CT Vision S.L. (International) Holdings Limited (0994) AI Stock Analysis

• Market Cap: HK$416.63M
• Dividend Yield: N/A
• Average Volume (3M): 1.30M
• Price to Earnings (P/E): ―
• Beta (1Y): -0.10
• Revenue Growth: 50.20%
• EPS Growth: 15.20%
• Country: HK
• Employees: 25
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): >-0.01
• Shares Outstanding: 1,111,006,000
• 10 Day Avg. Volume: 661,600
• 30 Day Avg. Volume: 1,299,600
• PEG Ratio: 0.86
• Price to Book (P/B): 1.53
• Price to Sales (P/S): 0.31
• P/FCF Ratio: -8.47
• 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: 57 Neutral
• Price Target: HK$0.34 ▲(14.00% Upside)
• Action: Reiterated Date: 01/17/26
• Date: Action: Reiterated 01/17/26

The score is primarily weighed down by weak financial quality—ongoing losses, negative ROE, and lack of current operating cash flow—despite strong top-line growth and a conservatively leveraged balance sheet. Technicals are a key offset, showing an established uptrend with positive momentum, while valuation remains challenging due to negative earnings and no stated dividend yield.

Positive Factors

Revenue Growth

Sustained 61% revenue growth indicates rising market adoption of the company's tech solutions and scale potential. Durable top-line expansion supports reinvestment in product development and sales capacity, improving odds of reaching operating leverage and long-term profitability.

Conservative Leverage

A low debt-to-equity ratio (0.22) signals conservative capital structure and financial flexibility. This reduces insolvency risk, preserves borrowing capacity for strategic investments or contract fulfilment, and gives management optionality to fund growth without immediate refinancing pressure.

Diversified Revenue Streams

Multiple revenue streams and long-term public/private contracts create recurring revenue and reduce customer-concentration risk. Strategic partnerships expand distribution and credibility, supporting steadier demand and contract renewals that underpin more predictable medium-term cash flow generation.

Negative Factors

Persistent Unprofitability

Ongoing net losses and a deeply negative ROE indicate impaired shareholder returns and limited internal capital generation. Persistent unprofitability forces reliance on external financing or dilution for growth, complicates long-term capital allocation, and raises execution risk on the path to sustainable earnings.

Weak Operating Cash Flow

The absence of operating cash flow in the latest year shows revenue is not yet converting into durable cash, limiting ability to fund operations, capital expenditures, or pay down liabilities internally. Persistent CFO weakness increases refinancing risk and can constrain strategic investments.

Low Gross Margin

A gross margin around 7% is thin for technology and infrastructure services, leaving little room to cover SG&A and R&D while achieving operating profitability. Low structural margins require sustained high growth or meaningful margin expansion to reach durable profitability and buffer cost shocks.

CT Vision S.L. (International) Holdings Limited Business Overview & Revenue Model

Company Description

CT Vision S.L. (International) Holdings Limited, an investment holding company, engages in the building construction, renewable energy, e-commerce, building information modelling, and sale of piles businesses in Hong Kong, the People's Republic of China, and Saipan. It undertakes foundation works, including mini-piling, percussive piling, rock socketed in steel H-pile and bored pile, and construction of pile caps; and ancillary works, such as site formation and demolition. The company is also involved in various general building works comprising structural alteration and additional works, and development of superstructures, such as dwelling, office buildings, stores, public utility buildings, farm buildings, etc. In addition, it engages in engineering, procuring, and constructing electric power projects; leasing solar power systems; and the provision of procurement and related online and offline consultation services to e-commerce companies. The company was formerly known as CT Vision (International) Holdings Limited and changed its name to CT Vision S.L. (International) Holdings Limited in March 2021. The company was founded in 1999 and is headquartered in Wan chai, Hong Kong. CT Vision S.L. (International) Holdings Limited is a subsidiary of CT Vision Investment Limited.

How the Company Makes Money

CT Vision generates revenue through multiple streams, including the sale of proprietary software solutions, hardware products, and consulting services related to telecommunications and IT infrastructure. The company also earns money through long-term contracts with public and private sector clients for the implementation and maintenance of smart city projects. Additionally, strategic partnerships with other technology firms and government agencies amplify its market reach and capabilities, leading to enhanced business opportunities and revenue growth.

CT Vision S.L. (International) Holdings Limited Financial Statement Overview

Summary

Strong revenue growth (61.41%) and low leverage (debt-to-equity 0.22) are positives, but performance is held back by ongoing unprofitability (net margin -4.26%, EBIT margin -3.93%), negative ROE (-20.96%), and weak/volatile operating cash flow (most recent year shows no operating cash flow).

Income Statement

The company has shown a significant increase in revenue over the past year, with a revenue growth rate of 61.41%. However, the company remains unprofitable with a negative net profit margin of -4.26% and a negative EBIT margin of -3.93% for the most recent year. The gross profit margin has improved to 7.15%, indicating some efficiency in cost management. Despite the revenue growth, persistent net losses weigh heavily on the overall income statement performance.

Balance Sheet

The balance sheet reflects a stable financial position with a low debt-to-equity ratio of 0.22, indicating a conservative use of debt. The equity ratio stands at 27.56%, providing a moderate cushion against liabilities. However, the return on equity remains negative at -20.96%, due to ongoing losses, which impacts overall shareholder returns.

Cash Flow

Cash flow from operations has been volatile, with the most recent year showing no operating cash flow. Historical free cash flow was positive, but the lack of current free cash flow generation raises concerns. The free cash flow to net income ratio is unavailable, indicating potential issues in converting earnings into cash.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	427.99M	558.06M	345.85M	213.38M	207.14M	250.89M
Gross Profit	17.95M	39.91M	20.74M	15.09M	24.16M	-30.37M
EBITDA	-7.13M	-21.82M	-15.36M	-33.45M	-32.76M	-43.02M
Net Income	-16.11M	-23.81M	-21.60M	-88.39M	-100.83M	-55.46M
Balance Sheet
Total Assets	508.85M	412.06M	259.39M	331.27M	461.17M	536.19M
Cash, Cash Equivalents and Short-Term Investments	136.51M	42.23M	46.55M	4.45M	20.91M	33.69M
Total Debt	36.47M	25.02M	6.99M	9.55M	16.46M	80.95M
Total Liabilities	407.40M	306.91M	154.98M	235.94M	265.66M	241.35M
Stockholders Equity	110.34M	113.60M	111.51M	101.56M	198.54M	295.58M
Cash Flow
Free Cash Flow	-43.97M	-20.53M	265.00K	7.73M	15.17M	-90.69M
Operating Cash Flow	-43.94M	-20.50M	265.00K	7.78M	15.68M	-90.32M
Investing Cash Flow	1.04M	184.00K	73.00K	-1.21M	21.58M	41.37M
Financing Cash Flow	1.27M	17.38M	42.47M	-22.49M	-34.05M	76.05M

CT Vision S.L. (International) Holdings Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.30
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0994, the sentiment is Positive. The current price of 0.3 is below the 20-day moving average (MA) of 0.34, below the 50-day MA of 0.34, and above the 200-day MA of 0.28, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 61.47 is Neutral, neither overbought nor oversold. The STOCH value of 67.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:0994.

CT Vision S.L. (International) Holdings Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
1420	77 Outperform	HK$385.35M	1.21	11.37%	―	20.41%	188.08%
2663	64 Neutral	HK$150.37M	3.77	8.56%	23.73%	-32.31%	-51.89%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
2017	60 Neutral	HK$112.57M	2.55	2.70%	―	-27.58%	-18.28%
0994	57 Neutral	HK$416.63M	-11.76	-16.46%	―	50.20%	15.20%
1757	51 Neutral	HK$21.36B	659.69	1.30%	―	78.48%	-33.33%
1459	49 Neutral	HK$126.41M	-36.13	-0.68%	7.69%	-33.92%	-94.74%

CT Vision S.L. (International) Holdings Limited Corporate Events

CT Vision Clarifies Technical Adjustment to Share Option Exercise Price

CT Vision (International) Holdings Limited has issued a clarification stating that the exercise price for share options recently granted is HK$0.351 per share, correcting a previously stated figure of HK$0.35 that arose from a rounding error. The company emphasized that the corrected price complies with listing rules by matching the highest of the offer-date closing price, the five-day average closing price, and the nominal share value, and that no other terms of the option grant or prior disclosures are affected, signalling that the adjustment is purely technical with no broader change to its share option scheme or governance arrangements.

The most recent analyst rating on (HK:0994) stock is a Hold with a HK$0.35 price target. To see the full list of analyst forecasts on CT Vision S.L. (International) Holdings Limited stock, see the HK:0994 Stock Forecast page.

CT Vision Grants 50 Million Share Options Under Long-Term Incentive Scheme

CT Vision (International) Holdings Limited has granted 50 million share options to five grantees under its existing share option scheme adopted in June 2017, with each option entitling the holder to subscribe for one ordinary share of HK$0.01 par value. The options, offered on 29 January 2026 with an exercise price of HK$0.35 per share and a validity period running until 28 January 2036, are priced at the highest of the recent market benchmarks, signalling a structured long-term incentive intended to align the interests of key participants with shareholders and potentially support the company’s long-term share performance and talent retention.

The most recent analyst rating on (HK:0994) stock is a Hold with a HK$0.37 price target. To see the full list of analyst forecasts on CT Vision S.L. (International) Holdings Limited stock, see the HK:0994 Stock Forecast page.

CT Vision’s Controlling Shareholder Cuts Stake but Retains Control Through Concert Party

CT Vision (International) Holdings Limited, a company listed on the Hong Kong Stock Exchange, announced a major change in its shareholding structure after its controlling shareholder, CT Vision Investment Limited, significantly reduced its direct stake while maintaining overall control through a concert-party arrangement.

CT Vision Investment has sold a total of 293.32 million shares, or 26.4% of the company’s issued share capital, in two separate transactions: 12% to an independent third party and 14.4% to a corporation controlled by one of its existing shareholders. Following completion, CT Vision Investment’s direct holding fell from 53.93% to 27.53%, but it and Purchaser 2 are together deemed controlling shareholders under Hong Kong securities law as they jointly hold more than 30% of the company’s voting rights. Both Purchaser 1 and Purchaser 2 have become substantial shareholders, signalling a diversification of the shareholder base while preserving effective control within the existing investor group.

The most recent analyst rating on (HK:0994) stock is a Hold with a HK$0.27 price target. To see the full list of analyst forecasts on CT Vision S.L. (International) Holdings Limited stock, see the HK:0994 Stock Forecast page.

CT Vision (International) Holdings Reshuffles Key Governance and Compliance Roles

CT Vision (International) Holdings Limited has announced the resignation of Mr. Fu Wing Kwok Ewing as financial controller, company secretary and authorised representative for regulatory purposes in Hong Kong, effective 2 January 2026, citing other career and personal pursuits, with the company emphasising that there is no disagreement between Mr. Fu and the board nor any issues requiring shareholder attention. To ensure continuity in its corporate governance and compliance functions, the board has appointed experienced accounting and company secretarial professional Mr. Leung Gavin L., currently the firm’s Human Resources and Administration Manager and a CPA Australia fellow, as company secretary and authorised representative from the same date, a move aimed at maintaining robust regulatory interface and internal control as the company navigates its listed-company obligations.

The most recent analyst rating on (HK:0994) stock is a Hold with a HK$0.27 price target. To see the full list of analyst forecasts on CT Vision S.L. (International) Holdings Limited stock, see the HK:0994 Stock Forecast page.

CT Vision Announces Company and Stock Name Changes

CT Vision (International) Holdings Limited, a company incorporated in the Cayman Islands, has announced a change in its company name and stock short names. The company has officially changed its English name from ‘CT Vision S.L. (International) Holdings Limited’ to ‘CT Vision (International) Holdings Limited’ and its Chinese name accordingly. The stock short names will also be updated on the Stock Exchange, effective from December 22, 2025. This change will not affect shareholders’ rights or the company’s daily operations, as existing share certificates remain valid.

The most recent analyst rating on (HK:0994) stock is a Hold with a HK$0.27 price target. To see the full list of analyst forecasts on CT Vision S.L. (International) Holdings Limited stock, see the HK:0994 Stock Forecast page.

CT Vision S.L. Completes Second Subscription of New Shares

CT Vision S.L. (International) Holdings Limited has completed a connected transaction involving the subscription of new shares under a specific mandate. The completion of the Second Subscription Agreement was announced, with 63,000,000 shares subscribed at HK$0.36 each. This transaction affects the company’s shareholding structure, with the Second Subscriber now holding approximately 5.67% of the shares, impacting the distribution among existing shareholders.

The most recent analyst rating on (HK:0994) stock is a Hold with a HK$0.50 price target. To see the full list of analyst forecasts on CT Vision S.L. (International) Holdings Limited stock, see the HK:0994 Stock Forecast page.