Horizon Construction Development Limited (HK:9930)
:9930
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Horizon Construction Development Limited
(9930)
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Rating:48Neutral
Price Target:
HK$0.89
▼(-17.50% Downside)
Action:Reiterated
Date:03/24/26
The score is held back primarily by weaker 2025 financial performance (revenue decline, sharp margin/ROE compression) and elevated leverage, alongside a bearish technical trend with price below key moving averages and negative MACD. The main support comes from consistently positive operating cash flow and a very high dividend yield, though the P/E is not particularly cheap for the recent profitability step-down.
Positive Factors
Consistent operating cash flow
Consistently positive and improving operating cash flow provides durable liquidity to fund working capital and project execution, supports dividend capacity and buffers against revenue cyclicality. This strengthens resilience across construction cycles and aids financing flexibility.
Negative Factors
Recent revenue contraction
A meaningful revenue decline in 2025 signals weakened demand or loss of project share, reducing operating leverage. If sustained, lower scale can pressure margins, underutilize capacity and erode bargaining power with subcontractors and suppliers, lengthening recovery time for earnings.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent operating cash flow
Consistently positive and improving operating cash flow provides durable liquidity to fund working capital and project execution, supports dividend capacity and buffers against revenue cyclicality. This strengthens resilience across construction cycles and aids financing flexibility.
Read all positive factors
Horizon Construction Development Limited (9930) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$2.81B
Dividend Yield8.56%
Average Volume (3M)3.64M
Price to Earnings (P/E)6.9
Beta (1Y)0.81
Revenue Growth-19.12%
EPS Growth-83.30%
CountryHK
Employees4,929
SectorIndustrials
Sector Strength72
IndustryRental & Leasing Services
Share Statistics
EPS (TTM)0.04
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 operates as an investment holding company that provides equipment operation services in the People's Republic of China. The company also provides operating lease services that cover various types of equipme...
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 | 3.86B | 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
0.90
Negative
0.96
Negative
1.09
Negative
Market Momentum
>-0.01
Positive
45.77
Neutral
50.00
Neutral
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 0.89, above the 50-day MA of 0.90, and below the 200-day MA of 1.09, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 45.77 is Neutral, neither overbought nor oversold. The STOCH value of 50.00 is Neutral, 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
0.88
-0.33
-27.27%
HK:0936
Kaisa Capital Investment Holdings Limited
0.29
0.17
141.67%
HK:1341
Hao Tian International Construction Investment Group Limited
0.03
-0.40
-94.19%
Horizon Construction Development Limited Corporate Events
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....
Horizon Construction to Buy 25.6% Stake in Shanghai Hongzuo in Connected Deal
Mar 13, 2026
Horizon Construction Development’s wholly owned subsidiary Tianjin Hongtou has agreed to acquire a 25.6306% equity stake in Shanghai Hongzuo from Shanghai Depeng for RMB77.4 million, valuing the target’s entire shareholders’ equi...
Horizon Construction Development Declares Final Cash Dividend for 2025
Mar 10, 2026
Horizon Construction Development Limited has declared a final ordinary cash dividend of HKD 0.016 per share for the financial year ended 31 December 2025, with shareholder approval scheduled for 9 June 2026. The dividend will be paid in Hong Kong ...
Horizon Construction Plans Electronic Overhaul of Corporate Articles
Mar 10, 2026
Horizon Construction Development Limited plans to overhaul its constitutional documents by replacing its existing memorandum and articles of association with a new, fifth amended and restated version. The move is designed to modernise shareholder ...
Horizon Construction Development Publishes Audited 2025 Annual Results
Mar 10, 2026
Horizon Construction Development Limited has released its audited annual results for the year ended 31 December 2025, fulfilling disclosure requirements for Hong Kong-listed companies. The announcement formally presents the full 2025 annual report...
Horizon Construction Renews Connected Procurement Deal with Shangyu Boteng to 2028
Feb 3, 2026
Horizon Construction Development Limited has entered into a new Material Procurement Framework Agreement with Shangyu Boteng, effective from 3 February 2026 to 31 December 2028, to continue purchasing construction materials including connection ac...
Horizon Construction Issues Profit Warning as Revenue and Margins Slide
Jan 29, 2026
Horizon Construction Development Limited has warned that its revenue for 2025 is expected to fall by nearly 20% from the RMB11.58 billion recorded in 2024, with profit attributable to shareholders forecast to plunge by 70%–90% amid a challen...
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.
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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.