Top Spring International Holdings Limited (HK:3688)
:3688
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Top Spring International Holdings Limited
(3688)
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Rating:43Neutral
Price Target:
HK$0.36
▼(-0.83% Downside)
Action:DowngradedDate:01/28/26
The score is primarily held down by weak financial performance—loss-making operations, high leverage with declining equity, and poor cash generation. Technical indicators are mixed/neutral with mild stabilization signals but an overall weak trend versus key moving averages. Valuation is also pressured by negative earnings (negative P/E) and no dividend data to offset risk.
Positive Factors
Industry positioning
Operating as a real estate developer is a durable, asset-backed business model tied to long development cycles and property asset values. This structural positioning provides potential recovery leverage when property markets normalize and supports collateralized financing options over time.
Negative Factors
Negative profitability
Persistent negative gross and net margins and loss-making EBIT/EBITDA undermine the company's ability to generate internal funds for projects. Over months, ongoing unprofitability erodes equity, limits reinvestment capacity, and increases dependence on external financing for operations and development spend.
Read all positive and negative factors
Positive Factors
Negative Factors
Industry positioning
Operating as a real estate developer is a durable, asset-backed business model tied to long development cycles and property asset values. This structural positioning provides potential recovery leverage when property markets normalize and supports collateralized financing options over time.
Read all positive factors
Top Spring International Holdings Limited (3688) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$452.07M
Dividend YieldN/A
Average Volume (3M)17.45K
Price to Earnings (P/E)―
Beta (1Y)0.52
Revenue Growth53.69%
EPS Growth-33.81%
CountryHK
Employees754
SectorReal Estate
Sector Strength53
IndustryReal Estate - Development
Share Statistics
EPS (TTM)-1.61
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)0.12
Price to Sales (P/S)0.55
P/FCF Ratio1.40
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
Top Spring International Holdings Limited Business Overview & Revenue Model
Company Description
Top Spring International Holdings Limited, an investment holding company, operates as a real estate property developer in the People's Republic of China. It operates through four segments: Property Development, Property Investment, Property Manage...
How the Company Makes Money
Top Spring International Holdings Limited generates revenue primarily through the sale and leasing of residential and commercial properties. The company develops real estate projects, which include apartments, office buildings, and retail spaces, ...
Top Spring International Holdings Limited Financial Statement Overview
Summary
Income Statement
20
Very Negative
Balance Sheet
25
Negative
Cash Flow
15
Very Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.65B | 1.37B | 954.32M | 3.67B | 638.96M | 575.05M |
| Gross Profit | -34.04M | -116.77M | -253.78M | 594.23M | 320.17M | 261.13M |
| EBITDA | -491.77M | -535.85M | -512.76M | 338.40M | 297.73M | 34.87M |
| Net Income | -2.04B | -1.83B | -876.89M | -185.10M | 33.43M | -283.26M |
Balance Sheet | ||||||
| Total Assets | 15.09B | 16.62B | 20.04B | 21.83B | 28.37B | 27.18B |
| Cash, Cash Equivalents and Short-Term Investments | 1.11B | 379.76M | 668.03M | 611.19M | 1.21B | 1.77B |
| Total Debt | 5.77B | 6.57B | 7.29B | 7.71B | 10.14B | 10.87B |
| Total Liabilities | 9.65B | 10.59B | 11.92B | 12.55B | 18.00B | 17.03B |
| Stockholders Equity | 5.48B | 6.07B | 8.09B | 9.22B | 10.30B | 10.07B |
Cash Flow | ||||||
| Free Cash Flow | 243.21M | 538.63M | 349.18M | 240.49M | 212.52M | -492.71M |
| Operating Cash Flow | 701.67M | 547.12M | 352.24M | 244.43M | 221.65M | -483.18M |
| Investing Cash Flow | 395.02M | 129.72M | 142.26M | 1.27B | 304.26M | 28.11M |
| Financing Cash Flow | -1.13B | -953.63M | -385.67M | -1.99B | -1.13B | -113.74M |
Top Spring International Holdings Limited Technical Analysis
Neutral
0.36
Price Trends
0.33
Negative
0.36
Negative
0.38
Negative
Market Momentum
>-0.01
Negative
58.97
Neutral
97.32
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:3688, the sentiment is Neutral. The current price of 0.36 is above the 20-day moving average (MA) of 0.30, above the 50-day MA of 0.33, and below the 200-day MA of 0.38, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 58.97 is Neutral, neither overbought nor oversold. The STOCH value of 97.32 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HK:3688.
Top Spring International Holdings Limited Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
60 Neutral | HK$587.69M | 7.67 | 1.50% | ― | 10.78% | -12.42% | |
51 Neutral | HK$532.00M | -0.40 | -44.38% | ― | 213.63% | -61.18% | |
51 Neutral | HK$621.53M | -0.56 | -12.55% | ― | -25.51% | -158.20% | |
43 Neutral | HK$452.07M | -0.34 | -35.32% | ― | 53.69% | -33.81% | |
43 Neutral | HK$2.03B | 22.97 | -46.27% | ― | -16.81% | -0.18% | |
40 Underperform | HK$293.05M | -0.01 | 73.75% | ― | -62.71% | -16.95% |
* Real Estate Sector Average
HK:3688
Top Spring International Holdings Limited
0.32
0.04
14.29%
HK:1243
Wang On Properties Ltd.
0.04
<0.01
2.94%
HK:1628
Yuzhou Group Holdings Co., Ltd.
0.20
-0.25
-55.58%
HK:0496
Kasen International Holdings Ltd.
0.32
0.01
3.23%
HK:0542
TFG International Group Limited
1.32
0.99
300.91%
HK:0846
Mingfa Group (International) Co. Ltd.
0.10
<0.01
2.00%
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.