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Sandmartin International Holdings Limited (HK:0482)
:0482
Hong Kong Market

Sandmartin International Holdings Limited (0482) AI Stock Analysis

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HK:0482

Sandmartin International Holdings Limited

(0482)

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Neutral 43 (OpenAI - 5.2)
Rating:43Neutral
Price Target:
HK$0.08
▲(8.57% Upside)
The score is primarily held back by weak financial performance—ongoing losses, negative equity, and high leverage—despite some revenue recovery and improved operating cash flow. Technicals are mixed (short-term strength but weaker long-term trend and negative MACD), and valuation signals are limited because the company is loss-making and dividend data is unavailable.
Positive Factors
Revenue recovery
A durable return to positive revenue growth (+12.08%) signals renewed demand for core products and services. Sustained top-line expansion can enable scale benefits, improve operational leverage over time, and provide runway for margin recovery if costs are managed.
Operating cash flow improvement
Conversion to positive operating cash flow reflects better cash generation from the business model, reducing near-term liquidity pressure. Persistent OCF supports working capital, debt servicing and strategic reinvestment, strengthening financial resilience over months.
Diversified business model
A multi-segment footprint across telecom equipment, IT, e‑commerce and logistics reduces dependency on a single market cycle. Structural diversification supports cross-selling, revenue stability and optionality to allocate investment to higher-growth segments over time.
Negative Factors
Ongoing losses and negative margins
Persistent negative EBIT/EBITDA and net losses erode capitalization and limit the company's ability to self-fund growth. Without sustained margin improvement, losses will continue to drain resources and complicate long-term planning and investor support.
Weak balance sheet: negative equity
Negative shareholders' equity and high leverage materially increase financial risk, constrain financing options, and elevate insolvency risk in downturns. This structural imbalance reduces strategic flexibility and raises the cost and difficulty of executing long-term plans.
Poor free cash flow conversion
Negative FCF growth and weak conversion of earnings to cash indicate operational inefficiencies or high capex/working capital needs. Over months, poor FCF undermines the firm's ability to deleverage, reinvest profitably, or sustain operations without external funding.

Sandmartin International Holdings Limited (0482) vs. iShares MSCI Hong Kong ETF (EWH)

Sandmartin International Holdings Limited Business Overview & Revenue Model

Company DescriptionSandmartin International Holdings Limited, an investment holding company, manufactures and trades in satellite TV equipment and other electronic goods. It operates through Media Entertainment Platform Related Products; Other Multimedia Products; and Satellite TV Equipment and Antenna Products segments. The company manufactures and trades in media entertainment platform related products used for satellite products equipment; components of audio and video electronic products, such as cable lines; and satellite TV equipment and antenna products. It has operations in Asia, Europe, North America, the Middle East, Africa, South America, and internationally. The company was founded in 1987 and is headquartered in Kowloon, Hong Kong.
How the Company Makes MoneySandmartin International Holdings Limited generates revenue through several key streams. The company earns a significant portion of its income from the sale of telecommunications equipment and related software solutions, targeting both corporate clients and individual consumers. Additionally, Sandmartin capitalizes on the growing demand for e-commerce and logistics services by offering integrated supply chain solutions, which contribute to its revenue. The company may also form strategic partnerships with other technology firms to enhance its product offerings and expand its market reach, which can lead to increased sales and additional revenue opportunities. Overall, Sandmartin's revenue model is built on leveraging its technological expertise and industry relationships to provide high-value services and products.

Sandmartin International Holdings Limited Financial Statement Overview

Summary
Despite a return to positive revenue growth (+12.08%), the company remains loss-making with negative EBIT/EBITDA margins and a net loss. The balance sheet is a major weakness with negative stockholders’ equity and high leverage, and while operating cash flow turned positive, free cash flow trends and cash conversion remain weak.
Income Statement
45
Neutral
The company has shown a positive revenue growth rate of 12.08% in the latest year, indicating a recovery from previous declines. However, the company continues to face significant profitability challenges, with negative EBIT and EBITDA margins, and a net loss. The gross profit margin has decreased over the years, reflecting potential cost management issues.
Balance Sheet
30
Negative
The balance sheet reveals a concerning financial structure with negative stockholders' equity and a high debt-to-equity ratio, indicating significant leverage and financial instability. The return on equity is negative, reflecting ongoing losses and poor returns for shareholders.
Cash Flow
40
Negative
The cash flow statement shows improvement in operating cash flow, turning positive in the latest year. However, free cash flow growth is negative, and the free cash flow to net income ratio indicates inefficiencies in converting earnings to cash. The company needs to enhance its cash generation capabilities.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue561.88M648.69M562.03M745.95M926.47M863.63M
Gross Profit62.23M64.20M73.61M79.69M121.19M118.91M
EBITDA-41.17M14.66M-48.36M23.57M26.04M17.36M
Net Income-88.73M-30.57M-126.57M-77.55M-25.43M-12.59M
Balance Sheet
Total Assets889.99M860.27M846.76M866.87M1.02B896.49M
Cash, Cash Equivalents and Short-Term Investments84.82M69.25M75.33M87.41M114.96M92.83M
Total Debt394.98M398.10M421.58M370.45M390.86M421.24M
Total Liabilities1.00B929.43M883.72M854.01M921.98M842.97M
Stockholders Equity-115.58M-64.40M-58.36M-25.77M55.28M14.43M
Cash Flow
Free Cash Flow48.90M28.49M-88.52M356.00K-995.00K68.56M
Operating Cash Flow60.73M45.95M-77.18M6.42M6.37M75.02M
Investing Cash Flow-21.78M-29.75M-17.35M-15.12M-4.09M-6.35M
Financing Cash Flow-16.77M-21.31M82.00M-15.98M15.45M-44.69M

Sandmartin International Holdings Limited Technical Analysis

Technical Analysis Sentiment
Positive
Last Price0.07
Price Trends
50DMA
0.07
Positive
100DMA
0.08
Positive
200DMA
0.08
Negative
Market Momentum
MACD
<0.01
Negative
RSI
65.30
Neutral
STOCH
65.21
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0482, the sentiment is Positive. The current price of 0.07 is below the 20-day moving average (MA) of 0.07, below the 50-day MA of 0.07, and below the 200-day MA of 0.08, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 65.30 is Neutral, neither overbought nor oversold. The STOCH value of 65.21 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:0482.

Sandmartin International Holdings Limited Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
68
Neutral
HK$586.00M15.9212.27%2.53%19.80%
63
Neutral
HK$156.20M6.833.56%8.78%160.00%
61
Neutral
$37.18B12.37-10.20%1.83%8.50%-7.62%
46
Neutral
HK$258.48M-3.38-30.44%-58.81%-10.51%
45
Neutral
HK$225.87M-5.62-17.08%-7.93%45.04%
45
Neutral
HK$115.61M-0.88-29.56%-12.03%-40.38%
43
Neutral
HK$93.51M-1.05-2.92%-48.35%
* Technology Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
HK:0482
Sandmartin International Holdings Limited
0.08
-0.04
-32.74%
HK:1720
Putian Communication Group Limited
0.14
0.06
71.08%
HK:1087
InvesTech Holdings Limited
1.13
0.83
276.67%
HK:0947
Mobi Development Co., Ltd.
0.15
<0.01
7.41%
HK:1473
Pangaea Connectivity Technology Limited
0.50
0.35
233.33%
HK:1613
Synertone Communication Corporation
0.19
-0.14
-42.69%

Sandmartin International Holdings Limited Corporate Events

Sandmartin Further Delays Circular on Capital Reorganisation and Rights Issue
Jan 16, 2026

Sandmartin International Holdings has announced a further delay in sending a shareholder circular detailing its proposed capital reorganisation and a non-underwritten rights issue of one rights share for every one adjusted share held. The circular, originally expected by mid-January 2026, is now scheduled to be dispatched on or before 6 February 2026, as the company needs more time to finalise the information and is considering revising the structure of the rights issue, which in turn postpones the timetable for both the capital reorganisation and the rights issue; the company also cautioned that these transactions remain conditional and may or may not proceed, underscoring ongoing uncertainty for shareholders and potential investors.

The most recent analyst rating on (HK:0482) stock is a Sell with a HK$0.06 price target. To see the full list of analyst forecasts on Sandmartin International Holdings Limited stock, see the HK:0482 Stock Forecast page.

Sandmartin Further Delays Circular on Capital Reorganisation and Rights Issue
Dec 24, 2025

Sandmartin International Holdings Limited has announced a further delay in sending a shareholder circular related to a proposed capital reorganisation and a non-underwritten rights issue of one rights share for every one adjusted share held on the record date. The circular, which will detail the capital reorganisation, the rights issue structure, recommendations from the independent board committee, and advice from an independent financial adviser, is now expected to be dispatched on or before 16 January 2026, instead of 26 December 2025, as the company needs more time to finalise the information and is considering revising the rights issue structure. As the capital reorganisation is intended to be implemented together with the rights issue, their timetables will be postponed in tandem, and the company plans to issue further announcements on any revised structure and schedule, while cautioning shareholders and potential investors that both the capital reorganisation and the rights issue remain conditional and may or may not proceed.

The most recent analyst rating on (HK:0482) stock is a Hold with a HK$0.07 price target. To see the full list of analyst forecasts on Sandmartin International Holdings Limited stock, see the HK:0482 Stock Forecast page.

Sandmartin International Announces Delay in Capital Reorganisation and Rights Issue
Dec 8, 2025

Sandmartin International Holdings Limited has announced a delay in the timetable for its proposed capital reorganisation and rights issue. The company is revising the structure of the rights issue and requires more time to finalize the details, which affects the schedule for both the capital reorganisation and rights issue. Further announcements will be made regarding the revised structure and expected timetable.

Sandmartin International Holdings Delays Circular Dispatch for Capital Reorganization
Dec 5, 2025

Sandmartin International Holdings Limited has announced a further delay in the dispatch of its circular related to a proposed capital reorganization and rights issue. The delay is due to the company considering revisions to the structure of the rights issue, necessitating additional time to finalize the circular’s contents. The new expected dispatch date is on or before December 26, 2025. The company warns shareholders and potential investors of the risks involved, as the capital reorganization and rights issue are contingent upon certain conditions being met, and may not proceed as planned.

Sandmartin International Announces Further Delay in Capital Reorganisation Circular
Nov 25, 2025

Sandmartin International Holdings Limited has announced a further delay in the dispatch of its Circular related to a proposed Capital Reorganisation and Rights Issue. The delay is due to the additional time required to prepare and finalize the necessary information. The revised timetable now expects the Circular to be dispatched by December 5, 2025, impacting the schedule for shareholder meetings and related processes.

Sandmartin International Delays Circular Dispatch for Capital Reorganization
Nov 14, 2025

Sandmartin International Holdings Limited has announced a delay in the dispatch of a circular related to its proposed capital reorganization and rights issue. The company requires additional time to finalize the circular, which will now be dispatched by November 25, 2025. This delay may impact the timeline for shareholders to participate in the rights issue and attend the Special General Meeting.

Sandmartin International Holdings Limited Successfully Passes AGM Resolutions
Nov 10, 2025

Sandmartin International Holdings Limited announced the successful passing of all proposed resolutions at their adjourned AGM held on November 10, 2025. The resolutions included the adoption of the company’s audited financial statements for the year ending December 31, 2024, and the re-appointment of BDO Limited as the company’s auditor. All resolutions were passed unanimously with 100% of votes in favor, reflecting strong shareholder support and potentially reinforcing the company’s governance and operational stability.

Sandmartin International Announces Capital Reorganization and Rights Issue
Oct 24, 2025

Sandmartin International Holdings Limited has announced a proposed capital reorganization and rights issue to optimize its financial structure. The capital reorganization involves consolidating shares, reducing capital, and adjusting share premiums to offset accumulated losses. The rights issue aims to raise approximately HK$92.3 million by issuing new shares to qualifying shareholders, enhancing the company’s financial position and providing opportunities for stakeholders.

Sandmartin International Announces Deemed Disposal of Subsidiary Equity
Oct 22, 2025

Sandmartin International Holdings Limited has announced a deemed disposal of equity interest in its subsidiary, Pro Brand Technology (TW) Inc., following a rights issue approved by the subsidiary’s board. The decision not to participate in the rights issue will dilute Sandmartin’s ownership from 59.1% to 54.2%, constituting a discloseable transaction under Hong Kong’s Listing Rules. This move reflects a strategic decision by Sandmartin, potentially impacting its control over the subsidiary while still maintaining a significant stake.

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.Date of analysis: Jan 21, 2026