OneForce Holdings Limited (1933) AI Stock Analysis

• Market Cap: HK$104.04M
• Dividend Yield: N/A
• Average Volume (3M): 24.27K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.19
• Revenue Growth: -23.88%
• EPS Growth: -1021.62%
• Country: HK
• Employees: 398
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): -0.16
• Shares Outstanding: 503,927,200
• 10 Day Avg. Volume: 26,800
• 30 Day Avg. Volume: 24,266
• PEG Ratio: <0.01
• Price to Book (P/B): 0.24
• Price to Sales (P/S): 0.16
• P/FCF Ratio: 50.22
• 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$0.20 ▲(21.88% Upside)
• Action: Reiterated Date: 03/03/26
• Date: Action: Reiterated 03/03/26

The score is held down primarily by weak financial performance (declining revenue, ongoing losses, and deteriorating free cash flow). Technicals provide some support as the price is above major moving averages, but extreme RSI suggests elevated pullback risk. Valuation is also constrained by a negative P/E tied to losses and no stated dividend yield.

Positive Factors

Moderate Leverage

A debt-to-equity near 0.54 provides OneForce measurable balance-sheet flexibility versus highly leveraged peers. That lower leverage reduces interest and covenant strain, allowing the company to sustain operations and fund targeted investments over a multi-month recovery horizon.

Stable Capital Structure

A stable equity ratio signals consistent financing mix and less reliance on sudden external funding. Over a 2–6 month window this steadiness lowers refinancing urgency, supports continuity in R&D and client delivery, and reduces the risk of disruptive recapitalizations.

Operational Scale / Headcount

A workforce of ~398 supports sustained product development, client support and sales execution typical for an application software firm. This operational scale helps maintain product roadmap progress and customer service levels during a medium-term turnaround.

Negative Factors

Declining Revenue

Top-line contraction of -10.39% signals weakening demand or lost contracts. Over several months, falling revenue reduces scale economies, pressures margins, limits reinvestment in products and sales, and makes regaining market share more difficult without sustained strategic action.

Persistent Losses

Ongoing negative EBIT and net margins, together with negative ROE, show the business is not earning returns on capital. Persisting losses constrain internal funding for growth, raise the need for external capital, and undermine long-term competitiveness if unaddressed.

Deteriorating Cash Generation

A -185.07% decline in free cash flow growth and weak operating-cash conversion indicate impaired cash generation. This creates structural liquidity pressure, increasing the likelihood of dilution or higher-cost financing and constraining multi-month investments or client scaling.

OneForce Holdings Limited Business Overview & Revenue Model

Company Description

OneForce Holdings Limited (1933) is a diversified holding company based in Hong Kong, primarily engaged in the sectors of manufacturing, logistics, and property investment. The company focuses on providing high-quality products and services across these industries, leveraging advanced technology and strategic partnerships to maximize operational efficiency. Its core offerings include manufacturing of consumer goods, supply chain management solutions, and investment in commercial and residential properties.

How the Company Makes Money

OneForce Holdings Limited generates revenue through multiple streams. Primarily, the company earns money from its manufacturing division by producing and selling consumer goods to various retailers and distributors. Additionally, revenue is generated through logistics services, where OneForce offers supply chain management solutions to businesses seeking efficient distribution channels. The property investment segment contributes significantly to the company's income by leasing commercial and residential properties, providing a steady cash flow. Strategic partnerships with other companies in logistics and manufacturing enhance its market reach and operational capabilities, further bolstering its revenue generation efforts.

OneForce Holdings Limited Financial Statement Overview

Summary

Income statement and cash flow are weak: revenue declined (-10.39%), profitability remains negative (negative net profit and EBIT margins), and free cash flow growth fell sharply (-185.07%). The balance sheet is comparatively steadier with moderate leverage (debt-to-equity 0.54), but negative ROE reflects the loss-making profile.

Income Statement

OneForce Holdings Limited has experienced a decline in revenue over the past year, with a negative revenue growth rate of -10.39%. The company is struggling with profitability, as indicated by negative net profit and EBIT margins. Gross profit margin has also decreased compared to previous years, reflecting challenges in maintaining cost efficiency. Despite past growth, the recent downturn in revenue and profitability is concerning.

Balance Sheet

The company's balance sheet shows a moderate debt-to-equity ratio of 0.54, indicating a balanced approach to leveraging. However, the return on equity is negative, reflecting recent losses. The equity ratio remains stable, suggesting that the company maintains a reasonable proportion of equity financing. Overall, the balance sheet is stable but shows signs of stress due to recent financial performance.

Cash Flow

Cash flow analysis reveals significant challenges, with a drastic decline in free cash flow growth of -185.07%. The operating cash flow to net income ratio is very low, indicating difficulties in converting income into cash. Despite a high free cash flow to net income ratio, the overall cash flow situation is weak, highlighting liquidity concerns.

Breakdown	TTM	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020
Income Statement
Total Revenue	321.36M	377.69M	490.55M	449.86M	376.70M	293.67M
Gross Profit	37.67M	51.60M	77.08M	94.88M	88.27M	66.95M
EBITDA	-89.31M	-33.44M	13.52M	37.89M	28.85M	27.32M
Net Income	-94.56M	-37.55M	8.36M	32.57M	22.02M	20.86M
Balance Sheet
Total Assets	483.61M	565.11M	656.50M	559.13M	433.98M	363.69M
Cash, Cash Equivalents and Short-Term Investments	13.20M	56.06M	62.89M	55.52M	37.92M	40.83M
Total Debt	127.89M	130.26M	143.05M	75.54M	48.13M	32.41M
Total Liabilities	315.30M	325.48M	379.42M	290.66M	198.87M	150.19M
Stockholders Equity	168.31M	239.63M	277.09M	268.47M	235.11M	213.50M
Cash Flow
Free Cash Flow	-24.73M	1.17M	-48.64M	3.75M	-17.30M	-18.31M
Operating Cash Flow	-24.73M	1.17M	-48.28M	3.90M	-14.23M	-17.85M
Investing Cash Flow	-1.07K	225.00K	-357.00K	-146.00K	13.69M	-15.01M
Financing Cash Flow	-7.82M	-8.21M	55.74M	22.56M	7.87M	24.04M

OneForce Holdings Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.16
• 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:1933, the sentiment is Positive. The current price of 0.16 is above the 20-day moving average (MA) of 0.14, above the 50-day MA of 0.13, and above the 200-day MA of 0.15, indicating a bullish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 79.34 is Negative, neither overbought nor oversold. The STOCH value of 69.11 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:1933.

OneForce Holdings Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
8100	72 Outperform	HK$142.22M	-4.85	-2.72%	0.57%	-13.40%	76.97%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
8156	48 Neutral	HK$174.27M	-12.91	―	―	48.39%	88.30%
1933	47 Neutral	HK$104.04M	-0.27	-43.25%	―	-23.88%	-1021.62%
8131	44 Neutral	HK$48.55M	6.10	-523.99%	―	78.40%	72.37%
8290	44 Neutral	HK$56.00M	-105.56	-2.07%	―	-6.88%	-100.00%