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Construction subsidiary of China State Construction, focused on building projects in Hong Kong, Macau and overseas markets.
Construction subsidiary of China State Construction, focused on building projects in Hong Kong, Macau and overseas markets.
Wins building contracts, often by tender, from the Hong Kong government and private developers, and recognises income as work progresses, so the order book matters more than any single year's sales. Its state-owned parent, China State Construction Engineering, backs its credit and its standing with public clients.
In one line: A Chinese state-backed construction firm akin to a large regional Turner Construction.
Moat: narrow (scale, installed base, regulatory licence). Strong track record and state-owned parent backing give preferred access to large Hong Kong/Macau public projects.
Headquarters: Hong Kong · Founded: 2005
Size China State Construction International (3311.HK) is a Hong Kong Industrials company (Engineering & Construction) with a market value of $6.04B, the 233rd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$8.97 on 6 Nov 2026.
Performance Over six months the shares fell 4.8%, against -9.8% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue fell 14.2% over the last twelve months (peer median +11.9%); the operating margin is 14.5% (peer median 8.0%).
Valuation It trades at 5.0× forward earnings against a peer median of 14.0× (cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -20 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.7 points above its cost of capital (5.7% WACC).
Next results Next results expected around 19 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$98.0B | HK$109B | HK$115B | HK$114B | HK$102B |
| Revenue growth | — | -5% | +1% | +12% | — |
| Gross profit | HK$17.4B | HK$17.3B | HK$17.8B | HK$16.3B | HK$14.0B |
| EBITDA | HK$15.3B | HK$15.3B | HK$15.9B | HK$14.7B | HK$12.3B |
| Net income | HK$8.58B | HK$9.31B | HK$9.36B | HK$9.16B | HK$7.96B |
| Free cash flow | HK$1.99B | -HK$2.05B | -HK$1.96B | -HK$2.74B | -HK$2.39B |
| Capital expenditure | HK$1.09B | HK$1.05B | HK$1.15B | HK$565M | HK$363M |
| Total debt | n/a | HK$103B | HK$95.3B | HK$91.1B | HK$82.6B |
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 |
|---|---|---|---|---|---|---|
| China State Construction International 3311.HK | $6.04B | -5% | -14% | 15% | 5.0× | -8.1% |
| 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 Railway Construction 1186.HK | $11.4B | -22% | -5% | 4% | 3.2× | 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 | 3311.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.5% | +1.4% | 7th highest of 21 |
| 6-month return | -4.8% | -9.8% | 9th highest of 21 |
| Distance from 52-week high | -9.1% | -26.0% | 2nd highest of 21 |
| Revenue growth (TTM) | -14.2% | +11.9% | 2nd lowest of 20 |
| Operating margin | 14.5% | 8.0% | 3rd highest of 21 |
| Forward P/E | 5.0× | 14.0× | cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -8.1% | 2.3% | 3rd least demanding of 19 |
| Growth delivered (Del g) | +11.8% | +7.2% | 5th highest of 18 |
| Hurdle (Req g minus delivered) | -19.9 pp | -4.3 pp | 3rd least demanding of 18 |
| ROIC minus cost of capital | +1.7 pp | +4.2 pp | 8th lowest of 17 |
| EV / EBITDA | 7.9× | 9.2× | 4th cheapest of 17 |
| Net debt / EBITDA | 4.5× | -0.3× | most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China State Construction International 3311.HK | Hong Kong | $6.04B | -5% | -14% | 15% | 5.0× | -8.1% | +11.8% |
| Fluor FLR | United States | $6.22B | +7% | -5% | -2% | 14.2× | n/a | n/a |
| Dycom Industries DY | United States | $6.26B | -52% | +38% | 8% | 12.1× | 11.6% | +11.6% |
| IES IESC | United States | $6.38B | +32% | +23% | 12% | 12.6× | 11.2% | +22.9% |
| Kinden 1944.T | Japan | $5.56B | -36% | +8% | 13% | 11.6× | -0.9% | +6.2% |
| China National Chemical Engineering 601117.SS | China | $6.68B | -15% | +2% | 5% | 6.4× | -17.3% | +11.6% |
| Technip Energies TE.PA | France | $6.83B | -8% | +2% | 4% | 18.9× | -6.5% | +4.6% |
| 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% |
| Kandenko 1942.T | Japan | $5.26B | -41% | +4% | 12% | 11.2× | -0.9% | +5.9% |
| SOLV Energy MWH | United States | $5.19B | -40% | n/a | 8% | 14.9× | 26.2% | n/a |
| CTF Services 0659.HK | Hong Kong | $5.13B | +2% | +12% | 11% | 13.8× | 1.7% | -0.8% |
| United Integrated Services 2404.TW | Taiwan | $5.11B | -9% | +72% | 18% | 9.7× | -11.4% | +13.0% |
| VSE VSEC | United States | $4.85B | -10% | +23% | 12% | 22.1× | n/a | n/a |
| Metallurgical Corporation of China 601618.SS | China | $7.54B | -10% | -21% | -4% | 11.4× | -0.5% | +2.6% |
| Budimex BDX.WA | Poland | $4.82B | +10% | +12% | 9% | 26.5× | 15.7% | +4.1% |
| MAIRE MAIRE.MI | Italy | $4.81B | -12% | +7% | 7% | 14.7× | 2.9% | +22.1% |
| Sterling Infrastructure STRL | United States | $7.71B | -70% | +93% | 19% | 9.4× | 8.8% | +11.8% |
| Tutor Perini TPC | United States | $4.73B | +8% | +25% | 4% | 18.8× | 9.6% | +0.8% |
| INFRONEER 5076.T | Japan | $4.44B | +2% | +44% | 6% | 6.2× | 0.0% | +10.7% |