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S&T Holdings Ltd.
(3928)
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Rating:54Neutral
Price Target:
HK$25.00
▲(177.78% Upside)
Action:Reiterated
Date:05/29/26
The score is held back primarily by weak financial performance—continued net losses and a sharp deterioration in 2025 cash generation—plus limited support from valuation due to a negative P/E and no dividend data. These are partly offset by relatively strong technicals, with the price above major moving averages and positive momentum indicators.
Positive Factors
Improving leverage
A sustained reduction in debt-to-equity over several years represents durable de-risking of the balance sheet. Lower leverage increases financial flexibility to fund projects, absorb shocks, and access credit on better terms, strengthening medium-term solvency and strategic optionality.
Negative Factors
Persistent net losses
Ongoing net losses across multiple years signal a structural inability so far to translate margin recovery into bottom-line profitability. Persistent negative earnings limit retained earnings, constrain reinvestment, and imply the company must demonstrate sustainable margin expansion to justify capital deployment.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving leverage
A sustained reduction in debt-to-equity over several years represents durable de-risking of the balance sheet. Lower leverage increases financial flexibility to fund projects, absorb shocks, and access credit on better terms, strengthening medium-term solvency and strategic optionality.
Read all positive factors
S&T Holdings Ltd. (3928) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$11.08B
Dividend YieldN/A
Average Volume (3M)828.57K
Price to Earnings (P/E)―
Beta (1Y)-0.09
Revenue Growth-25.67%
EPS Growth-1034.21%
CountryHK
Employees184
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)-0.01
Shares Outstanding496,000,000
10 Day Avg. Volume738,800
30 Day Avg. Volume828,566
Financial Highlights & Ratios
PEG Ratio-36.07
Price to Book (P/B)14.79
Price to Sales (P/S)6.32
P/FCF Ratio-1.19K
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
S&T Holdings Ltd. Business Overview & Revenue Model
Company Description
Operating out of Singapore, S&T Holdings Limited functions as an investment holding entity primarily engaged in delivering construction and real estate investment solutions. Its construction division offers extensive civil engineering services, en...
How the Company Makes Money
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S&T Holdings Ltd. Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
52
Neutral
Cash Flow
29
Negative
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 46.04M | 61.66M | 55.97M | 56.06M | 67.09M | 47.43M |
| Gross Profit | 1.81M | 4.91M | 4.80M | 3.81M | 3.22M | -5.03M |
| EBITDA | -1.08M | 1.89M | 1.94M | 2.02M | -3.23M | -12.27M |
| Net Income | -6.84M | -880.91K | -784.15K | -1.04M | -1.49M | -11.19M |
Balance Sheet | ||||||
| Total Assets | 71.79M | 59.48M | 69.65M | 63.61M | 73.44M | 75.74M |
| Cash, Cash Equivalents and Short-Term Investments | 16.11M | 3.26M | 6.14M | 9.15M | 8.96M | 9.31M |
| Total Debt | 11.77M | 15.65M | 18.56M | 19.50M | 25.41M | 28.91M |
| Total Liabilities | 28.39M | 33.14M | 42.47M | 35.65M | 44.44M | 45.25M |
| Stockholders Equity | 43.40M | 26.34M | 27.17M | 27.96M | 29.00M | 30.49M |
Cash Flow | ||||||
| Free Cash Flow | -12.74M | -326.46K | 1.22M | 1.41M | 1.39M | 1.46M |
| Operating Cash Flow | -11.75M | 68.12K | 3.14M | 2.94M | 1.39M | 1.77M |
| Investing Cash Flow | 2.97M | 249.04K | -1.57M | 3.64M | 3.75M | 891.54K |
| Financing Cash Flow | 19.89M | -3.58M | -3.28M | -6.91M | -5.79M | -3.34M |
S&T Holdings Ltd. Technical Analysis
Positive
9.00
Price Trends
20.07
Positive
17.38
Positive
12.32
Positive
Market Momentum
0.76
Positive
54.76
Neutral
51.71
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 22.12, below the 50-day MA of 20.07, and below the 200-day MA of 12.32, indicating a bullish trend. The MACD of 0.76 indicates Positive momentum. The RSI at 54.76 is Neutral, neither overbought nor oversold. The STOCH value of 51.71 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
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | HK$36.82B | 4.10 | 11.37% | 6.69% | -5.48% | -4.24% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | HK$21.66B | 10.33 | 5.64% | 5.31% | 9.27% | -27.28% | |
57 Neutral | HK$74.66B | 20.38 | 4.96% | 3.90% | 5.40% | -33.06% | |
57 Neutral | HK$54.66B | 8,233.33 | 1.05% | 3.21% | -17.50% | -75.50% | |
54 Neutral | HK$11.08B | -259.99 | -19.61% | ― | -25.67% | -1034.21% | |
50 Neutral | HK$1.49B | 6.35 | 8.04% | 6.55% | -26.24% | -63.51% |
* Industrials Sector Average
HK:3928
S&T Holdings Ltd.
22.34
20.69
1253.94%
HK:3311
China State Construction International Holdings
6.97
-4.16
-37.35%
HK:3996
China Energy Engineering Corp. Ltd. Class H
1.11
0.07
6.73%
HK:1618
Metallurgical Corporation of China Ltd. Class H
1.32
-0.30
-18.72%
HK:2386
SINOPEC Engineering (Group) Co., Ltd. Class H
4.93
-0.72
-12.81%
HK:0830
China State Construction Development Holdings Limited
0.66
-0.73
-52.38%
S&T Holdings Ltd. Corporate Events
China Next-Gen Commerce Swings to Interim Loss on Revenue Slide
May 29, 2026
China Next-Gen Commerce and Supply Chain Limited reported a sharp deterioration in performance for the six months ended 31 March 2026, as total revenue fell to S$16.3 million from S$32.0 million a year earlier, driven mainly by a halving of servic...
China Next-Gen Commerce and Supply Chain flags swing to interim loss on project hit, toys push
May 13, 2026
China Next-Gen Commerce and Supply Chain Limited has warned that it expects to swing to a net loss of no more than S$6.0 million for the six months ended 31 March 2026, compared with a net profit of about S$410,000 a year earlier. The reversal is ...
China Next-Gen Commerce and Supply Chain Signs New Connected Procurement Deals With Seazen and S-Enjoy
Mar 27, 2026
China Next-Gen Commerce and Supply Chain Limited has entered into new framework agreements through its subsidiary Shanghai Mitaki with Seazen Holdings and S-Enjoy, both controlled by the same major shareholder family. Under these arrangements, Sha...
China Next-Gen Commerce and Supply Chain Cuts Board Lot Size to Boost Liquidity
Mar 27, 2026
China Next-Gen Commerce and Supply Chain Limited will reduce the trading board lot size of its ordinary shares on the Hong Kong Stock Exchange from 2,000 to 500 shares with effect from 9:00 a.m. on 22 April 2026. The move significantly lowers the ...
China Next-Gen Commerce and Supply Chain Wins Unanimous Backing at AGM
Mar 18, 2026
China Next-Gen Commerce and Supply Chain Limited reported that all resolutions at its 18 March 2026 annual general meeting were passed unanimously by poll, with 100% of votes cast in favour of each motion. Shareholders approved the audited financi...
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.