S&T Holdings Ltd. (HK:3928)
:3928
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S&T Holdings Ltd.
(3928)
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Rating:51Neutral
Price Target:
HK$15.50
▲(72.22% Upside)
Action:ReiteratedDate:03/24/26
The score is held down primarily by weak financial performance—ongoing losses and a sharp deterioration in 2025 operating/free cash flow—despite improving leverage. Technical indicators are supportive (positive trend and momentum), but valuation is constrained by negative earnings and the absence of a stated dividend yield.
Positive Factors
Improving leverage
The sustained decline in debt-to-equity to ~0.59 by 2025 signals de-risking of the balance sheet. Lower leverage improves financing flexibility for project timing, reduces refinancing and interest-rate pressure, and increases the firm's capacity to fund capex or absorb shocks over the medium term.
Negative Factors
Persistent losses
Recurring net losses through 2025 mean retained earnings are depleted and the firm hasn’t translated revenue into sustainable profits. Persistent losses constrain reinvestment, limit dividends, and heighten reliance on external capital, which can restrict strategic options over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving leverage
The sustained decline in debt-to-equity to ~0.59 by 2025 signals de-risking of the balance sheet. Lower leverage improves financing flexibility for project timing, reduces refinancing and interest-rate pressure, and increases the firm's capacity to fund capex or absorb shocks over the medium term.
Read all positive factors
S&T Holdings Ltd. (3928) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$8.19B
Dividend YieldN/A
Average Volume (3M)828.57K
Price to Earnings (P/E)―
Beta (1Y)0.02
Revenue Growth34.69%
EPS Growth41.09%
CountryHK
Employees184
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)-0.02
Shares Outstanding496,000,000
10 Day Avg. Volume738,800
30 Day Avg. Volume828,566
Financial Highlights & Ratios
PEG Ratio-35.38
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
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 s...
S&T Holdings Ltd. Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
52
Neutral
Cash Flow
29
Negative
| Breakdown | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 61.66M | 55.97M | 56.06M | 67.09M | 47.43M |
| Gross Profit | 4.91M | 4.80M | 3.81M | 3.22M | -5.03M |
| EBITDA | 1.89M | 1.94M | 2.02M | -3.23M | -12.27M |
| Net Income | -880.91K | -784.15K | -1.04M | -1.49M | -11.19M |
Balance Sheet | |||||
| Total Assets | 59.48M | 69.65M | 63.61M | 73.44M | 75.74M |
| Cash, Cash Equivalents and Short-Term Investments | 3.26M | 6.14M | 9.15M | 8.96M | 9.31M |
| Total Debt | 15.65M | 18.56M | 19.50M | 25.41M | 28.91M |
| Total Liabilities | 33.14M | 42.47M | 35.65M | 44.44M | 45.25M |
| Stockholders Equity | 26.34M | 27.17M | 27.96M | 29.00M | 30.49M |
Cash Flow | |||||
| Free Cash Flow | -326.46K | 1.22M | 1.41M | 1.39M | 1.46M |
| Operating Cash Flow | 68.12K | 3.14M | 2.94M | 1.39M | 1.77M |
| Investing Cash Flow | 249.04K | -1.57M | 3.64M | 3.75M | 891.54K |
| Financing Cash Flow | -3.58M | -3.28M | -6.91M | -5.79M | -3.34M |
S&T Holdings Ltd. Technical Analysis
Positive
9.00
Price Trends
13.58
Positive
11.21
Positive
7.49
Positive
Market Momentum
0.76
Positive
62.03
Neutral
73.23
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 16.51, below the 50-day MA of 13.58, and above the 200-day MA of 7.49, indicating a neutral trend. The MACD of 0.76 indicates Positive momentum. The RSI at 62.03 is Neutral, neither overbought nor oversold. The STOCH value of 73.23 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | HK$1.18B | 17.57 | 5.24% | 13.24% | 11.24% | 64.66% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
60 Neutral | HK$581.26M | 1.65 | 2.37% | ― | -25.78% | -18.64% | |
56 Neutral | HK$412.00M | 10.98 | 9.07% | ― | -16.13% | 5.48% | |
51 Neutral | HK$8.19B | -442.20 | -3.27% | ― | 34.69% | 41.09% | |
45 Neutral | HK$821.69M | 707.71 | -7.82% | ― | -16.73% | 65.63% | |
41 Neutral | HK$792.24M | 3.25 | 2.27% | 1.93% | 0.97% | ― |
* Industrials Sector Average
HK:3928
S&T Holdings Ltd.
16.51
14.25
630.53%
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S&T Holdings Ltd. Corporate Events
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...
China Next-Gen Commerce and Supply Chain Raises HK$140.75 Million via Share Placing
Feb 25, 2026
China Next-Gen Commerce and Supply Chain Limited has completed a placing of 16 million new shares under its general mandate, representing about 3.23% of its enlarged share capital. The shares were placed to at least six independent investors at HK...
China Next-Gen Commerce and Supply Chain Wins Approval for Lease Service Framework Agreement
Feb 24, 2026
China Next-Gen Commerce and Supply Chain Limited secured shareholder approval at an extraordinary general meeting for its Lease Service Framework Agreement with Shanghai Mitaki Culture Development Company Limited and Seazen Holdings Co., Ltd. The ...
China Next-Gen Commerce and Supply Chain Launches Discounted Share Placement to Raise Up to HK$142 Million
Feb 10, 2026
China Next-Gen Commerce and Supply Chain Ltd. has mandated a placing agent to place up to 16,000,000 new shares with at least six independent investors at HK$8.88 per share under its existing general mandate. The placement shares will represent ab...
China Next-Gen Commerce and Supply Chain Calls EGM to Approve Multi-Year Lease Framework with Seazen
Feb 3, 2026
China Next-Gen Commerce and Supply Chain Limited has called an extraordinary general meeting for 24 February 2026 in Hong Kong to seek shareholder approval of a lease service framework agreement entered into on 15 December 2025 between its subsidi...
China Next-Gen Commerce and Supply Chain Sets 2026 AGM, Seeks Fresh Share-Issue Mandate
Jan 23, 2026
China Next-Gen Commerce and Supply Chain Limited has called its annual general meeting for 18 March 2026 in Hong Kong, where shareholders will vote on the adoption of the audited financial statements for the year ended 30 September 2025, the re-el...
China Next-Gen Commerce and Supply Chain Narrows Revenue Gap but Annual Loss Widens
Dec 30, 2025
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...
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.