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Tianjin-based water and wastewater-treatment utility operating municipal plants across China.
Tianjin-based water and wastewater-treatment utility operating municipal plants across China.
Treats wastewater and is paid per tonne by local governments under long concession contracts, so income is steady but depends on municipalities paying on time. This Hong Kong line trades the H shares of the same company as the Shanghai-listed A shares, with Tianjin municipal state assets in control.
In one line: A regional Chinese American Water.
Moat: narrow (regulatory licence, installed base). Long-term municipal concessions provide stable, utility-like cash flow in its home region.
Headquarters: Tianjin, China · Employees: 2,330
Size Tianjin Capital Environmental Protection (1065.HK) is a Hong Kong Industrials company (Engineering & Construction) with a market value of $1.22B, the 547th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$3.73 on 6 Nov 2026.
Performance Over six months the shares fell 12.5%, against -15.7% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 2.2% over the last twelve months (peer median +8.3%); the operating margin is 29.1% (peer median 5.9%).
Valuation It trades at 5.4× forward earnings against a peer median of 18.1× (cheapest of 16).
Price implies For today's price to make sense, revenue must grow about -16% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is -23 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.5 points above its cost of capital (5.4% WACC).
Next results Next results expected around 25 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$5.40B | HK$5.16B | HK$5.23B | HK$5.15B | HK$5.25B |
| Revenue growth | — | -1% | +2% | -2% | — |
| Gross profit | HK$2.82B | HK$1.95B | HK$2.06B | HK$1.99B | HK$1.76B |
| EBITDA | n/a | HK$2.32B | HK$2.39B | HK$2.28B | HK$2.07B |
| Net income | HK$999M | HK$935M | HK$875M | HK$956M | HK$874M |
| Free cash flow | HK$4.20B | HK$2.57B | HK$754M | -HK$745M | HK$285M |
| Capital expenditure | HK$905M | HK$1.01B | HK$744M | HK$1.84B | HK$775M |
| Total debt | HK$11.1B | HK$11.5B | HK$10.8B | HK$11.0B | HK$10.6B |
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 |
|---|---|---|---|---|---|---|
| Tianjin Capital Environmental Protection 1065.HK | $1.22B | -13% | +2% | 29% | 5.4× | -16.4% |
| Beijing Enterprises Water 0371.HK | $1.86B | -48% | -5% | 24% | 9.5× | 4.2% |
| China Everbright Environment 0257.HK | $3.91B | -11% | -5% | 29% | 7.0× | -0.1% |
| China Water Affairs 0855.HK | $823M | -22% | -11% | 25% | 5.8× | -0.6% |
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 | 1065.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.9% | -3.7% | 7th highest of 21 |
| 6-month return | -12.5% | -15.7% | 9th highest of 21 |
| Distance from 52-week high | -62.7% | -36.6% | lowest of 21 |
| Revenue growth (TTM) | +2.2% | +8.3% | 7th lowest of 21 |
| Operating margin | 29.1% | 5.9% | 2nd highest of 21 |
| Forward P/E | 5.4× | 18.1× | cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | -16.4% | 6.2% | least demanding of 10 |
| Growth delivered (Del g) | +6.5% | +10.6% | 5th lowest of 10 |
| Hurdle (Req g minus delivered) | -23.0 pp | -4.0 pp | 2nd least demanding of 10 |
| ROIC minus cost of capital | +3.5 pp | -1.3 pp | 5th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tianjin Capital Environmental Protection 1065.HK | Hong Kong | $1.22B | -13% | +2% | 29% | 5.4× | -16.4% | +6.5% |
| Xinjiang Communications Construction 002941.SZ | China | $1.22B | -20% | +23% | 5% | n/a | n/a | n/a |
| Lendlease LLC.AX | Australia | $1.23B | -16% | -30% | 0% | 147.4× | n/a | n/a |
| JiShi Media 601929.SS | China | $1.25B | -18% | -2% | -24% | n/a | n/a | n/a |
| GenusPlus GNP.AX | Australia | $1.18B | -12% | +71% | 6% | 18.1× | 6.2% | +32.1% |
| EPIC Suisse EPIC.SW | Switzerland | $1.17B | +2% | +4% | 78% | 20.8× | 7.1% | +4.3% |
| China Bester Group Telecom 603220.SS | China | $1.17B | -48% | +3% | 6% | 20.0× | n/a | n/a |
| Shenzhen Zhongzhuang Construction 002822.SZ | China | $1.15B | -15% | -56% | -96% | n/a | n/a | n/a |
| Renew RNWH.L | United Kingdom | $1.15B | +19% | +8% | 6% | 15.3× | 7.7% | +11.7% |
| CTCI 9933.TW | Taiwan | $1.29B | +22% | -22% | 9% | 8.5× | n/a | n/a |
| Ameresco AMRC | United States | $1.15B | -28% | +9% | 7% | 15.6× | n/a | n/a |
| Nippon Densetsu Kogyo 1950.T | Japan | $1.29B | -30% | +10% | 12% | 9.9× | -0.1% | +3.2% |
| Instalco INSTAL.ST | Sweden | $1.15B | +9% | +9% | 5% | 18.4× | 10.9% | +13.8% |
| Techno Electric & Engineering TECHNOE.NS | India | $1.14B | -28% | +39% | 13% | 18.8× | n/a | n/a |
| Shenzhen Urban Transport Technology 301091.SZ | China | $1.29B | -23% | +17% | 2% | 79.8× | n/a | n/a |
| Lloyds Engineering Works LLOYDSENGG.NS | India | $1.29B | +36% | +83% | 11% | n/a | n/a | n/a |
| Kumagai Gumi 1861.T | Japan | $1.30B | -20% | -4% | 6% | 9.0× | -9.2% | +1.6% |
| Norconsult NORCO.OL | Norway | $1.14B | +2% | +13% | 7% | 15.7× | -5.9% | +10.6% |
| Taiwan Cogeneration 8926.TW | Taiwan | $1.30B | +9% | +324% | 8% | n/a | n/a | n/a |
| Zhejiang Communications Technology 002061.SZ | China | $1.30B | -15% | -12% | 3% | 8.0× | -6.5% | +4.8% |
| Jiangsu Zeyu Intelligent Electric Power 301179.SZ | China | $1.13B | -20% | +8% | 8% | 32.1× | 24.8% | +15.4% |