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

• Market Cap: HK$2.25B
• Dividend Yield: N/A
• Average Volume (3M): 432.80K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.06
• Revenue Growth: 34.69%
• EPS Growth: 41.09%
• Country: HK
• Employees: 184
• Sector: Industrials
• Sector Strength: 79
• Industry: Engineering & Construction
• EPS (TTM): >-0.01
• Shares Outstanding: 480,000,000
• 10 Day Avg. Volume: 782,400
• 30 Day Avg. Volume: 432,800
• PEG Ratio: N/A
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• 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: 4.65% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 55 Neutral
• Price Target: HK$4.50 ▲(4.65% Upside)

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 Ltd. (3928) is an investment holding company based in Hong Kong, primarily engaged in logistics, property investment and development, and other diversified businesses. The company operates through its subsidiaries to provide supply chain management services, freight forwarding, and warehousing solutions, while also investing in real estate properties to generate rental income and capitalize on property appreciation.

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. exhibits significant financial challenges, such as negative profitability, high leverage, and inconsistent revenue growth. The balance sheet shows moderate stability but is overshadowed by negative net income and operational inefficiencies.

Income Statement

S&T Holdings Ltd. has struggled with profitability over the past years, exhibiting negative net income and EBIT margins. The gross profit margin has been positive but declining, indicating pressure on revenue conversion. Revenue growth has been inconsistent, with a notable decline in recent years. The company's EBIT and EBITDA margins are negative, reflecting operational challenges.

Balance Sheet

The company's balance sheet shows a moderate equity ratio, suggesting a reasonable level of financial stability. However, the debt-to-equity ratio is relatively high, indicating significant leverage, which poses potential financial risk. Return on equity is negative due to persistent net losses, reflecting inefficiencies in generating shareholder value.

Cash Flow

Operating cash flow has been positive, but the free cash flow growth rate is inconsistent, reflecting challenges in maintaining cash generation after capital expenditures. The free cash flow to net income ratio is positive, but high leverage and negative net income indicate difficulties in translating cash flow into profits.

Breakdown	Sep 2024	Sep 2023	Sep 2022	Sep 2021	Sep 2020
Income Statement
Total Revenue	55.97M	56.06M	67.09M	47.43M	41.52M
Gross Profit	4.80M	3.81M	3.22M	-5.03M	-2.04M
EBITDA	286.70K	2.02M	-125.04K	-7.49M	-2.69M
Net Income	-784.15K	-1.04M	-1.49M	-11.19M	-7.09M
Balance Sheet
Total Assets	69.65M	63.61M	73.44M	75.74M	81.49M
Cash, Cash Equivalents and Short-Term Investments	6.14M	9.15M	8.96M	9.31M	10.09M
Total Debt	18.56M	19.50M	25.41M	28.91M	28.86M
Total Liabilities	42.47M	35.65M	44.44M	45.25M	39.80M
Stockholders Equity	27.17M	27.96M	29.00M	30.49M	41.68M
Cash Flow
Free Cash Flow	1.22M	1.41M	1.39M	1.46M	-6.40M
Operating Cash Flow	3.14M	2.94M	1.39M	1.77M	-4.85M
Investing Cash Flow	-1.57M	3.64M	3.75M	891.54K	-2.31M
Financing Cash Flow	-3.28M	-6.91M	-5.79M	-3.34M	-3.62M

S&T Holdings Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 4.30
• 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 4.3 is above the 20-day moving average (MA) of 4.02, above the 50-day MA of 2.88, and above the 200-day MA of 2.71, indicating a bullish trend. The MACD of 0.37 indicates Positive momentum. The RSI at 58.67 is Neutral, neither overbought nor oversold. The STOCH value of 72.44 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
1727	69 Neutral	HK$951.15M	5.23	2.79%	―	-26.45%	-3.13%
1662	64 Neutral	HK$1.26B	31.49	8.13%	―	33.22%	80.73%
0687	64 Neutral	HK$1.03B	15.97	5.28%	11.48%	11.24%	64.66%
Sector *	64 Neutral	$10.96B	16.35	8.89%	1.96%	2.68%	-15.17%
3928	55 Neutral	HK$2.25B	―	-2.26%	―	34.69%	41.09%
1499	53 Neutral	HK$2.69B	―	-10.00%	―	25.70%	61.33%
0711	48 Neutral	HK$831.46M	―	-11.69%	5.01%	3.14%	-480.05%

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.