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No verifiable forward price-to-sales (P/S) figure for Zhongtian Construction (Hunan) Group Limited (HKEX: 2433) can be stated with confidence as of October 2026. A forward P/S needs three inputs that have to be dated and sourced together: a market capitalization at a specific date, a revenue forecast for a specific future period, and matching currency units. The company’s published results establish its reported sales, losses and impairments, but they do not provide a current share price, a current share count or a named revenue forecast. This article explains how the multiple is built, shows the reported sales base it would be measured against, and sets out what a reader needs to check before trusting any number quoted online.
Why a forward P/S cannot be stated yet
A forward P/S divides market capitalization by forecast revenue. Each side of that division has to be pinned down before the ratio means anything. For this company, the following inputs are not established by the available evidence:
- Market capitalization at a dated valuation point. No verified share price or market capitalization for 2433 was located for a specific date, so no market value can be attached to the calculation.
- A named revenue forecast. The company has not been shown to publish revenue guidance for a future period, and no analyst consensus revenue estimate was located. Any forecast used must be labelled with its origin, whether that is company guidance, a named consensus provider or the reader’s own scenario.
- A current share count. The FY2025 annual report gives a weighted average of 576 million shares for the accounting year. That is a period average, not a confirmed issued share count at the valuation date.
- Currency alignment. The company reports in renminbi (RMB), while a Hong Kong listing is quoted in Hong Kong dollars (HKD). Converting one into the other requires a stated exchange rate and date.
The reported sales base
The table below sets out the figures a forward multiple would be compared against. The FY2025 and FY2024 annual figures are audited. The 1H2026 interim figures are unaudited. The trailing twelve-month line is a calculation from reported numbers, not a company-reported figure.
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| Period | Revenue | Gross margin | Net loss | Impairment on financial and contract assets | Status |
|---|---|---|---|---|---|
| FY2024 (year to 31 December 2024) | RMB930.801 million | approximately 7.6% | RMB26.441 million | not stated in the available results | Audited, comparative in FY2025 results |
| FY2025 (year to 31 December 2025) | RMB586.346 million (down 37.0%) | approximately 9.9% | RMB77.697 million (owner-attributable loss RMB75.493 million) | not stated in the available results | Audited, FY2025 results announcement and annual report |
| 1H2025 (six months to 30 June 2025) | RMB346.554 million | not stated in the available results | not stated in the available results | RMB24.268 million | Comparative figure in the 2026 interim results |
| 1H2026 (six months to 30 June 2026) | RMB321.035 million (down about 7.4%) | about 10.0% (gross profit RMB32.168 million, derived) | RMB87.500 million | RMB104.053 million | Unaudited interim results, announced 28 August 2026 |
| Trailing twelve months to 30 June 2026 (derived) | RMB560.827 million (FY2025 plus 1H2026 minus 1H2025) | not stated | not stated | not stated | Calculated from reported figures, not reported by the company |
Two points stand out. First, the FY2025 revenue decline was steep, yet gross margin rose from about 7.6% to about 9.9%, so the company was earning more per unit of revenue while still reporting a larger loss. Second, the first half of 2025 was larger than the second half. Revenue of RMB346.554 million in 1H2025 implies about RMB239.8 million in 2H2025, roughly 31% lower. A full-year 2026 revenue assumption that simply doubles the 1H2026 figure would therefore not reflect the 2025 pattern, and it would not be a forecast in its own right.
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Profitability and impairment
The company’s losses have widened in the latest period, and impairment is the more pressing issue. In 1H2026, impairment on financial and contract assets was RMB104.053 million, more than four times the RMB24.268 million recorded in the comparative period. Impairment on contract assets and receivables reduces reported earnings directly, and it also signals that some amounts owed by customers may be collected later or less fully than expected.
On 25 August 2026, the company issued a profit warning. It expected a first-half net loss of RMB85 million to RMB90 million, based on preliminary unaudited management accounts. The warning attributed the larger loss to lower revenue amid economic slowdown and to further impairment linked to longer customer settlement periods. The interim net loss of RMB87.5 million, reported on 28 August 2026, sits inside that range. The warning was an estimate; the interim results are the reported figures.
The FY2025 annual report states that no dividends were paid or declared for FY2025 or FY2024, so no yield-based cross-check is available from company payouts.
How to build a forward P/S yourself
If you want to calculate the ratio, use the following sequence and record the source and date for each input.
- Fix the valuation date. Choose one closing date and use the closing share price for that day from HKEX market data. Do not mix prices from different dates.
- Use the current shares in issue. Take the issued share count from the company’s most recent share-capital disclosure on HKEX, not the 576 million weighted average from FY2025. Multiply it by the share price to get market capitalization in HKD.
- Put both sides in one currency. Either convert market capitalization into RMB, or convert revenue into HKD. State the exchange rate and its date. A mismatch here can move the ratio by a material amount.
- Choose and label the forward period. The most common choice is the financial year ending 31 December 2026 or the next twelve months. Because FY2026 is part-complete at the date of writing, a 2026 figure combines reported first-half revenue with a second-half assumption, and that assumption must be stated.
- Name the revenue source. Write whether the forecast is company guidance, a named consensus provider with its date, or your own scenario. If you cannot name a source, present the result as an illustration and not as a published multiple.
- Divide and test. Divide market capitalization by the forward revenue figure. Then compare the result with the trailing twelve-month revenue of about RMB560.8 million, so you can see whether the forecast implies growth or a further decline.
Why a sales multiple is a weak anchor for this company
P/S ignores costs. For a company that is loss-making in both FY2025 and the first half of 2026, a low sales multiple can look attractive while the business still destroys value at the net level. A reader should therefore check the following alongside any P/S figure:
- Margin direction. Gross margin improved in FY2025, but net losses still widened in the same period. Gross margin alone does not show whether overheads and impairments are under control.
- Collection quality. Longer customer settlement periods, cited in both the profit warning and the company’s impairment commentary, lengthen the time before revenue turns into cash.
- Leverage and liquidity. The evidence reviewed here does not include balance-sheet debt, cash balances or cash-flow figures. Those need to be taken from the full annual report and the interim report before any valuation view is formed.
- Peer comparison. No peer group or peer multiples were established for this company. Any comparison with other contractors must use the same forward period, the same currency and a similar revenue mix.
What management says it is doing
In its 2025 interim report, the company described a difficult construction environment shaped by a prolonged property downturn in China and cautious public-sector spending. It said its priorities were to:
- emphasise civil building and municipal projects that it regards as relatively stable;
- tighten project and client selection;
- control costs and protect liquidity;
- accelerate collections; and
- examine opportunities linked to urban renewal and infrastructure upgrades.
These are management’s stated plans. The reported figures for 2026 show continued revenue pressure and higher impairment, so the plans have not yet produced a visible improvement in the reported numbers.
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- FY2025 results announcement, HKEX, audited figures for the year to 31 December 2025.
- FY2025 annual report, HKEX, owner-attributable loss, weighted average shares and dividend disclosures.
- Profit warning, issued 25 August 2026, based on preliminary unaudited management accounts.
- 1H2026 interim results, announced 28 August 2026, unaudited. The detailed interim figures used here were taken from a secondary filing service, so confirm them against the exchange-hosted interim announcement before citing them.
The company’s share price, current share count and any forward revenue forecast must be checked on the day of publication, because none of them was established with a verified date in the available evidence.
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