YesAsia Holdings Limited (2209) AI Stock Analysis

• Market Cap: HK$1.47B
• Dividend Yield: 1.89%
• Average Volume (3M): 645.90K
• Price to Earnings (P/E): 8.4
• Beta (1Y): -0.47
• Revenue Growth: 55.02%
• EPS Growth: 25.22%
• Country: HK
• Employees: 520
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Specialty Retail
• EPS (TTM): 0.27
• Shares Outstanding: 417,662,720
• 10 Day Avg. Volume: 633,900
• 30 Day Avg. Volume: 645,900
• PEG Ratio: 0.09
• Price to Book (P/B): 4.98
• Price to Sales (P/S): 0.76
• P/FCF Ratio: -207.11
• 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: 61 Neutral
• Price Target: HK$3.50 ▼(-37.50% Downside)

YesAsia Holdings Limited's overall stock score is driven by strong financial performance, particularly in revenue growth and profitability. However, technical analysis indicates bearish momentum, and valuation metrics suggest reasonable pricing but limited income potential. The absence of earnings call and corporate events data limits further insights.

Positive Factors

High revenue growth

Two consecutive years of very strong top-line expansion indicate durable demand for YesAsia’s curated entertainment catalog and effective customer reach. Sustained revenue growth supports scale economies, funds product and marketing investment, and underpins long-term market share gains.

Sustained gross and operating margins

A 30%+ gross margin and mid-single-digit EBIT/EBITDA margins reflect durable product mix advantages and operational discipline in specialty retail. Persistent margins suggest structural ability to monetize exclusives and collectibles, supporting reinvestment and resilience to competitive pressure.

Improved ROE and balanced capital structure

A high ROE signals effective equity deployment and profitable returns on invested capital. Combined with moderate leverage and a near-44% equity ratio, the capital structure supports growth while retaining reasonable financial flexibility for strategic investments over the medium term.

Negative Factors

Negative free cash flow and weak cash conversion

Sharp OCF decline and negative FCF, with OCF only 10% of reported net income, point to poor cash conversion. Over months this can constrain capex, inventory financing and marketing, forcing external funding or margin compression and limiting sustainable organic growth.

Earnings volatility

Past episodes of negative net income and income volatility undermine predictability of profits and cash flows. For a retail platform reliant on content cycles, this variability increases planning risk, complicates investment timing and raises the chance of earnings underperformance in downturns.

Moderate leverage amid cash issues

While leverage is not excessive, a 0.43 debt/equity ratio combined with negative FCF reduces financial flexibility. In a prolonged cash-stress scenario this leverage can elevate refinancing and covenant risks, limiting capacity to fund inventory or pursue strategic initiatives without raising capital.

YesAsia Holdings Limited Business Overview & Revenue Model

Company Description

YesAsia Holdings Limited (2209) is a leading online retailer specializing in Asian entertainment products, including music, movies, television shows, and merchandise. Founded in 1998, the company operates primarily through its e-commerce platform, catering to a global audience with a focus on Asian content and culture. YesAsia offers a wide range of products, including physical media, digital downloads, and collectibles, serving as a vital distribution channel for both established and emerging artists in the Asian entertainment industry.

How the Company Makes Money

YesAsia Holdings Limited generates revenue primarily through the sale of physical and digital entertainment products via its online platform. The company's key revenue streams include retail sales of CDs, DVDs, Blu-rays, and merchandise, as well as digital downloads and streaming services. Additionally, YesAsia partners with various distributors and content creators, allowing it to offer exclusive products and special editions that enhance its appeal to consumers. The company also benefits from affiliate marketing programs and advertising revenue on its website, contributing to its overall earnings. By leveraging its strong brand recognition and extensive product catalog, YesAsia continues to attract a loyal customer base and expand its market presence.

YesAsia Holdings Limited Financial Statement Overview

Summary

YesAsia Holdings Limited shows strong revenue growth and profitability improvements, with a solid income statement performance. The balance sheet indicates moderate leverage and improving return on equity, though historical fluctuations suggest some risk. Cash flow challenges are evident, with negative free cash flow and inefficiencies in cash management.

Income Statement

YesAsia Holdings Limited demonstrated strong revenue growth of 71.68% from 2023 to 2024 and 56.65% from 2022 to 2023, indicating robust expansion. The company maintained a solid gross profit margin of 30.48% in 2024. Net profit margin improved significantly to 5.51% in 2024 from 3.76% in 2023, showcasing enhanced profitability. EBIT and EBITDA margins were also strong at 7.17% and 7.64% respectively, marking improved operational efficiency. However, historical fluctuations in income, with some years of negative net income, indicate potential volatility.

Balance Sheet

The company's debt-to-equity ratio stood at 0.43 in 2024, indicating moderate leverage. Return on equity improved to 35.94% in 2024, reflecting effective utilization of equity to generate profits. The equity ratio was 43.96% in 2024, suggesting a balanced capital structure. While the company has shown improvement, historical fluctuations and a moderate level of liabilities relative to equity suggest some financial risk.

Cash Flow

Operating cash flow declined sharply in 2024 compared to 2023, indicating potential challenges in cash generation. Free cash flow turned negative in 2024, raising concerns about cash management. The operating cash flow to net income ratio was 0.10, and the free cash flow to net income ratio was negative, both of which indicate cash flow inefficiencies. Historical volatility in cash flow metrics suggests the need for improved cash management strategies.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	426.37M	345.78M	201.34M	128.59M	162.02M	173.32M
Gross Profit	128.46M	105.39M	62.70M	42.73M	55.62M	61.87M
EBITDA	31.00M	26.39M	15.49M	1.27M	4.65M	18.09M
Net Income	22.07M	19.05M	7.57M	-6.78M	-2.06M	11.22M
Balance Sheet
Total Assets	157.64M	120.57M	74.48M	63.72M	69.89M	63.38M
Cash, Cash Equivalents and Short-Term Investments	15.25M	15.53M	25.18M	18.80M	36.47M	28.48M
Total Debt	39.78M	22.80M	12.18M	15.46M	12.76M	14.47M
Total Liabilities	91.27M	67.58M	39.43M	36.59M	33.60M	40.92M
Stockholders Equity	66.44M	53.00M	35.05M	27.14M	36.29M	22.45M
Cash Flow
Free Cash Flow	3.95M	-1.27M	8.21M	-9.51M	-1.33M	17.79M
Operating Cash Flow	15.61M	1.95M	8.99M	-5.08M	252.00K	20.14M
Investing Cash Flow	-15.27M	-3.10M	1.38M	993.00K	-10.04M	-2.29M
Financing Cash Flow	7.67M	-7.51M	-1.95M	-8.19M	10.81M	-6.49M

YesAsia Holdings Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 5.60
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2209, the sentiment is Negative. The current price of 5.6 is above the 20-day moving average (MA) of 3.73, above the 50-day MA of 4.07, and above the 200-day MA of 4.92, indicating a bearish trend. The MACD of -0.16 indicates Negative momentum. The RSI at 40.18 is Neutral, neither overbought nor oversold. The STOCH value of 50.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:2209.

YesAsia Holdings Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2420	77 Outperform	HK$1.55B	8.48	27.30%	4.07%	23.59%	―
2101	64 Neutral	HK$510.80M	34.34	1.04%	―	-36.58%	-84.25%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
2209	61 Neutral	HK$1.47B	8.39	41.54%	1.89%	55.02%	25.22%
0178	56 Neutral	HK$1.83B	19.34	8.44%	4.75%	-3.18%	-36.46%
9991	46 Neutral	HK$1.29B	-5.65	-5.29%	―	5.91%	9.24%

YesAsia Holdings Limited Corporate Events

YesAsia Flags 44% Revenue Surge and Higher Profit for 2025

YesAsia Holdings Limited has issued a positive profit alert, indicating that unaudited consolidated revenue for the year ended 31 December 2025 is expected to rise 44.1% to about US$500 million from a restated US$347.1 million a year earlier, driven mainly by continued market diversification at its YesStyle platform and strong growth in new customers at AsianBeautyWholesale across online and offline channels. Despite higher marketing expenses, increased depreciation from new warehouses in Hong Kong and South Korea, share option costs and a fair value loss on a pledged life insurance policy, the group still expects net profit to climb at least 15.8% to no less than US$22 million, with income tax expenses also rising on greater profit contributions from South Korean entities; the board has scheduled a meeting on 27 March 2026 to approve the annual results and consider a final dividend, signaling ongoing operational expansion and potentially improving returns for shareholders.

The most recent analyst rating on (HK:2209) stock is a Hold with a HK$4.00 price target. To see the full list of analyst forecasts on YesAsia Holdings Limited stock, see the HK:2209 Stock Forecast page.

YesAsia Holdings Extends Warehouse Lease to Bolster Logistics Operations

YesAsia Holdings Limited has announced the extension of a lease for its warehouse premises in Tsing Yi, Hong Kong, through its subsidiary YA Logistics. The lease extension, commencing on May 1, 2026, and ending on April 30, 2029, includes an option for a further three-year renewal. This transaction, valued at approximately HK$74,147,000, will be recognized as an acquisition of assets under HKFRS 16 and constitutes a discloseable transaction under the Hong Kong Listing Rules. The extension is expected to enhance the company’s operational capabilities and solidify its market positioning in logistics.

The most recent analyst rating on (HK:2209) stock is a Hold with a HK$5.50 price target. To see the full list of analyst forecasts on YesAsia Holdings Limited stock, see the HK:2209 Stock Forecast page.