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Employees: 9,800
Size China Water Affairs (0855.HK) is a Hong Kong Utilities company (Water Utilities) with a market value of $823M, the 640th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$3.96 on 6 Nov 2026.
Performance Over six months the shares fell 22.4%, against -12.2% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue fell 11.3% over the last twelve months (peer median +5.2%); the operating margin is 25.4% (peer median 20.7%).
Valuation It trades at 5.8× forward earnings against a peer median of 16.5× (cheapest of 15).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is 0%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.1 points below its cost of capital (5.4% WACC).
Next results Next results expected around 2 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$10.3B | HK$10.3B | HK$11.7B | HK$12.9B | HK$14.2B |
| Revenue growth | — | -11% | -9% | -9% | — |
| Gross profit | HK$3.56B | HK$3.56B | HK$4.40B | HK$4.78B | HK$5.35B |
| EBITDA | HK$3.83B | HK$3.86B | HK$4.12B | HK$4.78B | HK$5.13B |
| Net income | HK$986M | HK$986M | HK$1.07B | HK$1.53B | HK$1.86B |
| Free cash flow | n/a | HK$1.44B | HK$3.30B | HK$2.40B | HK$3.34B |
| Capital expenditure | n/a | HK$2.98B | HK$3.24B | HK$5.14B | HK$4.63B |
| Total debt | n/a | HK$26.7B | HK$25.7B | HK$25.3B | HK$24.2B |
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.
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 | 0855.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.5% | -3.6% | 9th lowest of 21 |
| 6-month return | -22.4% | -12.2% | 6th lowest of 21 |
| Distance from 52-week high | -39.3% | -22.6% | 7th lowest of 21 |
| Revenue growth (TTM) | -11.3% | +5.2% | 3rd lowest of 21 |
| Operating margin | 25.4% | 20.7% | 4th highest of 21 |
| Forward P/E | 5.8× | 16.5× | cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | -0.6% | -0.5% | 5th least demanding of 10 |
| Growth delivered (Del g) | 0.0% | +8.9% | 2nd lowest of 10 |
| Hurdle (Req g minus delivered) | -0.6 pp | -8.2 pp | 2nd most demanding of 10 |
| ROIC minus cost of capital | -1.1 pp | +0.7 pp | 9th lowest of 20 |
| EV / EBITDA | 10.1× | 13.3× | 2nd cheapest of 9 |
| Net debt / EBITDA | 5.8× | 4.2× | 2nd most indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China Water Affairs 0855.HK | Hong Kong | $823M | -22% | -11% | 25% | 5.8× | -0.6% | 0.0% |
| Jiangsu Jiangnan Water 601199.SS | China | $763M | +2% | -4% | 12% | n/a | -1.5% | +8.9% |
| Wuhan Xianglong Power Industry 600769.SS | China | $687M | -24% | +4% | 20% | n/a | n/a | n/a |
| Qianjiang Water Resources Development 600283.SS | China | $627M | -19% | +7% | 11% | 16.9× | n/a | n/a |
| Guangdong Shunkong Development 003039.SZ | China | $1.12B | -16% | +6% | 25% | n/a | 4.3% | +12.5% |
| Guangxi Nanning Waterworks 601368.SS | China | $601M | -9% | 0% | 22% | n/a | n/a | n/a |
| Middlesex Water MSEX | United States | $1.15B | +16% | +9% | 31% | 21.7× | n/a | n/a |
| Haitian Water 603759.SS | China | $535M | -17% | +112% | 5% | n/a | n/a | n/a |
| York Water YORW | United States | $529M | +10% | +9% | 37% | 20.1× | n/a | n/a |
| Jiangsu United Water Technology 603291.SS | China | $476M | -35% | -13% | 11% | 16.0× | -0.5% | +6.9% |
| Indium Target Advanced Materials (Harbin) 000711.SZ | China | $1.54B | -27% | +46% | -4% | n/a | n/a | n/a |
| Consolidated Water CWCO | United States | $436M | -17% | -1% | 12% | 19.4× | 4.5% | +12.7% |
| Jiangxi Hongcheng Environment 600461.SS | China | $1.69B | -17% | -11% | 24% | 9.1× | -10.2% | +2.6% |
| Artesian Resources ARTNA | United States | $357M | +7% | +6% | 32% | 14.8× | n/a | n/a |
| Kuo Toong International 8936.TWO | Taiwan | $303M | -22% | +27% | 21% | 8.6× | -8.1% | +11.2% |
| Zhongshan Public Utilities 000685.SZ | China | $2.36B | -8% | -11% | 11% | 6.2× | 9.9% | +16.2% |
| Chongqing Water 601158.SS | China | $3.01B | -6% | +1% | 14% | 22.6× | -5.0% | +3.5% |
| H2O America HTO | United States | $3.04B | +9% | +4% | 21% | 22.5× | n/a | n/a |
| Beijing Capital Eco-Environment Protection 600008.SS | China | $3.09B | -8% | -8% | 21% | 10.8× | 0.3% | -0.4% |
| Pennon PNN.L | United Kingdom | $3.18B | -35% | +23% | 25% | 13.3× | n/a | n/a |
| California Water Service CWT | United States | $3.21B | +17% | +7% | 21% | 19.0× | n/a | n/a |