Global Sweeteners Holdings Limited (3889) AI Stock Analysis

• Market Cap: HK$158.37M
• Dividend Yield: N/A
• Average Volume (3M): 146.60K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.25
• Revenue Growth: -6.04%
• EPS Growth: -340.00%
• Country: HK
• Employees: 530
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Packaged Foods
• EPS (TTM): -0.03
• Shares Outstanding: 1,931,374,900
• 10 Day Avg. Volume: 258,400
• 30 Day Avg. Volume: 146,600
• PEG Ratio: -0.02
• Price to Book (P/B): -0.96
• Price to Sales (P/S): 0.34
• P/FCF Ratio: -1.09
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 41 Neutral
• Price Target: HK$0.08 ▼(-14.44% Downside)

The score is primarily constrained by very weak financial performance (negative operating margins, negative equity, and zero operating/free cash flow). Technicals also point to a weak trend with bearish momentum, while valuation signals are difficult to interpret due to a negative P/E and no dividend yield data.

Positive Factors

Business Model Strength

Global Sweeteners' role as a leading manufacturer supplying food makers and distributors supports durable demand. Serving diversified clients with bulk orders and established supply relationships underpins predictable revenue streams and reduces volatility in the medium term.

Stable Product Mix

Core sales of glucose, fructose and corn-derived products tie the business to staple ingredient demand across food, beverage and pharmaceutical sectors. These high-volume, low-discretion inputs create structural baseline demand and support steadier capacity utilization over months.

Recent Revenue Recovery

A 50.1% revenue increase year-over-year demonstrates the company can grow top-line via demand recovery or expanded shipments. This suggests operational scalability and commercial traction that, if sustained, can translate into improved utilization and long-term revenue resilience.

Negative Factors

Negative Equity / Leverage

Negative equity indicates liabilities exceed assets, creating structural solvency risk. This condition constrains access to debt and equity financing, raises refinancing and covenant pressures, and limits capital investment flexibility over the medium term.

Zero Operating and Free Cash Flow

Reported zero operating and free cash flow signals the company is not generating internal cash to fund operations or capex. Persistent lack of cash generation forces reliance on external financing, weakens liquidity buffers, and undermines ability to sustain investments.

Underlying Margin Weakness

Negative EBIT/EBITDA margins show core operations are loss-making and unable to cover operating costs. The reported net margin benefit from a one-off item masks structural unprofitability; absent sustainable margin recovery, earnings remain fragile and business economics are impaired.

Global Sweeteners Holdings Limited Business Overview & Revenue Model

Company Description

Global Sweeteners Holdings Limited (3889) is a leading manufacturer and supplier of sweeteners and food additives, primarily focused on the production of high-quality corn-based sweeteners, including glucose syrup and fructose syrup. The company operates in the food and beverage industry, catering to a diverse clientele that includes food manufacturers and distributors. With a commitment to innovation and sustainability, Global Sweeteners Holdings is dedicated to providing a range of products that meet the evolving needs of consumers and businesses worldwide.

How the Company Makes Money

Global Sweeteners Holdings Limited generates revenue primarily through the production and sale of sweeteners and food additives. The company's core revenue streams include the sale of glucose syrup, fructose syrup, and other corn-derived products to various sectors such as food and beverage, pharmaceuticals, and consumer goods. By establishing strong relationships with food manufacturers and leveraging its production capabilities, the company is able to secure long-term contracts and bulk orders, providing a stable income source. Additionally, the company may benefit from strategic partnerships with major distributors and collaborations that enhance its market reach and operational efficiency, contributing to its overall earnings.

Global Sweeteners Holdings Limited Financial Statement Overview

Summary

Financial health appears very weak: profitability is strained by negative EBIT/EBITDA margins and net margin is influenced by a one-time item; the balance sheet shows negative equity (high financial risk); and both operating and free cash flow are zero, raising liquidity concerns.

Income Statement

The income statement shows a challenging financial situation. The Net Profit Margin is positive at about 10.7%, but this is misleading as it is skewed by a one-time item boosting net income, given prior negative results. Revenue growth is volatile but showed improvement from 2022 to 2023 with a 50.1% increase. However, EBIT and EBITDA margins are negative, indicating operational challenges. Overall, profitability is weak.

Balance Sheet

The balance sheet reflects financial instability. The Debt-to-Equity ratio is negative due to negative equity, highlighting high leverage and risk. The Equity Ratio is also negative, indicating more liabilities than assets. The company's financial structure is precarious, with significant liabilities overshadowing its assets.

Cash Flow

Cash flow analysis indicates severe weaknesses. Operating Cash Flow is zero in the latest year, a decline from positive cash flow in 2023. The Free Cash Flow is also zero, showing a lack of cash available after capital expenditures. This raises concerns about liquidity and the ability to sustain operations without external financing.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	544.63M	623.46M	440.81M	359.57M	728.10M	769.02M
Gross Profit	45.27M	31.30M	36.62M	27.27M	41.59M	77.87M
EBITDA	-94.09M	120.27M	-23.12M	-31.48M	48.22M	201.39M
Net Income	-162.28M	66.62M	289.52M	-212.49M	-96.26M	-8.73M
Balance Sheet
Total Assets	575.25M	568.84M	575.36M	687.11M	935.08M	1.30B
Cash, Cash Equivalents and Short-Term Investments	8.16M	5.10M	13.55M	4.28M	7.83M	21.28M
Total Debt	318.26M	299.74M	441.08M	796.48M	929.61M	996.66M
Total Liabilities	859.66M	787.09M	957.21M	1.37B	1.44B	1.73B
Stockholders Equity	-284.42M	-218.25M	-375.92M	-675.04M	-494.19M	-418.63M
Cash Flow
Free Cash Flow	-173.66M	-192.38M	87.80M	13.14M	-285.45M	-30.01M
Operating Cash Flow	-95.89M	-114.66M	88.39M	13.28M	-283.86M	-20.20M
Investing Cash Flow	-68.03M	-76.51M	-589.00K	19.64M	383.12M	104.34M
Financing Cash Flow	160.78M	182.97M	-78.30M	-36.13M	-112.93M	-94.61M

Global Sweeteners Holdings Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.09
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:3889, the sentiment is Negative. The current price of 0.09 is above the 20-day moving average (MA) of 0.09, above the 50-day MA of 0.09, and below the 200-day MA of 0.10, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 43.00 is Neutral, neither overbought nor oversold. The STOCH value of 48.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:3889.

Global Sweeteners Holdings Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2317	72 Outperform	HK$1.02B	8.55	5.08%	10.44%	-1.19%	-9.05%
1767	71 Outperform	HK$310.00M	11.74	5.48%	0.78%	5.43%	-25.42%
1837	68 Neutral	HK$2.30B	10.33	13.72%	3.74%	11.89%	27.80%
3838	63 Neutral	HK$1.09B	2.41	10.38%	5.38%	-6.58%	16.23%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
0809	44 Neutral	HK$1.12B	0.77	―	―	42.14%	-81.25%
3889	41 Neutral	HK$158.37M	-0.96	―	―	-6.04%	-340.00%

Global Sweeteners Holdings Limited Corporate Events

Global Corn Group Tightens Nomination Committee Rules to Bolster Board Governance

Global Corn Group Limited has updated the terms of reference of its Board Nomination Committee, effective from 18 December 2025, building on its original 2012 framework and a prior amendment in 2013. The revised document formalises the committee’s composition requirements, specifying a minimum of three directors, a majority of whom must be independent non-executive directors and at least one of a different gender, and clarifies that the committee chair must be either the board chairman or an independent non-executive director, with the company secretary serving as committee secretary; these changes underscore the company’s efforts to enhance board diversity, independence and governance transparency in line with evolving regulatory and market expectations.

The most recent analyst rating on (HK:3889) stock is a Sell with a HK$0.09 price target. To see the full list of analyst forecasts on Global Sweeteners Holdings Limited stock, see the HK:3889 Stock Forecast page.

Global Corn Group CEO Resigns Amid Operational Restructuring

Global Corn Group Limited announced the resignation of its CEO, Mr. Wang Hui, effective November 20, 2025, as he plans to focus on other business ventures. The company has decided not to appoint a new CEO until operations at the Jinzhou Production Site resume or a clear business need arises, as the site remains suspended pending loan restructuring negotiations. The Shanghai Production Site continues to operate under its management team. The company’s joint chairmen, Mr. Wang Tieguang and Mr. Kong Zhanpeng, will oversee the restructuring and management of the production sites.