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Engineering and construction company specializing in metallurgical (steel plant) projects, with some mining operations, part of China Minmetals.
Engineering and construction company specializing in metallurgical (steel plant) projects, with some mining operations, part of China Minmetals.
The Hong Kong line of the company that trades in Shanghai as 601618. Revenue is booked as construction contracts progress; steel-plant projects are the specialty, but general building and infrastructure work now makes up much of its volume. It is part of China Minmetals, a central state-owned metals group.
In one line: A Chinese engineering firm akin to a metallurgical-focused Fluor.
Moat: narrow (process know-how, scale). Specialized metallurgical engineering know-how built from decades of domestic steel-plant construction.
Headquarters: Beijing, China · Founded: 2008 · Employees: 89,982
Size Metallurgical Corporation of China (1618.HK) is a Hong Kong Industrials company (Engineering & Construction) with a market value of $7.67B, the 200th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$1.39 on 6 Nov 2026.
Performance Over six months the shares fell 13.7%, against -8.6% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue fell 17.7% over the last twelve months (peer median +7.1%); the operating margin is -3.8% (peer median 8.5%).
Valuation It trades at 5.1× forward earnings against a peer median of 13.9× (2nd cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 5% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +3 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 9.2 points below its cost of capital (5.7% WACC).
Next results Next results expected around 31 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$422B | HK$493B | HK$598B | HK$700B | HK$688B |
| Revenue growth | — | -18% | -15% | +2% | — |
| Gross profit | HK$44.4B | HK$48.1B | HK$56.3B | HK$66.2B | HK$64.6B |
| EBITDA | n/a | -HK$4.99B | HK$16.3B | HK$22.2B | HK$26.2B |
| Net income | HK$1.05B | HK$1.43B | HK$7.31B | HK$9.58B | HK$11.9B |
| Free cash flow | HK$8.60B | HK$10.4B | HK$1.85B | HK$2.38B | HK$17.6B |
| Capital expenditure | HK$6.87B | HK$6.81B | HK$7.44B | HK$5.08B | HK$5.02B |
| Total debt | HK$192B | HK$178B | HK$185B | HK$168B | HK$144B |
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 |
|---|---|---|---|---|---|---|
| Metallurgical Corporation of China 1618.HK | $7.67B | -14% | -18% | -4% | 5.1× | 5.2% |
| 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 |
| China Railway Construction 1186.HK | $11.4B | -22% | -5% | 4% | 3.2× | n/a |
| Power Construction Corporation of China 601669.SS | $11.5B | -20% | -2% | 4% | 8.4× | n/a |
| 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 | 1618.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.3% | +2.6% | 7th highest of 21 |
| 6-month return | -13.7% | -8.6% | 10th lowest of 21 |
| Distance from 52-week high | -48.1% | -19.1% | 5th lowest of 21 |
| Revenue growth (TTM) | -17.7% | +7.1% | lowest of 21 |
| Operating margin | -3.8% | 8.5% | lowest of 21 |
| Forward P/E | 5.1× | 13.9× | 2nd cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 5.2% | 5.0% | 9th most demanding of 18 |
| Growth delivered (Del g) | +1.9% | +9.6% | lowest of 18 |
| Hurdle (Req g minus delivered) | +3.3 pp | -6.5 pp | most demanding of 18 |
| ROIC minus cost of capital | -9.2 pp | +4.0 pp | 2nd lowest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Metallurgical Corporation of China 1618.HK | Hong Kong | $7.67B | -14% | -18% | -4% | 5.1× | 5.2% | +1.9% |
| Sterling Infrastructure STRL | United States | $7.71B | -70% | +93% | 19% | 9.4× | 8.8% | +11.8% |
| Shimizu 1803.T | Japan | $8.30B | -35% | +6% | 6% | 7.8× | n/a | n/a |
| JSW Infrastructure JSWINFRA.NS | India | $8.33B | +20% | +17% | 36% | 46.8× | n/a | n/a |
| Stantec STN.TO | Canada | $8.42B | -16% | +10% | 10% | 16.0× | 3.9% | +11.5% |
| Aecom ACM | United States | $8.59B | -17% | -4% | 5% | 11.0× | 7.3% | +4.0% |
| Technip Energies TE.PA | France | $6.83B | -8% | +2% | 4% | 18.9× | -6.5% | +4.6% |
| SamsungE&A 028050.KS | South Korea | $8.73B | +14% | +19% | 11% | 13.6× | -2.1% | +6.1% |
| China National Chemical Engineering 601117.SS | China | $6.68B | -15% | +2% | 5% | 6.4× | -17.3% | +11.6% |
| IES IESC | United States | $6.38B | +32% | +23% | 12% | 12.6× | 11.2% | +22.9% |
| Saipem SPM.MI | Italy | $9.38B | -9% | +2% | 4% | 27.1× | 6.9% | +16.1% |
| Dycom Industries DY | United States | $6.26B | -52% | +38% | 8% | 12.1× | 11.6% | +11.6% |
| Fluor FLR | United States | $6.22B | +7% | -5% | -2% | 14.2× | n/a | n/a |
| China State Construction International 3311.HK | Hong Kong | $6.04B | -5% | -14% | 15% | 5.0× | -8.1% | +11.8% |
| Atkinsrealis ATRL.TO | Canada | $9.94B | -7% | +15% | 7% | 19.9× | 11.4% | +9.6% |
| Tetra Tech TTEK | United States | $10.3B | +33% | -8% | 12% | 24.0× | 8.3% | +12.7% |
| Kinden 1944.T | Japan | $5.56B | -36% | +8% | 13% | 11.6× | -0.9% | +6.2% |
| Taisei 1801.T | Japan | $10.8B | -38% | +2% | 9% | 9.9× | 0.6% | +7.1% |
| Balfour Beatty BBY.L | United Kingdom | $5.34B | +1% | +12% | 2% | 17.2× | 1.0% | +5.3% |
| Granite Construction GVA | United States | $5.32B | -15% | +25% | 7% | 16.7× | 10.1% | +7.2% |
| Sweco SWEC-A.ST | Sweden | $5.32B | +12% | +6% | 10% | 20.6× | 5.0% | +8.7% |