Greenheart Group (0094) AI Stock Analysis

• Market Cap: HK$203.12M
• Dividend Yield: N/A
• Average Volume (3M): 3.86M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.64
• Revenue Growth: -33.99%
• EPS Growth: 42.25%
• Country: HK
• Employees: 125
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Paper, Lumber & Forest Products
• EPS (TTM): -0.02
• Shares Outstanding: 2,782,486,600
• 10 Day Avg. Volume: 1,613,284
• 30 Day Avg. Volume: 3,859,071
• PEG Ratio: -0.01
• Price to Book (P/B): 0.15
• Price to Sales (P/S): 1.72
• P/FCF Ratio: -3.82
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 49 Neutral
• Price Target: HK$0.09 ▲(16.25% Upside)
• Action: Reiterated Date: 01/20/26
• Date: Action: Reiterated 01/20/26

The score is held down primarily by poor financial performance (declining revenue, persistent losses, and weak cash generation) and a negative P/E driven by unprofitable operations. These risks are partially offset by constructive technical signals, with the stock trading above key moving averages and showing positive momentum indicators.

Positive Factors

Diversified revenue streams

Multiple durable revenue streams—timber product sales plus renewable energy income—reduce single-market exposure and smooth cash flows. Over 2–6 months this diversification supports resilience against cyclical timber price swings and enables cross‑subsidy of capex into renewables.

Sustainable forestry and renewables focus

A clear strategic emphasis on sustainable forestry and renewable energy creates durable competitive advantages: access to long‑term resource supply, potential regulatory incentives, and stronger ESG positioning that can secure long‑horizon contracts and preferred stakeholder relationships.

Reasonable equity base on balance sheet

Despite meaningful leverage, a reasonable equity ratio and relatively stable stockholders' equity provide a buffer for operations and investment. This structural capital base supports refinancing options and underpins the company's ability to sustain core activities over coming quarters.

Negative Factors

Multi-year revenue decline

Sustained revenue contraction erodes scale economies, reduces bargaining power with suppliers and customers, and undermines fixed‑cost absorption. Over the medium term this trend threatens profitability recovery and constrains reinvestment for product or project growth.

Persistent unprofitability and negative margins

Ongoing negative gross and net margins and repeated operating losses signal structural issues in cost or pricing models. Prolonged unprofitability depletes reserves, lowers return on equity, and forces reliance on external financing, limiting strategic flexibility over months ahead.

Weak cash generation and negative free cash flow

Negative free cash flow and insufficient operating cash to meet capex or debt obligations create persistent liquidity risk. Over a 2–6 month horizon this constrains ability to fund projects, service liabilities, or invest in efficiency improvements without external funding.

Greenheart Group Business Overview & Revenue Model

Company Description

Greenheart Group (0094) is a diversified investment and development company primarily engaged in the forestry and timber industry, as well as renewable energy and eco-friendly products. The company focuses on sustainable practices, including the cultivation and processing of timber resources, and the development of renewable energy projects. With a commitment to environmental sustainability, Greenheart Group's core products and services include timber sales, wood-based products, and investment in renewable energy initiatives.

How the Company Makes Money

Greenheart Group generates revenue through multiple streams, primarily from the sale of timber and wood products, which include logs, sawn timber, and other processed wood materials. The company also earns income from renewable energy projects, such as biomass energy generation, which leverages its forestry resources for energy production. Significant partnerships with industry stakeholders, along with strategic investments in sustainable forestry practices, enhance its revenue potential. Additionally, Greenheart Group may also benefit from government incentives for renewable energy and sustainability initiatives, contributing further to its earnings.

Greenheart Group Financial Statement Overview

Summary

Weak fundamentals: multi-year revenue decline, negative gross and net margins, and negative EBIT/EBITDA indicate ongoing operating losses. Cash flow is also pressured with recent negative free cash flow and insufficient operating cash flow to cover capex/debt needs. Balance sheet is somewhat steadier but leverage is meaningful and ROE is negative.

Income Statement

Greenheart Group has faced significant challenges in its income statement with a consistent decline in total revenue from 2019 to 2024. The gross profit margin and net profit margin are negative, indicating inefficiencies and losses in operations. Revenue has decreased significantly over the years, with a steep decline in 2024. The company also has been experiencing negative EBIT and EBITDA margins, illustrating a struggle to cover operating expenses.

Balance Sheet

The balance sheet reveals a moderately high debt-to-equity ratio, suggesting reliance on debt financing. However, the equity ratio remains reasonable, indicating fair asset management. Return on equity is negative, reflecting the losses incurred over the periods. Despite the rising total liabilities, the company maintains a relatively stable stockholders' equity, though it has been declining due to consistent losses.

Cash Flow

Greenheart Group's cash flow statement shows fluctuating free cash flows, with recent periods showing negative free cash flow, indicating cash outflows exceeding inflows. The operating cash flow to net income ratio is below optimal levels, impacted by negative operating cash flows in multiple years. The cash flow from operations is not sufficient to cover capital expenditures or debt obligations, posing liquidity risks.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	44.83M	51.87M	90.98M	164.31M	320.52M	326.25M
Gross Profit	-33.03M	-58.61M	-90.44M	-48.91M	32.33M	9.02M
EBITDA	-52.91M	-148.07M	-110.08M	1.22M	77.60M	23.30M
Net Income	-167.12M	-139.24M	-93.08M	-68.15M	-36.94M	-17.24M
Balance Sheet
Total Assets	630.95M	609.51M	799.30M	968.02M	1.11B	1.21B
Cash, Cash Equivalents and Short-Term Investments	22.16M	19.51M	47.71M	71.68M	92.92M	167.68M
Total Debt	463.61M	438.22M	408.17M	400.51M	390.77M	426.25M
Total Liabilities	531.43M	519.30M	512.25M	547.21M	593.43M	633.58M
Stockholders Equity	502.37M	601.22M	764.05M	851.21M	917.48M	954.27M
Cash Flow
Free Cash Flow	-20.76M	-23.31M	-6.66M	-30.52M	-11.87M	29.89M
Operating Cash Flow	-19.57M	-22.13M	2.48M	-21.22M	3.04M	38.44M
Investing Cash Flow	-5.83M	-9.31M	-11.53M	9.70M	-20.82M	-22.41M
Financing Cash Flow	21.51M	7.26M	-14.69M	-6.16M	-53.95M	-19.61M

Greenheart Group Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.08
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0094, the sentiment is Negative. The current price of 0.08 is above the 20-day moving average (MA) of 0.08, above the 50-day MA of 0.08, and above the 200-day MA of 0.06, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 35.87 is Neutral, neither overbought nor oversold. The STOCH value of 29.63 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:0094.

Greenheart Group Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
1822	56 Neutral	HK$148.03M	-30.30	106.25%	―	-17.96%	-95.06%
8277	52 Neutral	HK$32.02M	-21.29	―	―	-56.67%	―
0094	49 Neutral	HK$203.12M	-3.30	-9.04%	―	-33.99%	42.25%
0794	49 Neutral	HK$81.12M	-2.98	0.85%	―	-5.06%	―
1580	41 Neutral	HK$339.66M	21.52	-395.28%	―	-35.61%	89.32%
8191	41 Neutral	HK$11.79M	-0.08	-71.45%	―	-55.81%	-15292.41%

Greenheart Group Corporate Events

Greenheart Clears First Hurdle in Major Asset Disposal, Special Dividend Linked to Final Approval

Greenheart Group Limited has confirmed that all conditions under its first sale and purchase agreement (SPA 1) for a very substantial disposal of its sale assets have been satisfied, allowing the parties to move ahead to completion under the agreed terms. Completion of the second sale and purchase agreement (SPA 2) remains subject to the fulfilment or waiver of its conditions, including confirmation from the Māori Court, and the company said it will issue further announcements in due course on the transaction’s completion and the payment of a special dividend, developments that could reshape its asset base and return capital to shareholders.

The most recent analyst rating on (HK:0094) stock is a Hold with a HK$0.07 price target. To see the full list of analyst forecasts on Greenheart Group stock, see the HK:0094 Stock Forecast page.

Greenheart Group’s Resolutions Unanimously Approved at SGM

Greenheart Group Limited, a company listed on the Hong Kong Stock Exchange, held a Special General Meeting (SGM) on November 24, 2025, where all proposed resolutions were unanimously approved by shareholders. The resolutions included the ratification of SPAs and the authorization of directors to execute necessary actions for these agreements, as well as the approval of a special cash dividend of HK$0.01 per share. This unanimous approval reflects strong shareholder support and could positively impact the company’s financial strategy and stakeholder relations.

Greenheart Group Announces Special Dividend Amid Asset Disposal

Greenheart Group Limited has announced a special cash dividend of HKD 0.01 per share, subject to shareholder approval on November 24, 2025. This announcement follows a very substantial disposal of sale assets and reflects the company’s strategic financial decisions, potentially impacting its market positioning and shareholder value.

Greenheart Group Announces Special General Meeting and Dividend Proposal

Greenheart Group Limited has announced a Special General Meeting (SGM) to be held on November 24, 2025, in Hong Kong. The meeting will address the approval of certain Share Purchase Agreements (SPAs) and the declaration of a special cash dividend of HK$0.01 per share, contingent upon specific conditions. These resolutions, if passed, are expected to impact the company’s operations and shareholder value positively.

Greenheart Group Announces Further Delay in Circular Dispatch

Greenheart Group Limited has announced a further delay in the dispatch of a Circular related to its Disposal transaction, now expected by 7 November 2025. The completion of the transaction is contingent on certain conditions, and there is uncertainty regarding the declaration of a Special Dividend, urging shareholders to exercise caution.