Hengdeli Holdings Limited (HK:3389)
:3389
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Hengdeli Holdings
(3389)
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Rating:51Neutral
Price Target:
HK$0.17
▲(22.14% Upside)
Action:ReiteratedDate:04/21/26
The score is primarily supported by a conservative, low-leverage balance sheet and improved 2025 cash flow. Offsetting this, recent financial performance shows meaningful revenue contraction and continued losses, while technical indicators point to bearish momentum and valuation is constrained by loss-making results and no stated dividend yield.
Positive Factors
Conservative balance sheet
Very low reported debt-to-equity (~2–4%) materially reduces financial risk and preserves flexibility. This durable capital structure helps Hengdeli absorb retail volatility, fund inventory and store obligations, and pursue restructuring or selective investments without urgent refinancing.
Negative Factors
Meaningful revenue decline
Significant recent top-line decline reduces scale benefits and weakens store-level economics. Lower revenue pressures gross throughput, reduces negotiating leverage with brand principals, and makes it harder to cover fixed retail costs, creating a structural headwind until sales stabilize.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low reported debt-to-equity (~2–4%) materially reduces financial risk and preserves flexibility. This durable capital structure helps Hengdeli absorb retail volatility, fund inventory and store obligations, and pursue restructuring or selective investments without urgent refinancing.
Read all positive factors
Hengdeli Holdings (3389) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$748.68M
Dividend YieldN/A
Average Volume (3M)575.71K
Price to Earnings (P/E)―
Beta (1Y)0.25
Revenue Growth-37.78%
EPS Growth57.76%
CountryHK
Employees1,289
SectorIndustrials
Sector Strength72
IndustryLuxury Goods
Share Statistics
EPS (TTM)-0.01
Shares Outstanding4,404,019,000
10 Day Avg. Volume652,960
30 Day Avg. Volume575,707
Financial Highlights & Ratios
PEG Ratio0.35
Price to Book (P/B)0.18
Price to Sales (P/S)0.87
P/FCF Ratio4.98
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
Hengdeli Holdings Business Overview & Revenue Model
Company Description
Hengdeli Holdings Limited, together with its subsidiaries, retails and trades in watches and jewelry. It is also involved in the design, production, and decoration of commercial spaces. In addition, the company engages in the manufacture and sale ...
How the Company Makes Money
Hengdeli’s earnings have historically been generated primarily through (1) retail sales of watches and related products to consumers via directly operated stores (revenue recognized at point of sale), and (2) sales to or through distribution/whole...
Hengdeli Holdings Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
78
Positive
Cash Flow
63
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 632.16M | 1.04B | 1.42B | 1.04B | 877.99M |
| Gross Profit | 159.32M | 148.76M | 215.26M | 123.59M | 137.91M |
| EBITDA | -56.13M | -43.44M | 90.27M | -22.05M | 95.08M |
| Net Income | -26.20M | -65.16M | 33.88M | -80.02M | 26.28M |
Balance Sheet | |||||
| Total Assets | 3.35B | 3.53B | 3.60B | 3.53B | 3.53B |
| Cash, Cash Equivalents and Short-Term Investments | 1.33B | 1.28B | 1.32B | 1.33B | 946.40M |
| Total Debt | 66.44M | 82.86M | 123.76M | 99.06M | 97.73M |
| Total Liabilities | 243.26M | 254.64M | 353.52M | 305.96M | 258.93M |
| Stockholders Equity | 3.03B | 3.21B | 3.19B | 3.16B | 3.20B |
Cash Flow | |||||
| Free Cash Flow | 110.50M | -125.73M | -132.62M | 177.63M | -156.52M |
| Operating Cash Flow | 127.72M | -85.70M | 83.29M | 237.39M | -77.63M |
| Investing Cash Flow | 262.67M | 21.75M | -164.12M | 68.59M | -227.05M |
| Financing Cash Flow | -21.96M | -44.79M | -3.41M | -24.46M | -17.58M |
Hengdeli Holdings Technical Analysis
Neutral
0.14
Price Trends
0.18
Negative
0.16
Positive
0.14
Positive
Market Momentum
>-0.01
Positive
39.40
Neutral
14.22
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:3389, the sentiment is Neutral. The current price of 0.14 is below the 20-day moving average (MA) of 0.18, below the 50-day MA of 0.18, and below the 200-day MA of 0.14, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 39.40 is Neutral, neither overbought nor oversold. The STOCH value of 14.22 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HK:3389.
Hengdeli Holdings Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | HK$2.29B | 3.61 | 5.10% | 4.05% | 10.23% | 66.75% | |
72 Outperform | HK$2.41B | 3.36 | 5.92% | 7.71% | -7.48% | -16.11% | |
70 Outperform | HK$1.60B | 4.06 | 10.00% | 9.67% | -9.00% | -21.55% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
51 Neutral | HK$748.68M | -20.98 | -1.15% | ― | -37.78% | 57.76% | |
48 Neutral | HK$348.15M | -1.28 | -7.92% | ― | -17.82% | 16.27% | |
46 Neutral | HK$70.00M | -0.48 | -10.19% | ― | -13.06% | -120.76% |
* Industrials Sector Average
HK:3389
Hengdeli Holdings
0.18
0.08
89.47%
HK:0256
Citychamp Watch & Jewellery Group
0.08
-0.39
-82.80%
HK:0113
Dickson Concepts (International)
6.19
1.65
36.34%
HK:0887
Emperor Watch & Jewellery
0.33
0.12
59.42%
HK:0398
Oriental Watch Holdings
3.27
0.14
4.54%
HK:0084
Stelux Holdings International Limited
0.07
>-0.01
-4.29%
Hengdeli Holdings Corporate Events
Hengdeli Renews Connected Services Deal With Primetime, Sets RMB20 Million Cap for 2026
Apr 17, 2026
Hengdeli Holdings has renewed its framework arrangement with Primetime Group for the provision of shop design and decoration services, entering a 2026 Renewal Agreement that extends the relationship for one year from 1 January 2026 on substantiall...
Hengdeli Sets 2026 AGM, Seeks Renewal of Share Issuance Mandate
Apr 17, 2026
Hengdeli Holdings Limited has called its annual general meeting for 15 May 2026 in Hong Kong, where shareholders will review the audited financial statements for the year ended 31 December 2025 and receive the reports of the directors and auditors...
Hengdeli Sets March 30 Board Meeting to Approve 2025 Results and Consider Final Dividend
Mar 17, 2026
Hengdeli Holdings has scheduled a board meeting for 11:00 a.m. on Monday, 30 March 2026, to consider key corporate matters for the financial year ended 31 December 2025. The agenda includes approval for publication of the group’s final resul...
Hengdeli Signals 60% Narrowing of Annual Loss on Margin Gains and FX Tailwinds
Mar 13, 2026
Hengdeli Holdings has issued a profit alert indicating that its loss attributable to equity shareholders for the year ended 31 December 2025 is expected to narrow to not less than RMB26 million, a reduction of about 60.1% from the RMB65.2 million ...
Hengdeli Clarifies Shareholder-Driven Ouster of Director Huang
Mar 6, 2026
Hengdeli Holdings issued a supplemental announcement clarifying the circumstances surrounding the removal of director Huang Yonghua, which was approved by shareholders at an extraordinary general meeting. The company stressed that the initiative t...
Hengdeli Adds Independent Director Qian Weiqing to Nomination Committee
Feb 27, 2026
Hengdeli Holdings has appointed independent non-executive director Qian Weiqing as a member of its nomination committee, effective 27 February 2026. The committee will now consist of four members: chairman Cheung Wing Lun Tony, Cai Jianmin, Liu Xu...
Hengdeli Outlines Board Composition and Key Governance Committee Roles
Feb 27, 2026
Hengdeli Holdings Limited has disclosed the current composition of its board of directors, naming Tony Cheung Wing Lun as chairman and executive director alongside fellow executive director Lee Shu Chung Stan, non-executive director Shi Zhongyang,...
Hengdeli Sets Formal Mandate for Board Nomination Committee to Strengthen Governance and Diversity Oversight
Feb 27, 2026
Hengdeli Holdings has formalised the terms of reference for its Nomination Committee, setting out its composition, authority and responsibilities in line with Hong Kong listing requirements. The committee must comprise at least three members, with...
Empire Charm Lifts Hengdeli Stake to Over 80% as Cash Offer Closes
Jan 23, 2026
Empire Charm Limited’s voluntary unconditional general cash offer for Hengdeli Holdings Limited has closed, with valid acceptances received for approximately 995.7 million shares, representing about 22.61% of Hengdeli’s issued share ca...
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.