Brainhole Technology Limited (HK:2203)
:2203
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Brainhole Technology Limited
(2203)
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Rating:46Neutral
Price Target:
HK$0.21
▲(2.50% Upside)
Action:ReiteratedDate:04/28/26
The score is held down primarily by weak financial performance—ongoing losses, negative cash flow, and especially negative equity with heavy debt. Technicals provide some support as the stock trades above major moving averages, but valuation remains challenging due to negative earnings and no dividend data.
Positive Factors
Gross margin recovery
Reversal to a positive gross margin in 2025 signals improved unit economics and better cost or pricing execution. That structural margin recovery creates a clearer pathway to operating leverage, making future profitability achievable if revenue stabilizes and SG&A remains controlled.
Negative Factors
Negative shareholders' equity and heavy leverage
Negative equity and debt that exceeds assets materially weaken the capital cushion and elevate default/covenant risk. This structural balance-sheet impairment limits financing options, increases cost of capital, and constrains strategic flexibility, making recovery more difficult absent external recapitalization.
Read all positive and negative factors
Positive Factors
Negative Factors
Gross margin recovery
Reversal to a positive gross margin in 2025 signals improved unit economics and better cost or pricing execution. That structural margin recovery creates a clearer pathway to operating leverage, making future profitability achievable if revenue stabilizes and SG&A remains controlled.
Read all positive factors
Brainhole Technology Limited (2203) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$140.00M
Dividend YieldN/A
Average Volume (3M)1.59M
Price to Earnings (P/E)―
Beta (1Y)0.94
Revenue Growth-31.28%
EPS Growth72.97%
CountryHK
Employees267
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)-0.02
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 with a primary focus on applications for smart consumer electronic devices. The company operates through Manufactu...
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 | -34.11M | -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
Neutral
0.20
Price Trends
0.19
Negative
0.20
Negative
0.21
Negative
Market Momentum
>-0.01
Negative
48.95
Neutral
33.65
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2203, the sentiment is Neutral. 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 0.21, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 48.95 is Neutral, neither overbought nor oversold. The STOCH value of 33.65 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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% | |
57 Neutral | HK$117.00M | 24.87 | 1.27% | ― | -7.39% | 121.74% | |
46 Neutral | HK$140.00M | -4.89 | 416.12% | ― | -31.28% | 72.97% | |
46 Neutral | HK$56.00M | -0.88 | -88.66% | ― | ― | ― | |
45 Neutral | HK$174.81M | -1.19 | 28.85% | ― | -24.52% | 70.86% | |
41 Neutral | HK$67.02M | -1.89 | -40.33% | ― | -24.59% | 9.82% |
* Technology Sector Average
HK:2203
Brainhole Technology Limited
0.20
0.02
8.94%
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Risecomm Group Holdings Limited
0.72
0.48
200.00%
HK:1912
Contel Technology Company Limited
0.49
-0.31
-38.75%
HK:1967
Confidence Intelligence Holdings Limited
0.38
0.04
11.76%
HK:8490
Niche-Tech Semiconductor Materials Limited
0.11
-0.02
-14.96%
Brainhole Technology Limited Corporate Events
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’...
Brainhole Technology Narrows Annual Loss and Strengthens Balance Sheet in 2025
Mar 26, 2026
Brainhole Technology Limited reported a sharp narrowing of its annual loss for the year ended 31 December 2025, with net loss reduced to HK$34.5 million from HK$127.9 million a year earlier as gross profit swung from a loss to a HK$13.1 million ga...
Brainhole Technology Wins Exchange Waiver to Delay Circular on Major TeraWulf Share Disposal
Mar 19, 2026
Brainhole Technology Limited has disclosed that a planned circular to shareholders regarding a major transaction involving the further disposal of TeraWulf shares will not be issued within the originally expected 15-business-day window. The circul...
Brainhole Technology Sets March Board Meeting to Approve 2025 Results and Consider Dividend
Mar 16, 2026
Brainhole Technology Limited has scheduled a board meeting for 26 March 2026 to review and approve its audited consolidated annual results for the year ended 31 December 2025 and to consider a possible final dividend. The meeting will also address...
Brainhole Technology boosts AOI and AXT stakes, trims Nebius holding in discloseable trades
Mar 13, 2026
Brainhole Technology Limited has expanded its investment positions by purchasing additional shares in AOI and AXT on 13 March 2026, investing about US$0.6 million in each counter through open-market transactions. On the same day, it also realized ...
Brainhole Technology Reinvests TeraWulf Proceeds Into AOI and AXT Shares
Mar 4, 2026
Brainhole Technology Limited has disclosed two new equity investments, signalling ongoing active portfolio management in the public markets. The company used proceeds from an earlier disposal of TeraWulf shares to reallocate capital into other lis...
Brainhole Technology Executes Major Disposal of TeraWulf Shares With Controlling Shareholder Approval
Mar 4, 2026
Brainhole Technology Limited has executed a further disposal of 212,300 shares in U.S.-listed TeraWulf through the open market on 4 March 2026, raising about US$3.2 million in cash at an average price of roughly US$14.86 per share. Together with a...
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.