Midland Holdings Limited (1200) AI Stock Analysis

• Market Cap: HK$2.18B
• Dividend Yield: N/A
• Average Volume (3M): 2.78M
• Price to Earnings (P/E): 7.3
• Beta (1Y): 1.31
• Revenue Growth: 9.76%
• EPS Growth: 219.80%
• Country: HK
• Employees: 4,593
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Services
• EPS (TTM): 0.21
• Shares Outstanding: 716,896,000
• 10 Day Avg. Volume: 2,119,192
• 30 Day Avg. Volume: 2,776,503
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.61
• Price to Sales (P/S): 0.10
• P/FCF Ratio: 0.95
• 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: 67 Neutral
• Price Target: HK$3.50 ▲(53.51% Upside)

Overall score is driven primarily by solid financial trends (revenue growth and margin improvement) but tempered by volatile profitability and cash flow concerns (including zero free cash flow in 2024). Technically, the uptrend is strong but overbought signals add risk. Valuation is supportive given the low P/E.

Positive Factors

Revenue & Gross Margin Improvement

Sustained revenue growth with expanding gross margins indicates the core brokerage business is scaling while controlling direct costs. Over 2-6 months this supports more durable operating leverage, stronger underwriting of deals and greater capacity to reinvest in distribution and technology.

Improved Leverage Management

An improving debt-to-equity trend and a stable equity ratio point to better capital structure management. This reduces interest burden and refinancing risk, improving resilience to property market cycles and preserving strategic flexibility for branch or platform investments.

Cash Generation Quality

A favorable operating-cash-flow-to-net-income ratio signals earnings are largely cash-backed, indicating quality of reported profits. This improves medium-term ability to fund working capital, service obligations and support operating expansion without relying heavily on external financing.

Negative Factors

Volatile Net Profitability and ROE

Material swings in net margins and inconsistent ROE undermine predictability of shareholder returns and complicate capital allocation. Over several months this volatility can limit confidence in earnings durability, reduce reinvestment discipline and raise the cost of capital for growth initiatives.

Zero Free Cash Flow in 2024

A zero free cash flow year signals limited internal funds for dividends, debt reduction or capex, constraining strategic options. If recurring, it can force reliance on external funding, elevate refinancing risk and impair the firm's ability to capitalize on mid-cycle opportunities.

High Liabilities

Persistently high liabilities increase leverage sensitivity to interest rates and market shocks, reducing financial flexibility. In an inherently cyclical property services industry, this heightens downside risk during volume declines and can pressure margins and credit metrics over the medium term.

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 agency services in respect of industrial, commercial, and shop properties; and money lending, project planning, commercial property management, and marketing and sales planning services, as well as surveying, leasing, and property management services. It also provides immigration consultancy services; surveying consultancy services, including valuation advisory, development study, sales, marketing, tender, and auction for projects; and operates internet website. In addition, the company offers property investment services; and overseas property projects' marketing and referral services. Midland Holdings Limited was founded in 1973 and is headquartered in Central, Hong Kong.

How the Company Makes Money

Midland Holdings generates revenue primarily through its real estate transactions, including property sales and rentals. The company profits from property development by acquiring land, developing residential and commercial properties, and then selling or leasing them to consumers and businesses. Additionally, the company's real estate agency services contribute significantly to its earnings, as it earns commissions from property sales and leasing agreements. The company also benefits from property management fees charged to property owners for managing their assets. Strategic partnerships with other developers and financial institutions further enhance its revenue stream by facilitating access to capital and joint ventures in large-scale projects.

Midland Holdings Limited Financial Statement Overview

Summary

Strong revenue growth and improved gross margins support the score, but volatile net profit margins (including loss years), high liabilities, inconsistent ROE, and 2024 zero free cash flow point to uneven profitability and cash flow resilience.

Income Statement

The company has shown strong revenue growth with a significant increase from 2023 to 2024. Gross profit margins improved notably over the years, indicating better cost management. However, the net profit margin has been volatile, with some years showing losses, which could pose a risk to long-term profitability.

Balance Sheet

The debt-to-equity ratio has improved over the years, indicating better financial leverage management. The equity ratio remains stable, suggesting a solid equity base, but the overall high liabilities pose a risk. Return on equity has been inconsistent, reflecting fluctuations in profitability.

Cash Flow

Free cash flow has been positive, although growth has been inconsistent. The ratio of operating cash flow to net income has been favorable, indicating efficient cash generation relative to earnings. However, zero free cash flow reported in 2024 suggests potential cash flow management issues.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	5.29B	6.09B	4.08B	3.12B	6.00B	4.98B
Gross Profit	5.29B	6.09B	4.08B	-285.16M	555.17M	318.55M
EBITDA	407.03M	447.13M	475.82M	78.78M	779.78M	812.20M
Net Income	297.65M	320.32M	-41.92M	-533.97M	100.21M	131.85M
Balance Sheet
Total Assets	4.42B	4.71B	3.57B	3.83B	6.35B	5.03B
Cash, Cash Equivalents and Short-Term Investments	722.16M	711.13M	532.15M	450.67M	1.51B	940.61M
Total Debt	263.48M	222.74M	456.84M	768.26M	1.53B	897.87M
Total Liabilities	3.28B	3.71B	2.91B	3.14B	5.17B	3.94B
Stockholders Equity	1.14B	993.71M	657.19M	684.25M	1.19B	1.09B
Cash Flow
Free Cash Flow	688.21M	636.20M	523.21M	45.98M	702.35M	634.44M
Operating Cash Flow	698.29M	644.60M	543.60M	103.32M	767.69M	694.49M
Investing Cash Flow	-9.91M	-2.51M	54.66M	-53.99M	-60.34M	-59.17M
Financing Cash Flow	-632.13M	-462.30M	-512.50M	-1.10B	-142.25M	-856.94M

Midland Holdings Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.28
• 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:1200, the sentiment is Positive. The current price of 2.28 is below the 20-day moving average (MA) of 2.52, below the 50-day MA of 2.36, and above the 200-day MA of 1.86, indicating a bullish trend. The MACD of 0.20 indicates Negative momentum. The RSI at 84.35 is Negative, neither overbought nor oversold. The STOCH value of 92.71 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:1200.

Midland Holdings Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
1502	68 Neutral	HK$825.44M	6.94	8.63%	8.44%	16.65%	-8.74%
1200	67 Neutral	HK$2.18B	7.35	30.03%	―	9.76%	219.80%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
2270	64 Neutral	HK$2.46B	62.60	11.60%	―	21.08%	-18.26%
2215	58 Neutral	HK$243.24M	7.39	4.11%	―	-7.17%	-22.01%
0266	50 Neutral	HK$1.02B	-8.14	-3.04%	6.22%	-3.09%	62.33%
0237	49 Neutral	HK$826.20M	-2.92	-7.65%	3.94%	-7.47%	-300.57%

Midland Holdings Limited Corporate Events

Midland Holdings Flags Over 20% Profit Growth on Strong Property Market Recovery

Midland Holdings Limited reported that, based on unaudited management accounts for the eleven months ended 30 November 2025, profit before income tax reached about HK$460 million, already exceeding the full-year 2024 figure by more than 20%, indicating a strong improvement in profitability for 2025. The company attributes this performance to robust results across all business units, particularly Midland Realty and Hong Kong Property, supported by a recovering residential market, increased market share in both primary and secondary sectors, and ongoing efficiency initiatives, while cautioning that the figures are preliminary and subject to audit and that interim business updates may not fully represent full-year performance.

The most recent analyst rating on (HK:1200) stock is a Buy with a HK$2.50 price target. To see the full list of analyst forecasts on Midland Holdings Limited stock, see the HK:1200 Stock Forecast page.