Want to see HK:3688 full AI Analyst Report?
Top Page
Top Spring International Holdings Limited
(3688)
Select Model
Select Model
Rating:40Underperform
Price Target:
HK$0.22
▼(-39.17% Downside)
Action:Downgraded
Date:05/23/26
The score is weighed down primarily by weak financial performance (sharp profitability deterioration, higher leverage, and negative 2025 cash flow) and reinforced by bearish technical signals (price below key moving averages with oversold momentum). Valuation provides limited offset due to negative earnings (negative P/E) and no provided dividend yield.
Positive Factors
Historic cash-generation track record
The company demonstrated multi-year positive operating and free cash flow through 2024, showing it can monetize development projects and manage working capital in healthier cycles. This prior cash-generation ability provides a durable operational playbook and credibility with lenders, helping preserve optionality for refinancing or staged project completion even while 2025 showed a setback.
Negative Factors
Deep negative profitability
Severe margin deterioration that produced extremely negative net results is a structural concern: persistent losses erode equity, restrict reinvestment, and indicate systemic pricing pressure or cost overruns. Without sustained margin recovery, the firm will struggle to fund development or rebuild financial resilience over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Historic cash-generation track record
The company demonstrated multi-year positive operating and free cash flow through 2024, showing it can monetize development projects and manage working capital in healthier cycles. This prior cash-generation ability provides a durable operational playbook and credibility with lenders, helping preserve optionality for refinancing or staged project completion even while 2025 showed a setback.
Read all positive factors
Top Spring International Holdings Limited (3688) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$353.18M
Dividend YieldN/A
Average Volume (3M)17.45K
Price to Earnings (P/E)―
Beta (1Y)0.61
Revenue Growth-2.03%
EPS Growth-59.52%
CountryHK
Employees754
SectorReal Estate
Sector Strength53
IndustryReal Estate - Development
Share Statistics
EPS (TTM)-1.90
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
Top Spring International Holdings Limited Business Overview & Revenue Model
Company Description
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 deve...
How the Company Makes Money
The company primarily makes money by (1) selling developed properties (recognized as revenue when properties are delivered/handed over to buyers under applicable accounting standards), where earnings are driven by contracted sales volume, average ...
Top Spring International Holdings Limited Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
34
Negative
Cash Flow
28
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.44B | 1.37B | 954.32M | 3.67B | 638.96M |
| Gross Profit | -610.04M | -116.77M | -253.78M | 594.23M | 320.17M |
| EBITDA | -1.17B | -535.85M | -512.76M | 338.40M | 297.73M |
| Net Income | -2.91B | -1.83B | -876.89M | -185.10M | 33.43M |
Balance Sheet | |||||
| Total Assets | 11.19B | 16.62B | 20.04B | 21.83B | 28.37B |
| Cash, Cash Equivalents and Short-Term Investments | 649.11M | 379.76M | 668.03M | 611.19M | 1.21B |
| Total Debt | 5.23B | 6.57B | 7.29B | 7.71B | 10.14B |
| Total Liabilities | 8.09B | 10.59B | 11.92B | 12.55B | 18.00B |
| Stockholders Equity | 3.30B | 6.07B | 8.09B | 9.22B | 10.30B |
Cash Flow | |||||
| Free Cash Flow | -80.17M | 538.63M | 349.18M | 240.49M | 212.52M |
| Operating Cash Flow | -80.17M | 547.12M | 352.24M | 244.43M | 221.65M |
| Investing Cash Flow | 23.61M | 129.72M | 142.26M | 1.27B | 304.26M |
| Financing Cash Flow | 176.96M | -953.63M | -385.67M | -1.99B | -1.13B |
Top Spring International Holdings Limited Technical Analysis
Negative
0.36
Price Trends
0.28
Negative
0.29
Negative
0.35
Negative
Market Momentum
>-0.01
Negative
41.12
Neutral
53.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:3688, the sentiment is Negative. The current price of 0.36 is above the 20-day moving average (MA) of 0.26, above the 50-day MA of 0.28, and above the 200-day MA of 0.35, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 41.12 is Neutral, neither overbought nor oversold. The STOCH value of 53.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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% | |
42 Neutral | HK$444.44M | -0.21 | -13.99% | ― | -62.05% | -47.92% | |
41 Neutral | HK$138.68M | -0.03 | -34.31% | ― | -69.02% | -41.71% | |
41 Neutral | HK$329.04M | -0.03 | ― | ― | 7.94% | -10.86% | |
40 Underperform | HK$353.18M | -0.13 | -35.32% | ― | -2.03% | -59.52% | |
40 Underperform | HK$188.49M | <0.01 | -1051.18% | ― | -30.04% | ― | |
39 Underperform | HK$89.22M | >-0.01 | 56.41% | ― | -75.81% | 16.54% |
* Real Estate Sector Average
HK:3688
Top Spring International Holdings Limited
0.25
-0.15
-37.50%
HK:2772
Zhongliang Holdings Group Company Limited
0.03
-0.06
-66.27%
HK:2329
Guorui Properties Ltd
0.10
-0.08
-44.20%
HK:1777
Fantasia Holdings Group Co. Ltd.
0.05
-0.02
-25.71%
HK:1628
Yuzhou Group Holdings Co., Ltd.
0.13
-0.42
-76.85%
HK:3301
Ronshine China Holdings Ltd.
0.05
-0.17
-78.70%
Top Spring International Holdings Limited Corporate Events
Top Spring Wins Unanimous Shareholder Backing for All AGM Resolutions
May 21, 2026
Top Spring International Holdings Limited reported that shareholders overwhelmingly approved all resolutions at its 21 May 2026 annual general meeting, with every motion passed by poll and receiving 100% of votes cast. The meeting adopted the 2025...
Top Spring Sets 2026 AGM to Approve Accounts, Board Slate and Share Issue Mandate
Apr 29, 2026
Top Spring International Holdings Limited has convened its next annual general meeting for 21 May 2026 in Hong Kong, where shareholders will review and adopt the audited consolidated financial statements for the year ended 31 December 2025 and rec...
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.