Thelloy Development Group Limited (1546) AI Stock Analysis

• Market Cap: HK$83.20M
• Dividend Yield: N/A
• Average Volume (3M): 148.80K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.02
• Revenue Growth: 54.20%
• EPS Growth: -833.33%
• Country: HK
• Employees: 155
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): -0.02
• Shares Outstanding: 800,000,000
• 10 Day Avg. Volume: 10,400
• 30 Day Avg. Volume: 148,800
• 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 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: 47 Neutral
• Price Target: HK$0.14 ▲(138.33% Upside)

The score is primarily held back by weak financial performance—loss-making operations, declining gross margin, higher leverage, and negative operating/free cash flows. Technicals are supportive due to strong momentum above key moving averages, but overbought RSI increases near-term risk. Valuation is also pressured because the company is currently unprofitable and lacks dividend support.

Positive Factors

Revenue Growth

Consistent double-digit top-line growth (28.6% reported) indicates robust demand for its developments and successful project execution. Sustained revenue expansion helps fund future projects, strengthens bargaining power with contractors and suppliers, and underpins longer-term scale economies if margins are restored.

Diversified Revenue Streams

A mix of property sales, rental income, property management fees and partnership financing creates multiple cash channels. This diversification smooths cyclical swings in project sales, supports recurring cash flow as leases mature, and reduces single-source revenue risk over a multi-month horizon.

Sustainable Development Focus

Emphasis on sustainable design and quality construction aligns with structural demand for green buildings and stricter regulatory requirements. This positioning can speed approvals, support pricing premiums, and create a durable competitive differentiation attractive to tenants and buyers over the medium term.

Negative Factors

Profitability Weakness

Persistent negative EBIT and net margins signal operational inefficiencies and cost pressures that impair value creation. Without sustained margin recovery, the firm cannot generate retained earnings to fund growth, limiting reinvestment capacity and keeping returns to investors constrained over months ahead.

Negative Cash Flows

Operating and free cash flow deficits indicate the business consumes cash to run projects rather than generating it, forcing reliance on external financing. Continued cash outflows raise refinancing and liquidity risk, threaten project completion timelines, and constrain strategic flexibility in the near-to-medium term.

High Leverage

Elevated debt-to-equity (~1.32) increases interest and principal obligations, reducing financial resilience in a cyclical property market. Higher leverage magnifies downside in soft demand periods, limits capacity for new land acquisitions or opportunistic investments, and raises refinancing risk over the coming months.

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 design and build services. In addition, it provides interior decoration services; and invests in properties. The company serves government, quasi-government organizations, universities, schools, institutions, and incorporated owners of private buildings. The company was incorporated in 2015 and is headquartered in Kowloon, Hong Kong. Thelloy Development Group Limited is a subsidiary of Cheers Mate Holding Limited.

How the Company Makes Money

Thelloy Development Group Limited generates revenue primarily through the sale and leasing of residential and commercial properties. The company's revenue model is multifaceted, encompassing the development of new properties, which are sold or leased to generate initial income. Additionally, Thelloy earns ongoing revenue through property management services, where it oversees the operations of its properties for a fee. Key revenue streams include project sales, rental income from tenants, and management fees from properties under its management. The company may also benefit from strategic partnerships with construction firms and financial institutions that facilitate project financing and development, thereby contributing to its overall earnings.

Thelloy Development Group Limited Financial Statement Overview

Summary

Thelloy Development Group Limited faces financial challenges, including declining profitability, increased leverage, and negative cash flows. Despite strong revenue growth, the company must improve operational efficiency and manage debt levels to enhance financial health.

Income Statement

Thelloy Development Group Limited shows a mixed performance in its income statement. The company experienced a significant revenue growth rate of 28.6% in the latest year, indicating strong top-line expansion. However, profitability metrics are concerning, with negative EBIT and net profit margins, reflecting operational inefficiencies and potential cost management issues. The gross profit margin has also declined significantly from previous years, suggesting pressure on cost of goods sold or pricing strategies.

Balance Sheet

The balance sheet reveals a high debt-to-equity ratio of 1.32, indicating increased leverage and potential financial risk. The return on equity is negative, highlighting challenges in generating returns for shareholders. The equity ratio is relatively stable, but the increase in debt levels over the years is a concern. The company needs to manage its leverage to improve financial stability.

Cash Flow

The cash flow statement shows significant challenges, with negative operating and free cash flows, indicating cash outflows from operations. Despite a high free cash flow to net income ratio, the overall cash flow position is weak, with negative growth in free cash flow. The company must address its cash management to ensure liquidity and operational sustainability.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	400.17M	400.17M	257.99M	259.14M	204.34M	151.83M
Gross Profit	8.27M	8.27M	30.23M	46.31M	39.84M	19.51M
EBITDA	-18.62M	-36.07M	4.57M	25.32M	12.35M	3.54M
Net Income	-51.36M	-51.36M	8.28M	12.66M	4.26M	21.12M
Balance Sheet
Total Assets	399.78M	399.78M	352.85M	341.27M	272.35M	276.54M
Cash, Cash Equivalents and Short-Term Investments	31.38M	31.38M	32.07M	66.03M	56.56M	91.30M
Total Debt	155.79M	155.79M	73.82M	65.39M	23.07M	31.91M
Total Liabilities	281.46M	281.46M	183.17M	179.87M	123.61M	132.07M
Stockholders Equity	118.32M	118.32M	169.68M	161.40M	148.74M	144.47M
Cash Flow
Free Cash Flow	-64.64M	-64.64M	-16.67M	-25.84M	-7.36M	81.41M
Operating Cash Flow	-63.83M	-63.83M	-5.27M	-20.50M	-2.90M	81.62M
Investing Cash Flow	-10.29M	-10.29M	-32.36M	-8.85M	-13.05M	-73.20M
Financing Cash Flow	73.44M	73.44M	3.68M	38.82M	-18.80M	28.01M

Thelloy Development Group Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.06
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: 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 0.08, below the 50-day MA of 0.07, and below the 200-day MA of 0.07, indicating a bullish trend. The MACD of 0.01 indicates Negative momentum. The RSI at 79.11 is Negative, neither overbought nor oversold. The STOCH value of 59.58 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
1630	52 Neutral	HK$66.00M	-3.64	-14.78%	―	-28.21%	34.59%
3789	49 Neutral	HK$81.60M	136.00	0.18%	―	-2.05%	―
1546	47 Neutral	HK$83.20M	-2.16	-41.65%	―	54.20%	-833.33%
1557	46 Neutral	HK$144.00M	-5.96	―	―	-52.58%	69.44%
1826	43 Neutral	HK$133.20M	-435.00	―	―	11.52%	98.72%
1253	41 Neutral	HK$126.86M	-0.67	-119.08%	―	8.35%	80.91%

Thelloy Development Group Limited Corporate Events

Thelloy Development Group Reports Increased Revenue but Rising Losses in Interim Results

Thelloy Development Group Limited announced its interim results for the six months ending September 30, 2025, reporting a revenue increase to approximately HK$260.3 million from HK$180.7 million in the previous period. Despite the revenue growth, the company experienced a loss attributable to owners of approximately HK$16.2 million, an increase from the previous period’s loss of HK$13.8 million, and no interim dividend was recommended. The company also reported a loss per share of HK2.02 cents, up from HK1.72 cents in the previous period, indicating ongoing financial challenges.

The most recent analyst rating on (HK:1546) stock is a Hold with a HK$0.06 price target. To see the full list of analyst forecasts on Thelloy Development Group Limited stock, see the HK:1546 Stock Forecast page.

Thelloy Development Group Issues Profit Warning Amid Increased Losses

Thelloy Development Group Limited has issued a profit warning, indicating an expected net loss of up to HK$17.0 million for the six months ending September 30, 2025, compared to a net loss of approximately HK$13.8 million for the same period in 2024. This increased loss is primarily due to the share of losses from a joint venture following the disposal of two subsidiaries. The announcement is based on preliminary unaudited financial data and is subject to further adjustments, with the final interim results expected by the end of November 2025.

Thelloy Development Group to Review Interim Results and Dividend

Thelloy Development Group Limited has announced that its board of directors will meet on November 27, 2025, to review and approve the company’s unaudited interim results for the six months ending September 30, 2025. The meeting will also consider the payment of an interim dividend, highlighting the company’s ongoing financial management and potential shareholder returns.