Horizon Construction Development Limited (HK:9930)
:9930
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Horizon Construction Development Limited
(9930)
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Rating:47Neutral
Price Target:
HK$0.73
▼(-32.50% Downside)
Action:Reiterated
Date:06/24/26
The score is primarily held back by weakened 2025 financial performance (revenue decline and sharp margin/ROE compression) alongside elevated leverage, and by a clearly bearish technical trend (price below all key moving averages with negative MACD). Valuation is only moderately supportive (P/E ~13.9 and ~2.16% yield), providing some cushion but not enough to outweigh the fundamental and technical weaknesses.
Positive Factors
Consistent positive operating cash flow
Consistent positive operating cash flow through 2025 provides durable liquidity to fund working capital, capex and dividends even when reported earnings dip. This cash-generation ability supports project execution, debt servicing and gives management flexibility across project timing and cycles.
Negative Factors
Sharp profitability compression
Net margin plunged to ~1.6% in 2025 from mid-single-digit levels earlier, eroding the firm’s profitability buffer. Sustained low net margins reduce capacity to absorb project overruns, limit reinvestment and weaken long-term returns, raising structural risk unless margins are restored.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent positive operating cash flow
Consistent positive operating cash flow through 2025 provides durable liquidity to fund working capital, capex and dividends even when reported earnings dip. This cash-generation ability supports project execution, debt servicing and gives management flexibility across project timing and cycles.
Read all positive factors
Horizon Construction Development Limited (9930) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$2.21B
Dividend Yield8.56%
Average Volume (3M)3.64M
Price to Earnings (P/E)13.9
Beta (1Y)0.83
Revenue Growth-19.12%
EPS Growth-83.30%
CountryHK
Employees4,929
SectorIndustrials
Sector Strength72
IndustryRental & Leasing Services
Share Statistics
EPS (TTM)0.05
Shares Outstanding3,197,244,000
10 Day Avg. Volume8,266,846
30 Day Avg. Volume3,636,192
Financial Highlights & Ratios
PEG Ratio-0.25
Price to Book (P/B)0.27
Price to Sales (P/S)0.33
P/FCF Ratio1.49
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$1.23Price Target Upside13.89% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.05
Revenue Forecast (FY)HK$10.97B
Horizon Construction Development Limited Business Overview & Revenue Model
Company Description
Horizon Construction Development Limited functions as an investment holding enterprise, delivering equipment operation solutions throughout the People's Republic of China. The company's offerings include rental services for a diverse range of mach...
How the Company Makes Money
The company makes money by offering construction services for residential, commercial, and infrastructure projects. Revenue is generated through contracts secured from clients, which include government departments, developers, and private enterpri...
Horizon Construction Development Limited Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
44
Neutral
Cash Flow
52
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 9.12B | 11.58B | 9.61B | 7.88B | 6.14B |
| Gross Profit | 2.40B | 3.77B | 3.76B | 3.13B | 2.85B |
| EBITDA | 4.02B | 4.65B | 4.50B | 4.09B | 3.21B |
| Net Income | 143.17M | 896.32M | 962.41M | 664.34M | 709.64M |
Balance Sheet | |||||
| Total Assets | 36.38B | 36.43B | 31.24B | 30.29B | 26.96B |
| Cash, Cash Equivalents and Short-Term Investments | 2.67B | 1.78B | 2.17B | 2.16B | 657.04M |
| Total Debt | 20.95B | 21.57B | 18.07B | 21.44B | 18.03B |
| Total Liabilities | 25.05B | 24.98B | 20.46B | 23.62B | 20.95B |
| Stockholders Equity | 11.33B | 11.46B | 10.78B | 6.67B | 6.01B |
Cash Flow | |||||
| Free Cash Flow | 2.02B | -3.32B | 1.52B | -1.01B | -8.30B |
| Operating Cash Flow | 4.24B | 4.20B | 3.95B | 2.82B | 2.45B |
| Investing Cash Flow | -2.12B | -6.76B | -1.83B | -3.46B | -10.47B |
| Financing Cash Flow | -1.26B | 2.14B | -2.11B | 2.29B | 8.37B |
Horizon Construction Development Limited Technical Analysis
Negative
1.08
Price Trends
0.85
Negative
0.89
Negative
1.02
Negative
Market Momentum
-0.04
Positive
25.12
Positive
11.94
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9930, the sentiment is Negative. The current price of 1.08 is above the 20-day moving average (MA) of 0.79, above the 50-day MA of 0.85, and above the 200-day MA of 1.02, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 25.12 is Positive, neither overbought nor oversold. The STOCH value of 11.94 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:9930.
Horizon Construction Development Limited Peers Comparison
UnderperformOutperform
Sector (63)
HK:9930
Horizon Construction Development Limited
0.74
-0.40
-34.80%
HK:0936
Kaisa Capital Investment Holdings Limited
0.28
0.16
129.17%
HK:1341
Hao Tian International Construction Investment Group Limited
0.02
-0.39
-95.06%
Horizon Construction Development Limited Corporate Events
Horizon Construction Schedules August Board Meeting to Review Interim Results
Jun 24, 2026
Horizon Construction Development Limited has scheduled a board meeting for 4 August 2026 to review and approve the group’s interim results for the six months ended 30 June 2026. The board will also consider the declaration of an interim divi...
Horizon Construction Development Wins Strong Shareholder Backing at 2026 AGM
Jun 9, 2026
Horizon Construction Development Limited reported that all resolutions at its 9 June 2026 annual general meeting were approved by poll with overwhelming majorities, including adoption of the 2025 audited accounts, approval of a final dividend, ren...
Horizon Construction Development Sets 2026 AGM to Approve Results and Capital Mandates
Apr 27, 2026
Horizon Construction Development Limited has called its annual general meeting for 9 June 2026 in Hong Kong, where shareholders will review and approve the audited consolidated financial statements, directors’ report and independent auditors...
Horizon Construction Development Lifts Overseas Revenue as Q1 Loss Narrows
Apr 13, 2026
Horizon Construction Development reported that in the first quarter of 2026 it kept its domestic operations stable while pushing ahead with overseas expansion, with utilization of key equipment such as aerial work platforms reaching about 78%. Tot...
Horizon Construction Completes Acquisition of Stake in Shanghai Hongzuo
Apr 9, 2026
Horizon Construction Development Limited has completed its previously announced acquisition of a 25.6306% equity interest in Shanghai Hongzuo, following satisfaction of all conditions under the equity transfer agreement on 31 March 2026. Shanghai ...
Horizon Construction CEO Boosts Stake, Affirms Confidence While Maintaining Public Float
Mar 27, 2026
Horizon Construction Development Limited announced that its chief executive officer and executive director, Zhan Jing, has acquired 1,000,000 ordinary shares in the company on the open market between 16 and 27 March 2026, using his personal funds....
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.