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

• Market Cap: HK$91.64M
• Dividend Yield: N/A
• Average Volume (3M): 7.51M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.94
• 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)

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 low debt-to-equity profile gives the company long-term financial flexibility to fund capital expenditures, win infrastructure-heavy municipal contracts, and absorb cyclical swings. Conservative leverage reduces refinancing risk and supports strategic investments over the next several quarters.

Integrated Waste Platform

A vertically integrated waste business spanning collection, recycling and waste-to-energy creates multiple, recurring revenue streams and higher customer stickiness. Long-term municipal contracts and circular-economy tailwinds support durable demand and opportunities to scale recycling margins.

Cash Conversion Efficiency

A positive FCF-to-net-income ratio implies operational levers can convert accounting profits into cash when revenue stabilizes. Over 2-6 months this indicates potential to restore liquidity and fund working capital or capex without immediate reliance on external financing if operational performance improves.

Negative Factors

Persistent Unprofitability

Sustained negative margins erode retained earnings and limit the firm's ability to reinvest in capacity or technology. Over the medium term this undermines competitiveness, reduces bargaining power on contracts, and raises the bar for achieving scale-based margin recovery without structural cost or pricing changes.

Weak Cash Generation

Negative operating and free cash flow constrain capital spending, maintenance of recycling assets, and ability to tender for municipal contracts. Persistent cash deficits increase dependence on external financing, which can dilute returns and restrict strategic initiatives over the coming quarters.

Stagnant Revenue Trend

Negative revenue growth signals difficulties expanding market share or winning new contracts. Without revenue momentum, fixed-cost absorption is limited, making margin expansion challenging and reducing the runway to invest in recycling or waste-to-energy projects that drive long-term structural improvement.

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 generates revenue primarily through its waste management services, which include waste collection contracts with municipalities and businesses, recycling operations that convert waste into reusable materials, and disposal fees charged for waste treatment and landfill services. Key revenue streams include long-term contracts with government entities for municipal waste management, commercial contracts with businesses for regular waste collection, and income from recycling operations, where commodities are sold to manufacturers. Additionally, the company may benefit from partnerships with local governments and private enterprises, enhancing its market reach and operational efficiency, while also contributing to its earnings through innovative waste-to-energy projects that convert waste into electricity or heat.

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	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	45.09M	45.09M	42.70M	42.34M	42.12M	51.33M
Gross Profit	10.02M	22.93M	25.35M	-532.00K	-487.00K	1.72M
EBITDA	-418.53M	-461.50M	-38.09M	-12.44M	-7.64M	-2.56M
Net Income	-490.14M	-490.14M	-64.73M	-39.80M	-27.58M	-23.89M
Balance Sheet
Total Assets	281.57M	281.57M	771.58M	790.69M	833.03M	862.29M
Cash, Cash Equivalents and Short-Term Investments	43.10M	43.10M	50.68M	74.40M	76.46M	78.33M
Total Debt	50.39M	50.39M	50.39M	392.00K	0.00	72.00K
Total Liabilities	61.78M	61.78M	60.80M	13.57M	13.72M	15.10M
Stockholders Equity	220.55M	220.55M	710.93M	776.98M	818.34M	845.46M
Cash Flow
Free Cash Flow	-23.39M	-23.39M	-24.45M	4.58M	-15.19M	-3.28M
Operating Cash Flow	-23.18M	-23.18M	-19.24M	4.81M	-13.28M	-2.76M
Investing Cash Flow	19.07M	19.07M	-53.49M	-6.87M	11.48M	-16.64M
Financing Cash Flow	-3.48M	-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: Positive
• 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 50.00 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$61.02M	-8.90	-3.59%	―	2.94%	-56.79%
6812	55 Neutral	HK$183.00M	-23.64	-3.94%	3.65%	0.25%	18.87%
8309	48 Neutral	HK$39.00M	-3.01	-9.31%	―	-57.27%	-190.00%
0923	47 Neutral	HK$91.64M	-0.19	-107.25%	―	-2.08%	-647.01%
0646	46 Neutral	HK$52.43M	-0.94	―	―	4.13%	-5.11%
8320	44 Neutral	HK$81.87M	-29.74	-4.04%	―	12.29%	51.28%

Integrated Waste Solutions Group Holdings Limited Corporate Events

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.

Integrated Waste Solutions Reports Financial Decline Amid Operational Adjustments

Integrated Waste Solutions Group Holdings Limited reported a decrease in revenue and gross profit for the six months ending September 30, 2025, compared to the same period in 2024. Despite the financial decline, the company managed to reduce its loss attributable to equity shareholders by 36.7%, indicating some improvement in operational efficiency or cost management. The board decided not to recommend any interim dividend for this period, reflecting a cautious approach in the face of ongoing financial challenges.

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 Announces Upcoming Board Meeting for Interim Results

Integrated Waste Solutions Group Holdings Limited has announced a board meeting scheduled for November 27, 2025, to discuss the unaudited consolidated interim results for the six months ending September 30, 2025. The board will also consider the recommendation for a dividend payment, which could impact stakeholders and reflect the company’s financial health and strategic decisions.

Integrated Waste Solutions Group Announces Auditor Change

Integrated Waste Solutions Group Holdings Limited has announced a change in its auditor, with KPMG resigning after over 12 years of service due to disagreements on audit fees. The company has appointed Crowe (HK) CPA Limited as the new auditor, effective from October 31, 2025, citing Crowe’s experience and competitive fee proposals as reasons for the change. This decision is expected to enhance the cost-effectiveness of the company’s audits and is deemed to be in the best interest of the company and its shareholders.