Analogue Holdings Limited (HK:1977)
:1977
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Analogue Holdings Limited
(1977)
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Rating:75Outperform
Price Target:
HK$1.00
▲(8.70% Upside)
Action:ReiteratedDate:04/26/26
The score is driven primarily by improving financial quality in 2025 (very low leverage and stronger free cash flow), supported by attractive valuation (low P/E and solid dividend yield). Technicals are positive with the price above major moving averages, though momentum indicators are nearing stretched levels, which tempers the overall rating.
Positive Factors
Very Low Leverage
A debt-to-equity near 0.03 provides durable financial flexibility for a cyclical Engineering & Construction firm. Low leverage reduces refinancing and interest-rate risk, supports competitive bidding and capital allocation, and creates a buffer through downturns without relying on external funding.
Negative Factors
Compressed Margins
A sustained decline in net margins to ~2.7% vs prior ~5.9% materially reduces return on capital and the firm's ability to absorb cost inflation or bid aggressively. Lower structural profitability limits reinvestment capacity and makes long-term returns dependent on margin recovery or scale gains.
Read all positive and negative factors
Positive Factors
Negative Factors
Very Low Leverage
A debt-to-equity near 0.03 provides durable financial flexibility for a cyclical Engineering & Construction firm. Low leverage reduces refinancing and interest-rate risk, supports competitive bidding and capital allocation, and creates a buffer through downturns without relying on external funding.
Read all positive factors
Analogue Holdings Limited (1977) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$1.46B
Dividend Yield5.17%
Average Volume (3M)125.13K
Price to Earnings (P/E)7.7
Beta (1Y)0.29
Revenue Growth-5.62%
EPS Growth22.34%
CountryHK
Employees3,149
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)0.06
Shares Outstanding1,400,000,000
10 Day Avg. Volume108,000
30 Day Avg. Volume125,133
Financial Highlights & Ratios
PEG Ratio0.33
Price to Book (P/B)0.55
Price to Sales (P/S)0.21
P/FCF Ratio3.31
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
Analogue Holdings Limited Business Overview & Revenue Model
Company Description
Analogue Holdings Limited provides electrical and mechanical (E&M) engineering services to public and private sectors in Hong Kong, Mainland China, Macau, the United States, and internationally. It operates through four segments: Building Services...
Analogue Holdings Limited Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
82
Very Positive
Cash Flow
70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 6.09B | 6.45B | 6.13B | 6.47B | 5.35B |
| Gross Profit | 997.76M | 1.00B | 833.29M | 1.01B | 878.37M |
| EBITDA | 257.87M | 228.83M | 353.01M | 383.62M | 450.84M |
| Net Income | 167.04M | 135.26M | 251.50M | 114.56M | 314.30M |
Balance Sheet | |||||
| Total Assets | 5.16B | 5.20B | 5.14B | 4.81B | 4.45B |
| Cash, Cash Equivalents and Short-Term Investments | 1.04B | 1.04B | 1.04B | 1.00B | 819.93M |
| Total Debt | 63.47M | 608.22M | 366.29M | 362.35M | 369.91M |
| Total Liabilities | 2.85B | 3.00B | 3.01B | 2.75B | 2.32B |
| Stockholders Equity | 2.32B | 2.19B | 2.13B | 2.06B | 2.13B |
Cash Flow | |||||
| Free Cash Flow | 388.26M | -9.26M | 57.03M | 426.81M | 189.82M |
| Operating Cash Flow | 419.89M | 146.07M | 177.55M | 453.35M | 241.73M |
| Investing Cash Flow | -16.67M | -150.00M | -41.46M | -1.02M | -627.51M |
| Financing Cash Flow | -429.06M | 143.05M | -203.75M | -245.48M | 81.46M |
Analogue Holdings Limited Technical Analysis
Positive
0.92
Price Trends
0.98
Positive
0.94
Positive
0.88
Positive
Market Momentum
<0.01
Negative
64.81
Neutral
90.48
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1977, the sentiment is Positive. The current price of 0.92 is below the 20-day moving average (MA) of 0.94, below the 50-day MA of 0.98, and above the 200-day MA of 0.88, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 64.81 is Neutral, neither overbought nor oversold. The STOCH value of 90.48 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:1977.
Analogue Holdings Limited Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | HK$1.46B | 7.70 | 7.29% | 5.17% | -5.62% | 22.34% | |
71 Outperform | HK$1.16B | 3.23 | 13.68% | 9.09% | 26.57% | -2.39% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
57 Neutral | HK$339.90M | 10.98 | 9.07% | ― | -16.13% | 5.48% | |
45 Neutral | HK$805.58M | 707.71 | -7.82% | ― | -16.73% | 65.63% | |
41 Neutral | HK$708.71M | 9.71 | 129.09% | ― | 98.47% | ― | |
41 Neutral | HK$423.64M | -25.34 | -5.64% | ― | 20.62% | 78.52% |
* Industrials Sector Average
HK:1977
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Analogue Holdings Limited Corporate Events
Analogue Holdings Sets 2026 AGM and Seeks Fresh Share Issuance Mandate
Apr 21, 2026
Analogue Holdings Limited has called its annual general meeting for 24 June 2026 in Hong Kong, where shareholders will be asked to receive and adopt the audited consolidated financial statements for the year ended 31 December 2025 and the accompan...
Analogue further cuts Nanjing Canatal stake in RMB85.8 million deal
Apr 20, 2026
Analogue Holdings Limited has further trimmed its stake in Shanghai-listed Nanjing Canatal, a specialist in precision environmental control technologies for data centres, continuing a disposal plan first outlined in January. The latest sale, condu...
Analogue Holdings Trims Stake in Nanjing Canatal in RMB61.5 Million Disposal
Apr 8, 2026
Analogue Holdings Limited has sold 6,336,500 A shares in Nanjing Canatal, representing about 1.17% of the latter’s issued share capital, through open market bidding and block trades between 25 March and 8 April 2026. The disposal generated a...
Analogue Sets Deadline for Unclaimed 2019 Interim Dividend Forfeiture
Apr 2, 2026
Analogue Holdings Limited has announced that any unclaimed portion of its second interim dividend for 2019, declared at HK5.07 cents per share on 27 March 2020, will be forfeited in accordance with its bye-laws if not claimed by the specified dead...
Analogue Holdings Sets Out Board and Committee Roles in Governance Update
Apr 1, 2026
Analogue Holdings Limited has announced the current composition of its board of directors, naming founder Dr. Poon Lok To, Otto, chairman Dr. Mak Kin Wah, chief executive officer Mr. Chan Hoi Ming, and three other executive and independent non-exe...
Analogue Holdings Reshapes Board Committees After Non-Executive Director Resigns
Mar 31, 2026
Analogue Holdings Limited has announced that non-executive director Ms. Or Siu Ching, Rerina will resign from the board with effect from 1 April 2026 upon the expiry of her term of appointment, citing her retirement plan and confirming there is no...
Analogue Holdings Declares Second Interim Dividend for 2025
Mar 27, 2026
Analogue Holdings Limited has declared a second interim ordinary dividend of HKD 0.029 per share for the financial year ending 31 December 2025, payable in Hong Kong dollars. The dividend does not require separate shareholder approval and will be ...
Analogue Holdings Lifts 2025 Profit and Dividend on Strong Contract Backlog
Mar 27, 2026
Analogue Holdings Limited reported a higher profit attributable to shareholders for 2025 despite a slight decline in revenue, supported by stable gross profit and improved credit loss performance. The value of outstanding contracts rose sharply, i...
Analogue Holdings Sets March Board Meeting to Approve 2025 Annual Results and Consider Dividend
Mar 10, 2026
Analogue Holdings Limited has scheduled a board meeting for 27 March 2026 in Hong Kong to review and approve the annual results of the company and its subsidiaries for the financial year ended 31 December 2025. The board will also consider the dec...
Analogue Holdings reshapes governance team with new company secretary
Feb 27, 2026
Analogue Holdings has announced that company secretary and authorised representative Fiona Li will retire on 28 February 2026, at which point she will also step down as the firm’s process agent in Hong Kong. The board noted that Li has no di...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.