Altus Holdings Limited (8149) AI Stock Analysis

• Market Cap: HK$103.96M
• Dividend Yield: 1.52%
• Average Volume (3M): 57.67K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.06
• Revenue Growth: 1.10%
• EPS Growth: -347.83%
• Country: HK
• Employees: 19
• Sector: Industrials
• Sector Strength: 72
• Industry: Conglomerates
• EPS (TTM): >-0.01
• Shares Outstanding: 831,650,000
• 10 Day Avg. Volume: 72,000
• 30 Day Avg. Volume: 57,666
• PEG Ratio: 0.06
• Price to Book (P/B): 0.23
• Price to Sales (P/S): 1.79
• P/FCF Ratio: 8.90
• 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: 53 Neutral
• Price Target: HK$0.13 ▲(15.45% Upside)

The score is driven primarily by mixed financial performance, with profitability pressure (negative net margin and negative ROE) offset by a relatively stable balance sheet and acceptable cash-flow management. Technicals add support due to price strength above key moving averages and positive MACD, while valuation remains a headwind because the company is loss-making despite a modest dividend yield.

Positive Factors

Diversified revenue streams

A multi-pronged business model (asset management fees, property rents/capital appreciation, commodities trading) provides durable cash-flow diversification. This structural mix reduces reliance on any single cycle, supports steadier earnings and gives strategic optionality for reallocating capital over 2–6 months.

Low leverage / stable capital base

A relatively low debt-to-equity ratio and a stable equity ratio create financial flexibility. Manageable leverage improves resilience to shocks, preserves borrowing capacity for investment or opportunistic acquisitions, and supports continuity of operations and distributions across medium-term cycles.

Strong free cash flow to net income

A strong FCF-to-net-income ratio indicates the company converts reported profits into cash effectively, enabling self-funding of capex, servicing obligations and supporting shareholder returns. This cash-generation capability is a durable strength for funding strategy over coming months.

Negative Factors

Negative profitability

A recently negative net margin signals the business is not generating bottom-line profit from operations, undermining retained earnings and long-term value creation. Coupled with a reported negative ROE, this represents a structural profitability shortfall that pressures reinvestment and stakeholder returns.

Deteriorating operating margins

Falling EBIT/EBITDA margins and weakening revenue growth point to rising cost pressure or lower pricing power. Over several months this can erode operating leverage, reduce free cash generation potential, and constrain the firm's ability to reinvest or absorb adverse market shifts.

Weak cash conversion trends

Declining free cash flow growth and a low operating-CF-to-net-income ratio indicate potential deterioration in converting earnings into usable cash. Persisting weak cash conversion limits flexibility to fund growth, service debt, or return capital without external financing over the medium term.

Altus Holdings Limited Business Overview & Revenue Model

Company Description

Altus Holdings Limited provides corporate finance and property investment services in Hong Kong and Japan. It operates through Advisory and Consulting and Property Investment. The company offers corporate finance services, including sponsorship, financial advisory, compliance advisory, equity capital market consulting, and investment consulting and other consulting services. It also engages in the leasing of investment properties for residential and commercial use; holds portfolio of securities; and provides administrative services. The company was founded in 2000 and is headquartered in Central, Hong Kong. Altus Holdings Limited is a subsidiary of Kinley-Hecico Holdings Limited.

How the Company Makes Money

Altus Holdings Limited generates revenue through multiple streams primarily stemming from its investment activities. The company earns income from asset management fees charged on the funds it manages, as well as performance fees based on the returns generated for its investors. Additionally, property investments contribute to revenue through rental income and capital appreciation of the properties held in its portfolio. The trading of commodities also provides a significant revenue stream, where the company engages in buying and selling various goods, benefiting from market fluctuations. Strategic partnerships with financial institutions and real estate developers further enhance its earning potential, allowing for collaborative projects and access to a broader market.

Altus Holdings Limited Financial Statement Overview

Summary

Financials are mixed: the income statement shows weakening revenue growth and deteriorating EBIT/EBITDA margins with a recently negative net margin, while the balance sheet is moderately stable with low leverage but negative ROE. Cash flow management looks efficient in ratio terms, but declining free cash flow growth and weak cash conversion are risks.

Income Statement

Altus Holdings Limited shows a mixed performance in its income statement. The company has experienced a decline in revenue growth over the years, with a recent slight increase. Gross profit margins remain strong, but the net profit margin has turned negative in the latest period, indicating profitability challenges. EBIT and EBITDA margins have also deteriorated, reflecting operational inefficiencies.

Balance Sheet

The balance sheet of Altus Holdings Limited reveals moderate financial stability. The debt-to-equity ratio is relatively low, suggesting manageable leverage. However, the return on equity has been negative recently, indicating poor returns for shareholders. The equity ratio remains stable, reflecting a solid capital structure.

Cash Flow

Cash flow analysis shows a decline in free cash flow growth, which could be a concern for future liquidity. The operating cash flow to net income ratio is low, indicating potential issues in converting income into cash. However, the free cash flow to net income ratio remains strong, suggesting efficient cash management.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	47.04M	48.31M	52.55M	47.30M	55.71M	59.27M
Gross Profit	24.00M	38.24M	42.12M	37.77M	43.28M	45.63M
EBITDA	14.80M	-488.00K	25.95M	16.44M	17.96M	17.57M
Net Income	-6.26M	-8.47M	12.63M	9.88M	6.98M	6.29M
Balance Sheet
Total Assets	590.02M	586.27M	586.30M	630.02M	663.24M	713.48M
Cash, Cash Equivalents and Short-Term Investments	45.78M	47.59M	45.55M	35.66M	34.66M	36.15M
Total Debt	155.94M	157.19M	146.70M	161.47M	176.65M	201.85M
Total Liabilities	202.43M	202.28M	193.33M	207.72M	222.63M	249.31M
Stockholders Equity	374.06M	370.92M	380.04M	408.13M	426.16M	449.63M
Cash Flow
Free Cash Flow	13.12M	9.69M	18.61M	16.89M	18.29M	18.25M
Operating Cash Flow	13.15M	9.70M	18.66M	16.91M	18.36M	18.27M
Investing Cash Flow	-36.62M	-11.61M	-200.00K	-5.79M	-663.00K	-3.12M
Financing Cash Flow	1.25M	3.65M	-5.01M	-8.46M	-18.07M	-18.34M

Altus Holdings Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.11
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:8149, the sentiment is Positive. The current price of 0.11 is below the 20-day moving average (MA) of 0.11, above the 50-day MA of 0.11, and above the 200-day MA of 0.11, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 58.39 is Neutral, neither overbought nor oversold. The STOCH value of 57.32 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:8149.

Altus Holdings Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
0689	68 Neutral	HK$111.46M	11.11	2.38%	―	3.32%	37.29%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
8149	53 Neutral	HK$103.96M	-21.93	-1.24%	1.52%	1.10%	-347.83%
0138	46 Neutral	HK$108.78M	-0.25	-65.19%	―	-19.75%	31.54%
8269	46 Neutral	HK$400.83M	-118.42	-41.21%	―	8.75%	87.90%
0630	44 Neutral	HK$241.89M	9.54	52.14%	―	29.77%	1646.67%