Trendzon Holdings Group Limited (1865) AI Stock Analysis

• Market Cap: HK$420.05M
• Dividend Yield: N/A
• Average Volume (3M): 6.36M
• Price to Earnings (P/E): ―
• Beta (1Y): -0.08
• Revenue Growth: 9.19%
• EPS Growth: 84.15%
• Country: HK
• Employees: 540
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): -0.06
• Shares Outstanding: 988,341,500
• 10 Day Avg. Volume: 6,212,760
• 30 Day Avg. Volume: 6,357,017
• PEG Ratio: -0.03
• Price to Book (P/B): 0.10
• Price to Sales (P/S): 0.13
• P/FCF Ratio: -0.42
• 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: 48 Neutral
• Price Target: HK$0.44 ▲(81.67% Upside)
• Action: Reiterated Date: 02/25/26
• Date: Action: Reiterated 02/25/26

The score is held back mainly by weak financial performance: ongoing unprofitability and negative operating/free cash flow outweigh strong recent revenue growth. Technicals are supportive with price above major moving averages and positive MACD, but overbought momentum signals add risk. Valuation remains pressured due to losses and no dividend support.

Positive Factors

Revenue Growth

A ~145.6% year-on-year revenue surge signals durable top-line momentum across segments. Sustained revenue expansion provides funding optionality to scale operations, invest in higher-return projects, and negotiate from strength with partners, supporting medium-term structural growth.

Diversified Business Model

A multi-segment investment approach spanning technology, real estate and logistics reduces single-market exposure and smooths revenue volatility. This structural diversification enables capital reallocation to faster-growing areas and cross-segment synergies, increasing resilience over 2–6 months.

Improving Leverage

Measured improvement in debt-to-equity and a healthy equity ratio enhance financial flexibility and lower refinancing risk. Stronger leverage metrics provide capacity to support working capital and selective investments without immediate dilution or costly emergency funding.

Negative Factors

Persistent Unprofitability

Ongoing negative net profit and EBIT margins indicate the business has yet to translate revenue into sustainable profits. Continued losses erode equity, limit retained earnings for reinvestment, and heighten reliance on external capital, challenging long-term viability if not addressed.

Negative Cash Flow

Negative operating and free cash flows reflect structural cash burn despite revenue growth. Weak cash generation constrains capex and working capital needs, increases financing dependency, and raises execution risk for growth initiatives without clear near-term cash-flow improvement.

Low Gross Margin

A persistently low gross margin limits the company's ability to absorb operating costs and invest in scalable activities. Even with revenue growth, tight gross margins compress operating leverage and slow the path to profitability unless product mix or cost structure improves.

Trendzon Holdings Group Limited Business Overview & Revenue Model

Company Description

Pengo Holdings Group Ltd. is a contractor, which specializes in infrastructural pipeline construction and related engineering services mainly for gas, water, telecommunications and power industries. The company was founded by Guan Wah Shi and Guan Lee Shi on July 17, 2018 and is headquartered in Singapore.

How the Company Makes Money

Trendzon Holdings Group Limited generates revenue through multiple streams. Its primary revenue model includes income derived from its investments in technology companies, real estate projects, and logistics operations. The company earns profits from property sales, rental income, and fees associated with logistics services. Additionally, Trendzon may engage in strategic partnerships and joint ventures with other firms to enhance its market reach and operational efficiency. These collaborations can lead to shared revenue opportunities and cost savings, further contributing to the company’s overall earnings.

Trendzon Holdings Group Limited Financial Statement Overview

Summary

Strong revenue growth (latest year up ~145.6%) is a clear positive, but persistent losses (negative net profit and EBIT margins) and weak cash generation (negative operating and free cash flow) significantly reduce financial quality despite some leverage improvement.

Income Statement

Trendzon Holdings Group Limited has shown significant revenue growth, particularly in the latest year with a 145.56% increase. However, the company is struggling with profitability, as evidenced by negative net profit margins and EBIT margins over the past few years. The gross profit margin has been relatively stable but low, indicating challenges in cost management. Overall, while revenue growth is a positive sign, the lack of profitability is a concern.

Balance Sheet

The company's debt-to-equity ratio has improved over the years, indicating better leverage management, although it remains moderate. The return on equity is negative, reflecting the company's ongoing losses. The equity ratio is healthy, suggesting a solid asset base relative to equity. While there are improvements in leverage, the negative ROE highlights profitability issues.

Cash Flow

Trendzon Holdings faces challenges with cash flow, as indicated by negative operating cash flow and free cash flow in recent years. The free cash flow to net income ratio is positive, suggesting some efficiency in converting income to cash, but the overall negative cash flow growth is concerning. The company needs to improve its cash generation capabilities to support operations and growth.

Breakdown	TTM	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020
Income Statement
Total Revenue	58.13M	59.07M	59.12M	60.10M	59.10M	43.45M
Gross Profit	9.16M	9.40M	7.99M	7.42M	9.86M	9.98M
EBITDA	-7.61M	-9.40M	-6.27M	2.87M	6.63M	9.07M
Net Income	-10.42M	-12.89M	-11.99M	-2.06M	1.02M	3.25M
Balance Sheet
Total Assets	133.91M	128.37M	112.13M	120.35M	103.13M	73.94M
Cash, Cash Equivalents and Short-Term Investments	16.67M	8.59M	5.44M	7.92M	10.34M	13.39M
Total Debt	20.00M	22.11M	26.60M	32.39M	48.99M	23.04M
Total Liabilities	44.37M	45.96M	42.27M	64.20M	61.96M	33.49M
Stockholders Equity	67.81M	75.73M	69.69M	55.86M	41.17M	40.44M
Cash Flow
Free Cash Flow	-22.52M	-17.79M	-11.29M	1.12M	-21.79M	-19.25M
Operating Cash Flow	-22.10M	-17.48M	-10.72M	1.94M	-20.07M	-2.06M
Investing Cash Flow	12.40M	-298.00K	-7.09M	-3.31M	-6.94M	-17.04M
Financing Cash Flow	21.79M	18.06M	13.69M	-3.71M	24.46M	15.41M

Trendzon Holdings Group Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.24
• 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:1865, the sentiment is Positive. The current price of 0.24 is below the 20-day moving average (MA) of 0.41, below the 50-day MA of 0.31, and below the 200-day MA of 0.28, indicating a bullish trend. The MACD of 0.04 indicates Positive momentum. The RSI at 58.82 is Neutral, neither overbought nor oversold. The STOCH value of 38.39 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:1865.

Trendzon Holdings Group Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
1582	65 Neutral	HK$182.50M	2.21	6.32%	9.71%	27.42%	-32.34%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
1447	62 Neutral	HK$240.00M	6.75	6.66%	15.38%	13.59%	-12.52%
2863	50 Neutral	HK$262.01M	-14.68	-1.47%	8.33%	0.94%	82.30%
1865	48 Neutral	HK$420.05M	-1.14	-16.00%	―	9.19%	84.15%
1547	47 Neutral	HK$168.00M	9.03	5.64%	2.58%	27.88%	1.69%
1707	47 Neutral	HK$90.72M	-5.35	-9.58%	―	3.97%	14.02%

Trendzon Holdings Group Limited Corporate Events

Pengo Holdings Signs Cooperation Framework to Expand in Animation and Digital Entertainment

Pengo Holdings Group Limited has signed a letter of intent for a cooperation framework with Guangju Zhongsheng Holdings (Hainan) Co., Ltd., marking a move to build a comprehensive and long-term partnership. The collaboration aims to leverage both parties’ strengths in resources, capital, market development and industrial-chain capabilities to support Pengo’s strategic expansion.

Under the proposed cooperation, the parties plan to jointly develop film and television content based on the Chinese animation hero IP “Bajie” and invest in emerging interactive entertainment and digital content projects. The partnership will also integrate VR and AR technologies to boost product interactivity and appeal, reinforcing Pengo’s efforts in business diversification and potentially improving its competitive positioning and value for shareholders.

Guangju Zhongsheng, a Shenzhen-based commercial management services enterprise, brings experience across culture and arts, film and animation, health and wellness, high technology and the digital economy. Its track record in theatrical film distribution for the “Bajie” IP and in capital markets consulting, including listing and M&A solutions, is expected to complement Pengo’s ambitions to broaden its cultural and digital footprint and access new growth opportunities.

The most recent analyst rating on (HK:1865) stock is a Hold with a HK$0.41 price target. To see the full list of analyst forecasts on Trendzon Holdings Group Limited stock, see the HK:1865 Stock Forecast page.

Pengo Holdings Reshuffles Board, Appoints New Executive Director

Pengo Holdings Group Limited announced a board change effective 6 February 2026, with executive director Law Wai Yip resigning to focus on other business commitments and confirming he has no disagreements with the board or issues requiring shareholder attention. The company has appointed Liang Enkai as a new executive director, highlighting his background in commercial consulting, risk management, portfolio optimisation and market analysis, as well as his leadership in securing Series A financing for a technology firm, suggesting the board is bringing in capital markets and strategic growth expertise that may support the group’s future expansion and financial planning capabilities.

The most recent analyst rating on (HK:1865) stock is a Hold with a HK$0.50 price target. To see the full list of analyst forecasts on Trendzon Holdings Group Limited stock, see the HK:1865 Stock Forecast page.

Pengo Holdings Reshapes Board and Committee Structure Effective February 2026

Pengo Holdings Group Limited, a Cayman Islands–incorporated company listed in Hong Kong under stock code 1865, announced changes to its board and governance structure effective 6 February 2026, though the release does not detail its industry or operating focus. The company confirmed a reconstituted board led by Executive Director and Chairman Ms. Feng Jiamin and CEO Mr. Michael Shi Guan Wah, along with non-executive and independent non-executive directors, and outlined the membership of its audit, remuneration and nomination committees, signaling an updated corporate governance framework that may influence oversight, strategic decision-making and stakeholder confidence going forward.

The most recent analyst rating on (HK:1865) stock is a Hold with a HK$0.50 price target. To see the full list of analyst forecasts on Trendzon Holdings Group Limited stock, see the HK:1865 Stock Forecast page.

Pengo Holdings Raises HK$120 Million via Convertible Bond Placing to Fund Power Project

Pengo Holdings Group Limited has completed the placing of HK$120 million in convertible bonds to at least six independent investors under a specific mandate, with none of the placees expected to become a substantial shareholder upon full conversion. The company will use approximately HK$100 million of the HK$118.4 million in net proceeds to fund project development costs for the first phase of its pumped storage power station, including upfront design and consultation work and major substructure and superstructure construction, and will allocate about HK$18.4 million as general working capital to cover daily operating expenses and payments to suppliers and subcontractors through April 2026, strengthening its funding position for ongoing development and operations.

The most recent analyst rating on (HK:1865) stock is a Hold with a HK$0.50 price target. To see the full list of analyst forecasts on Trendzon Holdings Group Limited stock, see the HK:1865 Stock Forecast page.

Pengo Holdings Extends Convertible Bond Placement Deadline

Pengo Holdings Group Limited has announced a further extension of the Long Stop Date for the placement of convertible bonds under a specific mandate. The new date, agreed upon after negotiations, is now set for December 31, 2025, allowing additional time to fulfill the conditions precedent related to the placement. All other terms of the agreement remain unchanged.

The most recent analyst rating on (HK:1865) stock is a Hold with a HK$0.50 price target. To see the full list of analyst forecasts on Trendzon Holdings Group Limited stock, see the HK:1865 Stock Forecast page.

Pengo Holdings Releases 2025 Interim Results

Pengo Holdings Group Limited has announced its unaudited interim results for the six months ending 30 September 2025. The results, which comply with the Hong Kong Stock Exchange’s listing rules, have been reviewed by the company’s audit committee, reflecting the company’s commitment to transparency and regulatory compliance.

The most recent analyst rating on (HK:1865) stock is a Hold with a HK$0.50 price target. To see the full list of analyst forecasts on Trendzon Holdings Group Limited stock, see the HK:1865 Stock Forecast page.