Great Harvest Maeta Holdings Limited (3683) AI Stock Analysis

• Market Cap: HK$67.64M
• Dividend Yield: N/A
• Average Volume (3M): 49.00K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.23
• Revenue Growth: -74.22%
• EPS Growth: 23.27%
• Country: HK
• Employees: 79
• Sector: Industrials
• Sector Strength: 72
• Industry: Marine Shipping
• EPS (TTM): -0.03
• Shares Outstanding: 952,613,500
• 10 Day Avg. Volume: 61,250
• 30 Day Avg. Volume: 49,000
• PEG Ratio: -0.03
• Price to Book (P/B): 1.95
• Price to Sales (P/S): 0.91
• P/FCF Ratio: -303.11
• 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: 39 Underperform
• Price Target: HK$0.07 ▼(-16.25% Downside)
• Action: Downgraded Date: 01/23/26
• Date: Action: Downgraded 01/23/26

The score is primarily weighed down by weak financial performance (persistent losses, high leverage, and poor cash flow), with technicals also showing a broadly bearish trend. Valuation provides limited support due to negative earnings and no indicated dividend yield.

Positive Factors

HKEX listing / market access

Listing on the Hong Kong Exchange provides durable access to Asian capital markets and regulatory oversight. That structural position supports future fundraising, visibility with regional counterparties and credibility in marine shipping relationships over the medium term.

Lean operating headcount

A small employee base suggests a lean cost structure and operational flexibility. Over 2–6 months a lower fixed-labor footprint can help preserve cash, allow quicker cost adjustments during downturns and support margin recovery if revenues stabilize.

Improving EPS trend

Reported EPS growth despite revenue pressures indicates per-share improvement that may reflect cost control, one-off items, or structural efficiency gains. If sustained, this trend can signal early progress toward restoring profitability on a per-share basis.

Negative Factors

Severe revenue decline

A ~74% drop in revenue is a durable red flag: it reduces scale, weakens pricing leverage and makes fixed costs harder to cover. Persistent top-line contraction erodes competitive position and makes margin recovery and long-term viability dependent on a clear and sustained business turnaround.

High leverage and weak equity base

Elevated and rising debt levels with a low equity ratio increase solvency and refinancing risks. Negative ROE reflects ongoing value destruction; high leverage limits strategic flexibility, raises interest burden and constrains the company's ability to invest in fleet or service improvements.

Negative free cash flow and poor cash conversion

Persistent negative free cash flow and weak conversion of earnings into cash indicate structural liquidity strain. Without positive operating cash generation, the company will likely need external funding to sustain operations, increasing refinancing risk and long-term financial fragility.

Great Harvest Maeta Holdings Limited Business Overview & Revenue Model

Company Description

Great Harvest Maeta Holdings Limited, an investment holding company, engages in chartering dry bulk vessels worldwide. It operates through Chartering of Vessels; and Property Investment and Development segments. The company owns four vessels with total carrying capacity of 319,923 deadweight tonnage. It also provides marine transportation and agency services. The company was formerly known as Great Harvest Maeta Group Holdings Limited and changed its name to Great Harvest Maeta Holdings Limited in September 2021. Great Harvest Maeta Holdings Limited was incorporated in 2010 and is headquartered in Wan Chai, Hong Kong.

How the Company Makes Money

Great Harvest Maeta Holdings Limited generates revenue through multiple streams, primarily from the sales of its food products, which include freshly baked goods, packaged snacks, and other processed items. The company leverages a combination of direct-to-consumer sales through its retail outlets and partnerships with supermarkets and distributors to expand its market reach. Additionally, Great Harvest may engage in private label manufacturing for other food brands, providing a steady source of income. Strategic partnerships with local suppliers and distributors also enhance its supply chain efficiency, helping to reduce costs and increase profit margins. The company's focus on quality and innovation, along with effective marketing strategies, contributes significantly to its overall earnings.

Great Harvest Maeta Holdings Limited Financial Statement Overview

Summary

Financial statements indicate significant stress: declining revenue, consistently negative margins and losses, high and rising leverage with negative ROE, and weak cash generation with negative free cash flow trends—raising liquidity and sustainability risks.

Income Statement

The income statement shows a concerning trend with declining revenue and negative profit margins over the years. The gross profit margin turned negative in the latest year, and net profit margin has been consistently negative, indicating ongoing losses. Revenue growth has been negative, reflecting a shrinking top line. These factors suggest significant challenges in generating profits and managing costs.

Balance Sheet

The balance sheet reveals a high debt-to-equity ratio, which has increased significantly, indicating high leverage and potential financial risk. Return on equity is negative, reflecting losses and poor returns for shareholders. The equity ratio is low, suggesting limited equity financing relative to total assets. Overall, the balance sheet indicates financial instability and high reliance on debt.

Cash Flow

Cash flow analysis shows negative free cash flow growth and a low free cash flow to net income ratio, indicating challenges in generating cash from operations. The operating cash flow to net income ratio is low, further highlighting inefficiencies in converting income to cash. These factors suggest liquidity issues and difficulties in sustaining operations without external financing.

Breakdown	TTM	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020
Income Statement
Total Revenue	4.76M	14.04M	13.45M	18.23M	21.56M	12.45M
Gross Profit	-765.05K	-1.10M	510.00K	2.05M	10.57M	1.15M
EBITDA	3.30M	-2.23M	4.63M	-3.44M	31.25M	2.24M
Net Income	-5.91M	-10.38M	-7.13M	-17.09M	24.72M	-3.26M
Balance Sheet
Total Assets	92.18M	92.74M	115.21M	132.99M	153.73M	131.03M
Cash, Cash Equivalents and Short-Term Investments	2.78M	167.00K	1.10M	2.06M	2.88M	316.00K
Total Debt	58.38M	57.08M	63.07M	72.49M	74.51M	80.62M
Total Liabilities	83.68M	81.92M	92.75M	102.25M	102.00M	105.73M
Stockholders Equity	4.13M	6.52M	18.05M	26.51M	47.14M	20.84M
Cash Flow
Free Cash Flow	-1.11M	-42.00K	2.19M	4.47M	10.37M	-353.00K
Operating Cash Flow	-1.11M	1.43M	2.86M	6.12M	12.06M	2.55M
Investing Cash Flow	4.47M	4.49M	10.33M	-1.55M	-1.77M	-2.90M
Financing Cash Flow	-2.23M	-6.81M	-14.18M	-5.21M	-7.82M	307.00K

Great Harvest Maeta Holdings Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.08
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:3683, the sentiment is Negative. The current price of 0.08 is above the 20-day moving average (MA) of 0.08, above the 50-day MA of 0.08, and below the 200-day MA of 0.09, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 37.08 is Neutral, neither overbought nor oversold. The STOCH value of 44.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:3683.

Great Harvest Maeta Holdings Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2682	72 Outperform	HK$159.00M	2.65	8.64%	6.71%	2.81%	23.68%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
1719	62 Neutral	HK$577.90M	267.86	1.52%	―	19.79%	-33.33%
1145	53 Neutral	HK$149.29M	-6.80	-2.23%	―	-11.79%	25.41%
1549	43 Neutral	HK$156.55M	3.99	3.67%	―	17.91%	―
0351	41 Neutral	HK$528.67M	-4.65	-20.27%	―	-37.93%	-152.17%
3683	39 Underperform	HK$67.64M	-0.83	-83.05%	―	-74.22%	23.27%

Great Harvest Maeta Holdings Limited Corporate Events

Great Harvest Maeta Sets Out Financing Moves to Tackle Audit Disclaimer

Great Harvest Maeta Holdings Limited has outlined steps it is taking to address a disclaimer of opinion issued in its annual report for the year ended 31 March 2025 and to stabilise its financial position. The group is focused on improving liquidity through a mix of debt negotiations, shareholder support and new external financing to reassure stakeholders about its ability to meet obligations.

The company is in active talks with a bondholder over alternative settlement options, including potential asset realisations to finance the required payment. It has also secured a funding undertaking from its ultimate holding company and key shareholders for up to 24 months, while simultaneously seeking bank loans and capital-market fundraising, such as bond issues or placements, to refinance existing liabilities including convertible bonds and fund future operations and capital expenditure.

The most recent analyst rating on (HK:3683) stock is a Sell with a HK$0.07 price target. To see the full list of analyst forecasts on Great Harvest Maeta Holdings Limited stock, see the HK:3683 Stock Forecast page.