WLS Holdings Ltd (HK:8021)
:8021
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WLS Holdings Ltd
(8021)
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Rating:55Neutral
Price Target:
HK$0.24
▲(2290.00% Upside)
Action:Reiterated
Date:05/10/26
The score is primarily driven by improving operating performance and a return to positive operating/free cash flow, offset by continued net losses and ongoing revenue contraction. Technical signals are mixed with longer-term trend weakness, while valuation appears very low on P/E but is tempered by the lack of demonstrated, sustainable profitability.
Positive Factors
Improved margins
A ~66% gross margin and positive EBIT margin (~7%) in 2025 indicate durable operating leverage and improved cost control in core scaffolding and fitting-out services. Sustained margins enhance cash coverage of fixed costs, support competitive bidding, and create a buffer against cyclical revenue swings over months.
Negative Factors
Net losses persist
Despite better operating margins, a -8.7% net margin in 2025 means the company still consumes equity value and cannot yet deliver sustainable shareholder returns. Ongoing net losses limit retained earnings, constrain reserves for downturns, and require either sustained margin improvement or external capital to reach durable profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved margins
A ~66% gross margin and positive EBIT margin (~7%) in 2025 indicate durable operating leverage and improved cost control in core scaffolding and fitting-out services. Sustained margins enhance cash coverage of fixed costs, support competitive bidding, and create a buffer against cyclical revenue swings over months.
Read all positive factors
WLS Holdings Ltd (8021) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$166.66M
Dividend YieldN/A
Average Volume (3M)6.27M
Price to Earnings (P/E)2.2
Beta (1Y)0.47
Revenue Growth-13.13%
EPS Growth24.54%
CountryHK
Employees43
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)-0.02
Shares Outstanding718,355,040
10 Day Avg. Volume840,000
30 Day Avg. Volume6,273,583
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)0.02
Price to Sales (P/S)0.10
P/FCF Ratio2.50
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
WLS Holdings Ltd Business Overview & Revenue Model
Company Description
WLS Holdings Limited, an investment holding company established in 2001 and based in Aberdeen, Hong Kong, primarily offers scaffolding, interior fitting-out, and various support services to the construction and building industries within Hong Kong...
How the Company Makes Money
WLS Holdings Ltd generates revenue primarily through its scaffolding operations and related construction services. The company provides scaffolding and fitting-out solutions for construction projects of various sizes, which include installation, m...
WLS Holdings Ltd Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
68
Positive
Cash Flow
55
Neutral
| Breakdown | Apr 2024 | Apr 2023 | Apr 2022 | Apr 2021 | Apr 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 79.13M | 82.41M | 145.96M | 189.05M | 150.21M |
| Gross Profit | 52.16M | 50.74M | 47.85M | 71.12M | 72.04M |
| EBITDA | 7.56M | 4.71M | -94.35M | 6.15M | 3.09M |
| Net Income | -6.85M | -11.15M | -112.38M | -10.82M | -16.90M |
Balance Sheet | |||||
| Total Assets | 585.10M | 582.04M | 575.61M | 703.37M | 711.07M |
| Cash, Cash Equivalents and Short-Term Investments | 68.77M | 66.14M | 63.78M | 108.14M | 108.70M |
| Total Debt | 152.88M | 149.35M | 125.50M | 143.24M | 153.78M |
| Total Liabilities | 207.61M | 198.16M | 179.50M | 200.83M | 202.18M |
| Stockholders Equity | 377.50M | 383.88M | 396.11M | 509.64M | 521.35M |
Cash Flow | |||||
| Free Cash Flow | 3.30M | -16.26M | -6.18M | -44.93M | -53.89M |
| Operating Cash Flow | 3.30M | -16.24M | -4.98M | -35.01M | -52.07M |
| Investing Cash Flow | -414.00K | 244.00K | 13.89M | 43.05M | 674.00K |
| Financing Cash Flow | -5.83M | 15.96M | -15.65M | -5.06M | -9.31M |
WLS Holdings Ltd Technical Analysis
Negative
0.01
Price Trends
0.27
Negative
0.30
Negative
0.42
Negative
Market Momentum
-0.01
Positive
40.44
Neutral
58.96
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:8021, the sentiment is Negative. The current price of 0.01 is below the 20-day moving average (MA) of 0.25, below the 50-day MA of 0.27, and below the 200-day MA of 0.42, indicating a bearish trend. The MACD of -0.01 indicates Positive momentum. The RSI at 40.44 is Neutral, neither overbought nor oversold. The STOCH value of 58.96 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:8021.
WLS Holdings Ltd Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | HK$202.50M | 5.16 | 5.52% | 9.71% | 41.31% | -27.00% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
55 Neutral | HK$166.66M | 2.16 | 13.27% | ― | -13.13% | 24.54% | |
55 Neutral | HK$244.00M | 27.95 | 3.15% | 5.63% | -9.62% | -2.68% | |
48 Neutral | HK$220.00M | 13.79 | 4.36% | 15.38% | 0.39% | -42.36% | |
38 Underperform | HK$152.00M | -1.07 | -98.05% | ― | 15.26% | 10.41% |
* Industrials Sector Average
HK:8021
WLS Holdings Ltd
0.23
-0.38
-61.84%
HK:1447
SFK Construction Holdings Ltd.
0.55
<0.01
0.36%
HK:1582
CR Construction Group Holdings Limited
0.41
-0.03
-6.03%
HK:1615
AB Builders Group Limited
0.39
0.19
95.00%
HK:1793
Wecon Holdings Ltd.
0.31
0.16
117.86%
HK:6816
Prosper Construction Holdings Limited
0.19
0.08
74.31%
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.