Silver Tide Holdings Limited (1943) AI Stock Analysis

• Market Cap: HK$721.01M
• Dividend Yield: N/A
• Average Volume (3M): 3.36M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.35
• 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: 1,030,020,000
• 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: 48 Neutral
• Price Target: HK$0.80 ▲(54.23% Upside)
• Action: Reiterated Date: 02/10/26
• Date: Action: Reiterated 02/10/26

The score is held down primarily by sharply deteriorating financial performance and negative cash generation in the latest year, despite low balance-sheet leverage. Technical indicators are modestly positive in the near term, but valuation is constrained by loss-making results and the absence of a dividend yield.

Positive Factors

Low leverage / balance-sheet flexibility

Very low debt and near-zero debt-to-equity give durable financial flexibility, allowing the company to absorb operating shocks, access credit more easily, and prioritize operational recovery without immediate refinancing pressure; this provides a structural buffer while profitability is restored.

Demonstrated ability to be profitable in prior years

Intermittent historical profitability (notably 2021 and 2023) indicates the core business can generate positive margins under supportive market conditions. This suggests the operating model can return to profitability if revenue and cost control normalize, a durable source of recovery potential.

Lean operating structure (small workforce)

A compact workforce implies lower fixed payroll overhead and a lean cost base, enabling quicker variable-cost adjustments and restructuring. Over the medium term this enhances the firm's ability to preserve cash and scale operations up or down as demand recovers.

Negative Factors

Severe revenue decline and margin collapse

A ~42% YoY revenue drop and swing to deeply negative gross profit show material loss of scale, pricing power, or contract volumes. Such structural demand erosion undermines margins, increases per-unit costs, and can cause lasting customer and supplier contract disruption over many quarters.

Negative operating and free cash flow

Operating and free cash flow turned deeply negative in 2025 after prior positive periods, meaning the business currently cannot self-fund operations. Persistent cash deficits elevate liquidity risk, force reliance on external financing, and restrict investment or normal working-capital needs over the medium term.

Equity erosion and sharply negative returns

Meaningful equity decline and sharply negative ROE indicate losses are eroding the capital base. Reduced equity shrinks the buffer against shocks, limits borrowing capacity, heightens insolvency risk in prolonged weakness, and constrains the firm's ability to finance growth or recover organically.

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: revenue fell ~42% YoY and results swung to deeply negative gross profit with a large net loss, while operating and free cash flow turned deeply negative. The main offset is a low-leverage balance sheet, but equity erosion and sharply negative returns in 2025 reduce that cushion.

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

Silver Tide Holdings Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.52
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• 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 Positive. The current price of 0.52 is below the 20-day moving average (MA) of 0.73, below the 50-day MA of 0.64, and below the 200-day MA of 0.62, indicating a bullish trend. The MACD of 0.02 indicates Positive momentum. The RSI at 56.44 is Neutral, neither overbought nor oversold. The STOCH value of 69.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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$650.76M	-3.48	-28.55%	―	13.16%	-20233.33%
6193	53 Neutral	HK$120.00M	2.90	-0.22%	―	28.86%	98.11%
2212	51 Neutral	HK$219.92M	-3.24	-42.11%	―	-44.67%	18.67%
1943	48 Neutral	HK$721.01M	-13.95	-59.23%	―	-33.38%	37.85%
1847	44 Neutral	HK$69.62M	-2.34	-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.