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Shanghai Construction Group subsidiary specializing in tunnel and underground engineering, including metro tunnels and shield tunneling.
Shanghai Construction Group subsidiary specializing in tunnel and underground engineering, including metro tunnels and shield tunneling.
Wins construction contracts, mostly fixed-price, and books revenue as the work progresses, so results follow its backlog and cost control. Its shield-machine arm builds tunnel-boring machines, giving it control over its main tool. Customers are largely government bodies, so project awards and payment follow public spending.
In one line: A tunneling specialist within a larger Chinese contractor.
Moat: narrow (process know-how, installed base). Specialized shield-tunneling expertise built over decades of Shanghai metro construction.
Headquarters: Shanghai, China · Employees: 17,143
Size Shanghai Tunnel Engineering (600820.SS) is a China Industrials company (Engineering & Construction) with a market value of $2.56B, the 1012th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥5.43 on 6 Nov 2026.
Performance Over six months the shares fell 8.6%, against -6.9% for the median peer and -16.4% for the China market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue fell 9.4% over the last twelve months (peer median +8.9%); the operating margin is 6.1% (peer median 5.1%).
Valuation It trades at 8.0× forward earnings against a peer median of 15.8× (2nd cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.9 points below its cost of capital (5.0% WACC).
Next results Next results expected around 19 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥54.5B | CN¥57.8B | CN¥68.7B | CN¥74.0B | CN¥72.2B |
| Revenue growth | — | -16% | -7% | +3% | — |
| Gross profit | CN¥8.20B | CN¥7.88B | CN¥8.10B | CN¥7.38B | CN¥8.63B |
| EBITDA | n/a | CN¥5.16B | CN¥5.07B | CN¥4.14B | CN¥5.55B |
| Net income | CN¥2.13B | CN¥2.21B | CN¥2.84B | CN¥2.95B | CN¥2.86B |
| Free cash flow | CN¥1.69B | CN¥1.92B | CN¥4.10B | CN¥1.27B | CN¥474M |
| Capital expenditure | CN¥1.52B | CN¥1.68B | CN¥1.19B | CN¥2.06B | CN¥3.68B |
| Total debt | CN¥62.1B | CN¥49.7B | CN¥40.9B | CN¥35.9B | CN¥35.4B |
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 |
|---|---|---|---|---|---|---|
| Shanghai Tunnel Engineering 600820.SS | $2.56B | -9% | -9% | 6% | 8.0× | -0.6% |
| China Railway Construction 601186.SS | $11.4B | -11% | -9% | 4% | 4.9× | n/a |
| China Railway 601390.SS | $15.1B | -13% | -7% | 4% | 6.0× | n/a |
| China Communications Construction 601800.SS | $12.8B | -12% | -4% | 3% | 6.8× | n/a |
| China Railway Construction Heavy Industry 688425.SS | $3.29B | -13% | -1% | 12% | 12.4× | 1.9% |
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 | 600820.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.6% | +0.6% | 9th highest of 21 |
| 6-month return | -8.6% | -6.9% | 10th lowest of 21 |
| Distance from 52-week high | -22.6% | -25.2% | 9th highest of 21 |
| Revenue growth (TTM) | -9.4% | +8.9% | 3rd lowest of 21 |
| Operating margin | 6.1% | 5.1% | 8th highest of 21 |
| Forward P/E | 8.0× | 15.8× | 2nd cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -0.6% | -0.8% | 9th most demanding of 18 |
| Growth delivered (Del g) | +1.4% | +9.7% | 3rd lowest of 18 |
| Hurdle (Req g minus delivered) | -2.0 pp | -8.1 pp | 5th most demanding of 18 |
| ROIC minus cost of capital | -0.9 pp | +4.3 pp | 4th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shanghai Tunnel Engineering 600820.SS | China | $2.56B | -9% | -9% | 6% | 8.0× | -0.6% | +1.4% |
| Bilfinger GBF.DE | Germany | $2.57B | -31% | +6% | 5% | 15.5× | -6.7% | +9.4% |
| Tecnicas Reunidas TRE.MC | Spain | $2.57B | -5% | +33% | 4% | 13.5× | -2.5% | +12.9% |
| Koninklijke Heijmans HEIJM.AS | Netherlands | $2.55B | -7% | +11% | 6% | 13.5× | 3.9% | +9.7% |
| Toda 1860.T | Japan | $2.58B | -3% | +10% | 6% | 11.1× | -0.8% | +5.0% |
| Cemindia Projects CEMPRO.NS | India | $2.58B | +36% | +10% | 9% | 32.8× | 42.2% | +29.9% |
| Aecon ARE.TO | Canada | $2.59B | -4% | +23% | 2% | 26.3× | 5.1% | +8.3% |
| Keller KLR.L | United Kingdom | $2.63B | +24% | +10% | 7% | 11.8× | 4.4% | +8.4% |
| Kalpataru Projects International KPIL.NS | India | $2.48B | +6% | +15% | 6% | 18.6× | 14.9% | +16.0% |
| Bird Construction BDT.TO | Canada | $2.70B | +28% | +7% | 4% | 21.5× | 6.1% | +17.7% |
| Arcplus 600629.SS | China | $2.43B | -17% | -25% | -3% | 38.4× | n/a | n/a |
| AF Gruppen AFG.OL | Norway | $2.42B | +13% | +11% | 5% | 16.2× | -9.7% | +3.4% |
| Webuild WBD.MI | Italy | $2.39B | -22% | +2% | -1% | 6.5× | -2.1% | +24.4% |
| Elecnor ENO.MC | Spain | $2.76B | -30% | +7% | 4% | 17.0× | -4.9% | +12.3% |
| Morgan Sindall MGNS.L | United Kingdom | $2.77B | -7% | +11% | 5% | 11.7× | -4.7% | +10.6% |
| Peab PEAB-B.ST | Sweden | $2.80B | +5% | +4% | 4% | 11.4× | 6.6% | -0.4% |
| EXEO 1951.T | Japan | $2.84B | -22% | +18% | 7% | 12.2× | -5.0% | +6.6% |
| Shanghai Construction 600170.SS | China | $2.89B | -20% | -22% | 1% | 16.7× | -10.4% | -2.3% |
| Penta-Ocean Construction 1893.T | Japan | $2.25B | -29% | +7% | 7% | 8.9× | n/a | n/a |
| Grenergy Renovables GRE.MC | Spain | $2.24B | -40% | +8% | 23% | 18.9× | n/a | n/a |
| Nbcc (india) NBCC.NS | India | $2.23B | -19% | +4% | 6% | 26.0× | 40.1% | +12.9% |