OSL Group Limited (HK:0863)
:0863
Want to see HK:0863 full AI Analyst Report?
Top Page
OSL Group Limited
(0863)
Select Model
Select Model
Rating:49Neutral
Price Target:
HK$11.50
▼(-17.09% Downside)
Action:Reiterated
Date:05/04/26
The score is held back primarily by weak and volatile financial performance, especially inconsistent profitability and negative operating/free cash flow. Technicals also remain bearish with the stock below key moving averages and negative MACD. Offsetting these, the latest earnings call highlighted strong operating momentum in transaction volume and non-IFRS cash income and improved (though still negative) adjusted operating loss, supported by significant new equity funding.
Positive Factors
Regulatory Footprint & Connectivity
A broad licensing footprint and extensive fiat/blockchain connectivity create a durable regulatory and operational moat for institutional clients. This reduces market-entry friction, enables multi-jurisdictional revenue, and supports sticky enterprise relationships that persist beyond short-term crypto cycles.
Negative Factors
Weak & Volatile Cash Generation
Persistent negative operating and free cash flow signals structural cash burn, implying reliance on external financing for growth. Even with equity injections, inconsistent cash conversion raises questions about sustainable internal funding of expansion and increases refinancing and dilution risk over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulatory Footprint & Connectivity
A broad licensing footprint and extensive fiat/blockchain connectivity create a durable regulatory and operational moat for institutional clients. This reduces market-entry friction, enables multi-jurisdictional revenue, and supports sticky enterprise relationships that persist beyond short-term crypto cycles.
Read all positive factors
OSL Group Limited (0863) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$10.26B
Dividend YieldN/A
Average Volume (3M)4.24M
Price to Earnings (P/E)―
Beta (1Y)0.49
Revenue Growth30.43%
EPS Growth-853.39%
CountryHK
Employees391
SectorFinancial
Sector Strength70
IndustryInvestment - Banking & Investment Services
Share Statistics
EPS (TTM)-0.27
Shares Outstanding902,268,600
10 Day Avg. Volume4,058,882
30 Day Avg. Volume4,236,531
Financial Highlights & Ratios
PEG Ratio0.04
Price to Book (P/B)3.51
Price to Sales (P/S)23.61
P/FCF Ratio-7.48
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$18.50Price Target Upside33.38% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.29
Revenue Forecast (FY)HK$766.41M
OSL Group Limited Business Overview & Revenue Model
Company Description
OSL Group Ltd. operates in the digital asset industry. It provides solutions for institutions, professional, and retail investors. OSL Group offers a comprehensive suite of services, including brokerage, custody, exchange, and SaaS. The firm also ...
How the Company Makes Money
OSL Group Limited makes money primarily by monetizing transaction activity and infrastructure services on its regulated digital-asset platform. Key revenue streams typically include: (1) Trading and brokerage fees: commissions, spreads, and/or tra...
OSL Group Limited Earnings Call Summary
Earnings Call Date:Mar 31, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 19, 2026
Earnings Call Sentiment Positive
The call highlighted major growth milestones: transaction volume up 201%, cash revenue (non-IFRS) up ~150% to HKD 534.1M, a majority stablecoin mix (60%), a strengthened global footprint with 50+ licenses, integration of Banxa and product launches (BizPay, USDGO), and a USD 500M capital raise — all pointing to strong execution and scale momentum. Key risks include an ongoing adjusted operating loss (below HKD 300M), higher operating and one-off M&A/licensing costs, and continued crypto market volatility. Management frames regulatory complexity as a competitive moat but the net-reporting basis and remaining geographic gaps require investor normalization when benchmarking peers.Positive Updates
Record Transaction Volume Growth
Total transaction volume increased by 201% year-over-year to over HKD 200 billion in 2025, reflecting strong platform traction and higher throughput.
Negative Updates
Adjusted Operating Loss Remains
Despite strong revenue growth, adjusted operating loss remained negative (management reported adjusted operating loss reduced to below HKD 300 million), indicating the company is not yet profitable on an adjusted P&L basis.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Transaction Volume Growth
Total transaction volume increased by 201% year-over-year to over HKD 200 billion in 2025, reflecting strong platform traction and higher throughput.
Read all positive updates
Company Guidance
Management guidance focused on scaling OSL as a global stablecoin payments and trading platform, backed by concrete metrics: in FY2025 total transaction volume rose 201% YoY to >HKD 200 billion with stablecoins ~60% of volume, non‑IFRS (cash) income grew ~150% YoY to HKD 534.1 million, adjusted operating loss was reduced to below HKD 300 million and operating‑loss‑as‑a‑%‑of‑cash‑revenue stayed broadly in line with 2024. Leadership reiterated five growth levers — broaden stablecoin products, invest in next‑gen market infrastructure and bank connectivity, pursue accretive M&A (targeting emerging markets), scale operations in selected markets (Europe, Indonesia, HK) and capture the AI agent economy — supported by a USD 500 million equity raise (USD 300m Sep‑2025, USD 200m Feb‑2026) and a global footprint of 50+ licenses across 11 jurisdictions (covering ~84% of global GDP / ~82% of trade flows), connectivity to 150+ countries, support for 30+ fiat currencies, integration of 200 digital assets across ~80–100+ blockchain networks, reach to ~1.5 billion users, and strong overseas revenue contribution (reported at ~67–76%); management cited market tailwinds (stablecoins projected to ~USD 2.25 trillion by 2029 at ~62% CAGR; stablecoins ≈1% of 2025 U.S. M2) and the AI agent economy (140M agentic transactions to date; market projected to ~USD 3 trillion by 2030) as drivers for sustained, diversified revenue growth.OSL Group Limited Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
74
Positive
Cash Flow
18
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 488.59M | 374.75M | 209.84M | 71.48M | 264.66M |
| Gross Profit | -69.95M | 181.86M | 192.24M | 70.17M | 244.62M |
| EBITDA | -398.25M | 82.83M | -185.82M | -486.24M | -214.18M |
| Net Income | -386.63M | 47.65M | -263.86M | -541.04M | -306.55M |
Balance Sheet | |||||
| Total Assets | 4.65B | 1.86B | 1.44B | 2.51B | 4.31B |
| Cash, Cash Equivalents and Short-Term Investments | 2.07B | 812.41M | 218.66M | 1.01B | 778.90M |
| Total Debt | 12.95M | 58.82M | 17.35M | 139.75M | 224.55M |
| Total Liabilities | 1.36B | 579.37M | 1.05B | 1.85B | 3.34B |
| Stockholders Equity | 3.29B | 1.29B | 411.74M | 672.10M | 974.74M |
Cash Flow | |||||
| Free Cash Flow | -1.54B | -322.81M | -686.40M | 169.23M | -376.98M |
| Operating Cash Flow | -1.53B | -319.76M | -686.40M | 171.07M | -338.92M |
| Investing Cash Flow | -358.42M | 3.19M | 6.30M | 14.96M | -85.13M |
| Financing Cash Flow | 2.33B | 695.90M | -80.94M | -124.50M | 862.34M |
OSL Group Limited Technical Analysis
Negative
13.87
Price Trends
12.04
Negative
13.38
Negative
15.01
Negative
Market Momentum
-0.03
Negative
47.23
Neutral
47.21
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0863, the sentiment is Negative. The current price of 13.87 is above the 20-day moving average (MA) of 11.27, above the 50-day MA of 12.04, and below the 200-day MA of 15.01, indicating a neutral trend. The MACD of -0.03 indicates Negative momentum. The RSI at 47.23 is Neutral, neither overbought nor oversold. The STOCH value of 47.21 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:0863.
OSL Group Limited Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | HK$331.95B | 12.25 | 6.85% | 2.75% | 91.20% | 30.16% | |
68 Neutral | HK$241.67B | 21.01 | 10.70% | 2.80% | 2.39% | 46.72% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | HK$459.72B | 12.27 | 11.64% | 2.05% | 48.94% | 36.64% | |
67 Neutral | HK$11.51B | 17.38 | 37.98% | 4.01% | -1.70% | 8.52% | |
53 Neutral | HK$18.45B | 13.74 | 8.60% | 2.75% | 40.32% | 287.91% | |
49 Neutral | HK$10.26B | -22.18 | -23.65% | ― | 30.43% | -853.39% |
* Financial Sector Average
HK:0863
OSL Group Limited
11.37
-4.01
-26.07%
HK:6030
CITIC Securities Co
26.56
3.85
16.96%
HK:6066
CSC Financial Co., Ltd. Class H
11.97
1.81
17.80%
HK:1788
Guotai Junan International Holdings Limited
1.94
-1.43
-42.40%
HK:1428
Bright Smart Securities & Commodities Group Limited
6.78
-1.85
-21.44%
HK:2611
Guotai Junan Securities Co., Ltd. Class H
14.31
2.20
18.18%
OSL Group Limited Corporate Events
OSL Group Wins Shareholder Backing for AGM Resolutions and Board Reshuffle
Jun 26, 2026
OSL Group Limited reported that all resolutions at its 2026 annual general meeting were approved by shareholders via poll, including the adoption of the 2025 audited financial statements, re-appointment of Deloitte Touche Tohmatsu as auditor and r...
OSL Group refreshes board and committee roles to reinforce governance
Jun 26, 2026
OSL Group Limited has announced an updated composition of its board of directors effective 26 June 2026, naming Lawrence Lee Kam Hung as non-executive chairman and confirming four executive directors led by chief executive officer Cui Song. The co...
OSL Group Sets 2026 AGM to Approve Accounts, Board Changes and Share Issuance Mandate
Jun 3, 2026
OSL Group Limited has convened its annual general meeting for 26 June 2026 in Hong Kong, where shareholders will vote on the adoption of the audited financial statements for the year ended 31 December 2025 and the reappointment of Deloitte Touche ...
OSL Group Posts Record Revenue but Swings to Loss on Global Expansion Push
Mar 31, 2026
OSL Group Limited reported record IFRS income of HK$488.8 million for 2025, a 30.4% year-on-year increase, while adjusted non-IFRS income surged 150.1% to HK$534.1 million, underscoring strong growth in its digital assets and blockchain platform b...
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.