Pneumatic KIRLPNU.NS | India | $846M | -23% | +9% | 18% | 29.0× | 26.3% | +16.8% |
| Shibuya 6340.T | Japan | $839M | +40% | +5% | 10% | 11.3× | -0.2% | +5.5% |
| Guangdong LingXiao Pump Industry 002884.SZ | China | $848M | -16% | +8% | 25% | 13.2× | -5.6% | +3.7% |
| HMT HMT.NS | India | $849M | -15% | +9% | -82% | n/a | 61.3% | -6.9% |
| Guangdong Vanward New Electric 002543.SZ | China | $849M | -17% | -12% | -3% | 20.1× | n/a | n/a |
| SUFA Technology Industry Co., Ltd., CNNC 000777.SZ | China | $850M | -25% | -25% | 2% | 37.2× | n/a | n/a |
| Towa 6315.T | Japan | $851M | -39% | +29% | 16% | 15.3× | 18.8% | +12.8% |
| Tianjin Benefo Tejing Electric 600468.SS | China | $852M | -28% | +16% | 0% | n/a | 38.3% | +0.2% |
| Bingshan Refrigeration & Heat Transfer Technologies 000530.SZ | China | $833M | +47% | -8% | 0% | 79.1× | 20.4% | +20.5% |
| KEDE Numerical Control 688305.SS | China | $853M | -29% | -31% | 11% | 78.0× | n/a | n/a |
| Shenzhen Riland Industry 300154.SZ | China | $831M | +41% | -2% | 5% | n/a | 44.6% | +10.0% |
| Hangzhou Youngsun Intelligent Equipment 603901.SS | China | $858M | -17% | +11% | 6% | 20.0× | 11.9% | +14.7% |
| Zhejiang Headman Machinery 688577.SS | China | $864M | -31% | +35% | 6% | 60.2× | n/a | n/a |
| Eternal Precision Mechanics 7795.TW | Taiwan | $819M | -9% | -12% | 18% | 34.0× | n/a | n/a |
| Horng Terng Automation 7751.TWO | Taiwan | $817M | -62% | +150% | 35% | 20.8× | 23.2% | +13.5% |
| SHANGHAI HUGONG ELECTRIC 603131.SS | China | $816M | -28% | +4% | -2% | n/a | n/a | n/a |
| CGN Nuclear Technology Development 000881.SZ | China | $816M | -21% | -7% | -8% | n/a | n/a | n/a |
| Kale Environment Technology (Shanghai) 301070.SZ | China | $872M | -29% | -9% | 0% | n/a | n/a | n/a |
| Shanghai Top Numerical Control Technology 7688.HK | Hong Kong | $873M | n/a | +9% | -53% | 231.6× | n/a | n/a |