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China State Construction International Holdings Limited (OTC: CCOHF) remains profitable, but its near-term trend weakened in the first half of 2026. The company reported lower revenue and owner-attributable profit for the six months ended 30 June 2026, even as operating cash inflow improved sharply. Third-party MarketScreener estimates point to modest 2026 growth followed by faster sales and profit growth in 2027, but those figures are projections in HKD millions rather than company guidance. Investors should therefore weigh the forecast against project timing, leverage, currency, interest-rate and regional construction risks.
What is CCOHF and which company does it represent?
CCOHF is the OTC Markets ticker for China State Construction International Holdings Limited. Its primary Hong Kong listing trades under stock code 03311, also identified as Bloomberg 3311:HK and Reuters 3311.HK. The group is an investment holding and construction/infrastructure operator with activities in Hong Kong, Macau, mainland China and overseas markets.
Because the OTC line and Hong Kong listing are different trading venues, prices, liquidity and reporting conventions can differ. The financial results below come from the company’s Hong Kong-listed reports and are stated in RMB unless noted otherwise.
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FY2025 was profitable, with revenue declining while owner-attributable profit edged higher. The audited 2025 results reported revenue of RMB100,448.5 million, down 4.6% from 2024, and profit attributable to owners of RMB8,588.443 million, up 0.3%. Basic earnings per share were RMB1.64 and gross profit margin was 15.9%.
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| FY2025 measure | Reported result |
|---|---|
| Revenue | RMB100,448.5 million |
| Profit attributable to owners | RMB8,588.443 million |
| Basic EPS | RMB1.64 |
| Gross profit margin | 15.9% |
| Total cash dividends | HK62.5 cents per share |
The combination of lower sales and slightly higher attributable profit indicates that reported revenue alone does not describe the year’s earnings performance. Margin, project mix and contributions from investment-related activities also affected profit.
How did the first half of 2026 change the outlook?
H1 2026 was materially weaker on the income statement. Revenue fell 22.5% year over year to RMB43,884 million, while profit attributable to owners declined 17.7% to RMB4,330 million. Basic EPS was RMB0.82, or 81.97 cents. The company declared an interim dividend of HK33 cents per share, representing a stated payout ratio of 35.4%.
Cash generation moved in the opposite direction. Operating cash inflow was RMB3,796 million, compared with RMB159 million in the comparable 2025 period. That improvement matters because construction businesses can report accounting profit while cash is tied up in receivables, inventories or long-duration projects. At 30 June 2026, equity attributable to owners was RMB73,236 million.
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Regional performance
| Region | H1 2026 revenue | Year-over-year change | Segment result or profit |
|---|---|---|---|
| Hong Kong | RMB17,341 million | Down 25.4% | RMB737 million, down 15.1% |
| Macau | RMB1,753 million | Down 7.5% | RMB418 million, down 8.5% |
| Mainland China | RMB23,099 million | Down 21.3% | RMB5,893 million, down 2.5% |
Mainland revenue fell substantially, but its segment result declined much less than revenue. Hong Kong experienced the steepest regional profit pressure among the reported areas. Buyback payments from construction-related investment projects, including the attributable share from joint ventures, decreased 7.5% to RMB19,062 million.
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What do current CCOHF revenue and EPS estimates show?
MarketScreener’s visible forecast table uses HKD millions and labels the figures as estimates. They are not management guidance, and no named analyst-consensus methodology was identified for the table. The company’s reported figures above are in RMB, so the two series should not be compared as if they were the same currency or accounting presentation.
| Fiscal year | Estimated net sales (HKD million) | Estimated net income (HKD million) |
|---|---|---|
| 2025 | 113,784 | 9,729 |
| 2026E | 115,796 | 9,777 |
| 2027E | 125,175 | 10,847 |
| 2028E | 126,851 | 10,822 |
On this estimate set, 2026 sales rise only modestly from 2025 and net income is nearly flat. Growth is stronger in 2027, when estimated sales increase to HKD125,175 million and net income to HKD10,847 million. The 2028 table shows sales rising again but net income easing to HKD10,822 million, implying that the projection does not assume uninterrupted profit growth.
MarketScreener’s half-year view lists 2026 first-half net sales of HKD51,179 million and estimated second-half sales of HKD67,494 million. Estimated second-half 2026 net income is HKD5,154 million. Those figures imply that the forecast depends on a stronger second half, making project completion and revenue recognition timing important.
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Large Hong Kong awards
The company reported an approximate HKD52.4 billion contract award for Hong Kong’s I-PARK2. A contract award creates future execution opportunity, not guaranteed revenue or profit in a particular year; recognition depends on work progress, costs, variations and the project schedule.
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Modular Integrated Construction
China State Construction International continued expanding Modular Integrated Construction activity in Hong Kong, Shanghai, Beijing and Guangzhou. MiC can support repeatable off-site production and shorter on-site cycles, but the financial effect still depends on awarded work, production capacity and successful delivery.
Investment-project cash flows
Construction-related investment projects remain central to the mainland business. Their long gestation periods mean awards may contribute to earnings gradually rather than immediately. The 7.5% decline in H1 2026 buyback payments shows why project cash-flow timing is a key forecast variable.
Is CCOHF financially strong enough to support the forecast?
The balance sheet provides substantial funding access but also carries meaningful leverage. At 30 June 2026, net borrowings were RMB53,256 million, net gearing was 64.5% and total borrowings were RMB91,128 million. Undrawn credit and performance facilities totaled RMB148,619 million.
Available facilities can support bonding and project execution, yet borrowing costs and refinancing conditions remain important. The interim report identifies foreign-exchange, interest-rate and credit risk. A weaker currency, higher rates, delayed customer payments or cost overruns could pressure profit and cash conversion even if reported order awards remain strong.
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What valuation figures are visible for CCOHF?
MarketScreener shows estimated 2026 and 2027 price-to-earnings ratios of 4.66 times and 4.18 times, respectively, alongside estimated dividend yields of 7.8% and 8.15%. These are market-based estimates that can change with the share price, currency conversion, forecast revisions and dividend assumptions. They should not be treated as a recommendation or as a guarantee that the dividend will be paid at those yields.
StockAnalysis lists delayed OTC pricing and shows analysts and a price target as not available on the captured page. OTC liquidity can also be thinner than on the primary Hong Kong market, so investors should check current quotes, spreads and venue-specific trading conditions before placing an order.
What should investors monitor in the next results?
- Whether revenue declines moderate in Hong Kong, Macau and mainland China.
- Progress on I-PARK2 and other major awards, including changes to expected completion timing.
- Operating cash flow, receivables and buyback payments from investment projects.
- Net borrowings, gearing, interest expense and the use of undrawn facilities.
- Any change in dividend policy or payout relative to earnings and cash flow.
- Revisions to third-party HKD forecasts and the assumptions behind second-half 2026 growth.
Is CCOHF a buy?
The available evidence supports a balanced rather than automatic buy conclusion. Low estimated P/E multiples and high projected dividend yields may appeal to value and income investors, while H1 2026 revenue and profit declines, leverage and project-timing uncertainty raise material risks. A decision should account for the investor’s tolerance for OTC liquidity, construction-cycle volatility, currency exposure and the possibility that third-party estimates change.
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What is the difference between CCOHF and 3311.HK?
CCOHF is the OTC Markets ticker, while 3311.HK refers to the company’s primary Hong Kong listing under stock code 03311. They represent the same issuer but can have different liquidity, spreads and trading hours.
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Are the CCOHF estimates official company guidance?
No. The forward sales and net-income figures are MarketScreener estimates in HKD millions. China State Construction International’s reported results are in RMB, and the company did not present these estimates as its own guidance.
Why can revenue fall while profit or cash flow improves?
Project mix, margins, joint-venture contributions, working-capital movements and investment-project settlements can change profit and cash independently of revenue. In H1 2026, revenue and attributable profit fell, but operating cash inflow rose sharply.
What does 64.5% net gearing mean for an investor?
It indicates net borrowings were material relative to the company’s equity base at 30 June 2026. Higher gearing can amplify the effect of interest-rate increases, refinancing constraints, foreign-exchange moves or project delays on equity returns.
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