Alpha Professional Holdings Ltd. (0948) AI Stock Analysis

• Market Cap: HK$124.50M
• Dividend Yield: N/A
• Average Volume (3M): 1.09M
• Price to Earnings (P/E): ―
• Beta (1Y): -0.27
• Revenue Growth: 145.86%
• EPS Growth: -569.50%
• Country: HK
• Employees: 106
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Communication Equipment
• EPS (TTM): -0.07
• Shares Outstanding: 377,280,400
• 10 Day Avg. Volume: 3,166,100
• 30 Day Avg. Volume: 1,088,070
• PEG Ratio: >-0.01
• Price to Book (P/B): -1.15
• Price to Sales (P/S): 1.98
• P/FCF Ratio: -4.25
• 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: 44 Neutral
• Price Target: HK$0.32 ▲(10.34% Upside)

The overall stock score is primarily impacted by significant financial challenges, including negative profitability and liquidity issues. Technical analysis provides some positive momentum signals, but valuation concerns due to a negative P/E ratio and lack of dividend yield further weigh down the score.

Positive Factors

Revenue Growth

Very strong reported revenue growth provides a multi-month runway to scale core service lines and monetize platform investments. Sustained top-line expansion can fund product development and market penetration, improving long-term competitive positioning if margins are restored.

Diversified Business Model

A diversified mix across technology, real estate and financial services creates multiple cash flow channels and reduces single-market dependency. This structural diversification supports resilience through sector cycles and enables cross-selling and allocation of capital to higher-return areas over months to years.

Gross Margin Improvement

An improving gross margin signals progress on pricing, cost control, or mix shift. If maintained, higher gross margins create durable operating leverage, making incremental revenue more profitable and helping bridge to break-even on operating income over a 2–6 month horizon and beyond.

Negative Factors

Negative Profitability

Persistent negative EBIT and net margins indicate the core business is not currently generating operating profits. Over months this limits reinvestment capacity, undermines stakeholder confidence, and requires sustained margin improvement or structural changes to achieve durable profitability.

Balance Sheet Weakness

Negative shareholders' equity and rising leverage reflect impaired capital structure and potential solvency pressure. This structural weakness raises refinancing and covenant risks, increases funding costs, and can force asset sales or equity raises that dilute long-term value unless corrected.

Weak Cash Generation

Negative operating and free cash flows show the business is consuming cash rather than generating it, creating sustained liquidity pressure. Over a multi-month horizon this hampers capital expenditures, debt servicing and strategic investments unless cash conversion turns positive or external funding is secured.

Alpha Professional Holdings Ltd. Business Overview & Revenue Model

Company Description

Alpha Professional Holdings Limited, an investment holding company, engages in the milk products, mobile, and property investment businesses. The company is involved in the trading of milk powder and baby foods; distribution and sale of mobile handsets and related compounds; and property leasing activities. It operates in Hong Kong, the People's Republic of China, Afghanistan, Bangladesh, Dubai, Cyprus, Poland, India, Russia, Vietnam, Australia, and internationally. The company was formerly known as Z-Obee Holdings Limited and changed its name to Alpha Professional Holdings Limited in October 2018. The company was founded in 2002 and is based in Wanchai, Hong Kong. Alpha Professional Holdings Limited operates as a subsidiary of Well Dynasty Investments Limited.

How the Company Makes Money

Alpha Professional Holdings Ltd. generates revenue through multiple streams, including fees from professional services rendered in consulting, technology solutions, and project management. The company also earns income from its investments in real estate properties and financial instruments, which provide rental income and capital gains. Significant partnerships with key industry players enhance its service offerings and extend its market reach, contributing to robust revenue growth. Additionally, the company may engage in joint ventures and strategic alliances that further diversify its income sources and improve financial stability.

Alpha Professional Holdings Ltd. Financial Statement Overview

Summary

Alpha Professional Holdings Ltd. faces significant financial challenges. Despite revenue growth, profitability issues persist with negative net profit and EBIT margins. The balance sheet shows negative stockholders' equity and increased leverage, indicating financial instability. Cash flow analysis reveals liquidity problems with negative operating and free cash flows.

Income Statement

Alpha Professional Holdings Ltd. has experienced significant revenue volatility, with a notable revenue growth rate of 127.02% in the latest year, but this follows a period of declining revenues. The company struggles with profitability, as evidenced by negative net profit margins and EBIT margins over the years. The gross profit margin has improved but remains low, indicating challenges in cost management and pricing power.

Balance Sheet

The company's balance sheet shows a concerning negative stockholders' equity in the latest year, leading to a negative debt-to-equity ratio. This indicates potential financial instability. Previous years showed a more stable equity position, but the trend is negative. The equity ratio has also decreased, reflecting increased leverage and financial risk.

Cash Flow

Cash flow analysis reveals negative operating and free cash flows in the latest year, with a significant decline in free cash flow growth. The operating cash flow to net income ratio is negative, indicating cash flow challenges. Despite a positive free cash flow to net income ratio, the overall cash flow position is weak, suggesting liquidity issues.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	40.52M	40.52M	96.31M	363.09M	438.35M	268.10M
Gross Profit	7.17M	7.17M	4.07M	42.74M	34.68M	6.21M
EBITDA	-183.51M	-183.51M	-43.21M	2.51M	15.45M	-12.91M
Net Income	-197.27M	-197.27M	-38.32M	1.31M	-31.64M	-14.99M
Balance Sheet
Total Assets	149.58M	149.58M	198.31M	270.44M	178.82M	239.51M
Cash, Cash Equivalents and Short-Term Investments	10.70M	10.70M	47.28M	13.69M	20.90M	70.38M
Total Debt	69.63M	69.63M	34.17M	47.89M	2.53M	2.27M
Total Liabilities	214.71M	214.71M	80.07M	111.62M	62.47M	89.02M
Stockholders Equity	-69.92M	-69.92M	118.23M	158.82M	116.35M	150.49M
Cash Flow
Free Cash Flow	-18.90M	-18.90M	43.82M	-96.45M	-48.64M	46.57M
Operating Cash Flow	-18.26M	-18.26M	43.83M	-96.45M	-48.60M	46.57M
Investing Cash Flow	-17.09M	-17.09M	6.53M	-184.00K	-38.00K	-46.80M
Financing Cash Flow	-3.97M	-3.97M	-18.21M	90.61M	-1.39M	42.22M

Alpha Professional Holdings Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.29
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0948, the sentiment is Positive. The current price of 0.29 is above the 20-day moving average (MA) of 0.25, above the 50-day MA of 0.27, and above the 200-day MA of 0.25, indicating a bullish trend. The MACD of 0.01 indicates Negative momentum. The RSI at 77.53 is Negative, neither overbought nor oversold. The STOCH value of 86.05 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:0948.

Alpha Professional Holdings Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
1617	65 Neutral	HK$178.89M	2.89	7.40%	―	-9.34%	605.26%
1720	63 Neutral	HK$127.60M	5.77	3.56%	―	8.78%	160.00%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
9963	53 Neutral	HK$553.11M	-4.02	-24.22%	―	-20.95%	-13.14%
0948	44 Neutral	HK$124.50M	-0.59	―	―	145.86%	-569.50%
0947	44 Neutral	HK$126.78M	-0.93	-29.56%	―	-12.03%	-40.38%
0482	40 Neutral	HK$84.90M	-0.96	―	―	-2.92%	-48.35%

Alpha Professional Holdings Ltd. Corporate Events

Alpha Professional Discloses Major Impairments on Long-Overdue Receivables and Goodwill

Alpha Professional Holdings Limited has issued a supplemental announcement detailing significant impairment charges related to trade receivables and goodwill for the financial year ended 31 March 2025, recognising HK$53.2 million of expected credit loss allowances on trade receivables and resulting net impairment losses of HK$22.5 million, alongside approximately HK$3.0 million in goodwill impairment. The group engaged independent valuer Norton Appraisals Holdings Limited to assess expected credit losses under IFRS 9, applying a Moody’s-style credit rating framework and scenario analysis, and concluded that long-outstanding receivables from four customers, overdue for more than 365 days with no meaningful repayments despite recovery efforts, were credit-impaired, underscoring elevated credit risk in its receivables portfolio and highlighting the impact of adverse industry and economic developments on the company’s financial position.

The most recent analyst rating on (HK:0948) stock is a Hold with a HK$0.50 price target. To see the full list of analyst forecasts on Alpha Professional Holdings Ltd. stock, see the HK:0948 Stock Forecast page.

Alpha Professional Holdings Reports Increased Losses in Interim Results

Alpha Professional Holdings Ltd. reported its unaudited interim results for the six months ending September 30, 2025, revealing a continued loss from operations. The company experienced a total comprehensive loss of HK$29.6 million, compared to a loss of HK$21.2 million in the same period of 2024. The results highlight challenges in managing costs and generating revenue, with significant losses from both continuing and discontinued operations. This financial performance may impact the company’s market positioning and stakeholder confidence.

The most recent analyst rating on (HK:0948) stock is a Hold with a HK$0.50 price target. To see the full list of analyst forecasts on Alpha Professional Holdings Ltd. stock, see the HK:0948 Stock Forecast page.

Alpha Professional Holdings Completes Share Subscription to Boost Milk Product Business

Alpha Professional Holdings Limited has announced the completion of a top-up subscription and placing of new shares, resulting in net proceeds of approximately HK$6.29 million. These funds are intended to support the expansion of the company’s milk product business, potentially enhancing its market position and operational capacity. The shareholding structure has been adjusted, with the Vendor maintaining a significant stake, while new Placees have been introduced.

The most recent analyst rating on (HK:0948) stock is a Hold with a HK$0.50 price target. To see the full list of analyst forecasts on Alpha Professional Holdings Ltd. stock, see the HK:0948 Stock Forecast page.

Alpha Professional Holdings Delays Circular Dispatch for Major Transaction

Alpha Professional Holdings Limited announced a delay in the dispatch of a circular related to the disposal of a 70% economic benefit in a target company. The circular, initially expected to be sent to shareholders by November 24, 2025, will now be delayed until January 23, 2026, to allow the company more time to finalize certain information. This delay may impact stakeholders’ timelines and expectations regarding the transaction.

The most recent analyst rating on (HK:0948) stock is a Hold with a HK$0.50 price target. To see the full list of analyst forecasts on Alpha Professional Holdings Ltd. stock, see the HK:0948 Stock Forecast page.

Alpha Professional Holdings Schedules Board Meeting for Interim Results

Alpha Professional Holdings Limited has announced that its board of directors will meet on November 28, 2025, to consider and approve the interim results for the six months ending September 30, 2025. The meeting will also discuss the potential payment of a dividend, which could impact the company’s financial strategy and shareholder returns.

The most recent analyst rating on (HK:0948) stock is a Hold with a HK$0.50 price target. To see the full list of analyst forecasts on Alpha Professional Holdings Ltd. stock, see the HK:0948 Stock Forecast page.

Alpha Professional Completes Share Placing and Plans Top-Up Subscription

Alpha Professional Holdings Limited has completed the placing of 28,000,000 existing shares at a price of HK$0.24 per share, representing 8.02% of the company’s issued share capital. This transaction did not result in any placee becoming a substantial shareholder. The company plans a top-up subscription where the vendor will subscribe to an equivalent number of shares, maintaining the shareholding structure while raising capital.

The most recent analyst rating on (HK:0948) stock is a Hold with a HK$0.50 price target. To see the full list of analyst forecasts on Alpha Professional Holdings Ltd. stock, see the HK:0948 Stock Forecast page.

Alpha Professional Holdings Announces Share Placing and Subscription to Fund Expansion

Alpha Professional Holdings Ltd. announced a placing and top-up subscription agreement involving the sale of up to 28 million existing shares and the issuance of an equivalent number of new shares at a price of HK$0.24 per share. The proceeds, estimated at HK$6.29 million after expenses, will be used to expand the company’s milk products business. The transaction represents a strategic move to bolster the company’s financial position and support its growth ambitions in the milk products sector.

The most recent analyst rating on (HK:0948) stock is a Hold with a HK$0.50 price target. To see the full list of analyst forecasts on Alpha Professional Holdings Ltd. stock, see the HK:0948 Stock Forecast page.