Thelloy Development Group Limited (HK:1546)
:1546
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Thelloy Development Group Limited
(1546)
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Rating:46Neutral
Price Target:
HK$0.27
▲(341.67% Upside)
Action:Reiterated
Date:04/22/26
The score is held down primarily by weak financial performance (margin collapse, net loss, higher leverage, and persistently negative operating/free cash flow). Technicals provide partial support with price above major moving averages, but momentum is not strong. Valuation is difficult to justify with negative earnings and no dividend yield data.
Positive Factors
Top-line growth momentum
Sustained revenue growth (~28.6% in FY2025) indicates the company can win and scale projects, supporting longer-term contract pipeline and utilization. Persistent top-line momentum provides a platform to restore margins and leverage economies of scale if cost control and execution improve.
Negative Factors
Margin collapse and net loss
Sharp gross margin deterioration (to ~2.1%) and a swing to a sizable net loss reflect structural margin pressure or execution failures. Persistently thin or negative margins reduce reinvestment capacity, impair returns, and make recovery harder absent durable cost or pricing fixes.
Read all positive and negative factors
Positive Factors
Negative Factors
Top-line growth momentum
Sustained revenue growth (~28.6% in FY2025) indicates the company can win and scale projects, supporting longer-term contract pipeline and utilization. Persistent top-line momentum provides a platform to restore margins and leverage economies of scale if cost control and execution improve.
Read all positive factors
Thelloy Development Group Limited (1546) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$182.40M
Dividend YieldN/A
Average Volume (3M)148.80K
Price to Earnings (P/E)―
Beta (1Y)-0.17
Revenue Growth54.20%
EPS Growth-833.33%
CountryHK
Employees155
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)-0.07
Shares Outstanding800,000,000
10 Day Avg. Volume10,400
30 Day Avg. Volume148,800
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.37
Price to Sales (P/S)0.11
P/FCF Ratio-0.68
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
Thelloy Development Group Limited Business Overview & Revenue Model
Company Description
Thelloy Development Group Limited, an investment holding company, provides construction and management services primarily in Hong Kong. The company also offers building construction, repair, maintenance, alteration, and addition work services; and...
How the Company Makes Money
null...
Thelloy Development Group Limited Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
34
Negative
Cash Flow
22
Negative
| Breakdown | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 400.17M | 257.99M | 259.14M | 204.34M | 151.83M |
| Gross Profit | 8.27M | 30.23M | 46.31M | 39.84M | 19.51M |
| EBITDA | -36.07M | 4.57M | 25.32M | 12.35M | 3.54M |
| Net Income | -51.36M | 8.28M | 12.66M | 4.26M | 21.12M |
Balance Sheet | |||||
| Total Assets | 399.78M | 352.85M | 341.27M | 272.35M | 276.54M |
| Cash, Cash Equivalents and Short-Term Investments | 31.38M | 32.07M | 66.03M | 56.56M | 91.30M |
| Total Debt | 155.79M | 73.82M | 65.39M | 23.07M | 31.91M |
| Total Liabilities | 281.46M | 183.17M | 179.87M | 123.61M | 132.07M |
| Stockholders Equity | 118.32M | 169.68M | 161.40M | 148.74M | 144.47M |
Cash Flow | |||||
| Free Cash Flow | -64.64M | -16.67M | -25.84M | -7.36M | 81.41M |
| Operating Cash Flow | -63.83M | -5.27M | -20.50M | -2.90M | 81.62M |
| Investing Cash Flow | -10.29M | -32.36M | -8.85M | -13.05M | -73.20M |
| Financing Cash Flow | 73.44M | 3.68M | 38.82M | -18.80M | 28.01M |
Thelloy Development Group Limited Technical Analysis
Positive
0.06
Price Trends
0.23
Positive
0.23
Positive
0.15
Positive
Market Momentum
>-0.01
Negative
55.02
Neutral
71.88
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1546, the sentiment is Positive. The current price of 0.06 is below the 20-day moving average (MA) of 0.22, below the 50-day MA of 0.23, and below the 200-day MA of 0.15, indicating a bullish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 55.02 is Neutral, neither overbought nor oversold. The STOCH value of 71.88 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:1546.
Thelloy Development Group Limited Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
53 Neutral | HK$167.84M | 2.34 | -7.26% | ― | -1.91% | 18.30% | |
52 Neutral | HK$172.52M | -99.46 | -0.14% | 5.26% | -15.53% | -105.86% | |
46 Neutral | HK$182.40M | -0.77 | -48.75% | ― | 54.20% | -833.33% | |
45 Neutral | HK$101.35M | -1.28 | -47.12% | ― | -70.99% | -2960.61% | |
41 Neutral | HK$195.58M | -4.56 | -84.47% | ― | -63.83% | 36.13% | |
38 Underperform | HK$156.00M | -0.58 | -98.05% | ― | 15.26% | 10.41% |
* Industrials Sector Average
HK:1546
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Thelloy Development Group Limited Corporate Events
Thelloy Development Outlines Board and Committee Structure
Apr 10, 2026
Thelloy Development Group Limited has announced the current composition of its board of directors, detailing the mix of executive and independent non-executive directors and their leadership roles, including the chairman and chief executive office...
World Nexus Closes Low-Uptake Cash Offer for Thelloy Development Group
Apr 10, 2026
World Nexus Holdings Limited has closed its mandatory unconditional cash offer for all issued shares of Thelloy Development Group Limited not already owned by it or its concert parties, with the offer period ending at 4:00 p.m. on 10 April 2026 wi...
Thelloy Sends Composite Document as Mandatory Cash Offer by World Nexus Begins
Mar 20, 2026
World Nexus Holdings Limited has launched a mandatory unconditional cash offer for all issued shares of Thelloy Development Group Limited that it does not already own or has agreed to acquire, with Lego Securities Limited acting as the offerorR...
Thelloy Updates Market on Timeline for Mandatory Takeover Offer Document
Mar 12, 2026
World Nexus Holdings Limited and Thelloy Development Group Limited issued a monthly update on the progress of a mandatory unconditional cash offer for all issued shares of Thelloy not already owned by the offeror and its concert parties. The parti...
Thelloy Reshapes Independent Board Committee Amid Potential Conflict Over Offer
Mar 12, 2026
Thelloy Development Group Limited, a Cayman Islands-incorporated construction and development services company listed on the Hong Kong Stock Exchange, operates under a board structure that includes executive and independent non-executive directors...
World Nexus Takes Control of Thelloy Development, Triggers Mandatory Cash Offer
Feb 12, 2026
World Nexus Holdings Limited has completed the acquisition of 500,800,000 shares in Thelloy Development Group Limited for HK$95.15 million, paying HK$0.19 per share and securing a 62.6% controlling interest in the Hong Kong-listed firm. Before thi...
Thelloy Appoints Joint Independent Advisers for Potential Mandatory Cash Offer
Feb 6, 2026
Thelloy Development Group Limited has appointed Cinda International Capital Limited and Rainbow Capital (HK) Limited as joint independent financial advisers to evaluate a potential mandatory unconditional cash offer for all its issued shares not a...
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.