Amasse Capital Holdings Limited (8168) AI Stock Analysis

• Market Cap: HK$166.66M
• Dividend Yield: N/A
• Average Volume (3M): 8.35M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.15
• Revenue Growth: -30.21%
• EPS Growth: -305.00%
• Country: HK
• Employees: 17
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): N/A
• Shares Outstanding: 1,243,700,000
• 10 Day Avg. Volume: 19,742,326
• 30 Day Avg. Volume: 8,354,775
• PEG Ratio: 0.31
• Price to Book (P/B): 2.86
• Price to Sales (P/S): 5.11
• P/FCF Ratio: -13.69
• 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: 45 Neutral
• Price Target: HK$0.14 ▼(-1.43% Downside)
• Action: Reiterated Date: 02/19/26
• Date: Action: Reiterated 02/19/26

The score is driven primarily by weak financial performance: despite strong revenue and margin improvement, losses and negative cash flow persist. Technical indicators also point to soft near-term momentum. Valuation is constrained by a negative P/E and no dividend support.

Positive Factors

Low leverage / strong balance sheet

The company’s very low debt-to-equity (~0.03 in 2025) and reduced leverage versus 2022–2023 materially lower refinancing and interest-rate risk. A strong balance sheet provides runway to absorb losses, pursue strategic investments, or withstand market stress over the next 2–6 months.

Revenue rebound and margin expansion

A sharp revenue rebound (+55.8% YoY) combined with a large gross margin improvement to ~81.6% signals meaningful recovery in core revenue drivers or mix. If sustained, these trends support operating leverage and provide a stronger platform for restoring profitability over a multi-month horizon.

Capital-light, lean operating base

A very small headcount (17 employees) paired with strong revenue growth suggests a capital-light, scalable model. Lower fixed labor costs increase sensitivity of margins to revenue gains, enabling faster margin recovery and efficient scaling without large incremental overhead over coming months.

Negative Factors

Deep and persistent net losses

Despite revenue gains, the company remains deeply loss-making with a ~-51.6% net margin and a multi-year pattern of losses (profitable only in 2020). Persistent negative earnings undermine reinvestment ability, strain reserves, and make long-term viability conditional on sustained margin recovery.

Negative and volatile cash generation

Operating and free cash flow turned negative in 2025 (-4.7m) after healthier inflows in 2024, indicating volatile cash conversion. Weak and inconsistent cash generation raises funding and execution risk, potentially forcing dilution or borrowing to finance operations and growth over the medium term.

Consistently negative returns on equity

ROE has been consistently negative, reflecting recurring losses that erode shareholder capital. Continued negative returns can weaken investor confidence, restrict access to external capital, and ultimately pressure the equity base if profitability is not restored within a few quarters.

Amasse Capital Holdings Limited Business Overview & Revenue Model

Company Description

Amasse Capital Holdings Limited, an investment holding company, provides corporate finance and investment advisory services in Hong Kong. The company offers financial advisory services to listed companies and investors seeking to control or invest in public listed companies, as well as independent board committees and/or independent shareholders of public listed companies. It also acts as an underwriter and/or placing agent not holding client assets in dealing activities for its clients. The company was founded in 2012 and is headquartered in Central, Hong Kong. Amasse Capital Holdings Limited is a subsidiary of Access Cheer Limited.

How the Company Makes Money

Amasse Capital Holdings generates revenue through multiple channels, including management fees from its asset management services, performance-based fees from investments, and advisory fees from consulting services provided to clients. The company may also earn income through dividends and interest from its investment portfolio, which includes equities, fixed income securities, and alternative investments. Strategic partnerships with financial institutions and other investment firms enhance its deal flow and access to unique investment opportunities, contributing to its overall earnings.

Amasse Capital Holdings Limited Financial Statement Overview

Summary

Revenue and gross margin rebounded sharply in 2025, but the company remains deeply loss-making with negative operating earnings and a return to negative operating/free cash flow. A low-debt balance sheet is a clear positive, but weak profitability and inconsistent cash generation keep the overall financial profile below average.

Income Statement

Revenue rebounded strongly in 2025 (+55.8% YoY), and gross margin improved sharply (to ~81.6% vs ~13.9% in 2024). However, profitability remains weak: the company is still deeply loss-making (2025 net margin ~-51.6%) with negative operating earnings, following a multi-year pattern of losses (profitable only in 2020). Overall, growth is improving, but earnings quality and consistency remain a major concern.

Balance Sheet

The balance sheet is a relative strength, with very low leverage in the latest year (debt-to-equity ~0.03 in 2025) and a sizable equity base. Debt has also come down meaningfully versus 2022–2023 levels. The key weakness is that returns on equity are consistently negative in most years due to ongoing net losses, which can pressure the equity base over time if profitability does not recover.

Cash Flow

Cash generation is volatile and recently deteriorated: 2025 operating cash flow and free cash flow were both negative (-4.7m) after being positive in 2024. Free cash flow also declined year-over-year in 2025, indicating weaker cash conversion. While 2024 showed healthier cash inflow, the overall pattern across years is inconsistent, raising execution and funding-risk concerns if losses persist.

Breakdown	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021
Income Statement
Total Revenue	12.66M	9.99M	12.34M	7.79M	5.67M
Gross Profit	10.26M	1.39M	4.76M	806.00K	-4.83M
EBITDA	-5.21M	-8.14M	-1.67M	-7.91M	-7.97M
Net Income	-6.48M	-8.86M	-1.94M	-9.29M	-9.43M
Balance Sheet
Total Assets	24.75M	23.99M	39.65M	34.16M	42.87M
Cash, Cash Equivalents and Short-Term Investments	18.28M	17.71M	34.39M	31.80M	40.09M
Total Debt	642.00K	1.62M	8.34M	10.86M	10.15M
Total Liabilities	2.12M	2.50M	9.30M	11.55M	10.98M
Stockholders Equity	22.64M	21.49M	30.34M	22.61M	31.89M
Cash Flow
Free Cash Flow	-4.73M	1.78M	-1.04M	121.00K	-9.56M
Operating Cash Flow	-4.73M	2.87M	-1.04M	121.00K	-9.56M
Investing Cash Flow	324.00K	-411.00K	517.00K	97.00K	101.00K
Financing Cash Flow	4.91M	-8.76M	7.01M	-1.64M	3.69M

Amasse Capital Holdings Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.14
• 50DMA: Negative
• 100DMA: Negative
• 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:8168, the sentiment is Negative. The current price of 0.14 is below the 20-day moving average (MA) of 0.14, below the 50-day MA of 0.15, and above the 200-day MA of 0.09, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 36.79 is Neutral, neither overbought nor oversold. The STOCH value of 29.82 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:8168.

Amasse Capital Holdings Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
8439	51 Neutral	HK$52.81M	66.37	-14.13%	6.45%	-10.35%	86.76%
0804	49 Neutral	HK$213.19M	-4.73	-24.34%	―	50.60%	-12.96%
8072	47 Neutral	HK$84.42M	-1.34	-18.97%	―	5.03%	70.32%
8226	46 Neutral	HK$43.84M	5.81	0.28%	―	―	―
3938	46 Neutral	HK$1.40B	26.67	-12.49%	―	8.17%	54.75%
8168	45 Neutral	HK$166.66M	-4.52	-40.37%	―	-30.21%	-305.00%