Man King Holdings Limited (2193) AI Stock Analysis

• Market Cap: HK$109.09M
• Dividend Yield: N/A
• Average Volume (3M): 16.53K
• Price to Earnings (P/E): 2.3
• Beta (1Y): 0.04
• 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: 52 Neutral
• Price Target: HK$0.29 ▲(22.08% Upside)
• Action: Reiterated Date: 02/25/26
• Date: Action: Reiterated 02/25/26

The score is held down primarily by weak financial performance (declining revenue, negative margins, negative ROE, and negative operating cash flow). Technicals are a meaningful offset with a clear uptrend and positive MACD, though momentum is approaching overbought. Valuation remains constrained because the company is loss-making and no dividend yield is available.

Positive Factors

Low leverage

A very low debt-to-equity ratio (0.048) gives Man King durable financial flexibility. Low leverage reduces interest burden and refinancing risk, allowing the company to absorb operational setbacks and fund product, channel or working-capital needs while it repairs profitability.

Diversified channels & private-label capability

Multiple distribution channels (retail, e-commerce, distributors) plus private-label manufacturing create resilient, diversified revenue streams. These structural capabilities lower customer concentration risk and support cross-border growth and stable wholesale and B2C demand over the medium term.

Improving FCF trend

Free cash flow growth of +9.05% signals an improving cash-conversion trend despite negative absolute levels. This structural improvement suggests early operational adjustments that, if sustained alongside conservative leverage, can provide funding for reinvestment or liquidity stabilization over coming quarters.

Negative Factors

Declining revenue

A multiperiod revenue decline (~-3.11%) reduces scale and weakens the company's ability to spread fixed costs. Sustained top-line contraction undermines margin recovery, constrains investment in marketing and R&D, and heightens the risk that structural market share loss becomes entrenched.

Negative and deteriorating margins

Core profitability is negative (gross -3.36%, net -6.29%, negative EBIT/EBITDA), indicating operations currently destroy value. Persistent margin deficits limit internal funding for growth, impair returns to shareholders, and require meaningful cost structure or product-mix shifts to achieve sustainable profitability.

Negative operating cash flow

Operating cash flow is negative and free cash flow tracks negative net income, signaling ongoing cash-generation problems. Chronic negative operating cash flow constrains working-capital management and capital expenditures and forces reliance on external funding unless operations restore positive cash conversion.

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

Weak fundamentals driven by declining revenue (-3.11%) and negative profitability (gross margin -3.36%, net margin -6.29%, negative EBIT/EBITDA margins). Low leverage (debt-to-equity 0.048) is a stabilizer, but negative ROE (-8.41%) and negative operating cash flow indicate ongoing operational and cash-generation challenges.

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	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020
Income Statement
Total Revenue	339.88M	335.70M	338.49M	452.78M	408.20M	276.55M
Gross Profit	-14.79M	-11.26M	-26.64M	69.62M	51.41M	29.40M
EBITDA	-28.24M	-10.84M	-14.47M	46.49M	34.54M	9.28M
Net Income	-18.54M	-21.13M	-22.74M	42.13M	36.92M	15.74M
Balance Sheet
Total Assets	389.13M	371.34M	412.77M	461.53M	415.89M	315.84M
Cash, Cash Equivalents and Short-Term Investments	221.49M	186.26M	180.83M	239.92M	158.43M	117.96M
Total Debt	9.38M	12.24M	10.48M	16.29M	19.79M	3.64M
Total Liabilities	129.65M	120.10M	140.34M	150.69M	136.76M	62.28M
Stockholders Equity	259.48M	251.24M	272.43M	310.84M	279.12M	253.56M
Cash Flow
Free Cash Flow	28.85M	-30.54M	-58.18M	104.61M	52.66M	51.90M
Operating Cash Flow	28.97M	-30.29M	-52.21M	108.07M	66.50M	56.63M
Investing Cash Flow	-39.93M	21.99M	-6.63M	-4.59M	-11.62M	-1.36M
Financing Cash Flow	-5.55M	-1.94M	-22.63M	-21.42M	-13.92M	-2.67M

Man King Holdings Limited Technical Analysis

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2193, the sentiment is Neutral. The current price of 0.24 is below the 20-day moving average (MA) of 0.26, below the 50-day MA of 0.25, and above the 200-day MA of 0.22, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 45.55 is Neutral, neither overbought nor oversold. The STOCH value of 17.50 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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$122.30M	4.63	1.45%	―	-19.27%	-47.47%
1486	58 Neutral	HK$315.65M	0.38	11.15%	―	4.56%	―
2193	52 Neutral	HK$109.09M	2.34	-6.89%	―	-1.91%	18.30%
1429	50 Neutral	HK$284.80M	-28.18	-27.98%	―	-8.31%	-56.88%
1741	50 Neutral	HK$195.20M	-14.63	-47.66%	―	-34.70%	-388.24%
8262	40 Underperform	HK$47.09M	-8.62	-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.