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China Sandi Holdings Ltd.
(0910)
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Rating:40Underperform
Price Target:
HK$0.01
▲(30.00% Upside)
Action:N/A
Date:07/11/26
The score is primarily constrained by very weak financial performance (shrinking revenue, sustained losses, negative recent operating/free cash flow, and negative equity alongside high debt). Technicals provide only modest support due to price sitting above key moving averages, but momentum indicators remain weak. Valuation is not compelling because the company is loss-making (negative P/E) and there is no dividend yield data to offset the risk.
Positive Factors
Gross margin recovery
A rebound of gross margin to mid-teens/around 20% indicates underlying project economics still generate healthy spreads on cost of sales. Sustained gross-margin recovery can provide structural support for operating leverage, enabling the business to absorb SG&A and interest if revenue stabilizes.
Negative Factors
Negative equity and high leverage
Negative equity with very large debt materially weakens the capital base and increases insolvency and covenant risks. This structural balance-sheet stress reduces financial flexibility, raises refinancing and interest burdens, and likely forces restructuring, asset sales, or equity raises absent material operational improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Gross margin recovery
A rebound of gross margin to mid-teens/around 20% indicates underlying project economics still generate healthy spreads on cost of sales. Sustained gross-margin recovery can provide structural support for operating leverage, enabling the business to absorb SG&A and interest if revenue stabilizes.
Read all positive factors
China Sandi Holdings Ltd. (0910) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$71.23M
Dividend YieldN/A
Average Volume (3M)0.00
Price to Earnings (P/E)―
Beta (1Y)3.49
Revenue Growth-38.70%
EPS Growth86.61%
CountryHK
Employees198
SectorReal Estate
Sector Strength53
IndustryReal Estate - Development
Share Statistics
EPS (TTM)-0.12
Shares Outstanding5,088,207,500
10 Day Avg. Volume0
30 Day Avg. Volume0
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)-0.37
Price to Sales (P/S)0.05
P/FCF Ratio-1.29
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
China Sandi Holdings Ltd. Business Overview & Revenue Model
Company Description
Operating as an investment holding company, China Sandi Holdings Limited specializes in the investment and development of real estate across the People's Republic of China. The company's operations are divided into distinct segments: property deve...
China Sandi Holdings Ltd. Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
14
Very Negative
Cash Flow
18
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.38B | 2.25B | 3.63B | 4.02B | 3.59B |
| Gross Profit | 267.54M | 147.72M | 232.59M | 1.11B | 997.20M |
| EBITDA | -233.78M | -4.81B | 76.72M | 745.65M | 501.34M |
| Net Income | -587.91M | -4.39B | -511.09M | 42.10M | 207.78M |
Balance Sheet | |||||
| Total Assets | 16.30B | 17.94B | 25.75B | 26.12B | 36.68B |
| Cash, Cash Equivalents and Short-Term Investments | 91.67M | 202.75M | 162.89M | 896.93M | 1.35B |
| Total Debt | 7.35B | 7.27B | 7.05B | 7.64B | 11.03B |
| Total Liabilities | 16.26B | 17.36B | 20.70B | 21.05B | 30.44B |
| Stockholders Equity | -194.71M | 352.92M | 4.84B | 4.88B | 5.92B |
Cash Flow | |||||
| Free Cash Flow | -55.09M | -53.69M | -467.34M | 1.12B | 925.13M |
| Operating Cash Flow | -55.06M | -52.57M | -467.08M | 1.12B | 929.52M |
| Investing Cash Flow | 51.43M | -29.07M | 336.99M | 320.28M | -1.51B |
| Financing Cash Flow | -64.76M | 39.69M | -477.89M | -1.73B | 290.13M |
China Sandi Holdings Ltd. Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
50 Neutral | HK$38.56M | -0.08 | -39.03% | ― | -14.20% | -25.42% | |
42 Neutral | HK$49.10M | -0.69 | -61.82% | ― | -10.56% | 91.75% | |
40 Underperform | HK$71.23M | -0.12 | -10.52% | ― | -38.70% | 86.61% | |
40 Underperform | HK$66.30M | -0.01 | -1347.47% | ― | -61.86% | 17.85% | |
39 Underperform | HK$48.05M | >-0.01 | 77.11% | ― | -70.62% | -155.99% |
* Real Estate Sector Average
HK:0910
China Sandi Holdings Ltd.
0.01
0.00
0.00%
HK:1124
Coastal Greenland Limited
0.10
-0.04
-31.69%
HK:6158
Zhenro Properties Group Limited
0.01
-0.03
-72.09%
HK:0845
Glorious Property Holdings Limited
0.01
0.00
0.00%
HK:1996
Redsun Properties Group Ltd.
0.02
-0.02
-55.56%
HK:0755
Shanghai Zendai Property Ltd.
0.28
-0.27
-49.07%
China Sandi Holdings Ltd. Corporate Events
China Sandi Updates Results and Operations as It Navigates China Property Downturn
Jul 2, 2026
China Sandi Holdings has brought its financial reporting up to date, releasing its 2024 annual results and report and the full set of 2025 interim and annual results, meaning all disclosures required under Hong Kong’s Listing Rules have now ...
China Sandi Corrects 2025 Results, Flags RMB5.6 Billion in Defaulted Debt
Jun 15, 2026
China Sandi Holdings has issued a clarification to its 2025 annual results, correcting figures related to overdue and cross-defaulted bank and other borrowings and associated interest. As at 31 December 2025, the group had default and cross-defaul...
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.