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Carry Wealth Holdings Limited (HK:0643)
:0643
Hong Kong Market

Carry Wealth Holdings Limited (0643) AI Stock Analysis

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HK:0643

Carry Wealth Holdings Limited

(0643)

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Neutral 48 (OpenAI - 5.2)
Rating:48Neutral
Price Target:
HK$0.25
▼(-2.00% Downside)
The score is held back primarily by weak financial quality—compressed margins, ongoing losses, and negative operating cash flow—despite strong 2024 revenue growth and a low-debt balance sheet. Technicals contribute modest support from an improved short-term trend, while valuation is constrained by the company’s loss-making profile and lack of dividend yield data.
Positive Factors
Conservative leverage
Very low debt provides durable financial flexibility: the company can fund operations, absorb continued losses, and pursue working-capital or capex needs without near-term refinancing risk. This structural balance-sheet strength supports survival and optionality over months.
2024 revenue rebound
A sustained top-line recovery signals improving market demand or regained customer traction. If maintained, stronger revenue provides scale to dilute fixed costs and creates a platform to restore margins and operating leverage over the medium term.
Improving free cash flow trajectory
Reaching breakeven free cash flow marks a structural inflection: it reduces reliance on external funding and indicates management progress on cash conversion. Sustaining positive FCF would materially improve liquidity and strategic flexibility over the next 2–6 months.
Negative Factors
Margin compression
Steady gross margin erosion reflects worsening cost structure or pricing pressure in apparel manufacturing. Persistently thin gross margins limit operating leverage, make profitability fragile to revenue swings, and constrain ability to fund SG&A or reinvest without margin recovery.
Persistent operating cash flow weakness
Repeated negative operating cash flow indicates earnings are not converting to cash and suggests working-capital strain. This structural cash-generation issue raises liquidity and execution risk, increasing dependence on balance-sheet buffers or external financing if losses persist.
Sustained losses and negative returns
Ongoing net losses and sharply negative ROE show the business is failing to generate returns on capital. Over time this erodes shareholder equity, hampers reinvestment, and limits ability to attract long-term capital unless profitability is structurally restored.

Carry Wealth Holdings Limited (0643) vs. iShares MSCI Hong Kong ETF (EWH)

Carry Wealth Holdings Limited Business Overview & Revenue Model

Company DescriptionCarry Wealth Holdings Limited, an investment holding company, manufactures and trades in garment products for various brands in the United States, Mainland China, Europe, Hong Kong, and internationally. The company operates through Garment Manufacturing and Trading; and Securities Investment segments. It offers various knitwear, including polo, athletics, cardigan, hoody, tee, jacket, bottom, dress, and layette for men, women, and children. The company also provides consultation services; and invests and trades in securities. Carry Wealth Holdings Limited was founded in 1993 and is headquartered in Hong Kong, Hong Kong.
How the Company Makes MoneyCarry Wealth Holdings Limited generates revenue through its garment manufacturing operations. The company earns money by producing apparel for international fashion brands, which involves designing, sourcing materials, manufacturing, and delivering finished products. Its key revenue streams include sales contracts with major clothing retailers and brands, which rely on Carry Wealth's expertise in producing high-quality garments at competitive prices. Additionally, the company may benefit from strategic partnerships with fabric suppliers and logistics companies to optimize its production and distribution processes. The ability to maintain strong relationships with high-profile clients and efficiently manage its supply chain are significant factors contributing to its earnings.

Carry Wealth Holdings Limited Financial Statement Overview

Summary
Revenue rebounded strongly in 2024 (+21.6% YoY) and leverage is very low (debt-to-equity ~0.01x), but profitability deteriorated (gross margin ~9.9%) with continued losses (net margin ~-5.1%), negative EBITDA, and weak/volatile cash generation (negative operating cash flow in 2024).
Income Statement
34
Negative
Revenue rebounded strongly in 2024 (+21.6% YoY), but profitability deteriorated: gross margin compressed to ~9.9% (from ~12.8% in 2023 and ~16.1% in 2022) and the company remained loss-making (2024 net margin ~-5.1%). Operating results also weakened versus 2023, with EBITDA turning negative in 2024, highlighting ongoing cost pressure and limited earnings quality despite top-line growth.
Balance Sheet
67
Positive
The balance sheet looks relatively conservative on leverage: 2024 debt-to-equity is very low (~0.01x) and total debt dropped sharply versus 2021–2023 levels. However, equity returns are consistently negative (2024 return on equity about -22.8%), indicating that while the capital structure is not stressed, the business is not generating acceptable profits on shareholders’ capital.
Cash Flow
28
Negative
Cash generation is volatile and recently weak. Operating cash flow was negative in 2024 (and also negative in 2023 and 2021), implying profits are not converting into cash and working capital needs may be elevated. Free cash flow was reported at 0 in 2024 after being negative in 2023, and the overall pattern (positive in 2020/2022 but negative in several other years) raises execution and liquidity-risk concerns if losses persist.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue470.80M664.69M493.06M499.02M441.17M290.51M
Gross Profit37.35M66.14M62.95M80.22M61.09M47.02M
EBITDA-40.20M-15.93M11.02M9.29M12.08M-4.21M
Net Income-51.36M-33.79M-8.92M-7.54M-1.46M-15.35M
Balance Sheet
Total Assets209.38M239.56M279.30M254.73M289.23M246.26M
Cash, Cash Equivalents and Short-Term Investments91.75M113.30M120.15M97.02M51.49M85.92M
Total Debt2.60M1.74M33.91M34.06M65.65M25.08M
Total Liabilities91.45M91.64M101.45M125.20M140.88M107.00M
Stockholders Equity117.92M147.92M177.84M129.53M148.34M139.25M
Cash Flow
Free Cash Flow-23.23M0.00-23.42M31.53M-34.48M21.83M
Operating Cash Flow-50.50M-10.96M-20.77M33.76M-31.67M22.61M
Investing Cash Flow-316.00K0.00-1.84M46.22M-46.30M-4.05M
Financing Cash Flow-1.10M0.0047.54M-32.86M44.15M16.55M

Carry Wealth Holdings Limited Technical Analysis

Technical Analysis Sentiment
Negative
Last Price0.25
Price Trends
50DMA
0.26
Negative
100DMA
0.40
Negative
200DMA
0.37
Negative
Market Momentum
MACD
>-0.01
Positive
RSI
33.62
Neutral
STOCH
12.75
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0643, the sentiment is Negative. The current price of 0.25 is below the 20-day moving average (MA) of 0.27, below the 50-day MA of 0.26, and below the 200-day MA of 0.37, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 33.62 is Neutral, neither overbought nor oversold. The STOCH value of 12.75 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:0643.

Carry Wealth 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
71
Outperform
HK$136.65M3.899.42%6.67%18.97%-4.28%
70
Outperform
HK$133.40M3.8511.95%12.12%-7.88%-4.49%
61
Neutral
$18.38B12.79-2.54%3.03%1.52%-15.83%
52
Neutral
HK$171.60M-2.11-8.49%2.08%-6.96%-32.24%
48
Neutral
HK$222.26M-4.03-36.27%-13.88%-210.33%
43
Neutral
HK$165.89M-0.39-25.27%4.98%-3.47%
40
Underperform
HK$206.82M-1.12-14.53%0.34%-47.98%
* Consumer Cyclical Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
HK:0643
Carry Wealth Holdings Limited
0.23
-0.04
-14.81%
HK:0311
Luen Thai Holdings Limited
0.20
0.01
7.53%
HK:0294
Yangtzekiang Garment Co. Ltd.
0.83
-0.25
-23.15%
HK:1749
Shanshan Brand Management Co. Ltd. Class H
0.95
0.06
6.74%
HK:3398
China Ting Group Holdings Limited
0.08
-0.07
-47.33%
HK:8480
Furniweb Holdings Limited
0.14
0.05
47.37%

Carry Wealth Holdings Limited Corporate Events

Carry Wealth Takeover Bid Lapses After Minimal Shareholder Acceptance
Jan 14, 2026

Carry Wealth Holdings Limited has disclosed that a conditional mandatory general cash offer to acquire all its issued shares not already held by the joint offerors has lapsed after receiving minimal shareholder support. As of the first closing date on 14 January 2026, valid acceptances covered just 590,000 shares, or about 0.06% of the company’s issued share capital, leaving the joint offerors and their concert parties with an aggregate 45.77% stake, below the level required to satisfy the offer condition and effect a change in control, meaning the company’s ownership structure and market positioning remain largely unchanged for existing shareholders.

The most recent analyst rating on (HK:0643) stock is a Hold with a HK$0.24 price target. To see the full list of analyst forecasts on Carry Wealth Holdings Limited stock, see the HK:0643 Stock Forecast page.

Carry Wealth Announces Name Change of Hong Kong Auditor
Jan 12, 2026

Carry Wealth Holdings Limited has announced a change in the English and Chinese names of its Hong Kong auditor, reflecting a rebranding of the audit firm rather than a change in audit provider. The auditor’s English name has been changed from SFAI (HK) CPA Limited to ZSZH (HK) Fuson CPA Limited, effective 9 January 2026, a procedural move that is not expected to affect the company’s audit arrangements or board structure, which remains composed of two executive directors and three independent non-executive directors.

The most recent analyst rating on (HK:0643) stock is a Hold with a HK$0.23 price target. To see the full list of analyst forecasts on Carry Wealth Holdings Limited stock, see the HK:0643 Stock Forecast page.

Carry Wealth Launches Mandatory General Cash Offer with Composite Document Despatch
Dec 24, 2025

Carry Wealth Holdings Limited has announced the formal despatch of a composite offer document to shareholders, marking the commencement of a conditional mandatory general cash offer by Zephyrus Capital Limited, Mr. Tsang Chun Ho Anthony and their concert parties to acquire all issued shares not already owned or agreed to be acquired by them. The document, sent on 24 December 2025 and also available online, sets out the terms of the offer, recommendations from the independent board committee and advice from an independent financial adviser, and provides an indicative timetable under which the offer opened on 24 December 2025, is initially scheduled to close on 14 January 2026, and, if it becomes unconditional, cash consideration for valid acceptances received by the first closing date will be remitted by 23 January 2026, potentially leading to a change in the company’s ownership structure depending on the level of shareholder acceptance.

Carry Wealth Holdings Announces Further Delay in Document Dispatch
Dec 5, 2025

Carry Wealth Holdings Limited, along with Zephyrus Capital Limited and Mr. Tsang Chun Ho Anthony, has announced a further delay in the dispatch of the Composite Document related to a conditional mandatory general cash offer. The delay is due to the need for additional time to finalize certain information, including advice from the Independent Financial Adviser. The new deadline for dispatch is set for on or before December 24, 2025, pending consent from the Executive. Further announcements will be made as necessary.

Carry Wealth Holdings Delays Dispatch of Composite Document for Cash Offer
Nov 14, 2025

Carry Wealth Holdings Limited has announced a delay in the dispatch of a composite document related to a conditional mandatory general cash offer by Quam Securities Limited on behalf of joint offerors Zephyrus Capital Limited and Mr. Tsang Chun Ho Anthony. The delay is due to the need for additional time to finalize certain information, including a valuation report and a letter of advice from the Independent Financial Adviser. The deadline for dispatch has been extended to December 5, 2025, with consent from the Executive, and further announcements will be made as necessary.

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 15, 2026