Midland Holdings Limited (HK:1200)
:1200
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Midland Holdings Limited
(1200)
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Rating:71Outperform
Price Target:
HK$3.00
â–²(31.58% Upside)
Action:Upgraded
Date:05/06/26
The score is driven primarily by improved financial performance (profitability recovery, stronger leverage, and solid cash generation) and a very low P/E valuation. Offsetting these positives, technical indicators remain weak with price below key short-term moving averages and negative MACD, suggesting near-term momentum is still soft.
Positive Factors
Improved Leverage
Material deleveraging to a ~0.21 debt-to-equity ratio materially increases financial resilience versus prior cycles. Lower leverage reduces interest burden, expands capacity for opportunistic investments or branch/network support during downturns, and gives management greater strategic optionality over the medium term.
Negative Factors
Revenue Volatility
Core commission-driven revenues are highly cyclical and exposed to transaction volume swings; a 35% revenue drop in 2025 highlights this sensitivity. Such top-line volatility complicates forecasting, capital allocation and branch staffing, and can quickly erode margins and cash flows in weaker property cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved Leverage
Material deleveraging to a ~0.21 debt-to-equity ratio materially increases financial resilience versus prior cycles. Lower leverage reduces interest burden, expands capacity for opportunistic investments or branch/network support during downturns, and gives management greater strategic optionality over the medium term.
Read all positive factors
Midland Holdings Limited (1200) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$1.92B
Dividend YieldN/A
Average Volume (3M)2.78M
Price to Earnings (P/E)3.9
Beta (1Y)1.47
Revenue Growth1.00%
EPS Growth31.99%
CountryHK
Employees4,593
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)0.59
Shares Outstanding716,896,000
10 Day Avg. Volume2,119,192
30 Day Avg. Volume2,776,503
Financial Highlights & Ratios
PEG Ratio0.13
Price to Book (P/B)1.18
Price to Sales (P/S)0.30
P/FCF Ratio3.04
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$3.63Price Target Upside59.21% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.62
Revenue Forecast (FY)HK$5.00B
Midland Holdings Limited Business Overview & Revenue Model
Company Description
Midland Holdings Limited, an investment holding company, provides property agency services in the Hong Kong, Macau, and the People's Republic of China. The company offers residential property agency services, as well as non-residential property ag...
How the Company Makes Money
Midland Holdings Limited primarily makes money by earning commissions and service income from real estate transaction intermediation. Its core revenue stream is agency commission income generated when its agents successfully broker property sales ...
Midland Holdings Limited Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
74
Positive
Cash Flow
70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 5.50B | 6.09B | 4.08B | 3.12B | 6.00B |
| Gross Profit | 5.50B | 6.09B | 4.08B | -285.16M | 555.17M |
| EBITDA | 528.27M | 447.13M | 475.82M | 78.78M | 779.78M |
| Net Income | 422.68M | 320.32M | -41.92M | -533.97M | 100.21M |
Balance Sheet | |||||
| Total Assets | 4.70B | 4.71B | 3.57B | 3.83B | 6.35B |
| Cash, Cash Equivalents and Short-Term Investments | 999.46M | 711.13M | 532.15M | 450.67M | 1.51B |
| Total Debt | 299.34M | 222.74M | 456.84M | 768.26M | 1.53B |
| Total Liabilities | 3.30B | 3.71B | 2.91B | 3.14B | 5.17B |
| Stockholders Equity | 1.40B | 993.71M | 657.19M | 684.25M | 1.19B |
Cash Flow | |||||
| Free Cash Flow | 543.61M | 636.20M | 523.21M | 45.98M | 702.35M |
| Operating Cash Flow | 552.52M | 644.60M | 543.60M | 103.32M | 767.69M |
| Investing Cash Flow | -8.48M | -2.51M | 54.66M | -53.99M | -60.34M |
| Financing Cash Flow | -256.20M | -462.30M | -512.50M | -1.10B | -142.25M |
Midland Holdings Limited Technical Analysis
Negative
2.28
Price Trends
2.98
Negative
2.85
Negative
2.48
Positive
Market Momentum
-0.06
Positive
31.16
Neutral
6.76
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1200, the sentiment is Negative. The current price of 2.28 is below the 20-day moving average (MA) of 2.91, below the 50-day MA of 2.98, and below the 200-day MA of 2.48, indicating a neutral trend. The MACD of -0.06 indicates Positive momentum. The RSI at 31.16 is Neutral, neither overbought nor oversold. The STOCH value of 6.76 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:1200.
Midland Holdings Limited Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | HK$4.13B | 9.33 | 18.70% | 5.77% | 17.65% | 9.64% | |
71 Outperform | HK$1.92B | 3.90 | 33.20% | ― | 1.00% | 31.99% | |
71 Outperform | HK$14.48B | 15.06 | 11.18% | 2.78% | 6.95% | 28.21% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
61 Neutral | HK$20.01B | 27.53 | 4.63% | 1.77% | 2.94% | -39.39% | |
57 Neutral | HK$20.07B | 30.19 | 1.68% | 4.94% | 9.98% | -68.38% | |
54 Neutral | HK$159.28B | 2,946.16 | 4.29% | 2.22% | -8.76% | -21.31% |
* Real Estate Sector Average
HK:1200
Midland Holdings Limited
2.68
1.62
152.83%
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Country Garden Services Holdings Co
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C&D Property Management Group Co., Ltd.
2.93
0.46
18.62%
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KE Holdings, Inc. Class A
45.92
-1.48
-3.12%
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Onewo, Inc. Class H
17.13
-2.27
-11.68%
HK:2869
Greentown Service Group Co. Ltd.
4.59
0.51
12.50%
Midland Holdings Limited Corporate Events
Midland Holdings Calls 2026 AGM With Dividend Proposals and Capital Mandates
Apr 29, 2026
Midland Holdings Limited has called its annual general meeting for 8 June 2026 in Hong Kong, where shareholders will review the audited financial statements for the year ended 31 December 2025 and vote on director re-elections, auditor reappointme...
Midland Holdings Strengthens Board with Appointment of Veteran Independent Director
Apr 20, 2026
Midland Holdings Limited has appointed veteran finance professional Mr. Li Wai Keung as an independent non-executive director, as well as a member of its audit, remuneration, and nomination committees, effective 20 April 2026. With more than 47 ye...
Midland Holdings Reshapes Board and Committee Structure to Bolster Governance
Apr 20, 2026
Midland Holdings Limited has announced an updated composition of its board of directors effective 20 April 2026, confirming Freddie Wong as chairman, Angela Wong as deputy chairman and managing director, and Sze Ka Ming as chief financial officer,...
Midland Holdings Declares Final Dividend for 2025 Financial Year
Mar 30, 2026
Midland Holdings Limited has declared a final ordinary dividend of HKD 0.06 per share for the financial year ended 31 December 2025, reflecting its decision to return cash to shareholders. The dividend, subject to shareholder approval on 8 June 20...
Midland Holdings Declares Special Dividend for 2025 Financial Year
Mar 30, 2026
Midland Holdings Limited has declared a special cash dividend of HKD 0.03 per share for the financial year ended 31 December 2025, reflecting its decision to return additional capital to shareholders. The move underscores the company’s capac...
Midland Holdings Lifts Profit and Dividends Despite Revenue Dip in 2025
Mar 30, 2026
Midland Holdings Limited reported audited consolidated results for 2025 showing revenue of HK$5.50 billion, down from HK$6.08 billion in 2024, but operating profit rose to HK$497.4 million and profit attributable to shareholders increased to HK$42...
Midland Holdings Sets March Board Meeting to Approve 2025 Results
Mar 13, 2026
Midland Holdings Limited has scheduled a board meeting for 30 March 2026 to approve the audited annual results for the year ended 31 December 2025 and arrange for their publication. The board will also consider whether to recommend a final dividen...
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.