Top Spring International Holdings Limited (HK:3688)
:3688
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3688 Stock Chart & Stats
HK$0.36
<HK$0.01(1.01%)
At close: 4:00 PM EST
HK$0.36
<HK$0.01(1.01%)
Day’s Range― - ―
52-Week RangeHK$0.04 - HK$0.98
Previous CloseN/A
Volume2.50K
Average Volume (3M)17.45K
Market Cap
HK$388.50M
Enterprise ValueHK$4.98B
Total Cash (Recent Filing)HK$649.11M
Total Debt (Recent Filing)HK$5.23B
Price to Earnings (P/E)―
Beta0.59
Next Earnings
Aug 28, 2026EPS EstimateN/A
Next Dividend Ex-DateN/A
Dividend YieldN/A
Share Statistics
EPS (TTM)-1.19
Shares Outstanding1,412,732,400
10 Day Avg. Volume15,800
30 Day Avg. Volume17,450
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.17
Price to Sales (P/S)0.40
P/FCF Ratio-7.15
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
Bulls Say, Bears Say
Bulls Say
Established Property Sales And Services ModelTop Spring’s core business is selling developed properties and providing property services, a durable real‑estate developer model. This ties revenue to project delivery and recurring service fees, giving predictable long‑cycle cash conversion potential when project pipelines and completions normalize.
Scale: Revenue Above 2021–2023 LevelsDespite 2025 contraction, reported revenue remains above 2021–2023 levels, indicating retained project scale and sales capability. That underlying scale means a larger backlog or project base to monetize when market conditions improve, supporting recovery of top‑line and margins over months.
Prior Cash Generation Track RecordThe company produced positive operating and free cash flow across 2021–2024, demonstrating operational cash conversion capacity. This history suggests management and project economics can deliver cash generation under better conditions, implying the negative 2025 result may be cyclical rather than permanent.
Bears Say
Severe Profitability DeteriorationNet margin near -202% in 2025 reflects extreme earnings losses and indicates projects or cost structures are generating large write‑downs or losses. Such sustained negative profitability erodes retained earnings, reduces reinvestment ability, and undermines long‑term viability absent significant margin recovery.
Rising Leverage And Weakening EquityDebt-to-equity rising to ~1.58 with materially lower equity increases financial risk and interest sensitivity. Higher leverage limits flexibility to withstand cyclical downturns, raises refinancing risk, and can force asset sales or dilutive capital raises, constraining strategic options over months.
Renewed Cash Burn In 2025Operating and free cash flow flipping to roughly -80M in 2025, combined with elevated leverage, creates immediate liquidity pressure. Persistent cash burn can force distressed asset disposals or capital raises, impairing project delivery and long‑term earnings recovery if not addressed promptly.
Top Spring International Holdings Limited News
3688 FAQ
What was Top Spring International Holdings Limited’s price range in the past 12 months?
Top Spring International Holdings Limited lowest stock price was HK$0.04 and its highest was HK$0.98 in the past 12 months.
What is Top Spring International Holdings Limited’s market cap?
Top Spring International Holdings Limited’s market cap is HK$388.50M.
When is Top Spring International Holdings Limited’s upcoming earnings report date?
Top Spring International Holdings Limited’s upcoming earnings report date is Aug 28, 2026 which is in 77 days.
How were Top Spring International Holdings Limited’s earnings last quarter?
Top Spring International Holdings Limited released its earnings results on Mar 30, 2026. The company reported -HK$1.614 earnings per share for the quarter, missing the consensus estimate of N/A by -HK$1.614.
Is Top Spring International Holdings Limited overvalued?
According to Wall Street analysts Top Spring International Holdings Limited’s price is currently Overvalued.
Does Top Spring International Holdings Limited pay dividends?
Top Spring International Holdings Limited pays a Annually dividend of HK$0.01 which represents an annual dividend yield of N/A. See more information on Top Spring International Holdings Limited dividends here
What is Top Spring International Holdings Limited’s EPS estimate?
Top Spring International Holdings Limited’s EPS estimate for its next earnings report is not yet available.
How many shares outstanding does Top Spring International Holdings Limited have?
Top Spring International Holdings Limited has 1,412,732,400 shares outstanding.
What happened to Top Spring International Holdings Limited’s price movement after its last earnings report?
Top Spring International Holdings Limited reported an EPS of -HK$1.614 in its last earnings report, missing expectations of N/A. Following the earnings report the stock price went up 4.918%.
Which hedge fund is a major shareholder of Top Spring International Holdings Limited?
Currently, no hedge funds are holding shares in HK:3688
What is the TipRanks Smart Score and how is it calculated?
Smart Score combines eight research factors - such as analyst recommendations, hedge fund trends, and technical indicators - to measure a stock’s outlook. These signals are unified into a single score that reflects bullish or bearish momentum. See detailed methodology
Company Description
Top Spring International Holdings Limited
Top Spring International Holdings Limited operates as an investment holding company, primarily focusing on real estate development within the People's Republic of China. Its diverse operations are categorized into four main segments: property development, real estate investment, property management and associated services, and education-related services. The company specializes in creating and managing urban mixed-use communities, alongside constructing and selling residential properties across key economic zones in China, including the Greater Bay Area, the Yangtze River Delta, Central China, the Beijing-Tianjin area, and the Chengdu-Chongqing region. Beyond development, Top Spring generates revenue through leasing various assets such as shopping centers, clubhouses, serviced apartments, and parking facilities. It also offers comprehensive property management and related services, including decoration, to its property owners and tenants. Furthermore, the company provides educational services and products to students, in addition to offering investment management expertise. As of December 31, 2021, Top Spring's portfolio encompassed 22 property projects at different stages of development, situated in approximately 11 cities. These locations include prominent Chinese hubs like Shenzhen, Dongguan, Shanghai, Nanjing, Chengdu, Hangzhou, Tianjin, Changzhou, and Kunming, as well as Hong Kong and Sydney, Australia, collectively covering a total net saleable or leasable gross floor area of roughly 335,519 square meters. Established in 2001, the company was initially known as Top Spring Holdings Limited before adopting its current name in September 2009. Its corporate headquarters are located in Wan Chai, Hong Kong.
Technical Analysis
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