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Road King Infrastructure
(1098)
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Rating:43Neutral
Price Target:
HK$0.47
▼(-10.00% Downside)
Action:Reiterated
Date:10/03/26
The score is driven primarily by weak financial performance, including sustained deep losses, negative margins, rising leverage, and a return to negative operating/free cash flow in 2025. Technicals add further pressure with price below key moving averages and negative MACD, despite oversold RSI. Valuation offers limited support because a negative P/E reflects ongoing losses and no dividend yield is available.
Positive Factors
Revenue Rebound
The 2025 revenue rebound indicates that the company still has operating activity capable of generating substantial top-line growth. If this recovery persists, it could improve the utilization of infrastructure assets and provide a base for restoring profitability, although margins remain a constraint.
Negative Factors
Deepening Losses
The company’s revenue recovery is not translating into earnings because gross profit and net income remain deeply negative. Persistent loss-making operations weaken retained capital, reduce the ability to self-fund projects, and indicate that current revenue growth alone is insufficient to restore a sustainable profit model.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Rebound
The 2025 revenue rebound indicates that the company still has operating activity capable of generating substantial top-line growth. If this recovery persists, it could improve the utilization of infrastructure assets and provide a base for restoring profitability, although margins remain a constraint.
Read all positive factors
Road King Infrastructure (1098) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$374.67M
Dividend Yield5.65%
Average Volume (3M)61.47K
Price to Earnings (P/E)―
Beta (1Y)0.71
Revenue Growth105.66%
EPS Growth-13.00%
CountryHK
Employees3,135
SectorReal Estate
Sector Strength53
IndustryReal Estate - Development
Share Statistics
EPS (TTM)-7.74
Shares Outstanding749,336,550
10 Day Avg. Volume62,200
30 Day Avg. Volume61,466
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.08
Price to Sales (P/S)0.08
P/FCF Ratio-0.90
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Road King Infrastructure Business Overview & Revenue Model
Company Description
Road King Infrastructure Limited, an investment holding firm, focuses on the development, operation, and management of real estate ventures and toll highways, primarily within the People's Republic of China. Its operations are organized into three...
How the Company Makes Money
Road King Infrastructure generally makes money through cash flows generated by its infrastructure assets, with toll road operations being the primary and most directly monetized model when applicable. Under this model, the company (directly or thr...
Road King Infrastructure Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
24
Negative
Cash Flow
30
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 8.01B | 5.32B | 5.54B | 13.08B | 17.16B | 24.68B |
| Gross Profit | -2.25B | -2.35B | -1.73B | -647.99M | 2.94B | 5.40B |
| EBITDA | -3.09B | -4.68B | -2.58B | -2.50B | 1.18B | 4.17B |
| Net Income | -5.12B | -5.44B | -3.58B | -3.43B | 41.53M | 1.56B |
Balance Sheet | ||||||
| Total Assets | 39.08B | 45.15B | 57.51B | 73.15B | 90.00B | 108.24B |
| Cash, Cash Equivalents and Short-Term Investments | 2.78B | 2.60B | 4.27B | 5.48B | 8.26B | 12.60B |
| Total Debt | 15.54B | 22.80B | 16.24B | 23.65B | 40.06B | 46.89B |
| Total Liabilities | 25.64B | 37.79B | 36.61B | 45.95B | 64.20B | 79.39B |
| Stockholders Equity | 3.52B | 5.32B | 17.94B | 22.66B | 27.21B | 22.34B |
Cash Flow | ||||||
| Free Cash Flow | 79.18M | -497.50M | 2.03B | 2.54B | 725.03M | 4.84B |
| Operating Cash Flow | 124.80M | -492.58M | 2.05B | 2.56B | 738.37M | 4.88B |
| Investing Cash Flow | -292.01M | 1.83B | 4.66B | 2.94B | 1.50B | -6.43B |
| Financing Cash Flow | -345.07M | -2.37B | -7.99B | -8.16B | -7.08B | -286.20M |
Road King Infrastructure Technical Analysis
Negative
0.52
Price Trends
0.51
Negative
0.53
Negative
0.59
Negative
Market Momentum
>-0.01
Positive
43.49
Neutral
60.61
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1098, the sentiment is Negative. The current price of 0.52 is above the 20-day moving average (MA) of 0.51, above the 50-day MA of 0.51, and below the 200-day MA of 0.59, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 43.49 is Neutral, neither overbought nor oversold. The STOCH value of 60.61 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:1098.
Road King Infrastructure Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | HK$94.25B | 12.24 | 17.54% | 6.81% | 3.20% | 59.26% | |
56 Neutral | HK$2.17B | -3.27 | -10.74% | 5.21% | 8.69% | -216.81% | |
44 Neutral | HK$177.46M | -11.24 | -9.13% | ― | 3.35% | -520.00% | |
43 Neutral | HK$7.51B | -247.62 | -0.60% | ― | 295.19% | 96.08% | |
43 Neutral | HK$374.67M | -0.06 | -115.93% | 5.65% | 105.66% | -13.00% | |
42 Neutral | HK$915.60M | -0.23 | -17.27% | 1.04% | -11.80% | -102.27% |
* Real Estate Sector Average
HK:1098
Road King Infrastructure
0.50
-0.20
-28.57%
HK:0991
Datang International Power Generation Co
2.72
0.55
25.40%
HK:8137
Honbridge Holdings
0.52
0.02
4.00%
HK:0488
Lai Sun Development Co
0.63
-0.04
-5.97%
HK:1426
Spring Real Estate Investment
1.46
-0.08
-5.32%
HK:3708
China Supply Chain Holdings Limited
0.24
0.02
10.91%
Road King Infrastructure Corporate Events
Road King Advances Debt Restructuring and Operational Measures to Address Going-Concern Risks
Sep 30, 2026
Road King Infrastructure Limited has provided a quarterly update on its action plan to address an auditor’s disclaimer of opinion on its 2025 accounts, which was triggered by multiple going-concern uncertainties. The group is pursuing an off...
Road King Secures Bondholder Consents and Amends Key Offshore Debt
Sep 29, 2026
Road King Infrastructure Limited and its associated BVI-registered financing vehicles have announced the results of consent solicitations relating to multiple tranches of guaranteed senior notes maturing between 2028 and 2030, as well as senior gu...
Road King Infrastructure Seeks Noteholder Consent on Multiple 2028–2029 Bond Issues
Sep 7, 2026
Road King Infrastructure, via its BVI-incorporated issuers RKPF Overseas 2019 (A) Limited and RKPF Overseas 2020 (A) Limited, has launched consent solicitations for holders of several series of guaranteed senior notes maturing in 2028 and 2029. Th...
Road King Targets Year-End Restructuring as BVI Winding-Up Hearing Set for March 2027
Sep 2, 2026
Road King Infrastructure has provided an update on the winding-up application filed in the British Virgin Islands against its wholly owned subsidiary, New Select Global Limited. The BVI Court has scheduled a hearing on 15 March 2027 to consider th...
Road King Narrows Interim Loss Amid Weak China Property Sales and Rising Toll Revenue
Aug 26, 2026
Road King Infrastructure Limited, a Bermuda-incorporated Hong Kong-listed company, operates in the property development and infrastructure sectors, with significant exposure to China’s real estate market and toll-road projects in Indonesia. ...
Road King Marks Restructuring Milestone as Hong Kong Court Sets Scheme Hearings
Aug 21, 2026
Road King Infrastructure has announced that the RSA Accession Milestone Date under its restructuring support agreement occurred on 21 August 2026, marking a key step in its ongoing debt restructuring process with existing debt holders. The company...
Road King Wins Strong Creditor Support as Debt Restructuring Advances
Aug 19, 2026
Road King Infrastructure has secured support from holders representing over 75% of the principal amount of its existing notes and perpetual securities for its restructuring support agreement, marking a key milestone in its ongoing debt restructuri...
Road King Sets Board Meeting to Approve 2026 Interim Results
Aug 13, 2026
Road King Infrastructure Limited has scheduled a board meeting for 26 August 2026 in Hong Kong, at which directors will consider and approve the interim results for the six months ended 30 June 2026. The announcement signals the upcoming release o...
Road King Extends RSA Fee Deadline as Creditor Support for Debt Restructuring Builds
Aug 7, 2026
Road King Infrastructure has extended the deadline for creditors to qualify for the general RSA fee to 5:00 p.m. Hong Kong time on 21 August 2026, as additional creditors need more time to review the restructuring support agreement terms and compl...
Road King Unit Further Defers Distributions on 7.95% Perpetual Securities
Aug 7, 2026
RKP Overseas Finance 2016 (A) Limited, an offshore financing vehicle associated with Road King Infrastructure, has again deferred distributions on its 7.95 per cent senior guaranteed perpetual capital securities. The issuer will postpone both the ...
Road King Advances Offshore Restructuring and Asset Sales to Address Going Concern Issues
Jul 31, 2026
Road King Infrastructure has provided a quarterly update on its action plan to address the auditor’s disclaimer of opinion on its 2025 accounts, which stemmed from going concern uncertainties. The company is pursuing an offshore restructurin...
Road King Wins Broad Creditor Backing and Extends Restructuring Deadline
Jul 24, 2026
Road King Infrastructure has secured substantial creditor backing for its ongoing debt restructuring, with holders representing close to 70% of the principal of its existing notes and perpetual securities having signed or submitted accessions to i...
Road King Infrastructure Updates Bermuda Registered Office and Share Registrar Details
Jul 22, 2026
Road King Infrastructure Limited has announced that, effective 3 August 2026, its registered office, principal share registrar and transfer office in Bermuda will be relocated to Richmond House, 12 Par-la-Ville Road, Hamilton HM 08. The move updat...
Road King Wins Majority Creditor Support for Offshore Debt Restructuring
Jul 13, 2026
Road King Infrastructure said that more than 60 per cent of holders of its existing notes and perpetual securities have now acceded to its restructuring support agreement, marking a key threshold in its ongoing offshore debt restructuring. The com...
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.
Disclaimer
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.