Dalipal Holdings Limited (HK:1921)
:1921
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Dalipal Holdings Limited
(1921)
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Rating:43Neutral
Price Target:
HK$3.00
▼(-59.62% Downside)
Action:Reiterated
Date:05/27/26
The score is held down primarily by weaker financial quality (thin margins, rising leverage, and negative recent free cash flow). Technicals add further pressure with a clear downtrend and negative momentum, despite oversold readings. Valuation is a major headwind due to an extremely high P/E and no stated dividend yield.
Positive Factors
Revenue Rebound
A ~30% revenue rebound in 2025 indicates the company can recover topline when end-market conditions improve. Sustained higher revenue reduces unit cost pressure via better capacity utilization, supports backlog conversion, and provides a firmer base for margin recovery if operational execution remains consistent.
Negative Factors
Rising Leverage
Leverage rising to roughly 1.93x debt/equity materially reduces financial flexibility and elevates refinancing risk. With volatile earnings history and negative recent FCF, higher debt amplifies solvency and interest-cost exposure, constraining the firm's ability to invest or absorb cyclical shocks over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Rebound
A ~30% revenue rebound in 2025 indicates the company can recover topline when end-market conditions improve. Sustained higher revenue reduces unit cost pressure via better capacity utilization, supports backlog conversion, and provides a firmer base for margin recovery if operational execution remains consistent.
Read all positive factors
Dalipal Holdings Limited (1921) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$5.03B
Dividend YieldN/A
Average Volume (3M)1.46M
Price to Earnings (P/E)190.6
Beta (1Y)0.21
Revenue Growth6.25%
EPS GrowthN/A
CountryHK
Employees1,795
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)<0.01
Shares Outstanding1,581,118,000
10 Day Avg. Volume1,104,440
30 Day Avg. Volume1,460,213
Financial Highlights & Ratios
PEG Ratio-5.94
Price to Book (P/B)7.12
Price to Sales (P/S)2.77
P/FCF Ratio-36.54
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)0.24
Revenue Forecast (FY)HK$5.67B
Dalipal Holdings Limited Business Overview & Revenue Model
Company Description
Dalipal Holdings Limited, an investment holding company, develops, manufactures, and sells oil country tubular goods, other oil pipes, and pipe billets in the People's Republic of China and internationally. The company was founded in 1998 and is h...
Dalipal Holdings Limited Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
45
Neutral
Cash Flow
40
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.46B | 3.29B | 3.85B | 4.23B | 3.76B |
| Gross Profit | 357.27M | 263.36M | 528.18M | 610.93M | 417.51M |
| EBITDA | 213.04M | 133.26M | 368.23M | 396.66M | 322.36M |
| Net Income | 13.72M | -77.07M | 134.52M | 151.58M | 82.94M |
Balance Sheet | |||||
| Total Assets | 4.78B | 4.51B | 4.13B | 4.19B | 4.75B |
| Cash, Cash Equivalents and Short-Term Investments | 404.42M | 412.14M | 432.59M | 464.89M | 551.61M |
| Total Debt | 2.61B | 2.22B | 1.78B | 1.95B | 2.47B |
| Total Liabilities | 3.43B | 3.19B | 2.67B | 2.78B | 3.40B |
| Stockholders Equity | 1.35B | 1.32B | 1.46B | 1.40B | 1.35B |
Cash Flow | |||||
| Free Cash Flow | -262.57M | -318.04M | 308.24M | 681.20M | -370.97M |
| Operating Cash Flow | 420.26M | 10.92M | 434.97M | 764.14M | -286.31M |
| Investing Cash Flow | -676.55M | -292.54M | -147.98M | -79.10M | -26.33M |
| Financing Cash Flow | 144.31M | 271.89M | -318.36M | -739.51M | 431.50M |
Dalipal Holdings Limited Technical Analysis
Negative
7.43
Price Trends
5.17
Negative
5.82
Negative
6.07
Negative
Market Momentum
-0.63
Negative
28.56
Positive
36.66
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1921, the sentiment is Negative. The current price of 7.43 is above the 20-day moving average (MA) of 3.69, above the 50-day MA of 5.17, and above the 200-day MA of 6.07, indicating a bearish trend. The MACD of -0.63 indicates Negative momentum. The RSI at 28.56 is Positive, neither overbought nor oversold. The STOCH value of 36.66 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:1921.
Dalipal Holdings Limited Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | HK$2.79B | 6.34 | 8.78% | 3.59% | 17.33% | 65.22% | |
67 Neutral | HK$58.97B | 16.32 | 8.25% | 3.59% | 4.22% | 22.46% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
61 Neutral | HK$18.35B | 13.48 | 9.55% | 3.43% | 6.40% | 3.53% | |
58 Neutral | HK$359.15M | 15.82 | 12.68% | ― | -7.16% | ― | |
43 Neutral | HK$5.03B | 190.62 | 1.60% | ― | 6.25% | ― | |
40 Underperform | HK$6.26B | 1,169.08 | 1.06% | ― | 50.13% | ― |
* Energy Sector Average
HK:1921
Dalipal Holdings Limited
3.18
-3.80
-54.44%
HK:3337
Anton Oilfield Services Group
0.93
-0.14
-13.25%
HK:2883
China Oilfield Services
7.90
1.93
32.42%
HK:3899
CIMC Enric Holdings
8.68
2.83
48.43%
HK:0568
Shandong Molong Petroleum Machinery
5.36
3.23
151.64%
HK:2178
Petro-king Oilfield Services Ltd.
0.21
0.16
316.00%
Dalipal Holdings Limited Corporate Events
Dalipal Wins Larger PetroChina Tubular Order, Strengthening Market Position
May 27, 2026
Dalipal Holdings has secured a major contract in PetroChina Group’s 2026 procurement tender, winning orders for about 270,000 tonnes of oil country tubular goods that meet API standards and PC-I premium connection tubulars for designated oil...
Dalipal Unit Awards RMB882 Million EPC Contract, Addresses Disclosure Lapse
May 22, 2026
Dalipal Holdings Limited announced that its indirect wholly owned subsidiary, Dalipal Pipe Co., Ltd., has entered into an EPC contract with MCC Capital Engineering Research Incorporation Limited to provide design, equipment procurement, construct...
Dalipal Shareholders Back All AGM Resolutions, Reinforcing Board Mandates
May 22, 2026
Dalipal Holdings Limited said shareholders approved all ordinary and special resolutions at its 22 May 2026 annual general meeting, including the adoption of the 2025 audited accounts, the re-election of three directors, and authorization for the ...
Dalipal Secures Saudi Aramco Approval and Major Kuwait Orders in Middle East Push
May 12, 2026
Dalipal Holdings has achieved two milestone breakthroughs in its Middle East strategy, securing unconditional supplier status with Saudi Aramco after passing all audit procedures and performance tests for its pipe products. The company has also wo...
Dalipal Raises HK$385 Million in Share Placing to Fuel MENA Expansion
May 7, 2026
Dalipal Holdings Limited has completed a top-up placing of 74,250,000 existing shares and a corresponding subscription of 74,250,000 new shares under its general mandate, raising net proceeds of about HK$385.2 million at HK$5.28 per share. The sha...
Dalipal Sets 2026 AGM to Approve Accounts, Board Mandates and Share Issue Authority
Apr 29, 2026
Dalipal Holdings Limited has called its annual general meeting for 22 May 2026 in Hong Kong, where shareholders will review and adopt the audited consolidated financial statements and related reports for the year ended 31 December 2025. The AGM wi...
Dalipal Launches Top-Up Placing and Matching Share Subscription to Raise Capital
Apr 27, 2026
Dalipal Holdings Limited has entered into a placing and subscription agreement with a vendor shareholder and a placing agent to conduct a top-up placing of up to 74,250,000 existing shares at HK$5.28 per share, followed by a subscription for an eq...
Dalipal Taps KUKA AI Robotics to Power Saudi Intelligent Manufacturing Base
Apr 22, 2026
Dalipal Holdings, through its subsidiary Dalipal International, has signed a strategic cooperation agreement with KUKA Robotics to introduce AI-enabled intelligent robotics and automation at its planned high-end energy equipment manufacturing base...
Dalipal to Overhaul Corporate Charter to Meet Updated HKEX Rules
Mar 30, 2026
Dalipal Holdings Limited plans to replace its Second Amended and Restated Memorandum and Articles of Association with a Third Amended and Restated version to align its constitutional documents with updated Hong Kong listing regulations. The propos...
Dalipal swings back to profit on stronger margins in 2025
Mar 30, 2026
Dalipal Holdings Limited reported a solid recovery for the year ended 31 December 2025, with revenue rising 5.2% year on year to RMB3.46 billion and gross profit surging 35.6% as margin improved to 10.3%. Profit from operations jumped sharply to R...
Dalipal Sets March 30 Board Meeting to Approve 2025 Results and Consider Dividend
Mar 17, 2026
Dalipal Holdings Limited has scheduled a board meeting for 30 March 2026 to review and approve the audited financial results for the year ended 31 December 2025. The board will also consider the recommendation of a final dividend, which could sign...
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.