Silver Tide Holdings Limited (1943) AI Stock Analysis

• Market Cap: HK$586.81M
• Dividend Yield: N/A
• Average Volume (3M): 3.36M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.43
• Revenue Growth: -33.38%
• EPS Growth: 37.85%
• Country: HK
• Employees: 34
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Construction Materials
• EPS (TTM): -0.02
• Shares Outstanding: 1,029,495,000
• 10 Day Avg. Volume: 2,928,500
• 30 Day Avg. Volume: 3,359,333
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.93
• Price to Sales (P/S): 0.57
• P/FCF Ratio: -1.02
• 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: 44 Neutral
• Price Target: HK$0.55 ▲(6.35% Upside)

The score is primarily held down by sharply deteriorating financial performance and deeply negative cash flow in the latest year, despite the low-debt balance sheet. Technical signals are mixed and do not offset the weak fundamentals, and valuation metrics are impaired by ongoing losses and the absence of a dividend yield.

Positive Factors

Low leverage / minimal debt

Very low debt provides durable financial flexibility: it reduces solvency risk during prolonged weak trading, preserves borrowing capacity for working capital or restructuring, and lowers fixed financing costs, helping the company survive and invest while operating cash flow recovers.

Lean organizational headcount

A very small headcount implies a lean cost base and operational flexibility, which supports lower fixed overhead and faster management action on cuts or redeployment. This structural nimbleness can help preserve cash and adapt capacity during a multimonth recovery.

Historical ability to return to profit

Intermittent profitability shows the underlying business model can generate positive margins under favorable conditions. This indicates the company can structurally recover if revenue stabilizes or cost controls improve, making a return to sustainable profits plausible over months.

Negative Factors

Sharp recent revenue decline

A large year‑over‑year revenue drop erodes scale economics and market position, reducing gross margin leverage and the ability to cover fixed costs. Such a pronounced decline typically signals underlying demand or competitive issues that impair durable earnings recovery without new contracts or market share gains.

Deeply negative operating and free cash flow

Sustained negative operating and free cash flow limits the company’s ability to self-fund working capital, capex, and debt servicing. Over a multi‑month horizon this elevates liquidity and refinancing risk, forcing reliance on external funding or asset sales that can constrain strategic options.

Equity erosion and volatile profitability

Material equity erosion reduces the balance sheet buffer and weakens capital cushions against further losses. Coupled with volatile multi‑year earnings, this undermines confidence in consistent returns and limits the company’s capacity to raise debt or equity on favorable terms during a prolonged recovery.

Silver Tide Holdings Limited Business Overview & Revenue Model

Company Description

King’s Stone Holdings Group Ltd. is an investment holding company, which engages in the provision of formwork. It operates through the Construction Services and Dealing abd Broking segments. Its formworks include traditional formwork using timber and plywood; and system formwork using aluminium and steel. The company was founded on July 24, 2018 and is headquartered in Hong Kong.

How the Company Makes Money

Silver Tide Holdings Limited generates revenue by providing marine construction services to clients, including government agencies and private sector entities involved in port and harbor development. The company earns money through contracts for dredging operations, land reclamation projects, and the construction of maritime infrastructure such as piers, jetties, and breakwaters. Revenue is primarily driven by the successful bidding on large-scale projects, which often involve long-term partnerships with public and private sector stakeholders. The company's earnings are influenced by its ability to deliver projects efficiently and its reputation for quality work, which helps secure future contracts.

Silver Tide Holdings Limited Financial Statement Overview

Summary

Income statement and cash flow are very weak: a sharp revenue decline, negative gross profit, and a large net loss in the latest year were accompanied by deeply negative operating and free cash flow. The balance sheet is a relative positive due to minimal leverage, but equity erosion from losses reduces the benefit.

Income Statement

Profitability deteriorated sharply in the latest annual period (2025-03-31): revenue fell ~42% year over year and the business swung to deeply negative gross profit, driving very weak operating results and a large net loss. Over the full history, performance has been inconsistent (profitable in 2021 and 2023, losses in 2020, 2022, 2024, and a much larger loss in 2025), suggesting limited earnings stability and weak pricing/cost control in down cycles.

Balance Sheet

Leverage is very low (debt is minimal and debt-to-equity is near zero), which supports financial flexibility. However, equity has declined meaningfully in the latest year (consistent with the large loss), and returns on equity turned sharply negative in 2025, highlighting that the balance sheet strength is being eroded by ongoing profitability pressure.

Cash Flow

Cash generation weakened materially in 2025 with operating cash flow and free cash flow both deeply negative, reversing the positive cash flow seen in 2023–2024. While free cash flow is roughly in line with net income in the latest year (losses translating into cash outflow), the overall pattern shows volatility and limited ability to consistently self-fund operations, which elevates liquidity risk if weak trading persists.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	173.39M	173.39M	452.67M	372.09M	340.08M	437.18M
Gross Profit	-47.14M	-47.14M	18.30M	41.77M	-20.49M	17.62M
EBITDA	-97.43M	-97.11M	-26.25M	22.08M	-25.99M	31.41M
Net Income	-102.07M	-102.07M	-32.09M	4.97M	-33.84M	14.13M
Balance Sheet
Total Assets	146.39M	146.39M	265.37M	307.86M	282.72M	296.92M
Cash, Cash Equivalents and Short-Term Investments	9.67M	9.67M	98.14M	74.78M	66.20M	77.27M
Total Debt	0.00	0.00	996.00K	761.00K	5.63M	4.24M
Total Liabilities	40.83M	40.83M	81.52M	91.75M	71.58M	51.93M
Stockholders Equity	105.56M	105.56M	183.84M	216.11M	211.14M	244.99M
Cash Flow
Free Cash Flow	-96.06M	-96.06M	13.71M	18.38M	-7.83M	-26.74M
Operating Cash Flow	-95.79M	-95.79M	15.42M	25.34M	-5.03M	-8.26M
Investing Cash Flow	2.77M	2.77M	18.53M	-7.66M	-38.79M	-22.50M
Financing Cash Flow	4.55M	4.55M	12.16M	3.56M	-2.48M	-12.93M

Silver Tide Holdings Limited Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.52
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1943, the sentiment is Neutral. The current price of 0.52 is below the 20-day moving average (MA) of 0.58, below the 50-day MA of 0.61, and below the 200-day MA of 0.57, indicating a neutral trend. The MACD of -0.01 indicates Negative momentum. The RSI at 49.68 is Neutral, neither overbought nor oversold. The STOCH value of 61.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HK:1943.

Silver Tide Holdings Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
2187	57 Neutral	HK$695.64M	-5.02	-31.95%	―	13.16%	-20233.33%
6193	53 Neutral	HK$100.00M	-207.50	-0.22%	―	28.86%	98.11%
2212	51 Neutral	HK$226.24M	-9.78	-38.07%	―	-44.67%	18.67%
1943	44 Neutral	HK$586.81M	-10.12	-52.20%	―	-33.38%	37.85%
1847	44 Neutral	HK$64.93M	-1.92	-8.97%	―	-11.49%	-128.11%

Silver Tide Holdings Limited Corporate Events

King’s Stone Holdings Sets Out Board and Committee Structure

King’s Stone Holdings Group Limited has announced the current composition of its board of directors, listing three executive directors led by Chairman and Chief Executive Officer He Xin, alongside three independent non-executive directors. The company also disclosed the structure of its key governance committees, confirming the respective chairmanships and memberships of the audit, remuneration and nomination committees, underscoring its emphasis on maintaining defined oversight roles and a formal corporate governance framework for shareholders and other stakeholders.

The most recent analyst rating on (HK:1943) stock is a Hold with a HK$0.47 price target. To see the full list of analyst forecasts on Silver Tide Holdings Limited stock, see the HK:1943 Stock Forecast page.

King’s Stone Vice Chairman Resigns, Board Stresses Leadership Continuity

King’s Stone Holdings Group Limited has announced the resignation of executive director and vice chairman of the board, Mr. Chiu Sui Keung, effective 13 January 2026, as he plans to dedicate more time to other commitments. The company emphasized that Mr. Chiu has no disagreement with the board and that there are no issues requiring shareholder attention in connection with his departure, suggesting that the change is not tied to governance disputes. The board expressed formal appreciation for his contributions, while the remaining leadership, headed by chairman and CEO He Xin, continues unchanged, signaling continuity in strategic and operational oversight for investors and other stakeholders.

The most recent analyst rating on (HK:1943) stock is a Hold with a HK$0.47 price target. To see the full list of analyst forecasts on Silver Tide Holdings Limited stock, see the HK:1943 Stock Forecast page.

King’s Stone Holdings Reports Improved Interim Financial Results

King’s Stone Holdings Group Limited, a company incorporated in the Cayman Islands, announced its interim financial results for the six months ending September 30, 2025. The company reported a revenue increase to HK$130,713,000 from HK$102,963,000 in the same period of the previous year, despite a loss of HK$17,738,000 from continuing operations. This marks an improvement from the previous year’s loss of HK$61,010,000. The results indicate a reduction in administrative expenses and finance costs, contributing to a narrower loss margin.

King’s Stone Holdings Reports Significant Reduction in Net Loss

King’s Stone Holdings Group Limited, a company incorporated in the Cayman Islands, has announced a significant reduction in its net loss for the six months ended 30 September 2025. The company’s net loss decreased from approximately HK$62.5 million in the same period in 2024 to approximately HK$17.7 million in 2025, driven by an increase in revenue and a decrease in administrative expenses. The announcement is based on unaudited management accounts and further details will be disclosed in the upcoming interim results announcement.

King’s Stone Holdings Schedules Board Meeting for Interim Results

King’s Stone Holdings Group Limited, a company incorporated in the Cayman Islands, has announced that its board of directors will meet on November 28, 2025. The meeting will focus on approving the unaudited interim results for the six months ending September 30, 2025, and considering the recommendation of an interim dividend. This announcement indicates the company’s ongoing commitment to transparency and shareholder engagement, potentially impacting investor confidence and market positioning.