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Major Chinese heavy-truck maker selling HOWO-brand trucks domestically and via exports, in a JV with MAN (Volkswagen Truck).
Major Chinese heavy-truck maker selling HOWO-brand trucks domestically and via exports, in a JV with MAN (Volkswagen Truck).
Sells trucks to fleet operators and dealers, and exports to emerging markets are a large part of its volume. Controlled by CNHTC, which belongs to the Shandong provincial government through Shandong Heavy Industry Group; Traton, Volkswagen's truck arm, holds about a quarter through MAN.
In one line: A Chinese heavy-truck maker with a European JV, akin to a China-based Paccar.
Moat: narrow (scale, distribution, brand). Domestic distribution scale and MAN engine/technology licensing versus smaller local truck makers.
Headquarters: Jinan, China · Founded: 1930 · Employees: 28,614
Size Sinotruk Hong Kong (3808.HK) is a Hong Kong Industrials company (Trucks/Construction/Farm Machinery) with a market value of $12.3B, the 139th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$34.98 on 6 Nov 2026.
Performance Over six months the shares fell 11.7%, against -18.7% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 38.3% over the last twelve months (peer median +9.0%); the operating margin is 6.8% (peer median 14.0%).
Valuation It trades at 9.4× forward earnings against a peer median of 16.6× (4th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.8 points above its cost of capital (7.4% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$145B | HK$119B | HK$103B | HK$94.5B | HK$69.1B |
| Revenue growth | — | +15% | +9% | +37% | — |
| Gross profit | HK$20.9B | HK$17.9B | HK$16.1B | HK$15.0B | HK$11.6B |
| EBITDA | HK$11.9B | HK$9.90B | HK$8.67B | HK$8.07B | HK$3.60B |
| Net income | HK$8.86B | HK$7.61B | HK$6.35B | HK$5.88B | HK$1.95B |
| Free cash flow | HK$14.1B | HK$12.9B | HK$6.96B | HK$9.86B | HK$12.2B |
| Capital expenditure | HK$378M | HK$1.12B | HK$2.42B | HK$2.82B | HK$1.75B |
| Total debt | n/a | HK$37.9B | HK$29.2B | HK$22.0B | HK$15.6B |
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 |
|---|---|---|---|---|---|---|
| Sinotruk Hong Kong 3808.HK | $12.3B | -12% | +38% | 7% | 9.4× | -3.2% |
| FAW Jiefang 000800.SZ | $4.11B | -17% | +22% | -1% | 29.5× | n/a |
| Traton 8TRA.DE | $18.9B | +2% | +1% | 6% | 6.1× | n/a |
| Paccar PCAR | $53.7B | -11% | -1% | 11% | 15.4× | 11.2% |
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 | 3808.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.2% | -10.0% | 6th highest of 21 |
| 6-month return | -11.7% | -18.7% | 10th highest of 21 |
| Distance from 52-week high | -27.7% | -32.0% | 10th highest of 21 |
| Revenue growth (TTM) | +38.3% | +9.0% | 2nd highest of 21 |
| Operating margin | 6.8% | 14.0% | 4th lowest of 21 |
| Forward P/E | 9.4× | 16.6× | 4th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -3.2% | 7.2% | 5th least demanding of 18 |
| Growth delivered (Del g) | +1.5% | +10.3% | 2nd lowest of 18 |
| Hurdle (Req g minus delivered) | -4.7 pp | -1.3 pp | 8th least demanding of 18 |
| ROIC minus cost of capital | +2.8 pp | +11.0 pp | 8th lowest of 20 |
| EV / EBITDA | 9.6× | 12.4× | 3rd cheapest of 15 |
| Net debt / EBITDA | 0.6× | 1.2× | 6th least indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sinotruk Hong Kong 3808.HK | Hong Kong | $12.3B | -12% | +38% | 7% | 9.4× | -3.2% | +1.5% |
| Hdksoe 009540.KS | South Korea | $12.5B | -48% | +23% | 23% | 4.4× | n/a | n/a |
| XCMG Construction Machinery 000425.SZ | China | $12.6B | -28% | +8% | 8% | 11.0× | -3.2% | +6.4% |
| Yangzijiang Shipbuilding (Holdings) BS6.SI | Singapore | $13.5B | +11% | +26% | 32% | 8.2× | -10.1% | +11.8% |
| Ashok Leyland ASHOKLEY.NS | India | $10.7B | +1% | +16% | 17% | 24.8× | n/a | n/a |
| Hanwha Ocean 042660.KS | South Korea | $10.7B | -64% | +18% | 13% | 8.7× | -12.4% | +13.2% |
| CNH Industrial CNH | United States | $14.3B | +5% | +1% | 13% | 21.1× | 7.4% | -7.0% |
| SamsungHvyInd 010140.KS | South Korea | $10.2B | -50% | +30% | 27% | 13.3× | -20.3% | +11.4% |
| Toro TTC | United States | $9.92B | +10% | +5% | 11% | 21.2× | 5.6% | +6.0% |
| Metso METSO.HE | Finland | $15.8B | +14% | +8% | 15% | 23.6× | 15.3% | +9.6% |
| Wartsila Oyj Abp WRT1V.HE | Finland | $17.1B | -25% | -2% | 13% | 23.5× | 7.2% | +8.5% |
| Kubota 6326.T | Japan | $18.2B | 0% | +13% | 11% | 10.0× | 7.5% | +10.3% |
| Weir WEIR.L | United Kingdom | $8.18B | -3% | +6% | 18% | 18.1× | 19.3% | +5.5% |
| Mazagon Dock Shipbuilders MAZDOCK.NS | India | $7.87B | -31% | +8% | 15% | 30.5× | n/a | n/a |
| AGCO AGCO | United States | $7.61B | -6% | +1% | 6% | 17.1× | 10.5% | +2.0% |
| Gaztransport & Technigaz GTT.PA | France | $7.50B | -13% | +9% | 64% | 16.1× | -3.1% | +15.2% |
| Hd Hyundai Heavy Industries 329180.KS | South Korea | $20.3B | -62% | +41% | 15% | 9.5× | -7.0% | +16.2% |
| Konecranes KCR.HE | Finland | $7.47B | +5% | -1% | 13% | 15.9× | 9.1% | +5.7% |
| Accelleron Industries ACLN.SW | Switzerland | $7.29B | -25% | +13% | 25% | 25.1× | 3.5% | +12.1% |
| Doosan Enerbility 034020.KS | South Korea | $21.1B | -65% | +9% | 5% | 82.3× | 22.7% | +13.2% |
| Doosan 000150.KS | South Korea | $7.10B | -60% | +11% | 6% | 16.1× | 15.0% | +11.6% |