Man King Holdings Limited (2193) AI Stock Analysis

• Market Cap: HK$104.90M
• Dividend Yield: N/A
• Average Volume (3M): 16.53K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.01
• Revenue Growth: -1.91%
• EPS Growth: 18.30%
• Country: HK
• Employees: 170
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): 0.02
• Shares Outstanding: 419,594,000
• 10 Day Avg. Volume: 30,000
• 30 Day Avg. Volume: 16,533
• PEG Ratio: 0.54
• Price to Book (P/B): 0.33
• Price to Sales (P/S): 0.25
• P/FCF Ratio: -2.69
• 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: 45 Neutral
• Price Target: HK$0.24 ▲(1.67% Upside)

The overall stock score is primarily impacted by the company's poor financial performance, characterized by declining revenues and negative profitability. Technical analysis indicates a lack of strong momentum, while valuation metrics are unattractive due to a negative P/E ratio and no dividend yield. The absence of earnings call and corporate events data limits further insights.

Positive Factors

Diversified channels & product mix

Multi-channel sales (retail, e-commerce, distribution) and private-label manufacturing create durable revenue diversification. This reduces concentration risk, supports customer reach across geographies and segments, and provides recurring B2B revenue that can stabilize results over cycles.

Conservative leverage

Very low debt levels provide long-term financial flexibility: lower interest burden, capacity to fund working capital or capex internally, and greater resilience during downturns. Conservative leverage reduces refinancing risk and supports sustained operations over months ahead.

Improving free cash flow growth

Positive free cash flow growth, even from a negative base, signals improving cash conversion trends. If sustained, rising FCF reduces reliance on external funding, enables reinvestment in product development or marketing, and supports medium-term balance sheet repair.

Negative Factors

Declining revenue trend

A persistent revenue decline undermines scale economics and long-term competitiveness. Falling top-line reduces absolute margins, limits ability to invest in R&D or brand building, and can accelerate market share loss if not addressed through product or distribution strategy changes.

Negative margins and profitability

Negative gross and net margins indicate structural pricing or cost issues that threaten viability. Sustained losses erode equity, constrain strategic investment, and make it difficult to build scale; correcting unit economics is required to restore long-term shareholder returns.

Negative operating cash flow

Operating activities consuming cash is a durable red flag: core business isn't funding operations or working capital needs. This increases liquidity risk, may force asset sales or external financing, and limits capacity to fund growth or weather extended weak demand.

Man King Holdings Limited Business Overview & Revenue Model

Company Description

Man King Holdings Limited, an investment holding company, provides construction and civil engineering services to the public and private sectors in Hong Kong. It undertakes road and bridge, drainage and sewage, port work, site formation, public filling management, environmental, water work, electrical and mechanical, and building projects. The company was founded in 1995 and is based in Kowloon, Hong Kong. Man King Holdings Limited is a subsidiary of Jade Vantage Holdings Limited.

How the Company Makes Money

Man King Holdings Limited generates revenue primarily through the sale of its furniture products, which includes office and home furnishings. The company operates a business model that encompasses both wholesale and retail channels, catering to a diverse range of customers, from individual consumers to corporate clients. Key revenue streams are derived from direct sales to retailers, bulk orders from corporations, and bespoke furniture solutions for specific projects. Additionally, partnerships with distribution networks and collaborations with interior design firms enhance its market reach and contribute to its earnings. The company also benefits from economies of scale in production, allowing it to maintain competitive pricing while ensuring profitability.

Man King Holdings Limited Financial Statement Overview

Summary

Man King Holdings Limited faces significant financial challenges, with declining revenues and negative profitability metrics across the board. While the company maintains a low leverage ratio, its negative return on equity and cash flow issues highlight operational inefficiencies and potential liquidity concerns.

Income Statement

The company has experienced declining revenue over the past year, with a negative revenue growth rate of -3.11%. Margins have also deteriorated significantly, with gross profit margin at -3.36% and net profit margin at -6.29%, indicating operational challenges and inefficiencies. The negative EBIT and EBITDA margins further highlight profitability issues.

Balance Sheet

The balance sheet shows a relatively low debt-to-equity ratio of 0.048, suggesting conservative leverage. However, the return on equity is negative at -8.41%, reflecting poor profitability and returns for shareholders. The equity ratio is not explicitly calculated, but the company maintains a stable equity base relative to its assets.

Cash Flow

Cash flow analysis reveals negative operating cash flow, indicating cash management issues. The free cash flow to net income ratio is slightly above 1, suggesting that free cash flow is aligned with net income, albeit both are negative. The free cash flow growth rate is positive at 9.05%, but this is from a negative base, which limits its positive impact.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	335.70M	335.70M	338.49M	452.78M	408.20M	276.55M
Gross Profit	-11.26M	-11.26M	-26.64M	69.62M	51.41M	29.40M
EBITDA	-27.17M	-10.84M	-14.47M	46.49M	34.54M	9.28M
Net Income	-21.13M	-21.13M	-22.74M	42.13M	36.92M	15.74M
Balance Sheet
Total Assets	371.34M	371.34M	412.77M	461.53M	415.89M	315.84M
Cash, Cash Equivalents and Short-Term Investments	186.26M	186.26M	180.83M	239.92M	158.43M	117.96M
Total Debt	12.24M	12.24M	10.48M	16.29M	19.79M	3.64M
Total Liabilities	120.10M	120.10M	140.34M	150.69M	136.76M	62.28M
Stockholders Equity	251.24M	251.24M	272.43M	310.84M	279.12M	253.56M
Cash Flow
Free Cash Flow	-11.72M	-30.54M	-58.18M	104.61M	52.66M	51.90M
Operating Cash Flow	-11.47M	-30.29M	-52.21M	108.07M	66.50M	56.63M
Investing Cash Flow	-13.20M	21.99M	-6.63M	-4.59M	-11.62M	-1.36M
Financing Cash Flow	-1.78M	-1.94M	-22.63M	-21.42M	-13.92M	-2.67M

Man King Holdings Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.24
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2193, the sentiment is Positive. The current price of 0.24 is above the 20-day moving average (MA) of 0.24, above the 50-day MA of 0.23, and above the 200-day MA of 0.22, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 61.55 is Neutral, neither overbought nor oversold. The STOCH value of 47.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:2193.

Man King Holdings Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
3878	63 Neutral	HK$116.54M	29.28	1.45%	―	-19.27%	-47.47%
1486	58 Neutral	HK$289.70M	5.19	11.15%	―	4.56%	―
1429	50 Neutral	HK$278.40M	-3.39	-27.98%	―	-8.31%	-56.88%
1741	48 Neutral	HK$193.60M	-16.13	-47.66%	―	-34.70%	-388.24%
2193	45 Neutral	HK$104.90M	-5.66	-6.89%	―	-1.91%	18.30%
8262	40 Underperform	HK$43.39M	-3.79	-12.85%	―	8.74%	48.76%

Man King Holdings Limited Corporate Events

Man King Holdings Reports Resilient Interim Results for 2025

Man King Holdings Limited reported its interim results for the six months ended 30 September 2025, showing a revenue of HK$190.8 million and a profit attributable to owners of HK$9.3 million. Despite a decrease in gross profit compared to the previous year, the company managed to achieve a profit before income tax of HK$9.3 million, indicating resilience in its operations amidst challenging market conditions.

The most recent analyst rating on (HK:2193) stock is a Hold with a HK$0.20 price target. To see the full list of analyst forecasts on Man King Holdings Limited stock, see the HK:2193 Stock Forecast page.

Man King Holdings to Review Interim Results and Dividend

Man King Holdings Limited has announced a board meeting scheduled for November 26, 2025, to discuss and approve the interim results for the six months ending September 30, 2025, and consider the payment of an interim dividend. This meeting is significant as it will provide insights into the company’s financial performance and potential returns for shareholders, impacting its market positioning and stakeholder interests.