Man Sang International Limited (HK:0938)
:0938
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Man Sang International
(0938)
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Rating:42Neutral
Price Target:
HK$0.46
▲(62.86% Upside)
Action:ReiteratedDate:04/01/26
The score is held down primarily by very weak financial performance (negative equity, heavy losses, and persistent cash burn). Technical indicators are mixed and do not show a clear bullish trend, and valuation support is limited given loss-making earnings and no dividend yield data.
Positive Factors
Diversified revenue streams
Man Sang generates earnings from both cultured-pearl sales and property investment/development. This diversification reduces concentration risk and can provide non-operating liquidity (rental income or asset sales) to smooth cash flow during jewelry-market downturns.
Negative Factors
Negative shareholder equity
Equity turning negative over multiple years reflects cumulative losses that erode capital. Negative equity constrains financing options, increases insolvency and covenant risk, and materially raises the likelihood of difficult refinancing or forced asset sales to meet obligations.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified revenue streams
Man Sang generates earnings from both cultured-pearl sales and property investment/development. This diversification reduces concentration risk and can provide non-operating liquidity (rental income or asset sales) to smooth cash flow during jewelry-market downturns.
Read all positive factors
Man Sang International (0938) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$307.42M
Dividend YieldN/A
Average Volume (3M)266.53K
Price to Earnings (P/E)―
Beta (1Y)-0.81
Revenue Growth-15.59%
EPS Growth24.48%
CountryHK
Employees274
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)-0.03
Shares Outstanding647,198,600
10 Day Avg. Volume526,581
30 Day Avg. Volume266,527
Financial Highlights & Ratios
PEG Ratio-0.08
Price to Book (P/B)-0.64
Price to Sales (P/S)4.65
P/FCF Ratio-12.79
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
Man Sang International Business Overview & Revenue Model
Company Description
Man Sang International Limited, an investment holding company, engages in the development, leasing, and sale of properties in the People's Republic of China. The company sells residential apartments; and leases serviced apartments and shopping mal...
How the Company Makes Money
Man Sang International makes money primarily through the sale of cultured pearls and pearl-related jewelry to retailers, wholesalers, and individual customers globally. The company generates revenue by leveraging its expertise in processing and ma...
Man Sang International Financial Statement Overview
Summary
Income Statement
14
Very Negative
Balance Sheet
6
Very Negative
Cash Flow
12
Very Negative
| Breakdown | TTM | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 112.36M | 138.05M | 137.14M | 116.66M | 158.73M | 124.85M |
| Gross Profit | 33.22M | 25.48M | 10.44M | -8.39M | -24.28M | 63.04M |
| EBITDA | -37.07M | -359.34M | -75.70M | -68.12M | -107.98M | -58.16M |
| Net Income | -431.29M | -592.21M | -482.92M | -371.74M | -521.82M | -190.84M |
Balance Sheet | ||||||
| Total Assets | 252.00M | 2.03B | 2.82B | 3.35B | 3.50B | 4.60B |
| Cash, Cash Equivalents and Short-Term Investments | 14.31M | 23.42M | 32.87M | 31.77M | 153.79M | 1.38B |
| Total Debt | 743.66M | 3.16B | 2.86B | 2.82B | 2.92B | 3.77B |
| Total Liabilities | 839.49M | 3.52B | 3.21B | 3.16B | 3.31B | 4.13B |
| Stockholders Equity | -586.74M | -1.49B | -396.33M | 191.27M | 186.42M | 470.48M |
Cash Flow | ||||||
| Free Cash Flow | 7.67M | -6.02M | -6.27M | -97.40M | -101.75M | -164.32M |
| Operating Cash Flow | 7.94M | -5.85M | -2.64M | -93.91M | -98.36M | -60.69M |
| Investing Cash Flow | -18.96M | -4.07M | -9.39M | -10.19M | -54.53M | -157.35M |
| Financing Cash Flow | 4.95M | 14.72M | 17.63M | -29.61M | -1.09B | 1.44B |
Man Sang International Technical Analysis
Positive
0.28
Price Trends
0.41
Positive
0.39
Positive
0.51
Negative
Market Momentum
0.01
Negative
56.83
Neutral
33.46
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0938, the sentiment is Positive. The current price of 0.28 is below the 20-day moving average (MA) of 0.43, below the 50-day MA of 0.41, and below the 200-day MA of 0.51, indicating a neutral trend. The MACD of 0.01 indicates Negative momentum. The RSI at 56.83 is Neutral, neither overbought nor oversold. The STOCH value of 33.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:0938.
Man Sang International Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | HK$4.11B | 9.48 | 18.70% | 5.77% | -7.78% | -29.31% | |
70 Outperform | HK$2.63B | 12.36 | 8.86% | 6.95% | 5.13% | -38.76% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
53 Neutral | HK$2.87B | 19.47 | 3.94% | 11.14% | -1.14% | ― | |
49 Neutral | HK$392.33M | 11.39 | 0.54% | ― | 14.13% | -6.61% | |
47 Neutral | HK$2.61B | -3.01 | -12.90% | 4.41% | -10.06% | 35.81% | |
42 Neutral | HK$307.42M | -5.04 | ― | ― | -15.59% | 24.48% |
* Real Estate Sector Average
HK:0938
Man Sang International
0.48
-0.46
-48.92%
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A-Living Smart City Services Co., Ltd. Class H
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1.75
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32.73%
Man Sang International Corporate Events
Man Sang International Replaces Auditor to Cut Costs Amid Tough Conditions
Apr 10, 2026
Man Sang International Limited has announced the resignation of its auditor, CCTH CPA Limited, effective 10 April 2026, after the two parties failed to reach agreement on audit fees for the year ended 31 March 2026. The board and audit committee s...
Man Sang International Delays Circular on Major Disposal and Connected Transaction
Apr 2, 2026
Man Sang International has announced a delay in issuing a shareholder circular related to a major disposal and connected transaction involving the sale of the entire issued share capital of a target company and the assignment of a related loan. Th...
Man Sang International Plans Capital Reorganisation and HK$594 Million Connected Convertible Bond Issue
Mar 25, 2026
Man Sang International has proposed a capital reorganisation that will reduce the par value of its existing shares from HK$0.50 to HK$0.10 and subdivide authorised but unissued shares, aligning all new shares to rank equally. The move is designed ...
Man Sang International Plans Major Connected Disposal of Subsidiary and Loan
Mar 12, 2026
Man Sang International has entered into a conditional sale and purchase agreement to dispose of the entire issued share capital of a wholly owned target company and to assign an associated shareholder loan to a purchaser wholly owned by its chairm...
Man Sang International Signs Connected Lease for New Lijiang Hotel Premises
Jan 28, 2026
Man Sang International’s subsidiary Lijiang Hotel has entered into a two-year connected lease agreement with Lijiang Doof to rent approximately 7,554 square metres of premises in Lijiang, Yunnan, for hotel use starting 1 February 2026, or a ...
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.