China Starch Holdings Limited (HK:3838)
:3838
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China Starch Holdings Limited
(3838)
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Rating:56Neutral
Price Target:
HK$0.18
▲(1.11% Upside)
Action:ReiteratedDate:04/18/26
The score is held back primarily by weak 2025 financial performance and a sharp drop in cash generation (including negative free cash flow), despite a manageable balance sheet. Technicals are neutral-to-slightly positive but not strongly trending. A low P/E and high dividend yield provide meaningful valuation support, lifting the overall score.
Positive Factors
Higher-value product mix
The company sells not only commodity corn starch but also modified and specialty starches used across food, paper, textiles and pharma. This higher-value product mix supports margin resilience and customer stickiness, providing durable revenue diversification versus pure commodity exposure.
Negative Factors
Revenue decline and margin compression
A roughly 10% revenue drop and sharp gross-margin compression materially reduced profitability in 2025. Persistent narrower spreads between corn input cost and selling prices can structurally limit operating leverage, reduce reinvestment capacity, and make earnings recovery dependent on commodity cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Higher-value product mix
The company sells not only commodity corn starch but also modified and specialty starches used across food, paper, textiles and pharma. This higher-value product mix supports margin resilience and customer stickiness, providing durable revenue diversification versus pure commodity exposure.
Read all positive factors
China Starch Holdings Limited (3838) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$1.12B
Dividend Yield5.38%
Average Volume (3M)3.26M
Price to Earnings (P/E)5.4
Beta (1Y)0.72
Revenue Growth-11.88%
EPS Growth-61.92%
CountryHK
Employees2,209
SectorConsumer Defensive
Sector Strength42
IndustryPackaged Foods
Share Statistics
EPS (TTM)<0.01
Shares Outstanding5,964,492,000
10 Day Avg. Volume2,746,831
30 Day Avg. Volume3,255,005
Financial Highlights & Ratios
PEG Ratio-0.09
Price to Book (P/B)0.23
Price to Sales (P/S)0.10
P/FCF Ratio-26.31
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
China Starch Holdings Limited Business Overview & Revenue Model
Company Description
China Starch Holdings Limited, an investment holding company, manufactures and sells cornstarch, lysine, starch-based sweeteners, modified starch, and ancillary corn-based and corn-refined products in the People's Republic of China. The company op...
How the Company Makes Money
China Starch Holdings Limited primarily makes money by purchasing corn and processing it through wet-milling and related production lines to sell corn-derived products to industrial and consumer-goods manufacturers. Key revenue streams typically i...
China Starch Holdings Limited Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
70
Positive
Cash Flow
38
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 9.80B | 11.42B | 11.80B | 11.95B | 11.64B |
| Gross Profit | 490.64M | 1.16B | 556.57M | 1.19B | 952.21M |
| EBITDA | 435.50M | 1.08B | 458.94M | 910.39M | 777.84M |
| Net Income | 180.14M | 482.25M | 107.96M | 352.01M | 345.60M |
Balance Sheet | |||||
| Total Assets | 6.83B | 6.96B | 5.35B | 5.11B | 4.72B |
| Cash, Cash Equivalents and Short-Term Investments | 2.86B | 2.21B | 899.83M | 1.00B | 1.00B |
| Total Debt | 1.09B | 1.48B | 559.37M | 285.93M | 111.61M |
| Total Liabilities | 2.17B | 2.47B | 1.42B | 1.28B | 1.23B |
| Stockholders Equity | 4.24B | 4.11B | 3.66B | 3.60B | 3.28B |
Cash Flow | |||||
| Free Cash Flow | -36.65M | 1.06B | -8.26M | 105.70M | 694.06M |
| Operating Cash Flow | 292.79M | 1.32B | 413.37M | 316.83M | 1.11B |
| Investing Cash Flow | -329.60M | -857.09M | -719.94M | -349.47M | -387.02M |
| Financing Cash Flow | -465.57M | 850.55M | 203.41M | 34.65M | -60.44M |
China Starch Holdings Limited Technical Analysis
Neutral
0.18
Price Trends
0.18
Positive
0.18
Positive
0.19
Negative
Market Momentum
<0.01
Negative
58.41
Neutral
118.89
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:3838, the sentiment is Neutral. The current price of 0.18 is above the 20-day moving average (MA) of 0.18, above the 50-day MA of 0.18, and below the 200-day MA of 0.19, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 58.41 is Neutral, neither overbought nor oversold. The STOCH value of 118.89 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HK:3838.
China Starch Holdings Limited Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | HK$1.20B | 7.67 | 5.61% | 10.44% | -1.52% | 6.08% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
56 Neutral | HK$1.12B | 5.35 | 4.37% | 5.38% | -11.88% | -61.92% | |
45 Neutral | HK$956.93M | 4.50 | -11.47% | ― | 13.86% | -83.41% | |
45 Neutral | HK$114.02M | 1.70 | -21.93% | ― | 75.21% | 18.42% | |
40 Underperform | HK$158.37M | -0.64 | ― | ― | -21.24% | -234.18% |
* Consumer Defensive Sector Average
HK:3838
China Starch Holdings Limited
0.19
0.02
10.00%
HK:3889
Global Sweeteners Holdings Limited
0.08
>-0.01
-9.89%
HK:2317
Vedan International (Holdings) Ltd.
0.79
0.23
41.07%
HK:0809
Global Bio-chem Technology Group Co. Ltd.
0.06
-0.01
-16.18%
HK:0841
Asia Cassava Resources Holdings Limited
0.20
0.11
116.67%
China Starch Holdings Limited Corporate Events
China Starch Sets 2026 AGM to Approve Results, Dividend and Share Mandate
Apr 13, 2026
China Starch Holdings Limited has convened its 2026 annual general meeting for 12 May 2026 in Hong Kong to seek shareholder approval of its audited consolidated financial statements and a proposed final dividend for the year ended 31 December 2025...
China Starch Profit Slumps as Revenue Falls but Dividend Held Steady
Mar 18, 2026
China Starch Holdings Limited reported a sharp deterioration in its 2025 financial performance, with revenue falling 11.9% to RMB10.06 billion and gross profit more than halving as higher costs and weaker demand compressed margins. Profit attribut...
China Starch Declares Final Cash Dividend for 2025 Financial Year
Mar 18, 2026
China Starch Holdings Limited has proposed a final ordinary cash dividend of HKD 0.0098 per share for the financial year ended 31 December 2025, reflecting the board’s decision to return capital to shareholders. The payout is subject to shar...
China Starch Sets March Board Meeting to Approve 2025 Results and Consider Final Dividend
Mar 6, 2026
China Starch Holdings Limited has scheduled a board meeting for 18 March 2026 to review and approve the group’s annual results for the financial year ended 31 December 2025. The board will also consider whether to recommend a final dividend,...
China Starch Warns of 64% Profit Slump on Rising Costs and Lysine Glut
Feb 23, 2026
China Starch Holdings has warned that its 2025 revenue is expected to fall to about RMB10.06 billion from RMB11.42 billion in 2024, with profit before tax projected to plunge roughly 64% from the previous year’s RMB838 million. The deteriora...
China Starch Wins Unanimous Shareholder Backing for Thermal Plant Construction Contract
Jan 30, 2026
China Starch Holdings Limited has secured shareholder approval at an extraordinary general meeting for its Thermal Plant Construction Contract, with all independent shareholders voting in favour of the resolutions. The vote, conducted by poll and ...
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.