S&T Holdings Ltd. (3928) AI Stock Analysis

• Market Cap: HK$4.30B
• Dividend Yield: N/A
• Average Volume (3M): 828.57K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.02
• Revenue Growth: 34.69%
• EPS Growth: 41.09%
• Country: HK
• Employees: 184
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): N/A
• Shares Outstanding: 480,000,000
• 10 Day Avg. Volume: 738,800
• 30 Day Avg. Volume: 828,566
• PEG Ratio: 14.47
• Price to Book (P/B): 11.39
• Price to Sales (P/S): 5.53
• P/FCF Ratio: 253.22
• 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: 50 Neutral
• Price Target: HK$5.00 ▼(-44.44% Downside)

S&T Holdings Ltd. faces significant financial challenges, with declining revenues and persistent net losses being the most impactful factors. While technical analysis shows some short-term bullish momentum, the extremely negative P/E ratio and lack of dividend yield highlight poor valuation. The absence of earnings call data and corporate events limits additional insights.

Positive Factors

Business Model Diversification

S&T Holdings Ltd. benefits from a diversified business model, balancing logistics and property investment, which can provide stability and multiple revenue streams over time.

Long-term Contracts

Long-term contracts with major clients in logistics ensure a steady income stream, enhancing revenue predictability and reducing business volatility.

Operational Cash Flow

Positive operating cash flow indicates the company's ability to generate cash from core operations, which is crucial for sustaining business activities and funding growth.

Negative Factors

Declining Revenue

Declining revenue reflects challenges in maintaining business growth, which could impact long-term profitability and market position if not addressed.

Persistent Net Losses

Ongoing net losses indicate operational inefficiencies and financial strain, potentially limiting future investment and growth opportunities.

Negative Return on Equity

Negative return on equity suggests that the company is not effectively using shareholder funds to generate profit, which could deter investment and affect capital raising.

S&T Holdings Ltd. Business Overview & Revenue Model

Company Description

S&T Holdings Limited, an investment holding company, engages in the provision of construction and property investment services in Singapore. The company offers civil engineering works, including road, earth, drainage, earth retaining stabilizing structure, and soil improvement. It also provides building construction works primarily for industrial buildings, such as substructure, piling, addition and alteration, and electrical and mechanical works; and other ancillary services comprising logistics and transportation services of construction materials. In addition, the company invests in and leases residential and industrial properties. It serves government and commercial corporations. The company was founded in 1998 and is headquartered in Singapore. S&T Holdings Limited is a subsidiary of HG TEC Holdings Limited.

How the Company Makes Money

S&T Holdings Ltd. generates revenue through several key streams. The logistics segment earns income from providing supply chain management services, including freight forwarding, warehousing, and distribution solutions. This is bolstered by long-term contracts with major clients in various industries, ensuring a steady flow of income. The property investment segment contributes to revenue primarily through rental income from commercial and residential properties owned by the company. Additionally, any capital gains realized from the sale of properties also enhance profitability. Strategic partnerships with other logistics firms and real estate developers can further augment revenue opportunities, while overall operational efficiency and cost management are critical factors that influence the company's earnings.

S&T Holdings Ltd. Financial Statement Overview

Summary

S&T Holdings Ltd. is facing financial challenges with declining revenues and persistent net losses. While the balance sheet shows manageable leverage, the company struggles with profitability and cash flow consistency. The engineering and construction industry may present cyclical challenges, impacting financial performance.

Income Statement

The company has faced declining revenue over recent years, with a noticeable drop from 2019 to 2024. Gross profit margin improved slightly in 2024, but the net profit margin remains negative due to consistent net losses. EBIT and EBITDA margins are also negative, indicating operational challenges. The revenue growth rate is negative, reflecting a contraction in business activity.

Balance Sheet

The balance sheet shows a moderate debt-to-equity ratio, indicating manageable leverage. However, the equity ratio has been declining, suggesting increased reliance on liabilities. Return on equity is negative due to net losses, but the company maintains a reasonable level of equity relative to its assets.

Cash Flow

The cash flow statement shows positive operating cash flow, but free cash flow has been inconsistent. The free cash flow to net income ratio is challenging due to negative net income. The operating cash flow to net income ratio is positive, indicating some operational cash generation despite losses.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	64.30M	55.97M	56.06M	67.09M	47.43M	41.52M
Gross Profit	4.89M	4.80M	3.81M	3.22M	-5.03M	-2.04M
EBITDA	3.82K	1.94M	2.02M	-3.23M	-12.27M	-2.33M
Net Income	-622.54K	-784.15K	-1.04M	-1.49M	-11.19M	-7.09M
Balance Sheet
Total Assets	63.32M	69.65M	63.61M	73.44M	75.74M	81.49M
Cash, Cash Equivalents and Short-Term Investments	4.65M	6.14M	9.15M	8.96M	9.31M	10.09M
Total Debt	14.46M	18.56M	19.50M	25.41M	28.91M	28.86M
Total Liabilities	35.74M	42.47M	35.65M	44.44M	45.25M	39.80M
Stockholders Equity	27.59M	27.17M	27.96M	29.00M	30.49M	41.68M
Cash Flow
Free Cash Flow	2.12M	1.22M	1.41M	1.39M	1.46M	-6.40M
Operating Cash Flow	3.44M	3.14M	2.94M	1.39M	1.77M	-4.85M
Investing Cash Flow	-1.08M	-1.57M	3.64M	3.75M	891.54K	-2.31M
Financing Cash Flow	-6.17M	-3.28M	-6.91M	-5.79M	-3.34M	-3.62M

S&T Holdings Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 9.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:3928, the sentiment is Positive. The current price of 9 is below the 20-day moving average (MA) of 9.14, above the 50-day MA of 8.30, and above the 200-day MA of 4.38, indicating a neutral trend. The MACD of 0.18 indicates Positive momentum. The RSI at 51.24 is Neutral, neither overbought nor oversold. The STOCH value of 20.91 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:3928.

S&T Holdings Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
1662	60 Neutral	HK$813.70M	16.76	8.67%	―	-16.13%	5.48%
1727	60 Neutral	HK$678.13M	4.24	2.36%	―	-25.78%	-18.64%
0687	60 Neutral	HK$1.13B	17.54	5.28%	13.24%	11.24%	64.66%
3928	50 Neutral	HK$4.30B	-792.04	-2.26%	―	34.69%	41.09%
0711	45 Neutral	HK$792.24M	15.52	2.28%	1.93%	0.97%	―
1499	41 Neutral	HK$1.05B	-88.64	-7.49%	―	-16.73%	65.63%

S&T Holdings Ltd. Corporate Events

China Next-Gen Commerce and Supply Chain Narrows Revenue Gap but Annual Loss Widens

China Next-Gen Commerce and Supply Chain Limited reported a modest increase in total revenue to S$61.7 million for the year ended 30 September 2025, up from S$56.0 million a year earlier, driven mainly by growth in its services income and a slight rise in rental revenue. Despite the top-line expansion and a small improvement in gross profit, the group’s bottom line remained in the red, with its annual loss widening to S$880,913 from S$784,153 as higher expected credit loss allowances, reduced other income, and continued finance costs offset operating gains, underscoring ongoing profitability pressures that may concern investors and lenders monitoring its path to sustained earnings.

The most recent analyst rating on (HK:3928) stock is a Hold with a HK$5.00 price target. To see the full list of analyst forecasts on S&T Holdings Ltd. stock, see the HK:3928 Stock Forecast page.

China Next-Gen Announces Shanghai Mitaki Acquisition and New Lease Agreement

China Next-Gen Commerce and Supply Chain Limited announced the acquisition of Shanghai Mitaki through a connected transaction involving Ms. Wang, a director and controlling shareholder. The acquisition, valued at RMB1.5 million, is a fully exempt connected transaction under the Listing Rules. Additionally, Shanghai Mitaki has entered into a Lease Service Framework Agreement with Seazen Holdings, marking a shift in leasing and property management services. This agreement, subject to annual caps, is considered a continuing connected transaction requiring shareholder approval due to its scale.

The most recent analyst rating on (HK:3928) stock is a Hold with a HK$5.00 price target. To see the full list of analyst forecasts on S&T Holdings Ltd. stock, see the HK:3928 Stock Forecast page.

China Next-Gen Commerce Schedules Board Meeting for Annual Results

China Next-Gen Commerce and Supply Chain Limited has announced a board meeting scheduled for December 30, 2025, to consider and approve the annual results for the fiscal year ending September 30, 2025, and to discuss the payment of a final dividend. This meeting is significant as it will provide insights into the company’s financial health and potential shareholder returns, impacting its market positioning and stakeholder interests.

The most recent analyst rating on (HK:3928) stock is a Hold with a HK$5.00 price target. To see the full list of analyst forecasts on S&T Holdings Ltd. stock, see the HK:3928 Stock Forecast page.

China Next-Gen Commerce Finalizes Property Sale Agreement

China Next-Gen Commerce and Supply Chain Limited announced that the Purchaser has exercised the option to purchase a property for S$8.8 million, finalizing a binding agreement. This transaction is set to complete by the end of December 2025, potentially impacting the company’s asset management strategy and financial positioning.

The most recent analyst rating on (HK:3928) stock is a Hold with a HK$5.00 price target. To see the full list of analyst forecasts on S&T Holdings Ltd. stock, see the HK:3928 Stock Forecast page.

China Next-Gen Commerce Announces Property Disposal

China Next-Gen Commerce and Supply Chain Limited has announced a discloseable transaction involving the disposal of a property. The company, listed on the Hong Kong Stock Exchange, has granted an Option To Purchase to 2K Property Pte Ltd for S$8.8 million. This transaction is classified as a discloseable transaction under the Listing Rules, as it exceeds 5% of applicable percentage ratios but is under 25%. The property is subject to a tenancy agreement with a rent-free period and a subsequent 12-month lease.

The most recent analyst rating on (HK:3928) stock is a Hold with a HK$5.00 price target. To see the full list of analyst forecasts on S&T Holdings Ltd. stock, see the HK:3928 Stock Forecast page.

China Next-Gen Commerce Announces Resignation of Joint Company Secretary

China Next-Gen Commerce and Supply Chain Limited announced the resignation of Ms. Ding Ziyi from her position as a joint company secretary, effective October 16, 2025. Ms. Ding will focus on her role as an executive director, while Ms. Leong Kai Weng Subrina will continue as the sole company secretary. The company states that there are no disagreements or issues related to Ms. Ding’s resignation that need to be addressed to shareholders or the Stock Exchange.

The most recent analyst rating on (HK:3928) stock is a Hold with a HK$4.50 price target. To see the full list of analyst forecasts on S&T Holdings Ltd. stock, see the HK:3928 Stock Forecast page.