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

• Market Cap: HK$2.35B
• Dividend Yield: N/A
• Average Volume (3M): 1.07M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.05
• Revenue Growth: 34.69%
• EPS Growth: 41.09%
• Country: HK
• Employees: 184
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): >-0.01
• Shares Outstanding: 480,000,000
• 10 Day Avg. Volume: 1,118,200
• 30 Day Avg. Volume: 1,066,733
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• 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: HK$4.50
• Price Target Upside: -8.72% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 0

• Rating: 55 Neutral
• Price Target: HK$4.50 ▼(-8.72% Downside)

The overall stock score is primarily influenced by the company's financial challenges, including declining revenues and net losses. While technical indicators suggest a positive trend, poor valuation metrics due to negative earnings weigh heavily on the score. The absence of earnings call data and corporate events means these factors do not influence the score.

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	55.97M	55.97M	56.06M	67.09M	47.43M	41.52M
Gross Profit	4.80M	4.80M	3.81M	3.22M	-5.03M	-2.04M
EBITDA	286.70K	286.70K	2.02M	-125.04K	-7.49M	-2.69M
Net Income	-784.15K	-784.15K	-1.04M	-1.49M	-11.19M	-7.09M
Balance Sheet
Total Assets	69.65M	69.65M	63.61M	73.44M	75.74M	81.49M
Cash, Cash Equivalents and Short-Term Investments	6.14M	6.14M	9.15M	8.96M	9.31M	10.09M
Total Debt	18.56M	18.56M	19.50M	25.41M	28.91M	28.86M
Total Liabilities	42.47M	42.47M	35.65M	44.44M	45.25M	39.80M
Stockholders Equity	27.17M	27.17M	27.96M	29.00M	30.49M	41.68M
Cash Flow
Free Cash Flow	1.75M	1.22M	1.41M	1.39M	1.46M	-6.40M
Operating Cash Flow	3.14M	3.14M	2.94M	1.39M	1.77M	-4.85M
Investing Cash Flow	-1.57M	-1.57M	3.64M	3.75M	891.54K	-2.31M
Financing Cash Flow	-3.28M	-3.28M	-6.91M	-5.79M	-3.34M	-3.62M

S&T Holdings Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 4.93
• 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 4.93 is above the 20-day moving average (MA) of 4.67, above the 50-day MA of 3.79, and above the 200-day MA of 2.81, indicating a bullish trend. The MACD of 0.31 indicates Positive momentum. The RSI at 56.91 is Neutral, neither overbought nor oversold. The STOCH value of 29.33 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
1662	64 Neutral	1.41B	37.89	8.29%	―	33.22%	80.73%
0687	64 Neutral	1.08B	16.75	3.29%	13.85%	11.24%	64.66%
1727	62 Neutral	845.46M	5.40	2.74%	―	-25.79%	-18.64%
3928	55 Neutral	HK$2.35B	―	-2.26%	―	34.69%	41.09%
1499	53 Neutral	2.28B	-143.10	-10.56%	―	25.70%	61.33%
0711	45 Neutral	803.75M	-2.79	-12.30%	―	3.14%	-480.05%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%

S&T Holdings Ltd. Corporate Events

Ever Realm Capital Acquires Majority Stake in China Next-Gen Commerce

S&T Holdings Ltd. has announced a significant transaction involving the sale and purchase of shares in China Next-Gen Commerce and Supply Chain Limited. The transaction involves Ever Realm Capital Limited acquiring 75% of the total issued share capital of the company for HK$222,800,000. Following this acquisition, Ever Realm Capital Limited is required to make a mandatory unconditional cash offer for the remaining shares at the same price per share. This move is expected to consolidate Ever Realm’s position in the company, potentially impacting its market operations and stakeholder interests.

China Next-Gen Commerce and Supply Chain Limited Announces Trading Halt

China Next-Gen Commerce and Supply Chain Limited has requested a trading halt on its shares on the Hong Kong Stock Exchange as of July 29, 2025. This halt is pending the release of an announcement related to the Hong Kong Code on Takeovers and Mergers, which contains inside information, potentially impacting the company’s operations and market positioning.

China Next-Gen Commerce Reports Strong Interim Results for 2025

China Next-Gen Commerce and Supply Chain Limited reported its unaudited interim results for the six months ending March 31, 2025, showing a significant increase in total revenue to S$31.96 million from S$23.63 million in the previous year. The company’s gross profit also rose slightly, while profit before taxation increased to S$413,129, indicating improved financial performance and potential positive implications for stakeholders.