Thelloy Development Group Limited (1546) AI Stock Analysis

• Market Cap: HK$195.20M
• Dividend Yield: N/A
• Average Volume (3M): 148.80K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.10
• 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: 52 Neutral
• Price Target: HK$0.26 ▲(338.33% Upside)

The score is held back primarily by weak fundamentals—loss-making margins, higher leverage, and negative operating/free cash flow—despite strong revenue growth. Technicals are a relative positive with price above major moving averages and positive MACD, but valuation is constrained by a negative P/E and no dividend support.

Positive Factors

Strong Revenue Growth

Sustained high top-line expansion indicates meaningful demand for Thelloy's developments and supports longer-term scalability. Consistent revenue growth can underpin future margin recovery if cost controls and project execution improve, and it strengthens negotiation with financiers and partners.

Diversified Revenue Streams

A mix of sales, leasing, rental and fee income reduces dependence on one cycle, smoothing cash generation across market swings. Multiple monetization channels also enable cross-selling, recurring rental cash flows and fee revenue that can stabilize earnings versus pure-for-sale developers.

Strategic Land & Development Rights

Owning land and development rights creates a durable pipeline and capture of development margins. Control of supply allows phased rollouts, higher margin potential and competitive barriers to entry, supporting long-term value creation if execution and permitting timelines are managed well.

Negative Factors

Negative Profitability

Persistent negative margins show the business currently fails to convert sales into operating profit, implying structural cost or pricing issues. Over the medium term, weak profitability undermines reinvestment capacity, shareholder returns and the ability to build reserves against cyclical downturns.

High Financial Leverage

Elevated leverage increases interest burden and reduces financial flexibility, particularly risky in a loss-making position. High debt limits the company’s ability to fund new projects internally and raises refinancing and covenant risks over time if operating cash generation does not improve.

Negative Operating & Free Cash Flow

Ongoing negative operating and free cash flow signals structural liquidity strain and reliance on external financing to fund development. Over months, this constrains capacity to complete projects, service debt or invest in growth, heightening execution risk and potential funding dilution.

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

Strong revenue growth (28.6%) is offset by weak profitability (negative EBIT and net margins), declining gross margin, rising leverage (debt-to-equity 1.32), negative ROE, and negative operating/free cash flow, indicating operational and liquidity strain.

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: Neutral
• Last Price: 0.06
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1546, the sentiment is Neutral. The current price of 0.06 is below the 20-day moving average (MA) of 0.27, below the 50-day MA of 0.15, and below the 200-day MA of 0.09, indicating a neutral trend. The MACD of 0.05 indicates Positive momentum. The RSI at 49.18 is Neutral, neither overbought nor oversold. The STOCH value of 31.61 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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	53 Neutral	HK$130.50M	-7.19	-14.78%	―	-28.21%	34.59%
1546	52 Neutral	HK$195.20M	-3.63	-41.65%	―	54.20%	-833.33%
1557	49 Neutral	HK$206.40M	-9.00	―	―	-52.58%	69.44%
3789	49 Neutral	HK$117.60M	196.00	0.18%	―	-2.05%	―
1826	44 Neutral	HK$259.74M	-487.50	―	―	11.52%	98.72%
1253	41 Neutral	HK$105.72M	-0.55	-119.08%	―	8.35%	80.91%

Thelloy Development Group Limited Corporate Events

World Nexus Moves to Take Control of Thelloy Development Group With Mandatory Cash Offer Triggered

World Nexus Holdings Limited has entered into a conditional sale and purchase agreement to acquire 500,800,000 shares of Thelloy Development Group Limited, representing 62.6% of the company’s issued share capital, at a total consideration of HK$95.15 million, or HK$0.19 per share. Subject to completion of this controlling stake acquisition by 12 February 2026 or a later agreed date, World Nexus will be required under Hong Kong’s Takeovers Code to launch a mandatory unconditional cash offer for all remaining issued shares not already owned or agreed to be acquired by it and its concert parties, signalling a potential change of control and ownership structure for Thelloy and the resumption of trading in its shares.

The most recent analyst rating on (HK:1546) stock is a Hold with a HK$0.37 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 Halts Trading Pending Takeovers-Related Inside Information

Thelloy Development Group Limited, a Cayman-incorporated company listed on the Hong Kong Stock Exchange under stock code 1546, has announced a halt in trading of its securities effective from 9:00 a.m. on 23 January 2026, pending the release of price-sensitive inside information. The trading suspension is being implemented in connection with matters falling under the Hong Kong Code on Takeovers and Mergers, signalling that a potential corporate transaction or change of control may be under consideration, with possible significant implications for shareholders and the company’s future strategic direction once further details are disclosed.

The most recent analyst rating on (HK:1546) stock is a Hold with a HK$0.31 price target. To see the full list of analyst forecasts on Thelloy Development Group Limited stock, see the HK:1546 Stock Forecast page.

Thelloy’s Controlling Shareholder in Early Talks Over Potential Stake Sale

Thelloy Development Group has disclosed that its controlling shareholder, Cheers Mate Holding Limited, has been approached by independent third parties regarding a possible transfer of part of its 72.5% stake in the company, a move that could trigger consequences under Hong Kong’s Takeovers and Mergers Code. A non-binding memorandum of understanding signed in December 2025 with two individual investors to conduct due diligence has since been terminated by mutual consent, and while preliminary discussions with other potential buyers are ongoing, no definitive agreement has been reached and the possible share transfer may or may not proceed; the board also stated it is unaware of other reasons for recent unusual share price and volume movements beyond these takeover-related approaches.

The most recent analyst rating on (HK:1546) stock is a Hold with a HK$0.34 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 Halts Trading Pending Inside-Information Announcement

Thelloy Development Group Limited has requested a halt in trading of its shares on the Hong Kong Stock Exchange, effective from 1:46 p.m. on 15 January 2026, pending the release of an announcement containing inside information. The move is being made in accordance with the Hong Kong Code on Takeovers and Mergers, indicating that potential corporate actions or change-of-control developments may be under consideration, with possible implications for shareholders and the company’s future strategic direction.

The most recent analyst rating on (HK:1546) stock is a Hold with a HK$0.19 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 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.