Integrated Waste Solutions Group Holdings Limited (0923) AI Stock Analysis

• Market Cap: HK$96.46M
• Dividend Yield: N/A
• Average Volume (3M): 7.51M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.91
• Revenue Growth: -2.08%
• EPS Growth: -647.01%
• Country: HK
• Employees: 106
• Sector: Industrials
• Sector Strength: 72
• Industry: Waste Management
• EPS (TTM): >-0.01
• Shares Outstanding: 4,823,009,000
• 10 Day Avg. Volume: 2,348,600
• 30 Day Avg. Volume: 7,511,600
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.33
• Price to Sales (P/S): 1.60
• P/FCF Ratio: -3.09
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: HK$0.02 ▼(-5.00% Downside)
• Action: Reiterated Date: 11/01/25
• Date: Action: Reiterated 11/01/25

The overall stock score is primarily influenced by the company's weak financial performance and valuation, both of which are significant concerns. Technical analysis provides some positive signals, but these are not sufficient to offset the financial and valuation challenges. The absence of earnings call data and corporate events means these factors do not contribute to the score.

Positive Factors

Conservative leverage

A relatively low debt-to-equity ratio indicates conservative leverage and a more durable capital structure. Over the next several months this reduces fixed interest obligations, preserves borrowing capacity, and gives management flexibility to fund turnaround initiatives without immediate refinancing stress.

Cash conversion efficiency

A positive free cash flow to net income ratio suggests pockets of cash conversion efficiency even amid broader cash challenges. That structural ability to convert earnings into cash can be leveraged to prioritize working capital fixes and capital allocation, improving liquidity durability if operations stabilize.

Gross margin coverage

The company's fluctuating but present gross profit margin shows underlying ability to cover direct costs. Sustained gross margin capacity is a durable foundation for restoring operating profitability if overheads and scale inefficiencies are addressed, supporting medium-term margin recovery.

Negative Factors

Negative profitability

Persistent negative net profit and EBIT margins indicate structural profitability issues. Over 2-6 months this limits retained earnings, weakens return on capital, and constrains reinvestment into operations or growth initiatives, requiring operational turnarounds or structural cost reductions to restore viability.

Weak cash generation

Negative operating and free cash flow are durable red flags for funding the business internally. Continued cash deficits impair the company's ability to service obligations, invest in maintenance or growth, and increase reliance on external financing, raising liquidity and execution risks over the medium term.

Stagnant revenue growth

Minimal or negative revenue growth limits scalability and the ability to leverage fixed costs. Over several months this constrains margin expansion and reduces the effectiveness of any operational improvements, making a sustained recovery dependent on securing new contracts or expanding service lines.

Integrated Waste Solutions Group Holdings Limited Business Overview & Revenue Model

Company Description

Integrated Waste Solutions Group Holdings Limited, an investment holding company, provides solid waste management services in Hong Kong. The company operates through four segments: Confidential Materials Destruction Service, Logistics Services, Recovered Paper and Materials, and Tissue Paper Products. It sells recovered paper and materials, and tissue paper products. The company also offers confidential materials destruction; logistics; and waste collection, recycling, and treatment services. In addition, it manufactures plastic products; manufactures and trades in assorted paper products; develops recycling facilities; and provides management services. The company was formerly known as Fook Woo Group Holdings Limited and changed its name to Integrated Waste Solutions Group Holdings Limited in August 2013. Integrated Waste Solutions Group Holdings Limited was founded in 1968 and is headquartered in Tseung Kwan O, Hong Kong. Integrated Waste Solutions Group Holdings Limited is a subsidiary of Chow Tai Fook (Holding) Limited.

How the Company Makes Money

Integrated Waste Solutions Group Holdings Limited Financial Statement Overview

Summary

Integrated Waste Solutions Group Holdings Limited is facing significant financial challenges, particularly in profitability and cash flow generation. While the balance sheet shows a conservative leverage position, the company struggles with negative returns and cash flow issues. Continued focus on improving operational efficiency and revenue growth is essential to enhance financial stability.

Income Statement

The company has faced significant challenges in maintaining profitability, with negative net profit margins and EBIT margins over the years. Revenue growth has been minimal, indicating stagnation. The gross profit margin has fluctuated, showing some ability to cover costs, but overall profitability remains a concern.

Balance Sheet

The company's debt-to-equity ratio is relatively low, suggesting conservative leverage. However, the return on equity is negative, indicating that the company is not generating sufficient returns on its equity base. The equity ratio is stable, reflecting a solid capital structure despite profitability issues.

Cash Flow

Cash flow metrics indicate struggles with cash generation, as evidenced by negative operating cash flow and free cash flow. The free cash flow to net income ratio is positive, suggesting some efficiency in converting earnings to cash, but overall cash flow health is weak.

Breakdown	TTM	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020
Income Statement
Total Revenue	43.33M	45.09M	42.70M	42.34M	42.12M	51.33M
Gross Profit	2.34M	22.93M	25.35M	-532.00K	-487.00K	1.72M
EBITDA	-421.46M	-461.50M	-38.09M	-12.44M	-7.64M	-2.56M
Net Income	-482.94M	-490.14M	-64.73M	-39.80M	-27.58M	-23.89M
Balance Sheet
Total Assets	267.33M	281.57M	771.58M	790.69M	833.03M	862.29M
Cash, Cash Equivalents and Short-Term Investments	32.46M	43.10M	50.68M	74.40M	76.46M	78.33M
Total Debt	50.00M	50.39M	50.39M	392.00K	0.00	72.00K
Total Liabilities	59.08M	61.78M	60.80M	13.57M	13.72M	15.10M
Stockholders Equity	209.25M	220.55M	710.93M	776.98M	818.34M	845.46M
Cash Flow
Free Cash Flow	-23.70M	-23.39M	-24.45M	4.58M	-15.19M	-3.28M
Operating Cash Flow	-23.47M	-23.18M	-19.24M	4.81M	-13.28M	-2.76M
Investing Cash Flow	6.45M	19.07M	-53.49M	-6.87M	11.48M	-16.64M
Financing Cash Flow	-1.65M	-3.48M	49.01M	381.00K	-76.00K	-1.22M

Integrated Waste Solutions Group Holdings Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.02
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0923, the sentiment is Positive. The current price of 0.02 is below the 20-day moving average (MA) of 0.02, below the 50-day MA of 0.02, and above the 200-day MA of 0.02, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 52.43 is Neutral, neither overbought nor oversold. The STOCH value of 66.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:0923.

Integrated Waste Solutions Group Holdings Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
8201	59 Neutral	HK$53.46M	2.72	-0.77%	―	2.94%	-56.79%
6812	56 Neutral	HK$180.00M	-6.02	-3.95%	3.65%	0.25%	18.87%
8309	48 Neutral	HK$40.80M	10.19	-12.22%	―	-57.27%	-190.00%
0923	47 Neutral	HK$96.46M	-1.85	-107.25%	―	-2.08%	-647.01%
0646	46 Neutral	HK$53.46M	-1.06	―	―	4.13%	-5.11%
8320	44 Neutral	HK$63.03M	18.02	-4.04%	―	12.29%	51.28%

Integrated Waste Solutions Group Holdings Limited Corporate Events

Integrated Waste Solutions Lines Up Major Sheung Shui Lease for Hong Kong Operations

Integrated Waste Solutions Group Holdings has chosen a new site in Sheung Shui as a more suitable location for its operations than an earlier alternative in Tseung Kwan O, and its subsidiary CMDSL plans to enter into a tenancy agreement for this property. The new lease will be recognised as a right-of-use asset of about HK$45.24 million under IFRS 16, constituting a major transaction under Hong Kong listing rules that requires shareholder approval, which the company intends to obtain via written consents from its controlling shareholders, with a detailed circular to be sent by 30 March 2026 and a caution that the lease may ultimately not proceed.

The board’s decision to pivot to the Sheung Shui site signals a strategic move to secure operational stability and optimise the group’s facility footprint in Hong Kong. By structuring the approval process through a closely allied shareholder group, the company aims to expedite compliance with listing requirements while informing investors that the transaction’s completion remains subject to regulatory and shareholder approvals, underscoring some residual execution risk.

The most recent analyst rating on (HK:0923) stock is a Hold with a HK$0.02 price target. To see the full list of analyst forecasts on Integrated Waste Solutions Group Holdings Limited stock, see the HK:0923 Stock Forecast page.

Integrated Waste Solutions Delays Finalising Lease for Alternative Operational Sites

Integrated Waste Solutions Group Holdings Limited announced a delay in finalising lease documents for proposed alternative sites to be leased from Hong Kong Science and Technology Parks Corporation, extending the expected signing deadline to 30 April 2026. The move relates to the group’s earlier agreement to surrender an existing lease, and the postponement suggests a longer-than-expected transition to new operational sites, with potential timing implications for its facilities planning, though the company has committed to further updates as the process progresses under applicable listing rules.

The most recent analyst rating on (HK:0923) stock is a Hold with a HK$0.02 price target. To see the full list of analyst forecasts on Integrated Waste Solutions Group Holdings Limited stock, see the HK:0923 Stock Forecast page.