Shi Shi Services Limited (8181) AI Stock Analysis

• Market Cap: HK$64.35M
• Dividend Yield: N/A
• Average Volume (3M): 25.33K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.17
• Revenue Growth: -5.03%
• EPS Growth: -26.98%
• Country: HK
• Employees: 1,617
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Services
• EPS (TTM): -0.03
• Shares Outstanding: 1,128,986,700
• 10 Day Avg. Volume: 66,400
• 30 Day Avg. Volume: 25,333
• PEG Ratio: 0.07
• Price to Book (P/B): 0.40
• Price to Sales (P/S): 0.14
• P/FCF Ratio: -2.20
• 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: 43 Neutral
• Price Target: HK$0.06 ▼(-8.33% Downside)

The score is primarily constrained by weak financial performance, including persistent losses (negative margins) and challenged cash flows. Technicals also remain soft with the stock trading below major moving averages and a negative MACD. Valuation is hindered by a negative P/E (loss-making) and no stated dividend yield.

Positive Factors

Conservative balance sheet / low leverage

The company's low debt-to-equity and conservative leverage provide durable financial flexibility, reducing default and interest-service risk during downturns. This structural strength supports capital allocation for technology or contracts without immediate refinancing pressure.

Diversified service revenue streams

Multiple revenue lines—logistics, supply-chain contracts, consultancy and partner commissions—lower client concentration and support recurring contract income. This structural diversification stabilizes cash inflows and makes demand shifts in one vertical less likely to threaten the whole business.

Focus on technology and operational efficiency

A stated commitment to technology and process innovation supports sustainable competitive advantage by improving margins and client retention over time. Operational efficiency gains are scalable across clients and industries the company serves, reinforcing long-term service differentiation.

Negative Factors

Persistent negative profitability

Sustained negative net and operating margins indicate the company is not yet generating profitable core operations. Persistent losses erode equity, limit reinvestment capacity, and make long-term viability dependent on either structural margin improvement or continued external funding.

Weak operating and free cash flow

Negative operating and free cash flow signal the business is not converting operations into self-sustaining cash. Over months this reduces strategic optionality, increases reliance on external financing, and constrains investment in technology or contract fulfilment needed to scale profitably.

Declining revenue and EPS trends

Negative revenue and EPS trends reflect shrinking scale and deteriorating unit economics. Over a multi-month horizon this reduces leverage on fixed costs, pressures margins further, and weakens bargaining power with clients and suppliers, making recovery to sustainable profitability harder.

Shi Shi Services Limited Business Overview & Revenue Model

Company Description

Kong Shum Smart Management Group (Holdings) Ltd. is an investment company, which engages in the provision of property management services. It operates through the following segments: Provision of Property Management and related services, Properties investment, and Money lending business. The company was founded by Ying Cheung Ho in 1984 and is headquartered in Hong Kong.

How the Company Makes Money

Shi Shi Services Limited generates revenue through multiple streams, primarily from service fees charged for logistics and supply chain management solutions. The company also earns income from consultancy services, where it assists clients in optimizing their operations. Key revenue streams include contract agreements with businesses for ongoing logistics support, one-time consultancy projects, and possibly commissions from partnerships with technology providers that enhance service offerings. Additionally, strategic partnerships with local and international firms can lead to expanded service capabilities and new client acquisitions, further contributing to the company's earnings.

Shi Shi Services Limited Financial Statement Overview

Summary

Income statement performance is weak with declining revenue/profitability and negative margins (income statement score 35). Cash flow is also pressured with negative operating and free cash flow (cash flow score 40). The balance sheet is comparatively steadier with low leverage, but negative ROE indicates poor shareholder returns (balance sheet score 55).

Income Statement

Shi Shi Services Limited has experienced declining revenue growth with a negative trend in profitability. The gross profit margin has decreased over the years, and the company has been reporting negative net profit margins, indicating consistent losses. The EBIT and EBITDA margins are also negative, reflecting operational challenges.

Balance Sheet

The company maintains a low debt-to-equity ratio, suggesting conservative leverage. However, the return on equity is negative, indicating that the company is not generating sufficient returns on shareholders' equity. The equity ratio remains stable, showing a reasonable proportion of equity financing.

Cash Flow

Cash flow performance is weak, with negative operating cash flow and free cash flow in recent years. Although there is some improvement in free cash flow growth, the operating cash flow to net income ratio is negative, highlighting cash flow challenges. The free cash flow to net income ratio is positive, indicating some efficiency in converting income to cash flow.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	703.50M	563.50M	588.74M	547.38M	524.95M	511.12M
Gross Profit	72.17M	93.81M	103.69M	94.51M	100.29M	108.64M
EBITDA	-14.07M	-14.07M	3.40M	-14.96M	5.41M	35.17M
Net Income	-41.84M	-29.41M	-46.44M	-28.80M	-25.95M	15.86M
Balance Sheet
Total Assets	270.73M	270.73M	305.06M	365.99M	397.79M	422.64M
Cash, Cash Equivalents and Short-Term Investments	34.67M	34.67M	44.76M	79.14M	67.70M	105.33M
Total Debt	5.79M	5.79M	9.14M	18.16M	19.11M	18.68M
Total Liabilities	73.66M	73.66M	77.23M	87.69M	99.40M	103.67M
Stockholders Equity	193.11M	193.11M	223.51M	273.82M	298.39M	318.97M
Cash Flow
Free Cash Flow	-34.87M	-34.87M	-26.36M	12.33M	-34.13M	9.88M
Operating Cash Flow	-20.34M	-20.34M	-18.27M	29.04M	-8.53M	39.50M
Investing Cash Flow	16.78M	16.78M	-6.80M	-15.00M	-29.95M	-68.61M
Financing Cash Flow	-2.50M	-2.50M	-3.12M	-8.00M	-828.00K	-8.42M

Shi Shi Services Limited Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.06
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:8181, the sentiment is Neutral. The current price of 0.06 is above the 20-day moving average (MA) of 0.06, below the 50-day MA of 0.06, and below the 200-day MA of 0.06, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 48.54 is Neutral, neither overbought nor oversold. The STOCH value of 33.79 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HK:8181.

Shi Shi Services Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
0616	54 Neutral	HK$606.88M	-2.21	-5.14%	―	66.69%	88.69%
0864	53 Neutral	HK$84.96M	-0.25	-55.99%	―	-8.18%	-212.59%
1417	49 Neutral	HK$81.74M	-1.41	-30.16%	―	12.37%	25.67%
1941	48 Neutral	HK$94.03M	-5.45	-6.82%	―	1.53%	22.83%
3603	48 Neutral	HK$80.62M	-0.75	-8.33%	―	-18.46%	-12.77%
8181	43 Neutral	HK$64.35M	-1.19	-28.17%	―	-5.03%	-26.98%