Top Spring International Holdings Limited (HK:3688)
:3688
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Top Spring International Holdings Limited
(3688)
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Rating:41Neutral
Price Target:
HK$0.28
▼(-23.06% Downside)
Action:Reiterated
Date:05/10/26
The score is driven primarily by weak financial performance (sustained losses, higher leverage, and a return to cash burn in 2025). Technicals add further pressure with price below all key moving averages and negative MACD, while valuation is constrained by loss-making results and no dividend yield data.
Positive Factors
Business model diversification
Top Spring generates revenue from both property sales and property-related services/investment activities. This multi-channel model offers structural diversification: recurring management fees or rental returns can temper volatility from project timing and provide complementary cash flow over the medium term.
Negative Factors
Deep profitability deterioration
A shift to deeply negative gross and net margins by 2023–2025 indicates structural profitability failure. Persistent heavy losses will erode retained capital, hinder reinvestment into projects, and make it difficult to rebuild margins without material changes to pricing, costs or project mix over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Business model diversification
Top Spring generates revenue from both property sales and property-related services/investment activities. This multi-channel model offers structural diversification: recurring management fees or rental returns can temper volatility from project timing and provide complementary cash flow over the medium term.
Read all positive factors
Top Spring International Holdings Limited (3688) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$402.63M
Dividend YieldN/A
Average Volume (3M)17.45K
Price to Earnings (P/E)―
Beta (1Y)0.64
Revenue Growth-2.03%
EPS Growth-59.52%
CountryHK
Employees754
SectorReal Estate
Sector Strength53
IndustryReal Estate - Development
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
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
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
0.30
Negative
0.33
Negative
0.37
Negative
Market Momentum
>-0.01
Positive
29.70
Positive
33.33
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 0.30, above the 50-day MA of 0.30, and below the 200-day MA of 0.37, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 29.70 is Positive, neither overbought nor oversold. The STOCH value of 33.33 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% | |
51 Neutral | HK$501.60M | -0.40 | -44.38% | ― | 213.63% | -61.18% | |
50 Neutral | HK$569.33M | 21.45 | 0.87% | ― | 8.39% | -50.94% | |
43 Neutral | HK$560.60M | -0.50 | -12.55% | ― | -37.93% | 31.14% | |
42 Neutral | HK$1.36B | 23.13 | -46.27% | ― | 252.67% | ― | |
41 Neutral | HK$402.63M | -0.20 | -35.32% | ― | -2.03% | -59.52% | |
40 Underperform | HK$223.84M | <0.01 | -1029.68% | ― | -30.04% | ― |
* Real Estate Sector Average
HK:3688
Top Spring International Holdings Limited
0.29
-0.06
-16.18%
HK:1243
Wang On Properties Ltd.
0.03
0.00
0.00%
HK:1628
Yuzhou Group Holdings Co., Ltd.
0.15
-0.39
-72.01%
HK:0496
Kasen International Holdings Ltd.
0.31
-0.01
-3.13%
HK:0542
TFG International Group Limited
0.89
0.56
170.52%
HK:0846
Mingfa Group (International) Co. Ltd.
0.09
-0.03
-21.37%
Top Spring International Holdings Limited Corporate Events
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...
Top Spring Posts Deeper 2025 Loss as Gearing Jumps and Property Sales Weaken
Mar 31, 2026
Top Spring International Holdings Limited reported that its 2025 revenue edged down 0.7% to HK$1,359.7 million, as pre-sales of properties and car park units fell to HK$670.1 million amid lower gross floor area sold and slightly softer pricing. Re...
Top Spring flags deeper HK$3 billion annual loss on valuation and impairment hits
Mar 29, 2026
Top Spring International Holdings Limited has warned that its net loss for the year ended 31 December 2025 is expected to widen to about HK$3.0 billion, compared with a net loss of approximately HK$1.9 billion a year earlier. The board highlighted...
Top Spring International Sets March 2026 Board Meeting to Approve 2025 Results
Mar 18, 2026
Top Spring International Holdings has scheduled a board meeting for 30 March 2026 to review and approve the consolidated annual results for the financial year ended 31 December 2025, along with their release to the market. The board will also cons...
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.