Tokyo Chuo Auction Holdings Ltd. (1939) AI Stock Analysis

• Market Cap: HK$5.01B
• Dividend Yield: N/A
• Average Volume (3M): 3.22M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.16
• Revenue Growth: 7.26%
• EPS Growth: 27.70%
• Country: HK
• Employees: 36
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Specialty Retail
• EPS (TTM): -0.04
• Shares Outstanding: 500,000,000
• 10 Day Avg. Volume: 4,794,420
• 30 Day Avg. Volume: 3,215,220
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• 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: HK$10.50
• Price Target Upside: 4.90% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 0

• Rating: 54 Neutral
• Price Target: HK$10.50 ▲(4.90% Upside)

The overall stock score is primarily influenced by the company's mixed financial performance and strong technical indicators. While the stock shows positive momentum, the negative valuation metrics and profitability concerns weigh heavily on the score.

Tokyo Chuo Auction Holdings Ltd. Business Overview & Revenue Model

Company Description

Shangshan Gold International Holdings Limited, an investment holding company, provides auction and related services, and artwork sales services in Hong Kong and Japan. The company provides auctions for Chinese and Japanese artworks, such as paintings and calligraphies, antiques, and tea wares, as well as exhibition services. It also offers money lending services, as well as operates an online trading and information platform. The company was formerly known as Tokyo Chuo Auction (Hong Kong) Co., Limited and changed its name to Tokyo Chuo Auction Holdings Limited in February 2018. Tokyo Chuo Auction Holdings Limited was founded in 2010 and is headquartered in Tokyo, Japan.

How the Company Makes Money

Tokyo Chuo Auction Holdings Ltd. generates revenue primarily through auction commissions, which are fees charged to sellers and buyers based on the final sale price of auctioned items. The company earns a percentage of the hammer price from each sale, typically taking a commission from both the seller and the buyer. Additionally, Tokyo Chuo Auction may generate income through appraisal services, where it charges fees for evaluating and authenticating artworks and collectibles. Strategic partnerships with galleries, museums, and cultural institutions also enhance its visibility and potential revenue streams. The company's ability to attract high-value consignments and a discerning clientele contributes significantly to its profitability.

Tokyo Chuo Auction Holdings Ltd. Financial Statement Overview

Summary

The company shows positive revenue growth and a strong gross profit margin, but struggles with profitability due to negative net profit and EBIT margins. The balance sheet is stable with low leverage, yet the negative return on equity indicates inefficiencies. Cash flow has improved, but free cash flow growth remains negative.

Income Statement

The company shows a mixed performance in its income statement. Revenue growth is positive at 7.82% for the latest period, indicating some recovery. However, the company is struggling with profitability, as evidenced by negative net profit and EBIT margins. The gross profit margin remains strong at 78.14%, but the negative EBIT and net profit margins highlight ongoing operational challenges.

Balance Sheet

The balance sheet reflects a stable financial position with a manageable debt-to-equity ratio of 0.20, indicating low leverage. However, the return on equity is negative, suggesting inefficiencies in generating returns from equity. The equity ratio is healthy, showing a strong equity base relative to total assets.

Cash Flow

Cash flow analysis reveals a significant improvement in operating cash flow, turning positive in the latest period. However, free cash flow growth is negative, and the free cash flow to net income ratio is close to 1, indicating that cash generation is not yet robust. The operating cash flow to net income ratio is also positive, showing some improvement in cash conversion.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	57.55M	62.05M	57.85M	72.76M	79.60M	80.75M
Gross Profit	44.23M	48.48M	46.78M	53.32M	68.97M	70.02M
EBITDA	-26.07M	-11.68M	-18.60M	-541.00K	22.26M	23.52M
Net Income	-29.64M	-19.46M	-26.89M	-8.29M	8.43M	8.36M
Balance Sheet
Total Assets	432.27M	394.96M	396.64M	466.00M	581.08M	594.65M
Cash, Cash Equivalents and Short-Term Investments	73.77M	76.46M	69.05M	67.28M	108.70M	153.63M
Total Debt	49.44M	43.80M	52.25M	53.44M	68.99M	85.47M
Total Liabilities	189.66M	170.38M	157.69M	202.91M	297.06M	308.19M
Stockholders Equity	239.10M	221.30M	235.64M	259.32M	279.94M	282.24M
Cash Flow
Free Cash Flow	-32.55M	37.05M	-10.93M	-17.25M	-24.19M	51.60M
Operating Cash Flow	-30.09M	37.16M	-6.16M	-16.52M	-23.29M	60.79M
Investing Cash Flow	-2.24M	590.00K	-4.55M	-549.00K	1.69M	-7.36M
Financing Cash Flow	577.00K	-9.56M	-6.88M	-18.65M	-18.74M	20.01M

Tokyo Chuo Auction Holdings Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 10.01
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1939, the sentiment is Positive. The current price of 10.01 is above the 20-day moving average (MA) of 7.36, above the 50-day MA of 7.96, and above the 200-day MA of 3.04, indicating a bullish trend. The MACD of 0.57 indicates Negative momentum. The RSI at 72.84 is Negative, neither overbought nor oversold. The STOCH value of 95.31 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:1939.

Tokyo Chuo Auction Holdings Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
1861	75 Outperform	HK$395.32M	6.29	17.60%	3.21%	17.38%	15.93%
2101	64 Neutral	HK$604.79M	40.66	1.04%	―	-36.58%	-84.25%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
1939	54 Neutral	HK$5.01B	―	-8.52%	―	7.26%	27.70%
1572	54 Neutral	HK$169.05M	36.21	-0.06%	―	-14.12%	-104.76%
0620	46 Neutral	HK$648.83M	―	-3.08%	―	-33.28%	91.18%
1759	45 Neutral	HK$224.64M	39.77	-3.11%	―	50.72%	-434.09%

Tokyo Chuo Auction Holdings Ltd. Corporate Events

Shangshan Gold Expands Global Reach with New Licensing and Sales Agreements

Shangshan Gold International Holdings Limited announced a strategic move involving an intellectual property rights licensing agreement with its subsidiary, Hong Kong Shangshan Technology Development Co., Limited. This agreement allows Shangshan Technology to utilize patents and proprietary technologies for intelligent terminal devices outside of mainland China, enhancing its global market presence. Additionally, a sales contract was established with Smart Gold Management Limited, marking a significant step in expanding its gold-related business operations. These developments are poised to strengthen the company’s position in the gold and jewelry industry by leveraging advanced technological solutions.

The most recent analyst rating on (HK:1939) stock is a Hold with a HK$9.50 price target. To see the full list of analyst forecasts on Tokyo Chuo Auction Holdings Ltd. stock, see the HK:1939 Stock Forecast page.

Shangshan Gold International Holdings Unveils New Identity

Shangshan Gold International Holdings Limited, formerly known as Tokyo Chuo Auction Holdings Limited, has announced a series of changes including its company name, stock short name, logo, and website. These changes, effective from August 2025, reflect the company’s new identity and branding strategy. The stock code remains unchanged, and the changes will not affect shareholders’ rights or the company’s daily operations.

The most recent analyst rating on (HK:1939) stock is a Hold with a HK$9.50 price target. To see the full list of analyst forecasts on Tokyo Chuo Auction Holdings Ltd. stock, see the HK:1939 Stock Forecast page.

Tokyo Chuo Auction Expands into Gold and Intelligent Equipment Market

Tokyo Chuo Auction Holdings Ltd. has established a wholly-owned subsidiary, Hong Kong Shangshan Technology Development Co., Limited, to enter the gold and intelligent equipment market. This strategic move aims to diversify the company’s business, reduce reliance on a single revenue stream, and enhance its global market presence. The initiative aligns with the company’s long-term development strategy and is expected to improve operational performance and attract international investors, although it may not significantly impact financial results in the short term.

Tokyo Chuo Auction Holdings Ltd. Reports Unanimous Approval of AGM Resolutions

Tokyo Chuo Auction Holdings Ltd. announced the successful passing of all proposed resolutions at their Annual General Meeting held on August 13, 2025. The meeting saw full participation with 500,000,000 shares entitled to vote, and all resolutions, including the re-election of directors, were unanimously approved without any opposition. This outcome reflects strong shareholder support and stability within the company’s governance structure.

Tokyo Chuo Auction Holdings Ltd. Announces 2025 Annual General Meeting

Tokyo Chuo Auction Holdings Ltd. has announced its upcoming annual general meeting, scheduled for August 13, 2025, in Hong Kong. The meeting will address several key resolutions, including the approval of the company’s audited financial statements, the re-election of directors, and the reappointment of auditors. Additionally, the company seeks approval to authorize directors to allot and issue additional shares, which could impact its capital structure and shareholder value.

Tokyo Chuo Auction Holdings Proposes Name Change to Enhance Corporate Image

Tokyo Chuo Auction Holdings Ltd. has announced a proposal to change its English name to Shangshan Gold International Holdings Limited and its Chinese name to 上善黃金國際控股有限公司. This change is contingent upon shareholder approval at the upcoming AGM and the issuance of a certificate of change of name by the Companies Registry in Hong Kong. The board believes that the new name will enhance the company’s corporate image and support future business development.

Tokyo Chuo Auction Holdings Reports Improved Revenue but Sustains Net Loss

Tokyo Chuo Auction Holdings Ltd. reported its annual results for the year ending March 31, 2025, showing a 7.3% increase in revenue to HK$62,051,000 and a 3.6% rise in gross profit. Despite these gains, the company recorded a net loss of HK$19,494,000, though this was an improvement from the previous year. The loss per share decreased by 27.7%, indicating some operational improvements. The results reflect ongoing challenges in managing costs and impairments, impacting the company’s financial performance.

Tokyo Chuo Auction Holdings Ltd. Completes Share Acquisition Offers

Tokyo Chuo Auction Holdings Ltd. has announced the closure of mandatory unconditional cash offers by Essa Financial Group Ltd. to acquire all issued shares and cancel outstanding share options, excluding those already owned by Essa and its affiliates. The offers concluded with Essa acquiring approximately 0.8% of the company’s issued share capital and 100% of the share options, leading to changes in the company’s board and authorized representatives.

Tokyo Chuo Auction Holdings Ltd. Announces Upcoming Board Meeting

Tokyo Chuo Auction Holdings Ltd. has announced a board meeting scheduled for June 30, 2025, to approve the company’s final results for the fiscal year ending March 31, 2025. The meeting will also consider the recommendation of a final dividend, highlighting the company’s ongoing financial management and potential returns for stakeholders.