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Singapore-based civil-engineering and building-construction contractor (formerly S&T Holdings), despite its newer commerce/supply-chain name.
Singapore-based civil-engineering and building-construction contractor (formerly S&T Holdings), despite its newer commerce/supply-chain name.
In one line: A small Singapore civil-engineering contractor.
Moat: none. Small, project-based Singapore contractor with no scale edge over local peers.
Headquarters: Singapore · Founded: 1998 · Employees: 180
Size China Next-Gen Commerce and Supply Chain (3928.HK) is a Hong Kong Industrials company (Engineering & Construction) with a market value of $1.81B, the 440th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$28.56 on 6 Nov 2026.
Performance Over six months the shares gained 47.2%, against -9.5% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue fell 25.7% over the last twelve months (peer median +4.9%); the operating margin is -16.8% (peer median 7.2%).
Valuation It trades at 50.8× enterprise value to sales against a peer median of 1.2× (most expensive of 21).
Capital Return on invested capital runs 21.7 points below its cost of capital (5.3% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$278M | HK$365M | HK$326M | HK$324M | HK$383M |
| Revenue growth | — | +12% | +1% | -15% | — |
| Gross profit | HK$10.9M | HK$22.8M | HK$22.3M | HK$16.7M | HK$11.2M |
| EBITDA | -HK$35.3M | HK$1.39M | HK$9.18M | -HK$5.28M | -HK$9.23M |
| Net income | -HK$41.6M | -HK$5.22M | -HK$4.57M | -HK$6.00M | -HK$8.52M |
| Free cash flow | -HK$77.4M | -HK$5.67M | HK$2.00M | HK$2.49M | HK$984,340 |
| Capital expenditure | HK$7.90M | HK$2.34M | HK$11.2M | HK$8.85M | HK$28,942 |
| Total debt | n/a | HK$94.3M | HK$112M | HK$112M | HK$139M |
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.
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 | 3928.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.3% | -3.9% | 4th highest of 21 |
| 6-month return | +47.2% | -9.5% | 3rd highest of 21 |
| Distance from 52-week high | -3.4% | -26.8% | 3rd highest of 21 |
| Revenue growth (TTM) | -25.7% | +4.9% | lowest of 21 |
| Operating margin | -16.8% | 7.2% | lowest of 21 |
| EV / Sales | 50.8× | 1.2× | most expensive of 21 |
| ROIC minus cost of capital | -21.7 pp | +3.5 pp | lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China Next-Gen Commerce and Supply Chain 3928.HK | Hong Kong | $1.81B | +47% | -26% | -17% | 50.8× | n/a | n/a |
| Mega Union Technology 6944.TW | Taiwan | $1.82B | -17% | +60% | 21% | 2.6× | -4.0% | +30.2% |
| Badger Infrastructure Solutions BDGI.TO | Canada | $1.80B | -10% | +16% | 8% | 2.4× | 21.0% | +15.8% |
| Guangdong Construction Engineering 002060.SZ | China | $1.79B | -15% | -11% | 3% | 0.6× | n/a | n/a |
| Beijing Enterprises Water 0371.HK | Hong Kong | $1.86B | -48% | -5% | 24% | 5.2× | 4.2% | -1.2% |
| Jinko Power Technology 601778.SS | China | $1.86B | -49% | -25% | 16% | 9.1× | n/a | n/a |
| Kier KIE.L | United Kingdom | $1.75B | +53% | +7% | 3% | 0.3× | -6.3% | +5.9% |
| Engineers India ENGINERSIN.NS | India | $1.74B | +12% | +6% | 20% | 3.8× | 29.6% | +4.6% |
| Suzhou Gold Mantis Construction and Decoration 002081.SZ | China | $1.74B | -25% | -8% | 3% | 0.7× | 12.2% | -11.1% |
| Tasmea TEA.AX | Australia | $1.73B | +49% | +136% | 8% | 2.0× | 4.6% | +59.3% |
| SHO BOND 1414.T | Japan | $1.71B | -6% | -2% | 23% | 2.6× | -7.5% | +2.2% |
| Burkhalter BRKN.SW | Switzerland | $1.71B | -27% | -2% | 6% | 1.2× | -1.3% | +19.0% |
| Chudenko 1941.T | Japan | $1.71B | +3% | +9% | 12% | 0.9× | -8.6% | +4.3% |
| China Aluminum International Engineering 2068.HK | Hong Kong | $1.71B | -39% | -6% | 4% | 1.3× | 11.9% | -0.6% |
| NCC NCC-A.ST | Sweden | $1.69B | -3% | -17% | 3% | 0.4× | -1.6% | +0.7% |
| Envision Greenwise 1783.HK | Hong Kong | $1.68B | +38% | +183% | 3% | 5.3× | n/a | n/a |
| HAZAMA ANDO 1719.T | Japan | $1.94B | -11% | +4% | 8% | 0.6× | -11.7% | +4.5% |
| NRW NWH.AX | Australia | $1.95B | -17% | +31% | 6% | 0.7× | 8.5% | +14.1% |
| Japan Elevator Service 6544.T | Japan | $1.65B | -9% | +17% | 19% | 4.4× | 4.0% | +18.6% |
| Shandong Hi-speed Road&bridge 000498.SZ | China | $1.65B | +20% | -9% | 7% | 1.1× | n/a | n/a |
| Monadelphous MND.AX | Australia | $1.98B | -4% | +29% | 5% | 0.9× | 5.3% | +9.7% |