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State-owned rail and infrastructure construction conglomerate, a twin of China Railway Group in scale and scope.
State-owned rail and infrastructure construction conglomerate, a twin of China Railway Group in scale and scope.
Same company as the Shanghai-listed A shares. Wins rail, road and transit contracts, books revenue as work progresses, and also develops property and takes overseas contracts, including Belt and Road projects. The central government controls the parent group.
In one line: A Chinese Bechtel/Fluor for rail and infrastructure construction.
Moat: narrow (scale, installed base, regulatory licence). State-owned scale and a long rail-construction track record support project wins domestically and via Belt & Road.
Headquarters: Beijing, China · Founded: 2007 · Employees: 250,306
Size China Railway Construction (1186.HK) is a Hong Kong Industrials company (Engineering & Construction) with a market value of $11.4B, the 151st largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$4.10 on 6 Nov 2026.
Performance Over six months the shares fell 22.2%, against -17.6% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue fell 5.1% over the last twelve months (peer median +4.6%); the operating margin is 3.7% (peer median 6.4%).
Valuation It trades at 3.2× forward earnings against a peer median of 12.3× (2nd cheapest of 21).
Capital Return on invested capital runs 1.4 points below its cost of capital (5.0% WACC).
Next results Next results expected around 26 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$1.06T | HK$1.12T | HK$1.16T | HK$1.26T | HK$1.27T |
| Revenue growth | — | -3% | -8% | -1% | — |
| Gross profit | HK$127B | HK$107B | HK$117B | HK$129B | HK$127B |
| EBITDA | n/a | HK$69.9B | HK$71.4B | HK$75.3B | HK$76.4B |
| Net income | HK$14.6B | HK$17.3B | HK$21.4B | HK$26.0B | HK$31.0B |
| Free cash flow | -HK$64.7B | -HK$44.3B | -HK$72.9B | -HK$13.3B | HK$32.0B |
| Capital expenditure | HK$56.2B | HK$51.6B | HK$41.1B | HK$38.6B | HK$35.2B |
| Total debt | HK$1.05T | HK$791B | HK$598B | HK$459B | HK$422B |
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 |
|---|---|---|---|---|---|---|
| China Railway Construction 1186.HK | $11.4B | -22% | -5% | 4% | 3.2× | n/a |
| China Railway 0390.HK | $15.0B | -19% | -4% | 4% | 3.6× | n/a |
| China Communications Construction 1800.HK | $12.8B | -26% | -5% | 4% | 3.1× | n/a |
| China State Construction Engineering 601668.SS | $28.3B | -4% | -9% | n/a | 5.6× | n/a |
| Power Construction Corporation of China 601669.SS | $11.5B | -20% | -2% | 4% | 8.4× | n/a |
| Metallurgical Corporation of China 1618.HK | $7.67B | -14% | -18% | -4% | 5.1× | 5.2% |
| China Energy Engineering 601868.SS | $13.6B | -18% | -5% | 4% | 17.9× | n/a |
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 | 1186.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.5% | -1.5% | 6th lowest of 21 |
| 6-month return | -22.2% | -17.6% | 7th lowest of 21 |
| Distance from 52-week high | -28.1% | -35.6% | 9th highest of 21 |
| Revenue growth (TTM) | -5.1% | +4.6% | 5th lowest of 21 |
| Operating margin | 3.7% | 6.4% | lowest of 21 |
| Forward P/E | 3.2× | 12.3× | 2nd cheapest of 21 |
| ROIC minus cost of capital | -1.4 pp | +2.2 pp | 5th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China Railway Construction 1186.HK | Hong Kong | $11.4B | -22% | -5% | 4% | 3.2× | n/a | n/a |
| Power Construction Corporation of China 601669.SS | China | $11.5B | -20% | -2% | 4% | 8.4× | n/a | n/a |
| Sichuan Road & Bridge 600039.SS | China | $11.4B | +8% | +8% | 10% | 9.7× | -5.0% | +12.3% |
| Eiffage FGR.PA | France | $11.5B | -20% | +5% | 10% | 9.3× | -6.9% | +9.4% |
| Taisei 1801.T | Japan | $10.8B | -38% | +2% | 9% | 9.9× | 0.6% | +7.1% |
| Skanska SKA-B.ST | Sweden | $12.1B | +16% | -6% | 4% | 17.1× | 8.3% | +2.0% |
| Kajima 1812.T | Japan | $12.5B | -27% | +4% | 8% | 10.8× | -1.9% | +10.0% |
| Tetra Tech TTEK | United States | $10.3B | +33% | -8% | 12% | 24.0× | 8.3% | +12.7% |
| China Communications Construction 1800.HK | Hong Kong | $12.8B | -26% | -5% | 4% | 3.1× | n/a | n/a |
| Atkinsrealis ATRL.TO | Canada | $9.94B | -7% | +15% | 7% | 19.9× | 11.4% | +9.6% |
| Acciona ANA.MC | Spain | $13.4B | -16% | +8% | 6% | 19.8× | 8.2% | +25.6% |
| China Energy Engineering 601868.SS | China | $13.6B | -18% | -5% | 4% | 17.9× | n/a | n/a |
| Saipem SPM.MI | Italy | $9.38B | -9% | +2% | 4% | 27.1× | 6.9% | +16.1% |
| MasTec MTZ | United States | $14.0B | -58% | +26% | 5% | 15.0× | 21.6% | +17.7% |
| SamsungE&A 028050.KS | South Korea | $8.73B | +14% | +19% | 11% | 13.6× | -2.1% | +6.1% |
| China Railway 0390.HK | Hong Kong | $15.0B | -19% | -4% | 4% | 3.6× | n/a | n/a |
| Aecom ACM | United States | $8.59B | -17% | -4% | 5% | 11.0× | 7.3% | +4.0% |
| Stantec STN.TO | Canada | $8.42B | -16% | +10% | 10% | 16.0× | 3.9% | +11.5% |
| JSW Infrastructure JSWINFRA.NS | India | $8.33B | +20% | +17% | 36% | 46.8× | n/a | n/a |
| Shimizu 1803.T | Japan | $8.30B | -35% | +6% | 6% | 7.8× | n/a | n/a |
| Sterling Infrastructure STRL | United States | $7.71B | -70% | +93% | 19% | 9.4× | 8.8% | +11.8% |