Holly Futures Co. Ltd. Class H (HK:3678)
:3678
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Holly Futures Co. Ltd. Class H
(3678)
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Rating:56Neutral
Price Target:
HK$3.00
▼(-12.28% Downside)
Action:Reiterated
Date:05/09/26
The score is primarily supported by strong recent cash generation and a conservatively levered balance sheet, but is held back by highly volatile/weak revenue and profitability (including negative revenue in TTM), a technically weak price trend below key moving averages, and a high P/E that offsets the benefit of a very high dividend yield.
Positive Factors
Conservative Balance Sheet
A low leverage profile with equity (~1.87B) far exceeding debt (~379M) provides durable financial flexibility. This cushion supports regulatory capital, absorbs trading-cycle shocks, and enables opportunistic investment or client-credit support without needing urgent external financing over the next 2–6 months.
Negative Factors
Highly Unstable Revenue
Large, rapid swings in reported revenue undermine earnings visibility and planning. Such instability suggests heavy sensitivity to trading volumes and market cycles, reducing predictability of fee income and complicating budgeting, capital allocation, and sustainable margin improvement over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
A low leverage profile with equity (~1.87B) far exceeding debt (~379M) provides durable financial flexibility. This cushion supports regulatory capital, absorbs trading-cycle shocks, and enables opportunistic investment or client-credit support without needing urgent external financing over the next 2–6 months.
Read all positive factors
Holly Futures Co. Ltd. Class H (3678) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$681.68M
Dividend Yield0.33%
Average Volume (3M)9.61M
Price to Earnings (P/E)50.9
Beta (1Y)2.18
Revenue Growth-107.67%
EPS Growth-64.00%
CountryHK
Employees636
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)0.02
Shares Outstanding249,700,000
10 Day Avg. Volume5,472,700
30 Day Avg. Volume9,613,566
Financial Highlights & Ratios
PEG Ratio-8.68
Price to Book (P/B)1.57
Price to Sales (P/S)10.85
P/FCF Ratio3.89
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
Holly Futures Co. Ltd. Class H Business Overview & Revenue Model
Company Description
Holly Futures Co., Ltd. operates as a futures company in Mainland China and Honk Kong. The company primarily offers commodity and financial futures brokerage services; asset management services; futures and securities investment consulting service...
How the Company Makes Money
The company primarily makes money by charging clients fees and commissions for executing futures and derivatives trades through its brokerage platform(s). It may also earn revenue from related client-service activities tied to futures trading (e.g...
Holly Futures Co. Ltd. Class H Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
74
Positive
Cash Flow
81
Very Positive
| Breakdown | Mar 2026 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 270.24M | 2.88B | 1.94B | 1.52B | 1.63B |
| Gross Profit | 210.72M | 179.72M | 126.41M | 104.86M | 1.64B |
| EBITDA | 39.99M | 79.12M | 51.91M | 42.94M | 138.39M |
| Net Income | 3.89M | 29.83M | 7.79M | 12.38M | 80.21M |
Balance Sheet | |||||
| Total Assets | 12.67B | 11.70B | 9.31B | 10.48B | 8.08B |
| Cash, Cash Equivalents and Short-Term Investments | 509.99M | 785.47M | 825.66M | 6.88B | 4.96B |
| Total Debt | 565.02M | 286.95M | 191.27M | 146.95M | 174.65M |
| Total Liabilities | 10.80B | 9.82B | 7.47B | 8.65B | 6.40B |
| Stockholders Equity | 1.87B | 1.88B | 1.85B | 1.84B | 1.68B |
Cash Flow | |||||
| Free Cash Flow | 753.64M | 2.33B | -1.65B | 1.86B | 992.27M |
| Operating Cash Flow | 761.36M | 2.35B | -1.62B | 1.93B | 1.24B |
| Investing Cash Flow | -4.24B | 37.79M | 121.90M | 148.93M | -24.72M |
| Financing Cash Flow | -52.65M | -157.14M | -9.79M | 119.82M | 44.82M |
Holly Futures Co. Ltd. Class H Technical Analysis
Negative
3.42
Price Trends
2.96
Negative
3.13
Negative
3.57
Negative
Market Momentum
-0.03
Positive
42.54
Neutral
7.76
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:3678, the sentiment is Negative. The current price of 3.42 is above the 20-day moving average (MA) of 2.81, above the 50-day MA of 2.96, and below the 200-day MA of 3.57, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 42.54 is Neutral, neither overbought nor oversold. The STOCH value of 7.76 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:3678.
Holly Futures Co. Ltd. Class H Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | HK$599.94M | 2.39 | 4.26% | ― | -2.41% | 122.45% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
56 Neutral | HK$681.68M | 50.95 | 0.81% | 0.33% | -107.67% | -64.00% | |
50 Neutral | HK$581.10M | 2.72 | 3.24% | 2.39% | -58.31% | 1793.88% | |
49 Neutral | HK$221.63M | -15.31 | -1.86% | ― | 4.13% | -162.50% | |
43 Neutral | HK$694.48M | -0.96 | -14.53% | ― | -57.15% | -223.53% | |
41 Neutral | HK$897.09M | -0.66 | 21.05% | ― | -56.73% | -79.40% |
* Financial Sector Average
HK:3678
Holly Futures Co. Ltd. Class H
2.64
-0.56
-17.55%
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Holly Futures Co. Ltd. Class H Corporate Events
Holly Futures Q1 2026 Profit Jumps Amid Ongoing Cash Flow Pressure
Apr 28, 2026
Holly Futures Co. Ltd., a PRC-incorporated futures brokerage operating in Hong Kong, reported modest growth in assets and equity in its 2026 first quarter results. Total assets reached RMB 12.85 billion, while equity attributable to shareholders e...
Holly Futures Revamps Company Secretarial Roles After Resignation in Hong Kong
Apr 28, 2026
Holly Futures Co. Ltd. announced that joint company secretary, alternate authorized representative, and Hong Kong process agent Ms. Chan Yin Wah has resigned effective 28 April 2026 for personal work reasons, with no disagreements reported with th...
Holly Futures’ Controlling Shareholder Allies Complete Modest Share Reduction
Apr 27, 2026
Holly Futures has announced that a previously disclosed shareholding reduction plan by its controlling shareholder’s concerted parties, SOHO Holly Corporation and Jiangsu SOHO High Hope Group Corporation, has now expired. The reductions were...
Holly Futures Sets Board Meeting to Approve First-Quarter 2026 Results
Apr 14, 2026
Holly Futures Co. Ltd. has scheduled a board meeting for 28 April 2026 to review and approve the unaudited first-quarter results for the period ended 31 March 2026. The meeting’s outcome will determine the release of the group’s quarte...
Holly Futures Adopts New Accounting Policies for Warehouse Receipt Trading
Mar 31, 2026
Holly Futures has announced board approval for changes to its accounting policies to align with new regulatory guidance in mainland China governing standard warehouse receipt trading and the cost accounting of risk management business revenue. The...
Soho Holly Futures Announces Final Dividend for 2025
Mar 31, 2026
Soho Holly Futures Co., Ltd., a Hong Kong-listed futures brokerage and financial services provider, focuses on derivatives and commodities trading for institutional and retail investors in mainland China and Hong Kong. Its board comprises executiv...
Holly Futures Confirms Audited 2025 Results and Sets Timeline for Annual Report
Mar 31, 2026
Holly Futures Co. Ltd., a PRC-incorporated joint stock company listed in Hong Kong, operates in the financial services industry with a primary focus on futures and derivatives trading, serving clients across mainland China and Hong Kong. Its gover...
Holly Futures Sets March 31 Board Meeting to Approve 2025 Results and Consider Dividend
Mar 17, 2026
Holly Futures Co. Ltd., a PRC-incorporated futures firm listed in Hong Kong, offers derivatives and futures-related financial services to clients across mainland China and Hong Kong. The company positions itself within the regional futures and ris...
Holly Futures Reports Strong Turnout at First 2026 Extraordinary Shareholders’ Meeting
Mar 3, 2026
Holly Futures Co. Ltd., a PRC-based futures brokerage with both A and H share listings, convened its first extraordinary shareholders’ meeting of 2026 in Nanjing on 3 March, with 48.34% of issued shares represented. The meeting complied with...
Holly Futures Sets Out Board Line-Up and Key Committee Roles
Mar 3, 2026
Holly Futures Co. Ltd. has announced the current composition of its Board of Directors, which includes executive, non-executive, independent non-executive, and an employee director, reflecting a diversified governance structure. The board is chair...
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.