EC Healthcare (HK:2138)
:2138
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EC Healthcare
(2138)
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Rating:50Neutral
Price Target:
HK$0.54
▼(-5.26% Downside)
Action:ReiteratedDate:04/02/26
The score is held back primarily by deteriorating fundamentals (declining revenue, losses, negative ROE) and weak technical positioning (price below key moving averages with negative MACD). Positive free cash flow trends and moderate leverage provide some support, while valuation is constrained by negative earnings despite a modest dividend yield.
Positive Factors
Free cash flow growth
Consistent free cash flow growth and a high free-cash-flow-to-net-income ratio indicate the business can generate real cash despite accounting losses. Over 2–6 months this provides liquidity for clinic operations, targeted reinvestment and working-capital needs without immediate reliance on new financing.
Negative Factors
Large revenue decline
A nearly 30% revenue drop is a durable headwind that erodes operating leverage and makes fixed-cost absorption harder. Over several months this impairs margin recovery, limits reinvestment capacity into clinics and services, and raises the bar for sustainable turnaround execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Free cash flow growth
Consistent free cash flow growth and a high free-cash-flow-to-net-income ratio indicate the business can generate real cash despite accounting losses. Over 2–6 months this provides liquidity for clinic operations, targeted reinvestment and working-capital needs without immediate reliance on new financing.
Read all positive factors
EC Healthcare (2138) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$604.46M
Dividend Yield1.72%
Average Volume (3M)629.78K
Price to Earnings (P/E)―
Beta (1Y)1.47
Revenue Growth-3.49%
EPS Growth-1567.01%
CountryHK
Employees2,872
SectorHealthcare
Sector Strength45
IndustryHousehold & Personal Products
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding1,185,211,300
10 Day Avg. Volume673,306
30 Day Avg. Volume629,783
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.46
Price to Sales (P/S)0.20
P/FCF Ratio1.19
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)0.02
Revenue Forecast (FY)HK$5.02B
EC Healthcare Business Overview & Revenue Model
Company Description
EC Healthcare, an investment holding company, engages in the provision of medical and healthcare services in Hong Kong, Macau, and the People's Republic of China. The company operates through three segments: Medical, Aesthetic Medical and Beauty a...
How the Company Makes Money
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EC Healthcare Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
55
Neutral
Cash Flow
60
Neutral
| Breakdown | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 4.14B | 4.21B | 3.88B | 2.92B | 2.08B |
| Gross Profit | 3.34B | 3.54B | 3.32B | 2.57B | 1.85B |
| EBITDA | 619.28M | 743.26M | 786.56M | 802.68M | 599.41M |
| Net Income | -167.19M | -18.95M | 69.65M | 197.50M | 192.87M |
Balance Sheet | |||||
| Total Assets | 5.03B | 5.37B | 5.51B | 4.86B | 3.79B |
| Cash, Cash Equivalents and Short-Term Investments | 1.07B | 606.32M | 726.84M | 872.07M | 938.70M |
| Total Debt | 1.34B | 1.60B | 1.53B | 941.11M | 1.03B |
| Total Liabilities | 2.82B | 2.97B | 3.14B | 2.51B | 2.16B |
| Stockholders Equity | 1.79B | 1.96B | 1.85B | 1.88B | 1.27B |
Cash Flow | |||||
| Free Cash Flow | 686.07M | 527.88M | 195.83M | 348.09M | 471.71M |
| Operating Cash Flow | 743.24M | 689.10M | 608.32M | 608.36M | 620.81M |
| Investing Cash Flow | 341.28M | -358.36M | -715.62M | -571.19M | -369.02M |
| Financing Cash Flow | -633.79M | -486.46M | -51.31M | -99.95M | 156.78M |
EC Healthcare Technical Analysis
Neutral
0.57
Price Trends
0.56
Negative
0.58
Negative
0.64
Negative
Market Momentum
-0.02
Negative
48.21
Neutral
68.25
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2138, the sentiment is Neutral. The current price of 0.57 is above the 20-day moving average (MA) of 0.50, above the 50-day MA of 0.56, and below the 200-day MA of 0.64, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 48.21 is Neutral, neither overbought nor oversold. The STOCH value of 68.25 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HK:2138.
EC Healthcare Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | HK$29.97B | 16.77 | 19.93% | 1.84% | 36.70% | 22.26% | |
62 Neutral | HK$712.86M | 6.41 | 4.03% | ― | -0.92% | -71.88% | |
61 Neutral | HK$20.15B | 24.23 | 42.05% | 2.53% | 20.78% | 18.37% | |
58 Neutral | HK$373.77M | 2.21 | 11.16% | ― | 11.10% | -4.38% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | HK$604.46M | -20.98 | -10.08% | 1.72% | -3.49% | -1567.01% | |
48 Neutral | HK$981.03M | 92.72 | -12.38% | ― | 39.29% | -71.82% |
* Healthcare Sector Average
HK:2138
EC Healthcare
0.51
-0.07
-12.07%
HK:0157
Natural Beauty Bio-Technology
0.49
<0.01
1.03%
HK:2023
China Ludao Technology Co. Ltd.
0.76
-0.14
-15.56%
HK:2145
Shanghai Chicmax Cosmetics Co., Ltd. Class H
50.60
8.76
20.94%
HK:2367
Giant Biogene Holding Co. Ltd.
28.34
-31.19
-52.39%
HK:3332
Nanjing Sinolife United Co., Ltd. Class H
0.44
0.00
0.00%
EC Healthcare Corporate Events
EC Healthcare Clarifies Share Award Pool and Vesting Terms in Supplemental Filing
Feb 24, 2026
EC Healthcare has issued a supplemental announcement to its annual report for the year ended 31 March 2025, detailing additional information on its share award scheme adopted in June 2016. The company clarified the scheme’s limits, vesting c...
EC Healthcare Raises Stake in Subsidiary via HK$21 Million Connected Deal
Jan 2, 2026
EC Healthcare has moved to increase its stake in a non-wholly owned medical subsidiary, referred to as the Target Company, by acquiring an additional 14.6313% interest for HK$21 million through an indirect wholly owned subsidiary. The consideratio...
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.