Tokyo Chuo Auction Holdings Ltd. (HK:1939)
:1939
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Tokyo Chuo Auction Holdings Ltd.
(1939)
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Rating:46Neutral
Price Target:
HK$0.49
▼(-55.05% Downside)
Action:ReiteratedDate:04/02/26
Overall score is weighed down primarily by ongoing profitability issues (negative EBIT/net margins and ROE) and very weak valuation (P/E 2693). Technicals also indicate a sustained downtrend (price below key moving averages, negative MACD), partially offset by modest revenue growth, improved operating cash flow, and low leverage.
Positive Factors
High Gross Margin
A 78% gross margin indicates the auction model captures high direct margins from fees and services. For an asset-light auction operator, this margin cushion supports covering fixed operating costs, funding quality controls and tech, and sustaining profitability as revenues scale over months.
Negative Factors
Negative Profitability
Persistently negative EBIT and net margins show operating costs and overhead still outpace revenue. Without sustained margin improvement or significant scale, core profitability remains impaired, constraining retained earnings and strategic investments over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
High Gross Margin
A 78% gross margin indicates the auction model captures high direct margins from fees and services. For an asset-light auction operator, this margin cushion supports covering fixed operating costs, funding quality controls and tech, and sustaining profitability as revenues scale over months.
Read all positive factors
Tokyo Chuo Auction Holdings Ltd. (1939) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$253.38M
Dividend YieldN/A
Average Volume (3M)3.57M
Price to Earnings (P/E)2693.2
Beta (1Y)0.40
Revenue Growth85.29%
EPS Growth39.63%
CountryHK
Employees36
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)<0.01
Shares Outstanding511,880,000
10 Day Avg. Volume2,781,310
30 Day Avg. Volume3,570,523
Financial Highlights & Ratios
PEG Ratio0.43
Price to Book (P/B)1.04
Price to Sales (P/S)3.71
P/FCF Ratio6.21
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
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 painti...
How the Company Makes Money
The company makes money primarily through revenues generated by its auction operations and related services conducted by its subsidiaries. Typical earnings in an auction-operator model come from fees charged to sellers (consignment/commission fees...
Tokyo Chuo Auction Holdings Ltd. Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
60
Neutral
Cash Flow
50
Neutral
| Breakdown | TTM | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 106.63M | 62.05M | 57.85M | 72.76M | 79.60M | 80.75M |
| Gross Profit | 49.29M | 48.48M | 46.78M | 53.32M | 68.97M | 70.02M |
| EBITDA | -7.81M | -11.68M | -18.60M | -541.00K | 22.26M | 23.52M |
| Net Income | -17.89M | -19.46M | -26.89M | -8.29M | 8.43M | 8.36M |
Balance Sheet | ||||||
| Total Assets | 453.61M | 394.96M | 396.64M | 466.00M | 581.08M | 594.65M |
| Cash, Cash Equivalents and Short-Term Investments | 78.58M | 76.46M | 69.05M | 67.28M | 108.70M | 153.63M |
| Total Debt | 42.16M | 43.80M | 52.25M | 53.44M | 68.99M | 85.47M |
| Total Liabilities | 227.02M | 170.38M | 157.69M | 202.91M | 297.06M | 308.19M |
| Stockholders Equity | 223.01M | 221.30M | 235.64M | 259.32M | 279.94M | 282.24M |
Cash Flow | ||||||
| Free Cash Flow | 22.99M | 37.05M | -10.93M | -17.25M | -24.19M | 51.60M |
| Operating Cash Flow | 23.10M | 37.16M | -6.16M | -16.52M | -23.29M | 60.79M |
| Investing Cash Flow | -110.00K | 590.00K | -4.55M | -549.00K | 1.69M | -7.36M |
| Financing Cash Flow | -7.71M | -9.56M | -6.88M | -18.65M | -18.74M | 20.01M |
Tokyo Chuo Auction Holdings Ltd. Technical Analysis
Negative
1.09
Price Trends
0.73
Negative
2.05
Negative
4.54
Negative
Market Momentum
-0.07
Negative
28.38
Positive
20.90
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1939, the sentiment is Negative. The current price of 1.09 is above the 20-day moving average (MA) of 0.59, above the 50-day MA of 0.73, and below the 200-day MA of 4.54, indicating a bearish trend. The MACD of -0.07 indicates Negative momentum. The RSI at 28.38 is Positive, neither overbought nor oversold. The STOCH value of 20.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:1939.
Tokyo Chuo Auction Holdings Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | HK$416.37M | 7.79 | 15.49% | 2.76% | 17.38% | 15.93% | |
64 Neutral | HK$490.37M | 17.69 | 1.68% | ― | -36.58% | -84.25% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
54 Neutral | HK$155.53M | -316.22 | -0.04% | ― | -14.12% | -104.76% | |
46 Neutral | HK$253.38M | 2,693.21 | -8.05% | ― | 85.29% | 39.63% | |
44 Neutral | HK$216.00M | -8.41 | -7.19% | ― | 50.72% | -434.09% | |
41 Neutral | HK$169.02M | -8.46 | -3.12% | ― | -33.28% | 91.18% |
* Consumer Cyclical Sector Average
HK:1939
Tokyo Chuo Auction Holdings Ltd.
0.50
0.03
7.61%
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Tokyo Chuo Auction Holdings Ltd. Corporate Events
Shangshan Gold International Overhauls Board Leadership as Chairman and Executive Directors Resign
Feb 27, 2026
Shangshan Gold International Holdings announced the resignation of executive directors Huang Shikun and Huang Shifeng, who also stepped down from key committee roles, including chairman of the board, nomination, remuneration and corporate governan...
Shangshan Gold Outlines Board and Committee Structure in Governance Update
Feb 27, 2026
Shangshan Gold International Holdings Limited has announced the current composition of its board of directors, led by executive director and chairman Mr. Tong Jun, alongside two non-executive directors and three independent non-executive directors...
Shangshan Gold Adds Clarification on 5 Million Share Options in 2025 Annual Report
Feb 3, 2026
Shangshan Gold International Holdings Limited has issued a supplemental announcement to its annual report for the year ended 31 March 2025, providing additional disclosure on its 2023 Share Option Scheme in line with Hong Kong listing requirements...
Glossary
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Disclaimer
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