San Miguel Brewery HK Ltd. (HK:0236)
:0236
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San Miguel Brewery HK Ltd.
(0236)
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Rating:76Outperform
Price Target:
HK$1.50
▲(21.95% Upside)
Action:UpgradedDate:04/09/26
The score is driven primarily by strong financial quality (very low leverage and consistently positive free cash flow) and attractive valuation (low P/E and solid dividend yield). Offsetting these positives, earnings have been volatile (notably the 2024 downturn despite a 2025 rebound), while technical signals indicate only a mild uptrend with neutral momentum.
Positive Factors
Conservative balance sheet
Very low leverage and steadily growing equity give the company durable financial flexibility. This supports resilience through cyclicality, funds strategic investments or dividend continuity, and reduces refinancing risk—key for a consumer goods holding exposed to input-cost swings and tax/regulatory shifts.
Negative Factors
Earnings volatility and recent downturn
Sharp swings from a 2024 loss to a 2025 rebound indicate earnings are sensitive to cyclical demand, cost pressures, or excise/regulatory impacts. This reduces predictability of dividends and reinvestment, complicates forecasting and raises execution risk for management over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low leverage and steadily growing equity give the company durable financial flexibility. This supports resilience through cyclicality, funds strategic investments or dividend continuity, and reduces refinancing risk—key for a consumer goods holding exposed to input-cost swings and tax/regulatory shifts.
Read all positive factors
San Miguel Brewery HK Ltd. (0236) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$470.70M
Dividend Yield4.07%
Average Volume (3M)34.63K
Price to Earnings (P/E)6.0
Beta (1Y)0.18
Revenue Growth2.77%
EPS Growth-110.76%
CountryHK
Employees480
SectorConsumer Defensive
Sector Strength42
IndustryBeverages - Alcoholic
Share Statistics
EPS (TTM)0.07
Shares Outstanding373,570,560
10 Day Avg. Volume40,200
30 Day Avg. Volume34,629
Financial Highlights & Ratios
PEG Ratio-0.01
Price to Book (P/B)0.64
Price to Sales (P/S)0.62
P/FCF Ratio5.81
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
San Miguel Brewery HK Ltd. Business Overview & Revenue Model
Company Description
San Miguel Brewery Hong Kong Limited manufactures and distributes bottled, canned, and draught beers in Hong Kong, Mainland China, the Philippines, and internationally. It sells its beers under the brand names of San Miguel Pale Pilsen, San Mig Li...
How the Company Makes Money
San Miguel Brewery Hong Kong Ltd. makes money primarily through its equity interest in San Miguel Brewery Inc., meaning its earnings are largely derived from the operating profits of the underlying brewery business rather than from significant sta...
San Miguel Brewery HK Ltd. Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
86
Very Positive
Cash Flow
71
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 737.32M | 711.16M | 741.62M | 681.16M | 595.62M |
| Gross Profit | 295.55M | 266.13M | 285.44M | 247.08M | 243.04M |
| EBITDA | 65.25M | 3.08M | 91.03M | 54.16M | 41.94M |
| Net Income | 76.12M | -20.10M | 85.90M | 32.30M | 19.36M |
Balance Sheet | |||||
| Total Assets | 819.47M | 759.21M | 807.56M | 719.34M | 721.08M |
| Cash, Cash Equivalents and Short-Term Investments | 285.71M | 216.52M | 179.98M | 114.01M | 132.39M |
| Total Debt | 6.95M | 6.07M | 6.49M | 6.92M | 46.01M |
| Total Liabilities | 122.91M | 124.41M | 135.08M | 129.63M | 149.98M |
| Stockholders Equity | 717.29M | 657.20M | 696.57M | 617.84M | 602.84M |
Cash Flow | |||||
| Free Cash Flow | 79.08M | 48.52M | 67.46M | 21.80M | 24.41M |
| Operating Cash Flow | 103.76M | 67.70M | 91.96M | 37.16M | 37.03M |
| Investing Cash Flow | -16.20M | -21.17M | -17.56M | 17.66M | 4.50M |
| Financing Cash Flow | -19.59M | -19.57M | -4.33M | -39.84M | -53.66M |
San Miguel Brewery HK Ltd. Technical Analysis
Positive
1.23
Price Trends
1.24
Positive
1.24
Positive
1.20
Positive
Market Momentum
<0.01
Negative
56.14
Neutral
67.04
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0236, the sentiment is Positive. The current price of 1.23 is below the 20-day moving average (MA) of 1.26, below the 50-day MA of 1.24, and above the 200-day MA of 1.20, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 56.14 is Neutral, neither overbought nor oversold. The STOCH value of 67.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:0236.
San Miguel Brewery HK Ltd. Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | HK$470.70M | 6.04 | 10.82% | 4.07% | 2.77% | -110.76% | |
74 Outperform | HK$83.30B | 13.36 | 14.96% | 4.69% | 1.51% | 5.50% | |
68 Neutral | HK$88.24B | -8.03 | 1.45% | 3.42% | -0.31% | 10.85% | |
63 Neutral | HK$101.78B | 26.31 | 8.50% | 5.59% | -9.54% | -27.75% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
62 Neutral | HK$1.77B | 7.35 | 12.24% | ― | 153.95% | 551.46% | |
54 Neutral | HK$308.44M | 26.24 | 4.24% | 1.30% | -4.14% | -21.15% |
* Consumer Defensive Sector Average
HK:0236
San Miguel Brewery HK Ltd.
1.26
0.56
80.00%
HK:3839
Chia Tai Enterprises International
6.99
5.45
353.90%
HK:0291
China Resources Beer (Holdings) Co
27.20
-0.39
-1.40%
HK:0168
Tsingtao Brewery Co
51.85
-5.69
-9.89%
HK:1876
Budweiser Brewing Co. APAC Ltd.
7.72
-0.33
-4.12%
HK:0828
Dynasty Fine Wines Group Limited
0.22
-0.05
-17.67%
San Miguel Brewery HK Ltd. Corporate Events
San Miguel Brewery Hong Kong Sets April 2026 AGM to Approve Dividend, Board and Auditor
Mar 31, 2026
San Miguel Brewery Hong Kong Ltd. has called its sixty-third annual general meeting for 22 April 2026 in Central, Hong Kong, where shareholders will review the audited consolidated financial statements for the year ended 31 December 2025 and consi...
San Miguel Brewery Hong Kong Swings Back to Profit in 2025
Feb 25, 2026
San Miguel Brewery Hong Kong Limited reported a solid turnaround for the year ended 31 December 2025, with revenue rising to HK$737.3 million from HK$711.2 million and gross profit improving to HK$295.6 million. The group swung from a loss to a ne...
San Miguel Brewery Hong Kong Proposes HK$0.06 Final Dividend and Sets Share Register Closure Dates
Feb 25, 2026
San Miguel Brewery Hong Kong has recommended a final dividend of HK$0.06 per share for the financial year ended 31 December 2025, subject to shareholder approval at its annual general meeting on 22 April 2026. If approved, the dividend will be pai...
San Miguel Brewery HK Declares HKD 0.06 Final Dividend for 2025
Feb 25, 2026
San Miguel Brewery Hong Kong Limited has declared a final ordinary cash dividend of HKD 0.06 per share for the financial year ended 31 December 2025, subject to shareholder approval on 22 April 2026. The stock will trade ex-dividend on 24 April, w...
San Miguel Brewery HK Sets February Board Meeting to Approve 2025 Results and Consider Final Dividend
Jan 27, 2026
San Miguel Brewery Hong Kong Limited has scheduled a board meeting for 25 February 2026 to approve the audited annual results of the company and its subsidiaries for the financial year ended 31 December 2025 and to authorise their public announcem...
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.