EC Healthcare (HK:2138)
:2138
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EC Healthcare
(2138)
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Rating:50Neutral
Price Target:
HK$0.46
▼(-20.18% Downside)
Action:Reiterated
Date: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
High Gross Margin
An 80.7% gross margin indicates the services business has strong pricing power and low direct costs, supporting core profitability. This structural margin provides a durable buffer while management works to restore volumes, enabling reinvestment or margin recovery when demand improves.
Negative Factors
Steep Revenue Decline
A near 30% revenue drop signals material demand erosion or lost market share. Reduced scale undermines fixed-cost absorption, compresses operating leverage, and limits the company’s ability to invest in growth or marketing. This structural revenue weakness risks prolonged margin pressure.
Read all positive and negative factors
Positive Factors
Negative Factors
High Gross Margin
An 80.7% gross margin indicates the services business has strong pricing power and low direct costs, supporting core profitability. This structural margin provides a durable buffer while management works to restore volumes, enabling reinvestment or margin recovery when demand improves.
Read all positive factors
EC Healthcare (2138) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$491.86M
Dividend Yield1.72%
Average Volume (3M)629.78K
Price to Earnings (P/E)―
Beta (1Y)1.38
Revenue Growth-3.49%
EPS Growth-1567.01%
CountryHK
Employees2,872
SectorHealthcare
Sector Strength45
IndustryHousehold & Personal Products
Share Statistics
EPS (TTM)-0.14
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
Negative
0.57
Price Trends
0.47
Negative
0.53
Negative
0.61
Negative
Market Momentum
-0.02
Positive
30.61
Neutral
31.26
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2138, the sentiment is Negative. The current price of 0.57 is above the 20-day moving average (MA) of 0.44, above the 50-day MA of 0.47, and below the 200-day MA of 0.61, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 30.61 is Neutral, neither overbought nor oversold. The STOCH value of 31.26 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
62 Neutral | HK$987.64M | -18.96 | -2.95% | ― | 4.75% | 87.06% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | HK$491.86M | -2.45 | -10.69% | 1.72% | -3.49% | -1567.01% | |
49 Neutral | HK$145.33M | -6.09 | -15.15% | 12.61% | -7.18% | -277.57% | |
48 Neutral | HK$920.97M | 86.25 | -12.38% | ― | 52.36% | ― | |
42 Neutral | HK$231.21M | -0.25 | 76.98% | ― | ― | ― |
* Healthcare Sector Average
HK:2138
EC Healthcare
0.41
-0.20
-32.79%
HK:0399
Innovative Pharmaceutical Biotech
0.07
-0.15
-66.67%
HK:0157
Natural Beauty Bio-Technology
0.46
-0.01
-3.19%
HK:9886
Dingdang Health Technology Group Ltd.
0.83
0.35
72.92%
HK:2593
Herbs Generation Group Holdings Limited Class H
1.05
-0.73
-41.01%
HK:6883
Eternal Beauty Holdings Limited
2.03
-0.08
-3.79%
EC Healthcare Corporate Events
EC Healthcare to Acquire Remaining 10% Stake in Target Company via Put Option
Apr 21, 2026
EC Healthcare has announced that a seller has exercised a put option to sell its remaining approximately 10% stake in a target company to an indirect wholly owned subsidiary of EC Healthcare for HK$6 million. The consideration will be funded by th...
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...
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.