AP Rentals Holdings Ltd. (HK:1496)
:1496
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AP Rentals Holdings Ltd.
(1496)
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Rating:70Outperform
Price Target:
HK$0.19
▲(21.25% Upside)
Action:Upgraded
Date:04/10/26
The score is driven by an attractive valuation (low P/E and solid dividend yield) and a supportive technical setup with price above key moving averages. Financial performance is improved and balance-sheet leverage is low, but uneven revenue momentum and volatile free cash flow/cash conversion limit the overall rating.
Positive Factors
Improved profitability
The company shifted from losses to sustained positive net income in 2023–2025 with materially higher gross margins (~28–30%). This structural margin improvement increases operating leverage and resilience across equipment rental cycles, supporting durable cash generation if demand stabilises.
Negative Factors
Choppy revenue trend
Volatile top-line performance, including an 8.9% revenue decline in 2025 and multi-year negative revenue growth, undermines predictability of utilization and fleet planning. Persistent demand variability can force inefficient redeployment, hurting long-term margin sustainability and ROI on assets.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved profitability
The company shifted from losses to sustained positive net income in 2023–2025 with materially higher gross margins (~28–30%). This structural margin improvement increases operating leverage and resilience across equipment rental cycles, supporting durable cash generation if demand stabilises.
Read all positive factors
AP Rentals Holdings Ltd. (1496) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$146.02M
Dividend Yield6.2%
Average Volume (3M)105.73K
Price to Earnings (P/E)7.1
Beta (1Y)0.42
Revenue Growth-13.83%
EPS Growth14.96%
CountryHK
Employees135
SectorIndustrials
Sector Strength72
IndustryRental & Leasing Services
Share Statistics
EPS (TTM)0.02
Shares Outstanding864,000,000
10 Day Avg. Volume162,400
30 Day Avg. Volume105,733
Financial Highlights & Ratios
PEG Ratio0.50
Price to Book (P/B)0.45
Price to Sales (P/S)0.66
P/FCF Ratio12.70
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
AP Rentals Holdings Ltd. Business Overview & Revenue Model
Company Description
AP Rentals Holdings Limited, an investment holding company, engages in the rental of construction, electrical and mechanical (E&M) engineering, and event and entertainment equipment in Hong Kong, Macau, Singapore, and the People's Republic of Chin...
How the Company Makes Money
AP Rentals Holdings Ltd. generates revenue primarily through the rental of construction equipment and machinery. The company charges customers fees based on rental periods, equipment types, and usage terms. Additionally, it may provide complementa...
AP Rentals Holdings Ltd. Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
72
Positive
Cash Flow
56
Neutral
| Breakdown | TTM | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 151.60M | 160.22M | 174.07M | 160.55M | 134.80M | 148.45M |
| Gross Profit | 44.52M | 46.45M | 52.04M | 45.02M | 20.59M | 18.49M |
| EBITDA | 52.03M | 63.75M | 61.41M | 58.33M | 54.61M | 64.61M |
| Net Income | 12.57M | 12.16M | 10.36M | 12.78M | -4.46M | -5.68M |
Balance Sheet | ||||||
| Total Assets | 337.02M | 339.13M | 339.43M | 327.89M | 318.67M | 310.69M |
| Cash, Cash Equivalents and Short-Term Investments | 110.33M | 108.33M | 93.66M | 74.92M | 56.08M | 38.75M |
| Total Debt | 47.55M | 49.81M | 42.67M | 42.34M | 33.96M | 18.06M |
| Total Liabilities | 104.60M | 105.07M | 111.12M | 103.73M | 106.41M | 94.56M |
| Stockholders Equity | 232.43M | 234.06M | 228.31M | 224.16M | 212.26M | 216.13M |
Cash Flow | ||||||
| Free Cash Flow | 30.14M | 8.37M | 18.28M | 9.94M | -16.36M | 24.98M |
| Operating Cash Flow | 52.55M | 52.67M | 37.20M | 65.71M | 57.04M | 49.77M |
| Investing Cash Flow | -7.70M | -28.02M | -10.49M | -40.19M | -45.84M | -14.70M |
| Financing Cash Flow | -25.94M | -9.52M | -7.06M | -6.27M | 6.51M | -26.44M |
AP Rentals Holdings Ltd. Technical Analysis
Negative
0.16
Price Trends
0.18
Negative
0.17
Negative
0.16
Negative
Market Momentum
>-0.01
Positive
37.88
Neutral
22.50
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1496, the sentiment is Negative. The current price of 0.16 is below the 20-day moving average (MA) of 0.18, below the 50-day MA of 0.18, and below the 200-day MA of 0.16, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 37.88 is Neutral, neither overbought nor oversold. The STOCH value of 22.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:1496.
AP Rentals Holdings Ltd. Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | HK$14.33B | 4.40 | 12.49% | 7.30% | -9.08% | -12.97% | |
70 Outperform | HK$146.02M | 7.09 | 5.39% | 6.20% | -13.83% | 14.96% | |
69 Neutral | HK$123.76M | 4.53 | 29.64% | ― | 0.59% | -45.34% | |
64 Neutral | HK$53.79B | 8.28 | 11.82% | 4.39% | -1.45% | -14.83% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
49 Neutral | HK$2.88B | 4.38 | 7.99% | 6.29% | -7.71% | 31.19% | |
45 Neutral | HK$277.38M | -15.32 | -15.06% | ― | -42.20% | 66.04% |
* Industrials Sector Average
HK:1496
AP Rentals Holdings Ltd.
0.17
0.03
23.36%
HK:2588
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77.50
16.90
27.88%
HK:1848
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3.85
0.20
5.48%
HK:3877
CSSC (Hong Kong) Shipping Company Limited
2.31
0.68
41.80%
HK:1341
Hao Tian International Construction Investment Group Limited
0.03
-0.40
-94.19%
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In Technical Productions Holdings Limited
0.11
-0.03
-18.52%
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.