DT Capital Ltd. (0356) AI Stock Analysis

• Market Cap: HK$175.06M
• Dividend Yield: N/A
• Average Volume (3M): 779.00K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.49
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: HK
• Employees: 4
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): >-0.01
• Shares Outstanding: 2,735,280,000
• 10 Day Avg. Volume: 498,000
• 30 Day Avg. Volume: 779,000
• PEG Ratio: 0.24
• Price to Book (P/B): 2.64
• Price to Sales (P/S): 405.13
• P/FCF Ratio: 7.46K
• 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: 45 Neutral
• Price Target: HK$0.06 ▲(5.00% Upside)

The score is primarily weighed down by weak financial performance (persistent losses, sharply lower 2024 revenue, and deteriorating free cash flow), partially offset by a low-leverage balance sheet. Technicals add only modest support due to a generally weak trend (negative MACD and below-key moving averages). Valuation remains unattractive/unclear because profitability is negative and no dividend yield is provided.

DT Capital Ltd. Business Overview & Revenue Model

Company Description

DT Capital Limited is a publicly owned investment manager; through its subsidiaries, engages in investment holding. It invests in listed and unlisted companies in the Greater China region, Southeast Asia, and Europe in the form of equity or equity-related securities and debt instruments. DT Capital Limited is formerly known as Incutech Investments Limited. DT Capital Limited was founded in 2001 and is based in Central, Hong Kong.

How the Company Makes Money

DT Capital Ltd. Financial Statement Overview

Summary

Operating performance is weak: persistent net losses, a sharp revenue decline in 2024 (~-78% YoY), and deeply negative margins. The balance sheet has no debt, but equity has fallen materially over time, and cash flow is volatile with free cash flow collapsing in 2024—together signaling elevated fundamental risk despite low leverage.

Income Statement

Profitability is very weak, with consistent net losses across all provided annual periods. 2024 revenue fell sharply (down ~78% year-over-year) and margins were deeply negative (net margin ~-29.7%), pointing to a business that has not stabilized its earnings power. While the reported revenue base swings materially across years, the common thread is persistent operating and net losses, which heavily weighs on the income statement quality.

Balance Sheet

The balance sheet is relatively conservative from a leverage standpoint, with total debt at zero in 2021–2024 (and low debt in 2020), resulting in a very low debt-to-equity profile. However, equity has declined materially over time (from ~126.6M in 2021 to ~62.2M in 2024), consistent with ongoing losses eroding capital, and returns on equity are negative in every year shown—highlighting a key structural weakness despite low leverage.

Cash Flow

Cash flow quality is mixed and volatile. Operating cash flow was strongly positive in 2023 (~3.6M) but turned minimal in 2024 (~0.02M), with free cash flow dropping ~99.5% year-over-year—suggesting reduced cash generation and weaker coverage of ongoing losses. Earlier years also show sizable cash burn (notably 2022 and 2020), indicating inconsistent cash conversion and a higher-risk cash flow profile.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	3.95M	405.10K	-19.17M	-8.63M	-3.32M	2.97M
Gross Profit	-2.92M	-4.44M	-19.17M	-8.63M	-3.32M	-1.27M
EBITDA	-9.70M	-11.80M	0.00	0.00	-4.63M	-34.36M
Net Income	-10.06M	-12.01M	-28.33M	-24.10M	-4.78M	-40.91M
Balance Sheet
Total Assets	61.34M	63.02M	75.06M	103.52M	128.34M	121.06M
Cash, Cash Equivalents and Short-Term Investments	54.84M	53.17M	70.79M	81.78M	126.81M	116.30M
Total Debt	0.00	0.00	0.00	0.00	0.00	2.06M
Total Liabilities	934.87K	839.50K	867.18K	1.00M	1.73M	5.38M
Stockholders Equity	60.41M	62.18M	74.19M	102.52M	126.61M	115.68M
Cash Flow
Free Cash Flow	-44.16K	22.01K	3.61M	-26.40M	-2.56M	-8.97M
Operating Cash Flow	-44.16K	22.01K	3.61M	-26.40M	-2.56M	-8.97M
Investing Cash Flow	0.00	0.00	-5.19M	0.00	15.72M	13.09M
Financing Cash Flow	0.00	0.00	0.00	0.00	-2.06M	-3.13M

DT Capital Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
8350	67 Neutral	HK$350.40M	20.39	47.28%	―	55.42%	159.42%
2263	61 Neutral	HK$285.00M	37.50	2.10%	―	-9.48%	130.30%
0356	45 Neutral	HK$175.06M	-17.30	-15.38%	―	―	―

DT Capital Ltd. Corporate Events

DT Capital Reports Unaudited Net Asset Value Per Share of HK$0.023

DT Capital Limited reported that its unaudited consolidated net asset value per share stood at approximately HK$0.023 as of 31 December 2025, providing shareholders with an updated snapshot of the company’s underlying asset base. The disclosure offers investors greater transparency on the firm’s financial position and may influence market perceptions of valuation and investment attractiveness, while signalling the board’s continued emphasis on regular reporting and corporate governance.

The most recent analyst rating on (HK:0356) stock is a Sell with a HK$0.06 price target. To see the full list of analyst forecasts on DT Capital Ltd. stock, see the HK:0356 Stock Forecast page.

DT Capital Revamps Company Secretary and Authorised Representative Roles

DT Capital Limited has announced changes to key corporate governance roles, with company secretary and authorised representative Mr. Ho Kim Fung resigning effective 31 December 2025, and confirming there is no disagreement with the board or other matters requiring shareholder attention. The company has appointed Ms. Kong Chi Han Susana, an experienced corporate governance professional and associate member of leading governance institutes, as its new company secretary, authorised representative and process agent from the same date, a move that underscores DT Capital’s focus on maintaining compliance and continuity in its regulatory and corporate secretarial functions.

DT Capital Limited Announces Net Asset Value Update

DT Capital Limited, a company listed on the Hong Kong Stock Exchange, announced that its unaudited consolidated net asset value per share was approximately HK$0.024 as of November 30, 2025. This announcement provides stakeholders with an updated financial metric, reflecting the company’s current financial standing and potentially impacting investor perceptions and market positioning.

DT Capital Faces Compliance Challenges Following Director Resignation

DT Capital Limited, a company listed on the Hong Kong Stock Exchange, announced the resignation of Mr. Tang Chin Ting as an independent non-executive director and chairman of the nomination committee, effective December 5, 2025. This resignation has led to non-compliance with several listing rules, including the minimum number of independent directors and audit committee members. The company is actively seeking a replacement to address these compliance issues within a three-month period.

DT Capital Limited Announces Board and Committee Composition

DT Capital Limited has announced the composition of its board of directors and the roles of each member. The board includes executive directors, a non-executive director, and independent non-executive directors. Additionally, the company has outlined the membership of its three board committees: Audit, Remuneration, and Nomination, which are crucial for its governance structure.

DT Capital Ltd. Reports Net Asset Value Update

DT Capital Ltd. announced that its unaudited consolidated net asset value per share was approximately HK$0.024 as of October 31, 2025. This financial update provides stakeholders with insight into the company’s current financial standing, potentially impacting investor perceptions and market positioning.