Sa Sa International Holdings Limited (HK:0178)
:0178
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Sa Sa International Holdings Limited
(0178)
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Rating:62Neutral
Price Target:
HK$0.97
▲(60.83% Upside)
Action:Reiterated
Date:04/28/26
Overall score is held back primarily by weakening financial performance (declining revenue, thin and pressured margins, and falling free cash flow). Offsetting this, technicals show a positive price trend (above key moving averages with positive MACD), and valuation is relatively attractive (low P/E and ~3.48% dividend yield).
Positive Factors
Omnichannel, diversified revenue streams
Sa Sa’s business spans owned retail stores, e-commerce and distribution, reducing single-channel dependency. This structural diversification supports revenue resilience across consumer cycles, broadens customer reach, and preserves sourcing scale and supplier access over the medium term.
Negative Factors
Declining revenue and EPS
Revenue contraction and steep EPS decline indicate weakening top-line traction and profitability. Persistent sales decline reduces operating scale, bargaining power with suppliers and ability to leverage fixed costs, making recovery and margin restoration harder over several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Omnichannel, diversified revenue streams
Sa Sa’s business spans owned retail stores, e-commerce and distribution, reducing single-channel dependency. This structural diversification supports revenue resilience across consumer cycles, broadens customer reach, and preserves sourcing scale and supplier access over the medium term.
Read all positive factors
Sa Sa International Holdings Limited (0178) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$2.92B
Dividend Yield4.75%
Average Volume (3M)8.40M
Price to Earnings (P/E)29.8
Beta (1Y)0.21
Revenue Growth11.19%
EPS Growth160.48%
CountryHK
Employees2,600
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)0.03
Shares Outstanding3,103,189,500
10 Day Avg. Volume9,307,654
30 Day Avg. Volume8,400,019
Financial Highlights & Ratios
PEG Ratio-0.39
Price to Book (P/B)1.66
Price to Sales (P/S)0.49
P/FCF Ratio4.30
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$1.17Price Target Upside95.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.08
Revenue Forecast (FY)HK$4.98B
Sa Sa International Holdings Limited Business Overview & Revenue Model
Company Description
Sa Sa International Holdings Limited, functioning as an investment holding company, is primarily engaged in the retail and wholesale distribution of beauty products across Hong Kong and Macau, mainland China, and Malaysia. The company boasts a com...
How the Company Makes Money
Sa Sa International makes money primarily by selling beauty and personal care products to consumers through retail and e-commerce, and secondarily through distribution/wholesale arrangements. Key revenue streams include: (1) Retail sales (core): R...
Sa Sa International Holdings Limited Financial Statement Overview
Summary
Income Statement
55
Neutral
Balance Sheet
60
Neutral
Cash Flow
50
Neutral
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2021 | Mar 2019 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.01B | 3.94B | 4.37B | 3.50B | 3.41B | 5.72B |
| Gross Profit | 1.37B | 1.57B | 1.78B | 1.06B | 904.48M | 1.22B |
| EBITDA | 365.75M | 519.23M | 670.79M | 343.84M | 31.02M | 330.14M |
| Net Income | 94.72M | 76.97M | 218.88M | 58.25M | -343.73M | -515.94M |
Balance Sheet | ||||||
| Total Assets | 2.32B | 2.33B | 2.50B | 2.21B | 2.09B | 3.27B |
| Cash, Cash Equivalents and Short-Term Investments | 251.12M | 371.10M | 457.76M | 303.26M | 296.72M | 641.50M |
| Total Debt | 588.01M | 658.84M | 692.15M | 595.60M | 573.99M | 1.08B |
| Total Liabilities | 1.16B | 1.17B | 1.25B | 1.17B | 1.10B | 1.60B |
| Stockholders Equity | 1.16B | 1.16B | 1.25B | 1.04B | 982.91M | 1.66B |
Cash Flow | ||||||
| Free Cash Flow | 235.62M | 447.06M | 521.91M | 431.68M | 66.72M | 547.84M |
| Operating Cash Flow | 281.87M | 506.38M | 590.54M | 491.08M | 126.63M | 665.12M |
| Investing Cash Flow | -14.14M | -117.77M | -68.41M | -59.16M | -39.13M | 390.44M |
| Financing Cash Flow | -343.50M | -547.12M | -361.41M | -418.80M | -296.83M | -1.04B |
Sa Sa International Holdings Limited Technical Analysis
Positive
0.60
Price Trends
0.86
Positive
0.75
Positive
0.68
Positive
Market Momentum
<0.01
Negative
66.85
Neutral
46.43
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0178, the sentiment is Positive. The current price of 0.6 is below the 20-day moving average (MA) of 0.84, below the 50-day MA of 0.86, and below the 200-day MA of 0.68, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 66.85 is Neutral, neither overbought nor oversold. The STOCH value of 46.43 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:0178.
Sa Sa International Holdings Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | HK$27.65B | 7.74 | 18.80% | 3.18% | 30.69% | -13.06% | |
62 Neutral | HK$2.92B | 29.84 | 8.16% | 4.75% | 11.19% | 160.48% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
58 Neutral | HK$125.32B | 32.19 | 6.39% | 1.81% | 1.12% | 5.68% | |
56 Neutral | HK$24.28B | 60.44 | 6.48% | ― | -23.98% | ― | |
45 Neutral | HK$30.00M | -0.11 | ― | ― | ― | ― | |
44 Neutral | HK$3.06B | -6.51 | -12.56% | 0.39% | -20.46% | 14.16% |
* Consumer Cyclical Sector Average
HK:0178
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Sa Sa International Holdings Limited Corporate Events
Sa Sa flags profit surge on strong Hong Kong, Macao sales and China exit
Apr 15, 2026
Sa Sa International Holdings Limited, a leading cosmetics and beauty retailer in Hong Kong and Macao, combines physical stores with an expanding online platform to serve mass and mid-market customers. The group has recently streamlined its geograp...
Sa Sa posts 31% Q4 sales jump on tourism rebound and stronger omnichannel push
Apr 15, 2026
Sa Sa International Holdings Limited, a Hong Kong-headquartered cosmetics and beauty retailer, runs 160 physical stores across Hong Kong, Macao and Southeast Asia alongside a growing online business. The group targets both local shoppers and touri...
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.