Winson Holdings Hong Kong Ltd (6812) AI Stock Analysis

• Market Cap: HK$180.00M
• Dividend Yield: 3.65%
• Average Volume (3M): 32.33K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.59
• Revenue Growth: 0.25%
• EPS Growth: 18.87%
• Country: HK
• Employees: 1,589
• Sector: Industrials
• Sector Strength: 72
• Industry: Waste Management
• EPS (TTM): >-0.01
• Shares Outstanding: 600,000,000
• 10 Day Avg. Volume: 20,500
• 30 Day Avg. Volume: 32,333
• PEG Ratio: 0.03
• Price to Book (P/B): 0.37
• Price to Sales (P/S): 0.15
• P/FCF Ratio: 2.58
• 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: 56 Neutral
• Price Target: HK$0.31 ▲(47.14% Upside)
• Action: Reiterated Date: 02/03/26
• Date: Action: Reiterated 02/03/26

The score is held down primarily by weak financial performance driven by revenue declines and net losses, despite a comparatively stable balance sheet. Technicals are a key offset, with a strong uptrend versus major moving averages and positive MACD. Valuation remains constrained because the company is loss-making (negative P/E), even with a moderate dividend yield.

Positive Factors

Low leverage / strong equity

A low debt-to-equity ratio and strong equity position provide durable financial flexibility. This capital structure reduces solvency risk, supports investment or acquisition optionality, and gives the firm capacity to withstand cyclical stress without forcing asset sales or dilutive capital raises.

Free cash flow resilience

Relative strength in free cash flow versus net income indicates the business can still generate usable cash despite accounting losses. Sustained FCF supports operational funding, modest dividends or capex, and provides a buffer while management works to restore profitability.

Structural industry demand

Waste management is a structurally recurring, regulated service with high switching costs and stable demand. This industry backbone tends to produce predictable revenue streams, long-term contracts and barriers to entry, supporting durable cash generation and business visibility.

Negative Factors

Revenue decline & net losses

Persistent revenue declines and current net losses signal structural demand or execution issues. Negative EBIT/EBITDA margins reduce reinvestment capacity, weaken competitive positioning over time, and make it harder to restore profitability without clear revenue stabilization or cost restructuring.

Negative return on equity

A negative ROE means the company is not generating returns on shareholder capital, undermining long-term value creation. Even with a healthy equity base, sustained negative ROE can pressure dividend policy, capital allocation decisions, and investor confidence unless profitability is restored.

Weak cash conversion & volatility

Below‑par operating cash conversion and declining FCF growth point to structural difficulty turning accounting earnings into cash. This limits internal funding for growth and capex, may increase dependence on external financing, and raises liquidity risk during downturns.

Winson Holdings Hong Kong Ltd Business Overview & Revenue Model

Company Description

Winson Holdings Hong Kong Limited, an investment holding company, provides environmental hygiene and related, and airline catering support services in Hong Kong. The company offers environmental hygiene and related services, including public area and office cleaning, and waste management, as well as specialized services, such as external curtain wall and window cleaning, marble floor maintenance and restoration, intensive cleaning and pest control services, etc. for residential, commercial and shopping complexes, public utilities, transportation systems, and government bodies. It also provides waste recovery, transportation, and disposal solutions; mist disinfection services; robotic cleaning services; and pest management services, including indoor pest management, and rodent prevention and control services for government departments, educational institutes, public utilities, and transportation systems, as well as residential, commercial, and shopping complexes. In addition, the company offers airline catering support services, such as food plating, tray-setting, packaging, and internal logistic for equipment flow, etc. to airline catering operators. Further, it provides property holding services. The company was incorporated in 1983 and is headquartered in Tsuen Wan, Hong Kong. Winson Holdings Hong Kong Limited is a subsidiary of Sze's Holdings Limited.

How the Company Makes Money

Winson Holdings Hong Kong Ltd Financial Statement Overview

Summary

Income statement is weak (score 45) due to declining revenue, net losses, and negative EBIT/EBITDA margins. Balance sheet is relatively steadier (score 60) with low leverage, but ROE has turned negative. Cash flow is mixed (score 50) with volatility and weaker cash conversion despite some resilience in free cash flow vs. net income.

Income Statement

Winson Holdings has experienced declining revenue over recent years, with a significant drop in the latest period. The company is currently operating at a net loss, and its profit margins have deteriorated. The negative EBIT and EBITDA margins indicate operational challenges, impacting overall profitability.

Balance Sheet

The company maintains a strong equity position with a low debt-to-equity ratio, indicating financial stability. However, the return on equity has turned negative, reflecting recent losses. The equity ratio remains healthy, suggesting a solid capital structure.

Cash Flow

Winson Holdings has shown inconsistent cash flow performance, with a significant decline in free cash flow growth. The operating cash flow to net income ratio is below 1, indicating challenges in converting income into cash. However, the free cash flow to net income ratio remains relatively strong, suggesting some resilience in cash generation.

Breakdown	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2021
Income Statement
Total Revenue	478.62M	470.71M	462.20M	473.69M	529.99M
Gross Profit	42.66M	66.56M	77.48M	76.35M	74.82M
EBITDA	-3.61M	19.69M	35.19M	33.18M	82.42M
Net Income	-10.92M	10.90M	24.75M	22.10M	73.81M
Balance Sheet
Total Assets	278.02M	282.03M	275.01M	264.23M	276.46M
Cash, Cash Equivalents and Short-Term Investments	99.11M	93.56M	154.37M	117.66M	122.38M
Total Debt	950.00K	2.40M	2.59M	4.53M	6.00M
Total Liabilities	79.52M	70.73M	63.73M	68.86M	67.78M
Stockholders Equity	198.50M	211.30M	211.28M	195.38M	208.68M
Cash Flow
Free Cash Flow	28.36M	-51.13M	47.53M	33.25M	84.40M
Operating Cash Flow	31.98M	-23.89M	51.09M	38.51M	93.82M
Investing Cash Flow	-20.54M	-24.81M	-3.56M	-5.27M	-9.35M
Financing Cash Flow	-5.87M	-11.70M	-10.79M	-37.71M	-3.27M

Winson Holdings Hong Kong Ltd Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.21
• 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:6812, the sentiment is Positive. The current price of 0.21 is below the 20-day moving average (MA) of 0.30, below the 50-day MA of 0.26, and above the 200-day MA of 0.19, indicating a neutral trend. The MACD of 0.01 indicates Positive momentum. The RSI at 58.77 is Neutral, neither overbought nor oversold. The STOCH value of 66.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:6812.

Winson Holdings Hong Kong 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%
8201	59 Neutral	HK$53.46M	2.72	-0.77%	―	2.94%	-56.79%
6812	56 Neutral	HK$180.00M	-6.02	-3.95%	3.65%	0.25%	18.87%
8309	48 Neutral	HK$40.80M	10.19	-12.22%	―	-57.27%	-190.00%
0923	47 Neutral	HK$96.46M	-1.85	-107.25%	―	-2.08%	-647.01%
0646	46 Neutral	HK$53.46M	-1.06	―	―	4.13%	-5.11%
8320	44 Neutral	HK$65.21M	18.02	-4.04%	―	12.29%	51.28%

Winson Holdings Hong Kong Ltd Corporate Events

Winson Holdings refreshes board with new independent director

Winson Holdings Hong Kong Ltd has announced board changes effective 16 March 2026, with independent non-executive director Chan Chun Sing resigning to focus on other business engagements and stepping down from both the audit and nomination committees. The board noted Chan has no disagreement with the company and expressed appreciation for his contributions, indicating a smooth and non-contentious transition.

The company has appointed seasoned banker Ng Moon Fai as an independent non-executive director and member of the audit and nomination committees, also effective 16 March 2026. Ng brings nearly three decades of banking and regional management experience across Hong Kong, the Greater Bay Area and ASEAN, and his appointment, on a two-year term with an annual fee of HK$240,000, is expected to strengthen the group’s governance and financial oversight capabilities.

The most recent analyst rating on (HK:6812) stock is a Hold with a HK$0.31 price target. To see the full list of analyst forecasts on Winson Holdings Hong Kong Ltd stock, see the HK:6812 Stock Forecast page.