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Carote Ltd
(2549)
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Rating:65Neutral
Price Target:
HK$4.00
▼(-0.99% Downside)
Action:Downgraded
Date:03/28/26
The score is driven primarily by fundamentals: strong growth and profitability history is offset by 2025 cash flow weakness and a sharp increase in debt. Technicals also weigh on the score as the stock trades below key moving averages with subdued momentum. Valuation helps support the overall score due to a low P/E and solid dividend yield.
Positive Factors
Revenue Growth
Sustained multi-year top-line expansion to ~2.1B demonstrates durable demand and successful market penetration. A larger revenue base supports operating leverage, fixed-cost absorption and provides a stronger platform for product investment and distribution expansion over the next 2–6 months.
Negative Factors
Sudden Debt Increase
A sharp one-year increase in debt materially raises leverage and refinancing risk. With higher interest and principal obligations, the company’s financial flexibility and covenant headroom are compressed, making it more sensitive to earnings volatility or higher rates over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained multi-year top-line expansion to ~2.1B demonstrates durable demand and successful market penetration. A larger revenue base supports operating leverage, fixed-cost absorption and provides a stronger platform for product investment and distribution expansion over the next 2–6 months.
Read all positive factors
Carote Ltd (2549) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$2.13B
Dividend Yield3.07%
Average Volume (3M)765.86K
Price to Earnings (P/E)7.1
Beta (1Y)0.97
Revenue GrowthN/A
EPS GrowthN/A
CountryHK
Employees257
SectorGeneral
Sector StrengthN/A
IndustryFurnishings, Fixtures & Appliances
Share Statistics
EPS (TTM)0.47
Shares Outstanding555,002,600
10 Day Avg. Volume470,150
30 Day Avg. Volume765,860
Financial Highlights & Ratios
PEG Ratio-0.29
Price to Book (P/B)1.61
Price to Sales (P/S)1.05
P/FCF Ratio-88.16
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)0.66
Revenue Forecast (FY)HK$2.82B
Carote Ltd Business Overview & Revenue Model
Company Description
Carote Ltd, an investment holding entity, is a supplier of a wide array of kitchenware products for brand-owners and retailers, marketed primarily under its CAROTE brand. Its comprehensive product line features cookware, including non-stick pots a...
How the Company Makes Money
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Carote Ltd Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
52
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.16B | 2.07B | 1.58B | 768.48M | 675.35M |
| Gross Profit | 685.42M | 835.40M | 565.14M | 275.29M | 126.52M |
| EBITDA | 282.70M | 423.77M | 283.15M | 132.94M | 43.48M |
| Net Income | 257.81M | 355.99M | 237.13M | 108.77M | 31.72M |
Balance Sheet | |||||
| Total Assets | 1.90B | 1.72B | 636.06M | 553.09M | 440.04M |
| Cash, Cash Equivalents and Short-Term Investments | 1.04B | 1.16B | 236.06M | 92.54M | 137.74M |
| Total Debt | 234.40M | 4.13M | 9.77M | 58.72M | 52.71M |
| Total Liabilities | 491.10M | 466.07M | 413.44M | 415.84M | 369.61M |
| Stockholders Equity | 1.41B | 1.26B | 222.66M | 137.62M | 70.52M |
Cash Flow | |||||
| Free Cash Flow | -25.74M | 281.23M | 238.09M | 11.25M | 51.21M |
| Operating Cash Flow | -19.58M | 350.23M | 243.95M | 128.65M | 121.97M |
| Investing Cash Flow | 24.31M | -874.10M | 48.10M | -183.97M | -95.44M |
| Financing Cash Flow | -91.04M | 648.05M | -98.23M | 606.00K | 34.93M |
Carote Ltd Technical Analysis
Negative
4.04
Price Trends
4.23
Negative
4.41
Negative
4.47
Negative
Market Momentum
-0.05
Negative
36.68
Neutral
31.95
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2549, the sentiment is Negative. The current price of 4.04 is above the 20-day moving average (MA) of 4.04, below the 50-day MA of 4.23, and below the 200-day MA of 4.47, indicating a bearish trend. The MACD of -0.05 indicates Negative momentum. The RSI at 36.68 is Neutral, neither overbought nor oversold. The STOCH value of 31.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:2549.
Carote Ltd Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | HK$715.38B | 13.74 | 19.83% | 5.00% | 9.21% | 4.23% | |
68 Neutral | HK$212.54B | 10.27 | 15.65% | 5.20% | 2.10% | -0.45% | |
65 Neutral | HK$2.13B | 7.13 | 6.79% | 3.07% | ― | ― | |
60 Neutral | HK$481.02M | 11.54 | 4.84% | 7.24% | -6.53% | -49.31% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
49 Neutral | HK$339.87M | 3.34 | 2.81% | ― | -5.88% | ― | |
48 Neutral | HK$4.86B | -25.51 | -4.83% | ― | 4.06% | -469.59% |
* General Sector Average
HK:2549
Carote Ltd
3.84
-0.84
-17.93%
HK:1373
International Housewares Retail Co
0.68
-0.15
-17.97%
HK:1691
JS Global Lifestyle Company Limited
1.42
-0.49
-25.65%
HK:2222
NVC International Holdings Ltd.
0.67
-0.12
-15.19%
HK:6690
Haier Smart Home Co., Ltd. Class H
21.04
-3.80
-15.30%
HK:0300
Midea Group Co. Ltd. Class H
92.25
17.05
22.68%
Carote Ltd Corporate Events
Carote Board Sets August Meeting to Review Interim Results and Dividend
Jul 17, 2026
Carote Ltd has scheduled a board meeting for August 27, 2026 to review and approve the interim results for the six months ended June 30, 2026. The meeting will also consider the declaration of an interim dividend, signalling potential capital dist...
Carote signals 30–35% jump in first-half revenue and profit
Jul 16, 2026
Carote Ltd has issued a positive profit alert, indicating that for the six months ended June 30, 2026, the group expects revenue and net profit to rise by approximately 30% to 35% compared with the same period in 2025. Management attributes the im...
Carote Shareholders Approve Dividend and Buyback but Block New Share Mandates
May 29, 2026
Carote Ltd reported the results of its annual general meeting held on May 29, 2026, where shareholders unanimously approved the 2025 audited financial statements, the declaration of a final dividend, the re‑election of two independent non...
Carote Updates Timetable for 2025 Final Dividend Payout
Apr 30, 2026
Carote Ltd has proposed a final ordinary cash dividend of HKD 0.1419 per share for the financial year ended 31 December 2025, subject to shareholder approval at a meeting scheduled for 29 May 2026. The dividend will be paid in Hong Kong dollars, w...
Carote Calls 2026 AGM, Seeks Fresh Share Issuance Mandate
Apr 29, 2026
Carote Ltd has called its annual general meeting for May 29, 2026 in Hangzhou, where shareholders will review the audited consolidated financial statements for the year ended December 31, 2025 and vote on a proposed final dividend. The agenda also...
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.