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Pico Far East Holdings Limited (HK:0752)
:0752

Pico Far East Holdings (0752) AI Stock Analysis

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HK:0752

Pico Far East Holdings

(0752)

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Outperform 75 (OpenAI - 5.2)
Rating:75Outperform
Price Target:
HK$3.50
▲(29.15% Upside)
Action:ReiteratedDate:03/01/26
The score is driven primarily by solid financial performance (multi-year growth and improved profitability) tempered by a significant 2025 cash flow drop, alongside favorable valuation (low P/E and high dividend yield) and supportive technical strength above key moving averages.
Positive Factors
Multi-year revenue & margin expansion
Consistent revenue growth to ~7.2B and net margin expansion to ~6.0% reflect durable demand for exhibitions and experiential services and improving pricing and scale economics. That structural growth and margin recovery support sustainable earnings and operating leverage over coming quarters.
Improved return on equity
ROE jumping to ~17% from ~6% signifies stronger capital allocation and profitability per unit of equity. Sustained higher ROE suggests management is deploying capital effectively, enabling reinvestment or shareholder distributions while strengthening competitive positioning over the medium term.
Positive free cash flow generation
Positive 2025 free cash flow (~336M) and FCF-to-net-income near 0.89 show the business can convert earnings into cash. Even with volatility, ongoing FCF supports dividends, upkeep of event assets, and working capital needs, underpinning financial durability if cash volatility eases.
Negative Factors
Sharp operating cash flow decline
A steep drop in operating cash flow from ~949M to ~379M indicates material working-capital swings or timing issues that impair cash resilience. This weakens the company's ability to fund capex, dividends or absorb shocks and raises durable questions about earnings quality over coming quarters.
Rising leverage reduces flexibility
Debt-to-equity increasing to ~0.39 signals higher financial leverage and reduced buffer against downturns. Elevated leverage constrains strategic optionality, heightens interest and refinancing exposure, and limits capacity for opportunistic investment or margin-supporting initiatives over the medium term.
Operating profit softened despite revenue
EBIT falling while top-line grew points to cost pressure or weaker operating efficiency, eroding the link between revenue and operating earnings. Persistent operating margin compression would threaten durable profitability and the company's ability to fund growth or returns without further efficiency gains.

Pico Far East Holdings (0752) vs. iShares MSCI Hong Kong ETF (EWH)

Pico Far East Holdings Business Overview & Revenue Model

Company DescriptionPico Far East Holdings Limited, an investment holding company, engages in the exhibition, event, and brand activation; visual branding activation; museum, themed environment, interior, and retail; meeting architecture activation; and related businesses. It offers visual branding solutions, brand management, and design and consultancy services; digital marketing and technology; visual and digital content; virtual and online solutions; design and production management; event management; interior renovation, promotion, exhibition and event fabrication, electrical specialist, corporate, and image consultancy and project management; and construction, interior designing, decoration, and turnkey services, as well as technology solutions for exhibitions, events, museums, and interior and themed environment. The company also provides design, lifestyle, and business innovation communications agency services; designs, develops, operates, and manages exhibition and convention center; produces exhibition, event, and interior fit-out products; and organizes and manages exhibitions, conferences, trade fairs, convention conferences, seminars, and events. In addition, it offers freight forwarding, exhibition logistics, and transportation services for exhibitors; media planning, procurement, and optimization services in social video; services to organizers; and exhibition booth fabrication, event planning, design consultancy, themed designing, brand marketing and creative agency, brand strategy, engagement marketing, and public relations services. Further, the company manufactures and installs exhibitions; and offers services and disruptive technologies, design and technology solutions for interactive experience, and management development programs and courses. It also holds properties. The company operates in Greater China, the Middle East, Southeast Asia, the United Kingdom, the United States, and internationally. The company was founded in 1969 and is based in Tai Po, Hong Kong.
How the Company Makes MoneyPico Far East Holdings generates revenue through multiple streams, primarily from its event management services, which include planning, organizing, and executing events for corporate clients and trade exhibitions. The company earns fees for its design and production services related to exhibition booths and setups, as well as consulting services that help clients optimize their marketing strategies. Additionally, Pico's revenue is bolstered by partnerships with industry stakeholders, such as venues and suppliers, which allow for comprehensive service offerings. The company also benefits from repeat business from satisfied clients and long-term contracts, which provide stable income. Economic factors, such as the growth of the events industry in Asia and increasing corporate spending on marketing and brand engagement, further contribute to its revenue generation.

Pico Far East Holdings Financial Statement Overview

Summary
Strong multi-year revenue growth and improved profitability with higher ROE and moderate leverage, but the sharp 2025 deterioration in operating cash flow and free cash flow raises quality-of-earnings and durability concerns.
Income Statement
78
Positive
The company shows a clear multi-year growth trajectory, with revenue rising from ~4.1B (2021) to ~7.2B (2025) and a strong step-up in profitability versus earlier years. Margins improved meaningfully over time (net margin from ~3.4% in 2021 to ~6.0% in 2025), and profitability remains solid with 2025 net income of ~436M. Offsetting this, 2025 operating profit softened versus 2024 (EBIT down despite higher revenue), suggesting some cost pressure and modest margin compression at the operating line.
Balance Sheet
74
Positive
The balance sheet looks reasonably healthy with moderate leverage: debt-to-equity is ~0.39 in 2025 (still below 0.5) and equity has grown alongside the business. Returns to shareholders are strong (ROE ~17% in 2025, up from ~6% in 2021), indicating improved capital efficiency. The main weakness is the upward move in leverage versus 2023–2024 (debt-to-equity rising from ~0.23–0.26 to ~0.39), which reduces flexibility if operating conditions weaken.
Cash Flow
55
Neutral
Cash generation is the key mixed area. While 2025 free cash flow (~336M) broadly tracks earnings (free cash flow to net income ~0.89), operating cash flow fell sharply versus 2024 (from ~949M to ~379M) and free cash flow declined significantly (free cash flow growth -62.8%). This volatility suggests working-capital swings and/or higher cash outlays, and it is a watch item despite still-positive free cash flow.
BreakdownOct 2025Oct 2024Oct 2023Oct 2022Oct 2021
Income Statement
Total Revenue7.21B6.33B5.33B4.54B4.05B
Gross Profit2.19B1.94B1.59B1.27B1.09B
EBITDA669.65M593.12M452.48M337.35M311.59M
Net Income436.03M357.57M228.08M162.64M136.91M
Balance Sheet
Total Assets6.25B5.71B5.06B5.01B5.39B
Cash, Cash Equivalents and Short-Term Investments2.32B1.94B1.31B1.42B1.51B
Total Debt995.84M593.06M518.11M933.40M876.51M
Total Liabilities3.70B3.39B2.73B2.83B3.07B
Stockholders Equity2.55B2.29B2.26B2.11B2.19B
Cash Flow
Free Cash Flow336.07M917.73M406.68M58.60M220.24M
Operating Cash Flow379.17M949.34M460.37M147.10M273.99M
Investing Cash Flow-247.52M-217.99M-135.96M-128.98M-96.21M
Financing Cash Flow44.24M-365.86M-561.08M-30.61M11.64M

Pico Far East Holdings Technical Analysis

Technical Analysis Sentiment
Neutral
Last Price2.71
Price Trends
50DMA
2.75
Positive
100DMA
2.72
Positive
200DMA
2.59
Positive
Market Momentum
MACD
0.03
Positive
RSI
43.25
Neutral
STOCH
9.52
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0752, the sentiment is Neutral. The current price of 2.71 is below the 20-day moving average (MA) of 2.86, below the 50-day MA of 2.75, and above the 200-day MA of 2.59, indicating a neutral trend. The MACD of 0.03 indicates Positive momentum. The RSI at 43.25 is Neutral, neither overbought nor oversold. The STOCH value of 9.52 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HK:0752.

Pico Far East Holdings Peers Comparison

Overall Rating
UnderperformOutperform
Sector (60)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
75
Outperform
HK$3.56B7.5016.02%6.09%18.65%18.40%
74
Outperform
HK$229.39M8.8412.81%18.18%-7.56%-2.06%
74
Outperform
HK$984.76M3.4514.20%7.86%-4.03%8.61%
63
Neutral
HK$199.20M7.19-20.83%8.60%-26.30%-617.37%
60
Neutral
$48.67B4.58-11.27%4.14%2.83%-41.78%
50
Neutral
HK$810.78M-8.80-3.21%13.04%-11.14%-280.56%
43
Neutral
HK$14.82M-0.17-92.47%14.17%
* Communication Services Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
HK:0752
Pico Far East Holdings
2.76
0.83
42.71%
HK:1127
Lion Rock Group
1.33
0.17
14.66%
HK:0450
Hung Hing Printing Group Limited
0.89
0.01
1.37%
HK:1540
Left Field Printing Group Ltd.
0.47
0.06
13.41%
HK:1975
Sun Hing Printing Holdings Limited
0.41
0.10
32.79%
HK:8385
Prosperous Printing Company Limited
0.13
0.05
66.67%

Pico Far East Holdings Corporate Events

Pico Far East Sets 2026 AGM, Proposes Dividends and Share Issue Mandate
Feb 26, 2026

Pico Far East Holdings has called its annual general meeting for March 27, 2026, in Hong Kong, where shareholders will review the audited financial statements for the year ended October 31, 2025, and vote on a slate of board changes and governance matters. The agenda includes the re-election of three directors, the appointment of a new independent non-executive director, re-appointment of RSM Hong Kong as auditor, approval of directors’ and auditor’s remuneration, and the declaration of a final dividend of HK9.0 cents and a special dividend of HK4.5 cents per share.

Shareholders will also consider a mandate allowing the board to issue, allot and deal in additional shares, including potential treasury share sales, up to 20% of the company’s existing issued share capital, excluding treasury shares. If approved, the general mandate would give management enhanced financial flexibility for capital raising or strategic transactions, while the proposed dividends underscore the company’s capital-return intentions and could be viewed positively by income-focused investors.

The most recent analyst rating on (HK:0752) stock is a Hold with a HK$3.00 price target. To see the full list of analyst forecasts on Pico Far East Holdings stock, see the HK:0752 Stock Forecast page.

Pico Far East moves to modernise constitution ahead of uncertificated regime
Feb 24, 2026

Pico Far East Holdings plans to overhaul its constitutional documents by adopting an amended and restated memorandum and articles of association, subject to shareholder approval at its March 27, 2026 annual general meeting. The revisions aim to modernise governance by enabling electronic and hybrid general meetings with e-voting, aligning with updated rules on electronic corporate communications, and accommodating Hong Kong’s forthcoming uncertificated securities market regime, which should enhance regulatory compliance and shareholder accessibility.

The company will circulate a detailed circular and AGM notice to shareholders in due course, outlining the proposed changes and the special resolution required. If approved, the amendments are expected to streamline corporate administration, improve flexibility in shareholder engagement, and position Pico Far East in line with evolving market infrastructure and listing requirements in Hong Kong.

The most recent analyst rating on (HK:0752) stock is a Hold with a HK$3.00 price target. To see the full list of analyst forecasts on Pico Far East Holdings stock, see the HK:0752 Stock Forecast page.

Pico Far East Delivers Higher Revenue and Profit on Strong 2025 Final Results
Jan 30, 2026

Pico Far East Holdings reported a solid set of audited final results for the year ended 31 October 2025, with revenue rising to HK$7.21 billion from HK$6.33 billion a year earlier and gross profit increasing to HK$2.23 billion. Profit from core operations climbed to HK$591.6 million, up from HK$499.4 million, while profit attributable to owners grew to HK$436.0 million from HK$357.6 million, lifting basic earnings per share to 34.92 HK cents. Despite higher distribution and administrative expenses, as well as continued impairment losses on receivables and contract assets, the group improved operating profitability and maintained positive contributions from associates and joint ventures. The stronger bottom line and higher comprehensive income underscore an ongoing recovery and operational leverage in its events and marketing services businesses, reinforcing its financial position and potentially enhancing shareholder confidence.

The most recent analyst rating on (HK:0752) stock is a Hold with a HK$3.00 price target. To see the full list of analyst forecasts on Pico Far East Holdings stock, see the HK:0752 Stock Forecast page.

Pico Far East Announces Final HKD 0.09 Dividend for FY2025
Jan 30, 2026

Pico Far East Holdings Limited has declared a final ordinary cash dividend of HKD 0.09 per share for the financial year ended 31 October 2025, subject to shareholder approval at a meeting scheduled for 27 March 2026. The shares will trade ex-dividend on 31 March 2026, with the book close period running from 2 April to 10 April 2026, record date set on 10 April 2026, and dividend payment slated for 26 May 2026, indicating the company’s intention to return cash to shareholders and maintain capital distribution in the 2025 financial year.

The most recent analyst rating on (HK:0752) stock is a Hold with a HK$3.00 price target. To see the full list of analyst forecasts on Pico Far East Holdings stock, see the HK:0752 Stock Forecast page.

Pico Far East Announces Special Dividend with Scrip Option for FY2025
Jan 30, 2026

Pico Far East Holdings Limited has declared a special dividend of HK$0.045 per share for the financial year ended 31 October 2025, subject to shareholder approval on 27 March 2026. The dividend will be paid in cash by default, with shareholders offered an option to receive scrip shares instead, with key dates set for the ex-dividend on 31 March 2026, record date on 10 April 2026, and payment and scrip share certificate despatch on 26 May 2026, underscoring the company’s move to reward shareholders while providing flexibility in how they receive their returns.

The most recent analyst rating on (HK:0752) stock is a Hold with a HK$3.00 price target. To see the full list of analyst forecasts on Pico Far East Holdings stock, see the HK:0752 Stock Forecast page.

Pico Far East Sets January 30 Board Meeting to Approve 2025 Final Results
Jan 12, 2026

Pico Far East Holdings has scheduled a board meeting for January 30, 2026 to review and approve the audited final results for the financial year ended October 31, 2025, along with their release to the public. At the same meeting, the board will also consider the declaration of a final dividend, signaling a forthcoming update on the company’s financial performance and potential cash returns to shareholders.

The most recent analyst rating on (HK:0752) stock is a Buy with a HK$3.00 price target. To see the full list of analyst forecasts on Pico Far East Holdings stock, see the HK:0752 Stock Forecast page.

Pico Far East Sets 2026 CEO Handover to Group President Jean Chia
Dec 31, 2025

Pico Far East Holdings has announced a planned leadership transition in which long-serving chief executive officer Lawrence Chia will retire from the CEO role effective 1 January 2026, while remaining as executive director, board chairman, and a member or chair of key board committees, with the company stressing that the move is part of normal succession planning and that there are no disagreements with the board. Upon his retirement, executive director and current Group President Jean Chia Yuan Jiun, a 25-year veteran of the exhibition and event sector and niece of Lawrence Chia, will assume the CEO position, consolidating family leadership within the group; her extensive operational responsibility in Southeast Asia and existing directorships across key subsidiaries and the group’s Thai-listed affiliate suggest continuity in strategic direction despite the governance sensitivity of related-party leadership appointments and a previously disclosed minor regulatory fine involving a Thai entity where she is a director.

The most recent analyst rating on (HK:0752) stock is a Buy with a HK$3.00 price target. To see the full list of analyst forecasts on Pico Far East Holdings stock, see the HK:0752 Stock Forecast page.

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: Mar 01, 2026