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China State Construction Development Holdings Limited (HKEX:830) estimates point to a modest revenue recovery after a difficult FY2025 and weak first half of 2026, not a return to the company’s former earnings level. Third-party forecasts cluster around HK$6.16 billion of FY2026 revenue and HK$6.41 billion in FY2027, while projected earnings range depends on whether a provider reports adjusted EPS, net income or another measure. The company’s facade and general-contracting business remains the key earnings driver; operating-management activities, building-integrated photovoltaics (BIPV), maintenance and selective overseas work are the main potential growth contributors.
What are the latest HKEX:830 estimates?
The most recent estimates available in the cited market-data tables are dated 20 August 2026. StockAnalysis lists FY2026 revenue of HK$6.16 billion and EPS of HK$0.11, followed by FY2027 revenue of HK$6.41 billion and EPS of HK$0.13. Its page identifies two analysts and states that its EPS and forward price-to-earnings calculations use non-GAAP adjusted figures.
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MarketScreener’s table is similar on revenue but presents earnings as forecast net income and earnings before tax (EBT): HK$251.5 million net income and HK$289 million EBT for FY2026, rising to HK$279.5 million and HK$322 million in FY2027, then HK$316 million and HK$358 million in FY2028.
| Fiscal year | Revenue estimate | EPS or earnings estimate | Definition and source |
|---|---|---|---|
| FY2026 | HK$6.16 billion (StockAnalysis); HK$6.162 billion (MarketScreener) | HK$0.11 adjusted EPS (StockAnalysis); HK$251.5 million net income; HK$289 million EBT (MarketScreener) | StockAnalysis page updated 20 August 2026; two analysts; non-GAAP EPS. MarketScreener forecast table. |
| FY2027 | HK$6.41 billion (StockAnalysis); HK$6.412 billion (MarketScreener) | HK$0.13 adjusted EPS (StockAnalysis); HK$279.5 million net income; HK$322 million EBT (MarketScreener) | Same provider definitions as above. |
| FY2028 | HK$6.546 billion | HK$316 million net income; HK$358 million EBT | MarketScreener forecast table. |
These are dated third-party estimates, not guidance issued by China State Construction Development Holdings Limited. The figures should not be merged mechanically: adjusted EPS is not the same metric as reported net income, and the consensus may represent only a small number of contributing analysts.
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How did FY2025 and 1H2026 change the starting point?
Audited FY2025 revenue was HK$5,975,499,000, down 26.2% from 2024. Profit attributable to owners fell 63.5% to HK$237,341,000, and basic EPS declined to HK10.52 cents from HK28.83 cents. This sharp reset means even the forecast recovery leaves revenue only moderately above the FY2025 base.
For the six months ended 30 June 2026, revenue was HK$3,054 million, attributable profit was HK$133 million and basic EPS was HK5.91 cents. In 1H2025, the corresponding figures were HK$3,338 million, HK$386 million and HK17.12 cents. The year-over-year profit reduction was therefore much steeper than the revenue decline.
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Which segment caused most of the interim deterioration?
Facade and general-contracting revenue fell 9.5% year over year to HK$2,579 million, while segment operating profit dropped 67.4% to HK$142 million. Operating Management generated HK$475 million of revenue and HK$74 million of operating profit in the period. The interim pattern indicates that project volume and margin pressure in the core facade operation mattered more than the smaller operating-management segment.
What does the business mix imply for the forecast?
The annual filing reports two segments. Facade and General Contracting Works produced FY2025 revenue of HK$5,076,748,000 and a segment result of HK$184,293,000. Operating Management, which covers urban-planning management and consultation, engineering consultancy, thermoelectricity, senior housing and infrastructure-project funding, produced HK$898,751,000 of revenue and a HK$207,306,000 segment result.
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Management says it is consolidating its Hong Kong facade position while selecting projects in mainland China and overseas markets. Reported wins include Yau Tong Inland Lot No. 46, Macau government and light-rail work, facade projects in Shenzhen and Wuhan, and an Apple Store project in Xi’an. Awards can support the revenue pipeline, but they do not by themselves establish the timing or margin of recognized revenue.
Can BIPV and maintenance change the earnings profile?
Building-integrated photovoltaics is management’s clearest stated growth theme. Chairman Wang Xiaoguang described BIPV as a future growth point for the facade business. The group is also pursuing facade inspection, maintenance and renovation, digital manufacturing, BIM and AI-enabled delivery, and a possible high-altitude robot niche for curtain-wall cleaning and maintenance. These are strategic initiatives rather than quantified revenue guidance, so the estimates do not prove that they will materially lift FY2026 or FY2027 earnings.
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1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitchesWhy do published EPS estimates differ?
Different providers can show different “EPS” outcomes even when their revenue forecasts are nearly identical. StockAnalysis labels its figures as non-GAAP adjusted EPS, whereas MarketScreener’s table reports net income and EBT. Adjustments, share-count assumptions, exceptional items and the choice between attributable profit and adjusted profit can all change the per-share result.
- Metric definition: check whether the number is reported attributable profit, adjusted profit, net income or EBT.
- Horizon: FY2026, FY2027 and FY2028 figures answer different questions about recovery speed.
- Consensus breadth: StockAnalysis identifies two analysts, so the displayed value is not necessarily a broad market consensus.
- Update date: estimates may move after results, contract announcements, price changes or analyst revisions.
- Operating assumptions: facade volumes, project margins, BIPV contribution, property demand, costs and currency are decisive.
What could make the estimates too high or too low?
Management attributed the 2026 pressure to cautious property-developer investment, fewer new projects, settlement revenue below expectations, higher raw-material prices and Renminbi appreciation. Those factors can reduce recognized revenue, compress contract margins or translate overseas earnings unfavorably.
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The company also identifies geopolitical conditions, global growth, interest-rate policy, trade fragmentation and floating-rate borrowings as uncertainties. For a contractor, a recovery in awarded work is not enough: cash collection, variation orders, material procurement and final project settlement determine how much of that work becomes profit.
What is the balance-sheet context?
At 30 June 2026, cash and bank balances were HK$1,191 million, total bank borrowings were HK$1,922 million, net gearing was approximately 24.9%, and unutilised banking facilities were approximately HK$8,186 million. These figures provide liquidity context for ongoing projects, but they do not remove refinancing, interest-rate or execution risk.
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A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11How should investors use the HKEX:830 forecast?
- Anchor on reported results: start with FY2025 revenue, attributable profit and basic EPS rather than an adjusted forecast alone.
- Separate recovery from growth: compare FY2026 estimates with the HK$5.98 billion FY2025 revenue base and examine whether profit recovers faster or slower than sales.
- Read the segment trend: track facade-project awards, settlement revenue and operating margin, because that segment drove the 1H2026 decline.
- Check definitions: do not compare HK$0.11 adjusted EPS directly with reported basic EPS without reconciling the methodology.
- Update the assumptions: reassess estimates after interim or annual results, major contract awards, material-price changes and currency moves.
The central question is whether facade contracting can regain volume and margin while newer activities develop into recurring revenue. Current tables imply a gradual improvement through FY2028, but the evidence supports a scenario range rather than a precise earnings promise.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Frequently Asked Questions
What was China State Construction Development’s FY2025 basic EPS?
FY2025 basic EPS was HK10.52 cents, compared with HK28.83 cents in FY2024. The decline accompanied a 63.5% fall in profit attributable to owners.
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How much revenue did HKEX:830 report in the first half of 2026?
Revenue for the six months ended 30 June 2026 was HK$3,054 million. Attributable profit was HK$133 million and basic EPS was HK5.91 cents.
Does the HKEX:830 forecast include company guidance?
No. The published FY2026–FY2028 figures are third-party estimates. The company discusses strategic priorities but does not provide matching quantified earnings guidance in the cited reports.
Which business is most important to China State Construction Development earnings?
Facade and General Contracting Works is the largest revenue business and the main earnings engine. Operating Management is smaller by revenue but produced a higher FY2025 segment result than facade and general contracting.
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