Man Shun Group (Holdings) Ltd. (HK:1746)
:1746
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Man Shun Group (Holdings) Ltd.
(1746)
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Rating:59Neutral
Price Target:
HK$0.44
▲(58.57% Upside)
Action:Reiterated
Date:04/29/26
The score is primarily held back by weak financial performance (recent revenue contraction and continued net losses), partially offset by a strong, low-leverage balance sheet and improved 2025 cash generation. Technicals are supportive with price above major moving averages, while valuation remains unattractive due to loss-making earnings and no provided dividend yield.
Positive Factors
Low financial leverage
Very low leverage materially reduces financial risk and gives the group capacity to absorb project delays or temporary cash shortfalls. A conservative balance sheet supports durable operations, allows selective bidding on public works, and preserves funding flexibility for working capital over the next several quarters.
Negative Factors
Revenue contraction trend
Declining revenue over consecutive years signals a weaker project cadence or loss of tender share, eroding scale benefits and reducing the company's ability to spread fixed costs. Continued top-line weakness would impair margin recovery, backlog replenishment and long-term competitiveness unless tender wins accelerate.
Read all positive and negative factors
Positive Factors
Negative Factors
Low financial leverage
Very low leverage materially reduces financial risk and gives the group capacity to absorb project delays or temporary cash shortfalls. A conservative balance sheet supports durable operations, allows selective bidding on public works, and preserves funding flexibility for working capital over the next several quarters.
Read all positive factors
Man Shun Group (Holdings) Ltd. (1746) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$425.00M
Dividend YieldN/A
Average Volume (3M)1.30M
Price to Earnings (P/E)―
Beta (1Y)0.27
Revenue Growth-25.63%
EPS Growth63.77%
CountryHK
Employees71
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding1,000,000,000
10 Day Avg. Volume2,077,200
30 Day Avg. Volume1,303,892
Financial Highlights & Ratios
PEG Ratio1.78
Price to Book (P/B)2.41
Price to Sales (P/S)2.92
P/FCF Ratio14.07
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
Man Shun Group (Holdings) Ltd. Business Overview & Revenue Model
Company Description
Man Shun Group (Holdings) Limited, an investment holding company, installs heating, ventilation, and air-conditioning (HVAC) systems in Hong Kong. Its services include HVAC electrical and mechanical engineering. The company primarily serves reside...
How the Company Makes Money
Man Shun Group primarily makes money by providing construction services under contract on a project-by-project basis. Its core revenue stream comes from contract revenue recognized over the course of civil engineering and related construction proj...
Man Shun Group (Holdings) Ltd. Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
78
Positive
Cash Flow
62
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 97.62M | 131.26M | 152.95M | 125.09M | 121.67M |
| Gross Profit | 16.39M | 13.38M | 19.21M | 18.71M | 20.96M |
| EBITDA | -4.93M | -14.22M | 2.89M | 2.35M | -293.00K |
| Net Income | -2.51M | -6.86M | 680.00K | 238.00K | -2.23M |
Balance Sheet | |||||
| Total Assets | 139.70M | 136.50M | 172.71M | 164.37M | 171.50M |
| Cash, Cash Equivalents and Short-Term Investments | 85.00M | 66.81M | 88.37M | 68.99M | 90.05M |
| Total Debt | 1.17M | 854.00K | 1.51M | 1.29M | 2.01M |
| Total Liabilities | 21.24M | 15.53M | 20.89M | 13.22M | 20.59M |
| Stockholders Equity | 118.45M | 120.97M | 151.83M | 151.15M | 150.91M |
Cash Flow | |||||
| Free Cash Flow | 20.25M | -386.00K | 21.42M | -19.72M | -4.95M |
| Operating Cash Flow | 20.36M | 193.00K | 19.16M | -19.17M | -4.87M |
| Investing Cash Flow | 1.10M | 1.94M | 6.13M | 35.40M | 19.92M |
| Financing Cash Flow | -1.49M | -25.48M | -1.51M | -1.90M | -1.87M |
Man Shun Group (Holdings) Ltd. Technical Analysis
Neutral
0.28
Price Trends
0.47
Negative
0.39
Positive
0.37
Positive
Market Momentum
>-0.01
Positive
45.37
Neutral
35.42
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1746, the sentiment is Neutral. The current price of 0.28 is below the 20-day moving average (MA) of 0.46, below the 50-day MA of 0.47, and below the 200-day MA of 0.37, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 45.37 is Neutral, neither overbought nor oversold. The STOCH value of 35.42 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HK:1746.
Man Shun Group (Holdings) Ltd. Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | HK$427.50M | 1.85 | 15.79% | 5.71% | -8.56% | 4.84% | |
73 Outperform | HK$1.18B | 9.88 | 5.24% | 13.24% | -13.83% | 50.41% | |
71 Outperform | HK$1.14B | 3.23 | 13.68% | 9.09% | 26.57% | -2.39% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | HK$1.27B | 1,205.13 | -0.11% | ― | -2.02% | -101.97% | |
59 Neutral | HK$425.00M | -64.77 | -2.11% | ― | -25.63% | 63.77% | |
49 Neutral | HK$1.29B | -13.79 | -101.13% | ― | 12.98% | 19.18% |
* Industrials Sector Average
HK:1746
Man Shun Group (Holdings) Ltd.
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Man Shun Group (Holdings) Ltd. Corporate Events
Man Shun Group Sets 2026 AGM to Approve Accounts, Board Mandates and Share Issue Authority
Apr 23, 2026
Man Shun Group (Holdings) Limited has called its annual general meeting for 4 June 2026 in Hong Kong, where shareholders will review the audited consolidated financial statements and directors’ and independent auditor’s reports for the...
Man Shun Group Sets March 2026 Board Meeting to Approve 2025 Results and Consider Dividend
Mar 13, 2026
Man Shun Group (Holdings) Limited has scheduled a board meeting for 30 March 2026 to review and approve the audited annual results for the year ended 31 December 2025. The board will also consider the declaration of a final dividend, signaling pot...
Man Shun Group’s Potential Takeover Collapses as MOU Lapses
Mar 2, 2026
Man Shun Group (Holdings) Limited has announced that a memorandum of understanding related to a possible change of control transaction has lapsed after the potential purchaser failed to pay a required deposit by the 28 February 2026 deadline. As 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.