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China State Construction Development Holdings (0830) Fair Value & Analysis

Industrials · HK · Market cap HK$1.5B

CS China State Construction Development Holdings 0830 · HK
PriceHK$0.6600
Fair ValueHK$1.23
Upside+86.4%
Quality33/100
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Expensive Growth
Thin margins · 4.0% net margin
Moderate debt · negative free cash flow
7.89% dividend yield
Ranks above peers (9/14)
Narrow moat 21/100
Evidence: High Range HK$1.03 – HK$1.72 Share as image

Fair value as of: Aug 13, 2026

From 17 valuation models · updated 2 days ago

Share price +1.5% over the past month.

Below-average quality, screening 86% undervalued on our models.

What matters now

  • The large discount to fair value meets weak quality (33/100). That raises the risk this is a value trap rather than a bargain.
  • The price is below even our cautious bear case (HK$1.03). The market is more pessimistic than our downside scenario.
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Price vs Fair Value (5 years)

HK$2.54 HK$0.4958 Fair Value HK$1.23 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range HK$0.4958 – HK$2.54 · fair‑value band HK$1.03 – HK$1.72 · the HK$0.6600 price screens below the HK$1.23 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

China State Construction Development Holdings (0830) currently trades at HK$0.6600, while our model-based Fair Value estimate is HK$1.23, implying the stock looks roughly 86.4% undervalued today. The Quality Score stands at 33/100 (below-average quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, China State Construction Development Holdings generated revenue of HK$6.0B at a net margin of 4.0%. Revenue declined 22.0% year over year. It earns a return on equity of 8.6%. Net debt stands at HK$756M. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$1.03 (bear case) to HK$1.72 (bull case); at HK$0.6600, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 58% below its 52-week high, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -34% fair-value upside, at 86%, 0830 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income HK$1.01 HK$1.07 HK$1.14 76
ROIC Compounder HK$0.4800 HK$0.5600 HK$0.6200 72
Gordon GGM HK$0.6100 HK$1.09 HK$1.50 70
All 17 models by family
DCF Models
Owner Earnings HK$1.36 HK$2.31 HK$3.77 31
Earnings-Based
Graham-Dodd HK$0.7200 HK$3.29 HK$4.52 54
Lynch FV HK$0.8600 HK$1.23 HK$1.61 50
PEG = 1.0 HK$0.8600 HK$1.23 HK$1.61 46
EPV HK$0.4800 HK$0.5600 HK$0.6200 59
Dividend Discount
Gordon GGM HK$0.6100 HK$1.09 HK$1.50 70
DDM Multi-Stage HK$0.6100 HK$1.00 HK$1.17 61
Multiples
P/E Multiple HK$1.66 HK$2.21 HK$2.76 63
P/S Multiple HK$1.34 HK$1.79 HK$2.24 58
P/B Multiple HK$1.34 HK$1.79 HK$2.24 55
EV/EBIT HK$1.04 HK$1.42 HK$1.80 53
EV/EBITDA HK$1.57 HK$2.13 HK$2.68 54
EV/Revenue HK$0.7200 HK$1.06 HK$1.41 43
Asset-Based
NCAV (Graham) HK$0.6300 HK$0.8400 HK$1.26 50
Economic Profit
Residual Income HK$1.01 HK$1.07 HK$1.14 76
ROIC Compounder HK$0.4800 HK$0.5600 HK$0.6200 72
Growth Earnings
Growth-Adj P/E HK$1.39 HK$1.98 HK$2.57 68

Widest divergence: DCF Models (HK$2.31) versus Economic Profit (HK$0.5600). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) HK$6.0B
Revenue growth (YoY) -22.0%
Net margin 4.0%
Return on equity 8.6%
Free cash flow −HK$300M FY2025
P/E ratio 6.0 as of Jul 2, 2026
More key figures
Operating margin -9.9%
EPS (TTM) HK$0.1700
Dividend yield 7.9%
EPS growth (YoY) -29.8%
Net debt HK$756M FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 33/100

Of which business quality 32 · Market factors (momentum, volatility) 26

Profitability 26
Margins and returns on capital today
Quality Growth 4
Are margins and returns improving?
Cashflow 3
Earnings quality: real cash, not paper profit
Fin. Strength 31
Balance sheet, leverage, solvency risk
Investment 73
Disciplined investing over empire-building
Low Volatility 75
Calm price path (market factor)
Momentum 9
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 78
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

China State Construction Development Holdings Limited, an investment holding company, engages in the general contracting business in Hong Kong and internationally. The company operates through Facade and General Contracting Works, and Operating Management segments.

Full company description

China State Construction Development Holdings Limited, an investment holding company, engages in the general contracting business in Hong Kong and internationally. The company operates through Facade and General Contracting Works, and Operating Management segments. It is involved in the design, engineering, manufacture, and installation of curtain wall systems, aluminium windows, and other related products. The company also provides urban planning management and consultation, engineering consultancy services, senior housing services, and funding to infrastructure projects, as well as engages in thermoelectricity business; company secretarial, consultancy and construction, construction maintenance, project consultancy, engineering consultancy, business development, and management services. In addition, it is involved in the building construction and project management activities; property holding business; generation and supply of heat and electricity; and trading of coal. The company was formerly known as Far East Global Group Limited and changed its name to China State Construction Development Holdings Limited in March 2019. The company was founded in 1969 and is headquartered in Chai Wan, Hong Kong. China State Construction Development Holdings Limited is a subsidiary of Add Treasure Holdings Limited.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

China State Construction Development Holdings reported revenue of HK$6.0B in FY2025 versus HK$6.3B in FY2021, a compound −1.3%/yr. Reported net income was HK$237M in FY2025, compounding −5.0%/yr from FY2021.

Growth Quality 32/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
HK$6.0B
Latest YoY
−26.2%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−8.0%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+5.7%
Avg. growth/yr (19Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+10.6%
Revenue −1.3%/yr
FY21 HK$6.3B
FY22 HK$7.7B
FY23 HK$8.7B
FY24 HK$8.1B
FY25 HK$6.0B
Net income −5.0%/yr
FY21 HK$292M
FY22 HK$422M
FY23 HK$580M
FY24 HK$650M
FY25 HK$237M

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Cite: Fair Value Calculator (2026). "China State Construction Development Holdings Fair Value". https://www.fairvalue-calculator.com/stock/0830

Peer Group

Engineering & Construction · 838 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 33 · Bottom 25%
Fair Value upside +86% · Top 25%
Return on equity (TTM) 9% · Above median
Return on assets 1% · Below median
Net margin (TTM) 4% · Above median
Operating margin (TTM) -10% · Bottom 25%
Revenue growth -22% · Bottom 25%
Dividend yield (TTM) 7.9% · Top 25%
Debt / equity 0.56× · Higher than 75% of peers

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 6.0× · Cheaper than 75% of peers
P/B 0.52× · Cheaper than median
P/S (TTM) 0.25× · Cheaper than median
EV/EBITDA 5.0× · Cheaper than median
PEG 0.24× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 14
FUTURE 0 · sector 14
PAST 34 · sector 26
HEALTH 72 · sector 94
DIVIDEND 100 · sector 42

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Larsen & Toubro Limited LT ₹4,020 ₹1,994 -50%
Samsung C&T Corporation 028260 357,500 KRW 261,411 KRW -27%
Hyundai Engineering & Construction Co 000720 113,700 KRW 61,453 KRW -46%
Samsung E&A Co 028050 49,300 KRW 43,624 KRW -12%
Rail Vikas Nigam Limited RVNL ₹230.00 ₹48.92 -79%
Daewoo Engineering & Construction Co 047040 18,400 KRW 6,507 KRW -65%
KEPCO Engineering & Construction Company 052690 99,800 KRW 19,346 KRW -81%
GS Engineering & Construction Corporation 006360 35,200 KRW 23,135 KRW -34%
DL E&C Co 375500 73,500 KRW 148,433 KRW +102%
KEPCO Plant Service & Engineering Co 051600 45,400 KRW 43,924 KRW -3%

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Frequently asked questions

Is China State Construction Development Holdings (0830) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$1.23 versus a price of HK$0.6600, about +86% (undervalued).
What is the fair value of 0830?
Our model-based fair value for China State Construction Development Holdings is HK$1.23 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$0.6600.
What is the quality score of 0830?
China State Construction Development Holdings has a Quality Score of 33/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of China State Construction Development Holdings (0830)?
China State Construction Development Holdings reported trailing-twelve-month revenue of about HK$6.0B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 0830?
The net profit margin of China State Construction Development Holdings is about 4.0%, meaning it keeps roughly 4.0% of revenue as net income. Based on the latest reported figures.
Does China State Construction Development Holdings pay a dividend?
China State Construction Development Holdings currently shows a dividend yield of about 7.89% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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