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Brainhole Technology Limited
(2203)
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Rating:47Neutral
Price Target:
HK$0.16
▼(-19.00% Downside)
Action:Reiterated
Date:05/08/26
The score is held down primarily by very weak financial performance—negative equity, high leverage, ongoing losses, and negative operating/free cash flow—despite some improvement in 2025 versus 2024. Technicals provide partial support with moderate near-term momentum, while valuation is constrained by negative earnings and no dividend data.
Positive Factors
Margin and loss improvement (2025)
The return to a positive gross margin and a materially smaller net loss in 2025 indicates operational stabilization rather than a one-off. Sustained gross-margin recovery can preserve cash burn, enable incremental reinvestment in products, and create a foundation for eventual operating profitability if maintained over several quarters.
Negative Factors
Negative equity and extreme leverage
Negative equity combined with debt that exceeds assets materially reduces financial flexibility, restricts access to conventional financing, and raises creditor governance risk. This capital-structure impairment is a durable constraint on growth and increases default risk absent sustained profitability or fresh recapitalization.
Read all positive and negative factors
Positive Factors
Negative Factors
Margin and loss improvement (2025)
The return to a positive gross margin and a materially smaller net loss in 2025 indicates operational stabilization rather than a one-off. Sustained gross-margin recovery can preserve cash burn, enable incremental reinvestment in products, and create a foundation for eventual operating profitability if maintained over several quarters.
Read all positive factors
Brainhole Technology Limited (2203) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$131.20M
Dividend YieldN/A
Average Volume (3M)1.59M
Price to Earnings (P/E)―
Beta (1Y)0.68
Revenue Growth-31.28%
EPS Growth72.97%
CountryHK
Employees58
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)-0.03
Shares Outstanding800,000,000
10 Day Avg. Volume944,100
30 Day Avg. Volume1,585,700
Financial Highlights & Ratios
PEG Ratio0.07
Price to Book (P/B)-1.84
Price to Sales (P/S)2.05
P/FCF Ratio-11.88
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
Brainhole Technology Limited Business Overview & Revenue Model
Company Description
Brainhole Technology Limited, an investment holding company, engages in the assembly, packaging, and sale of discrete semiconductors primarily for smart consumer electronic devices in the People’s Republic of China, Hong Kong, Korea, rest of Asia,...
How the Company Makes Money
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Brainhole Technology Limited Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
12
Very Negative
Cash Flow
22
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 82.46M | 119.99M | 220.81M | 263.57M | 321.57M |
| Gross Profit | 13.07M | -6.45M | 27.63M | 48.54M | 54.11M |
| EBITDA | -35.12M | -88.09M | -18.99M | -34.46M | -19.62M |
| Net Income | -34.52M | -127.88M | -34.12M | -57.61M | -51.55M |
Balance Sheet | |||||
| Total Assets | 118.98M | 152.74M | 279.20M | 333.42M | 353.63M |
| Cash, Cash Equivalents and Short-Term Investments | 70.74M | 74.80M | 111.75M | 107.92M | 42.64M |
| Total Debt | 170.84M | 163.71M | 138.78M | 147.44M | 84.93M |
| Total Liabilities | 210.71M | 211.81M | 212.43M | 231.84M | 211.31M |
| Stockholders Equity | -91.73M | -59.07M | 66.76M | 101.58M | 142.32M |
Cash Flow | |||||
| Free Cash Flow | -14.21M | -39.49M | 27.21M | -113.92M | -4.96M |
| Operating Cash Flow | -14.11M | -38.96M | 32.19M | -106.08M | -535.00K |
| Investing Cash Flow | 6.78M | 4.23M | 6.00M | 11.45M | 1.48M |
| Financing Cash Flow | -3.64M | 19.45M | -20.10M | 76.53M | -31.00M |
Brainhole Technology Limited Technical Analysis
Negative
0.20
Price Trends
0.19
Negative
0.19
Negative
0.20
Negative
Market Momentum
>-0.01
Positive
43.14
Neutral
21.93
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2203, the sentiment is Negative. The current price of 0.2 is above the 20-day moving average (MA) of 0.18, above the 50-day MA of 0.19, and below the 200-day MA of 0.20, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 43.14 is Neutral, neither overbought nor oversold. The STOCH value of 21.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:2203.
Brainhole Technology Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
55 Neutral | HK$786.79M | 25.74 | 4.98% | ― | -17.88% | -60.44% | |
53 Neutral | HK$902.48B | 293.66 | 3.26% | ― | 13.61% | 16.57% | |
53 Neutral | HK$416.00B | 656.98 | 1.09% | 0.23% | 22.26% | 171.99% | |
52 Neutral | HK$51.91B | 248.88 | 3.97% | 0.20% | 17.21% | -54.17% | |
47 Neutral | HK$131.20M | -3.08 | 181.82% | ― | -31.28% | 72.97% | |
40 Underperform | HK$8.04B | -4.31 | -81.95% | ― | ― | ― |
* Technology Sector Average
HK:2203
Brainhole Technology Limited
0.16
-0.04
-20.20%
HK:1385
Shanghai Fudan Microelectronics Group Co
31.64
5.30
20.14%
HK:0981
Semiconductor Manufacturing International
79.65
33.70
73.34%
HK:2878
Solomon Systech (International) Ltd.
0.33
-0.12
-26.67%
HK:1347
Hua Hong Semiconductor Ltd.
185.50
150.10
424.01%
HK:2533
Black Sesame International Holding Limited
11.95
-6.07
-33.68%
Brainhole Technology Limited Corporate Events
Brainhole Technology Reshapes Investment Portfolio With Discloseable Trades in Marvell, AOI and Jiaxin
Jun 24, 2026
Brainhole Technology Limited has rebalanced its securities portfolio with a series of trades in Marvell, AOI and Jiaxin shares executed on 24 June 2026. The company sold 4,210 Marvell shares for about US$1.2 million and further disposed of 6,300 A...
Brainhole Technology Rotates Portfolio from AOI into Marvell Shares
Jun 4, 2026
Brainhole Technology Limited has reshuffled part of its investment portfolio, funding a new position in Marvell Technology shares through the disposal of holdings in AOI. The move underscores the company’s ongoing strategy of actively managi...
Brainhole Technology Gains Unanimous Shareholder Backing at 2026 AGM
May 21, 2026
Brainhole Technology Limited reported that all resolutions at its 21 May 2026 annual general meeting were approved by shareholders via poll, with 599,658,000 shares voted and no votes cast against any item. The AGM endorsed the 2025 audited financ...
Brainhole Technology Sets 2026 AGM and Seeks Fresh Share Issuance Mandate
Apr 22, 2026
Brainhole Technology Limited has called its annual general meeting for 21 May 2026 in Hong Kong, where shareholders will review the audited financial statements for the year ended 31 December 2025 and consider the re-election of independent non-ex...
Brainhole Technology Marks Major Transaction With Further Disposal of Nebius Shares
Apr 16, 2026
Brainhole Technology Limited has executed a further disposal of 3,600 Nebius shares in the open market on 16 April 2026 for about US$0.6 million, bringing the total consideration from all Nebius share disposals within 12 months to roughly US$4.0 m...
Brainhole Technology Moves to Update Articles for Paperless and Uncertificated Market Rules
Apr 10, 2026
Brainhole Technology Limited plans to update its constitutional documents by replacing its existing second amended and restated articles of association with a new third amended and restated version. The move is intended to align the company’...
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.