Sunshine Oilsands Ltd. (HK:2012)
:2012
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Sunshine Oilsands
(2012)
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Rating:42Neutral
Price Target:
HK$0.25
â–Ľ(-40.93% Downside)
Action:Reiterated
Date:05/18/26
The score is driven mainly by very weak financial performance (no TTM revenue, ongoing losses and cash burn, and high leverage). Technicals add further downside risk with bearish trend and momentum indicators, while valuation is constrained by a negative P/E and no dividend support.
Positive Factors
Asset base and monetization optionality
Owning oil sands leases in Alberta provides tangible resource-based value and multiple durable monetization routes (project development, JV/farm-out, or asset sales). These options let management pursue non-dilutive or partner-funded development, preserving upside even without immediate production.
Negative Factors
Very high leverage
Extremely high debt-to-equity materially constrains financial flexibility. With limited equity cushion, refinancing or servicing debt in adverse market conditions risks asset sales, dilution, or distress, reducing the firm's ability to pursue long-term development or wait for improved commodity conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Asset base and monetization optionality
Owning oil sands leases in Alberta provides tangible resource-based value and multiple durable monetization routes (project development, JV/farm-out, or asset sales). These options let management pursue non-dilutive or partner-funded development, preserving upside even without immediate production.
Read all positive factors
Sunshine Oilsands (2012) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$188.51M
Dividend YieldN/A
Average Volume (3M)5.96M
Price to Earnings (P/E)―
Beta (1Y)0.47
Revenue Growth-100.00%
EPS Growth84.40%
CountryHK
Employees30
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)-0.05
Shares Outstanding711,354,430
10 Day Avg. Volume15,592,884
30 Day Avg. Volume5,960,400
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)1.09
Price to Sales (P/S)0.00
P/FCF Ratio-5.60
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
Sunshine Oilsands Business Overview & Revenue Model
Company Description
Sunshine Oilsands Ltd. is an energy company primarily engaged in exploring for and producing bitumen and crude oil from its properties within Alberta, Canada's Athabasca oil sands region. The company manages a diverse collection of oil sands lease...
How the Company Makes Money
In 2012, Sunshine Oilsands’ economic model was based on monetizing oil sands assets rather than generating substantial ongoing operating revenue from large-scale production. The primary ways the company could make money were: (1) selling produced ...
Sunshine Oilsands Financial Statement Overview
Summary
Income Statement
8
Very Negative
Balance Sheet
12
Very Negative
Cash Flow
14
Very Negative
| Breakdown | Mar 2026 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 30.66M | 30.24M | 15.63M | 144.00K |
| Gross Profit | -10.49M | -1.06M | -18.12M | -19.05M | -8.91M |
| EBITDA | -20.92M | -16.45M | -891.00K | -53.10M | 49.23M |
| Net Income | -12.41M | -75.39M | -19.33M | -65.40M | 1.47M |
Balance Sheet | |||||
| Total Assets | 736.04M | 739.02M | 745.93M | 747.72M | 755.72M |
| Cash, Cash Equivalents and Short-Term Investments | 1.06M | 841.00K | 1.02M | 542.00K | 312.00K |
| Total Debt | 353.02M | 383.21M | 351.05M | 352.77M | 307.91M |
| Total Liabilities | 707.91M | 722.17M | 654.88M | 637.71M | 579.36M |
| Stockholders Equity | 30.04M | 18.44M | 92.27M | 111.01M | 177.05M |
Cash Flow | |||||
| Free Cash Flow | -5.83M | -4.30M | -10.37M | -22.92M | -12.71M |
| Operating Cash Flow | -5.83M | -2.97M | -7.59M | -21.32M | -9.89M |
| Investing Cash Flow | -119.03K | -735.00K | -2.77M | -1.59M | -2.81M |
| Financing Cash Flow | 6.68M | 3.52M | 10.37M | 23.13M | 12.13M |
Sunshine Oilsands Technical Analysis
Negative
0.43
Price Trends
0.34
Negative
0.36
Negative
0.42
Negative
Market Momentum
-0.02
Positive
32.50
Neutral
22.71
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2012, the sentiment is Negative. The current price of 0.43 is above the 20-day moving average (MA) of 0.31, above the 50-day MA of 0.34, and above the 200-day MA of 0.42, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 32.50 is Neutral, neither overbought nor oversold. The STOCH value of 22.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:2012.
Sunshine Oilsands Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | HK$11.30B | 9.99 | 8.60% | 20.93% | 9.52% | -28.22% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
50 Neutral | HK$217.28M | 13.39 | 6.66% | ― | -61.60% | ― | |
49 Neutral | HK$718.16M | -17.67 | 4.05% | ― | -14.14% | -59.17% | |
42 Neutral | HK$188.51M | -1.25 | -113.92% | ― | -100.00% | 84.40% | |
42 Neutral | HK$203.41M | -1.43 | 29.67% | ― | 48.50% | 11.34% | |
42 Neutral | HK$363.03M | -0.48 | -82.00% | ― | -40.63% | -1501.63% |
* Energy Sector Average
HK:2012
Sunshine Oilsands
0.27
-0.25
-48.04%
HK:0603
China Oil & Gas Group
0.15
-0.02
-13.14%
HK:0632
CHK Oil
0.25
-0.55
-68.75%
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United Energy Group
0.44
-0.13
-23.68%
HK:3395
JX Energy Ltd.
0.23
<0.01
1.74%
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Yanchang Petroleum International Limited
0.33
-0.28
-45.90%
Sunshine Oilsands Corporate Events
Sunshine Oilsands Forms Chinese Geothermal Joint Venture to Diversify Revenue
Jun 11, 2026
Sunshine Oilsands has formed a new joint venture, Shanghai Yinsheng Energy, with Shanghai Yinsheng Business Consulting, giving its Shenzhen Zhongwang Energy unit a 51% controlling stake and ensuring the venture’s results will be consolidated...
Sunshine Oilsands Clarifies Typographical Error in AGM Proxy Form
Jun 2, 2026
Sunshine Oilsands has issued a clarification regarding a typographical error in the resolution numbering on its previously circulated proxy form for the upcoming annual meeting, stressing that the corresponding notice of meeting remains entirely a...
Sunshine Oilsands Further Delays Key Circular on Convertible Bond Plan
May 29, 2026
Sunshine Oilsands Ltd. has again postponed the dispatch of a shareholder circular related to a proposed subscription of convertible bonds under a specific mandate intended, among other things, for debt settlement. The circular, which will outline ...
Sunshine Oilsands Further Delays Circular on Planned 51% Acquisition
May 29, 2026
Sunshine Oilsands Ltd. has announced a further postponement in sending to shareholders a key circular related to its planned acquisition of a 51% equity interest in a target company, a deal to be funded through the issuance of consideration shares...
Sunshine Oilsands Sets 2026 AGM to Vote on Directors, Capital Mandates and Governance Changes
May 29, 2026
Sunshine Oilsands has called its annual general meeting for June 22, 2026 in Hong Kong, where shareholders will review the 2025 audited financial statements, set the number of directors, and vote on the re-election of seven board members, includin...
Sunshine Oilsands Sets June Record Date for Special Meeting on Major Share Placement
May 21, 2026
Sunshine Oilsands has scheduled a special shareholders’ meeting for June 23–24, 2026, in Calgary and Hong Kong to seek approval for a proposed placing of up to 114,280,000 shares under a specific mandate. The board has set June 5, 2026...
Sunshine Oilsands Extends Deadline for HKEX Share Placement
May 21, 2026
Sunshine Oilsands has postponed the closing date for its planned placing of up to 114,280,000 new shares under a specific mandate, extending the deadline from May 31, 2026 to July 31, 2026 to allow more time to complete the transaction. The compan...
Sunshine Oilsands Seeks Shareholder Approval for Major Share Placing at June 2026 Meeting
May 21, 2026
Sunshine Oilsands has called a special shareholders’ meeting in Hong Kong on 24 June 2026 to seek approval for a placing of up to 114,280,000 new Class A common voting shares. The proposed placing, governed by a Placing Agreement, would gran...
Sunshine Oilsands to Modernize Articles and By-Laws for Paperless Listing Regime
May 15, 2026
Sunshine Oilsands plans to amend its existing articles of incorporation and by-laws to align with updated Hong Kong listing regulations, including the expanded paperless listing regime and the introduction of an uncertificated securities market. T...
Sunshine Oilsands Faces Going-Concern Risk as West Ells Output Stalls
May 14, 2026
Sunshine Oilsands reported that, for the quarter ended March 31, 2026, its West Ells project remained shut in, resulting in zero bitumen and Dilbit production and sales after earlier suspensions tied to low prices, equipment issues and maintenance...
Sunshine Oilsands’ Q1 Loss Widens as West Ells Maintenance Halts Sales
May 14, 2026
Sunshine Oilsands reported no petroleum sales for the first quarter ended March 31, 2026, as production at its West Ells project was effectively halted by equipment maintenance, leaving average diluted bitumen sales at zero. This operational disru...
Sunshine Oilsands Forms China Joint Venture to Drive Geothermal and Energy-Saving Expansion
May 10, 2026
Sunshine Oilsands has formed a new joint venture in Shenzhen, Shenzhen Zhongwang Energy Technology, with its Shanghai-based subsidiary Sangxiang Petrochemical holding a 75% stake and Chinese investor Chen Jiongliang owning 25%. The venture will fo...
Sunshine Oilsands Says Interim Receivers May Vote Chairman’s 24% Stake
May 8, 2026
Sunshine Oilsands disclosed that the High Court in Hong Kong has appointed interim receivers from PricewaterhouseCoopers to exercise certain shareholder rights attached to the 24.03% stake held by Executive Chairman Kwok Ping Sun. The order allows...
Sunshine Oilsands Sets 2026 AGM Date and Record Date for Shareholder Voting
May 7, 2026
Sunshine Oilsands has scheduled its next annual meeting of shareholders for June 21, 2026 in Calgary, corresponding to June 22, 2026 in Hong Kong, and set May 22, 2026 as the record date determining which investors are entitled to receive notice a...
Sunshine Oilsands Sets May Board Meeting to Approve Q1 2026 Results
May 4, 2026
Sunshine Oilsands has scheduled a board of directors meeting for the evening of May 13, 2026 in Calgary, corresponding to the morning of May 14, 2026 in Hong Kong. At this meeting, the board is expected to review and approve the company’s fi...
Sunshine Oilsands Strikes Three-Year Supply Framework with Guangdong Shouren
May 3, 2026
Sunshine Oilsands Ltd., a Calgary-based oil sands producer listed in Hong Kong, has entered a three-year, non-binding cooperation framework agreement with Guangdong Shouren Supply Chain Management Co., Ltd. The deal covers crude oil and bitumen so...
Sunshine Oilsands Delays Key Circular on 51% Acquisition Deal Again
Apr 30, 2026
Sunshine Oilsands has announced a further delay in sending a shareholder circular related to its planned acquisition of a 51% equity interest in a target company, which will be funded through the issuance of consideration shares under a specific m...
Sunshine Oilsands Delays Key Circular on Convertible Bond Subscription
Apr 30, 2026
Sunshine Oilsands Ltd. has announced a further delay in sending a shareholder circular related to a proposed subscription of convertible bonds under a specific mandate, which is tied to debt settlement and requires independent shareholder approval...
Sunshine Oilsands Further Delays Share Placement Circular
Apr 30, 2026
Sunshine Oilsands has again postponed the mailing of a shareholder circular related to a proposed placing of up to 114,280,000 new shares under a specific mandate, pushing the expected despatch date from April 30 to on or before May 29, 2026. The ...
Sunshine Oilsands Clarifies Routine Resignation of Non-Executive Director
Apr 14, 2026
Sunshine Oilsands has announced that non-executive director Mr. Chen has resigned from the board in order to devote more time to his other business commitments. The company emphasized that Mr. Chen has no disagreement with the board and that there...
Sunshine Oilsands Announces Resignation of Non-Executive Director
Apr 8, 2026
Sunshine Oilsands Ltd. has announced the resignation of non-executive director Yonglan Chen, effective April 3, 2026, citing personal reasons. The company stated that Chen has no disagreements with the board and that there are no issues related to...
Sunshine Oilsands Details Board and Committee Structure
Apr 8, 2026
Sunshine Oilsands has confirmed the composition of its seven-member board of directors, detailing the mix of executive, non-executive, and independent non-executive directors, with Kwok Ping Sun serving as chairman and Michael John Hibberd as vice...
Sunshine Oilsands Revenue Collapses on West Ells Shutdown but Equity Base Improves
Mar 31, 2026
Sunshine Oilsands reported that petroleum sales for 2025 fell to zero from CAD29.3 million a year earlier, as average dilbit sales dropped from 1,018.8 barrels per day to none due to equipment maintenance at its West Ells site. The sharp decline i...
Sunshine Oilsands Flags Going-Concern Risk Amid Zero Output and Tight Liquidity
Mar 31, 2026
Sunshine Oilsands reported that it has invested approximately CAD1.29 billion in leases, drilling, engineering and related assets, but ended 2025 with only CAD1.06 million in cash and no bitumen or diluted bitumen sales in the final quarter. Manag...
Sunshine Oilsands Delays Share Placing Circular Again
Mar 30, 2026
Sunshine Oilsands Ltd. has announced a further delay in sending a circular to shareholders related to a proposed placing of up to 114,280,000 new shares under a specific mandate. The circular, which will include additional details of the placing a...
Sunshine Oilsands Further Delays Key Circular on 51% Acquisition
Mar 30, 2026
Sunshine Oilsands has again delayed sending a shareholder circular related to its planned acquisition of a 51% equity interest in a target company, to be paid for with consideration shares under a specific mandate. The circular, which will detail ...
Sunshine Oilsands Postpones Special Meeting and Cancels Record Date for Share Plan Vote
Mar 20, 2026
Sunshine Oilsands Ltd., the Calgary-based oil sands developer listed in Hong Kong, has delayed a special shareholders’ meeting originally set for March 27 in Hong Kong to a later date yet to be announced. The meeting was to consider adoption...
Sunshine Oilsands Delays Convertible Bond Circular Again
Mar 20, 2026
Sunshine Oilsands Ltd., the Calgary-based oil sands developer listed in Hong Kong, is continuing to advance its Athabasca-region assets, including its West Ells project aimed at an initial 5,000 barrels per day of production. The company’s l...
Sunshine Oilsands Sets March Board Meeting to Approve 2025 Annual Results
Mar 17, 2026
Sunshine Oilsands Ltd., a Calgary-based oil sands developer listed in Hong Kong, operates upstream energy projects in Alberta and leverages its cross-border listing to connect Canadian assets with Asian investors. The company focuses on long-life ...
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.