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SEM Holdings Limited
(9929)
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Rating:47Neutral
Price Target:
HK$1.50
▲(150.00% Upside)
Action:Reiterated
Date:07/09/26
The score is held down primarily by volatile financial performance and inconsistent cash flow, including a sharp earnings reversal and negative operating/free cash flow in 2025. A relatively strong, low-debt balance sheet provides some support, while technical signals remain mildly bearish and valuation is weakened by loss-making results and no dividend yield data.
Positive Factors
Conservative balance sheet / low leverage
Relatively low debt and conservative leverage reduce refinancing and solvency risk, helping the company withstand industry cyclicality. With limited financial leverage, management has more flexibility to pursue restructuring or selective projects without immediate pressure from creditors.
Negative Factors
Highly volatile and declining revenue
Sharp multi-year revenue declines reduce scale, squeeze margins, and weaken backlog visibility. Persistent top-line contraction makes it harder to maintain pricing, retain talent and secure large contracts, increasing execution risk and limiting growth over the next several months.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet / low leverage
Relatively low debt and conservative leverage reduce refinancing and solvency risk, helping the company withstand industry cyclicality. With limited financial leverage, management has more flexibility to pursue restructuring or selective projects without immediate pressure from creditors.
Read all positive factors
SEM Holdings Limited (9929) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$2.54B
Dividend YieldN/A
Average Volume (3M)3.43M
Price to Earnings (P/E)―
Beta (1Y)0.43
Revenue Growth-27.75%
EPS Growth-594.74%
CountryHK
Employees24
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding2,000,000,000
10 Day Avg. Volume6,709,000
30 Day Avg. Volume3,426,000
Financial Highlights & Ratios
PEG Ratio-0.61
Price to Book (P/B)13.14
Price to Sales (P/S)38.33
P/FCF Ratio-868.08
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
SEM Holdings Limited Business Overview & Revenue Model
Company Description
Operating as an investment holding company, SEM Holdings Limited specializes in delivering electrical and mechanical (E&M) engineering services across Macau and Hong Kong. The firm provides end-to-end electrical system solutions, from supply and i...
How the Company Makes Money
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SEM Holdings Limited Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
78
Positive
Cash Flow
28
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 66.26M | 91.71M | 258.89M | 281.33M | 176.87M |
| Gross Profit | 3.74M | 23.52M | 19.51M | 23.15M | 20.85M |
| EBITDA | -16.69M | 6.65M | -5.09M | -3.82M | -1.98M |
| Net Income | -18.86M | 3.80M | -7.97M | -6.73M | -4.72M |
Balance Sheet | |||||
| Total Assets | 226.36M | 257.60M | 259.91M | 268.46M | 265.06M |
| Cash, Cash Equivalents and Short-Term Investments | 63.91M | 72.13M | 56.05M | 40.80M | 66.38M |
| Total Debt | 1.02M | 6.09M | 6.91M | 7.75M | 8.63M |
| Total Liabilities | 33.07M | 44.66M | 50.77M | 51.34M | 41.22M |
| Stockholders Equity | 193.29M | 212.94M | 209.14M | 217.11M | 223.84M |
Cash Flow | |||||
| Free Cash Flow | -2.16M | -1.63M | 14.79M | -5.67M | -64.74M |
| Operating Cash Flow | -1.41M | -1.44M | 15.10M | -5.18M | -41.42M |
| Investing Cash Flow | 15.25M | 23.45M | 3.04M | -12.06M | -26.72M |
| Financing Cash Flow | -6.05M | -1.76M | -2.00M | -2.06M | 6.30M |
SEM Holdings Limited Technical Analysis
Negative
0.60
Price Trends
1.55
Negative
1.19
Positive
0.77
Positive
Market Momentum
-0.08
Positive
40.47
Neutral
33.46
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9929, the sentiment is Negative. The current price of 0.6 is below the 20-day moving average (MA) of 1.47, below the 50-day MA of 1.55, and below the 200-day MA of 0.77, indicating a neutral trend. The MACD of -0.08 indicates Positive momentum. The RSI at 40.47 is Neutral, neither overbought nor oversold. The STOCH value of 33.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:9929.
SEM Holdings Limited Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | HK$1.76B | 3.94 | 16.17% | 12.15% | -3.66% | 4.32% | |
73 Outperform | HK$1.04B | 17.03 | 5.24% | 13.24% | -13.83% | 50.41% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
54 Neutral | HK$1.73B | 5.12 | 1.40% | 3.23% | -10.56% | -29.26% | |
50 Neutral | HK$1.47B | 6.25 | 8.04% | 6.55% | -26.24% | -63.51% | |
48 Neutral | HK$3.09B | 19.68 | 5.96% | 0.21% | -14.03% | -9.66% | |
47 Neutral | HK$2.54B | -135.11 | 2.81% | ― | -27.75% | -594.74% |
* Industrials Sector Average
HK:9929
SEM Holdings Limited
1.27
1.21
2016.67%
HK:0240
Build King Holdings
1.42
0.36
33.96%
HK:2355
Baoye Group Co., Ltd. Class H
3.32
-1.07
-24.39%
HK:0687
Tysan Holdings Limited
0.31
0.10
46.23%
HK:0830
China State Construction Development Holdings Limited
0.65
-0.75
-53.41%
HK:2520
Shanxi Installation Group Co., Ltd. Class H
2.25
0.17
8.33%
SEM Holdings Limited Corporate Events
SEM Holdings secures RMB200 million interest-free connected-party loan
Jul 1, 2026
SEM Holdings Limited has entered into a loan agreement with Hainan Hongyan Information Technology Co., Ltd., under which the lender will provide an unsecured, interest-free term loan of up to RMB200 million for six months starting 1 July 2026, ren...
SEM Holdings Shareholders Unanimously Approve All AGM Resolutions
Jun 12, 2026
SEM Holdings Limited reported that all ordinary resolutions proposed at its 12 June 2026 annual general meeting were approved by shareholders via poll, with Tricor Investor Services acting as scrutineer and no voting restrictions or required abste...
SEM Holdings plans China push and moves into IP to diversify revenue
Jun 12, 2026
SEM Holdings Limited is reinforcing its commitment to its core electrical and mechanical engineering businesses in Macau and Hong Kong, while looking to expand into other regions to mitigate challenging local market conditions. The group is assess...
SEM Holdings Completes HK$44 Million Convertible Bond Issue to Major Shareholder
Apr 24, 2026
SEM Holdings Limited has completed the issuance of HK$44 million in convertible bonds to Yao Capital Limited under a specific mandate, following shareholder approval and satisfaction of all conditions. The transaction yields net proceeds of about ...
SEM Holdings Sets 2026 AGM and Seeks Mandate for New Share Issuance
Apr 22, 2026
SEM Holdings Limited has scheduled its annual general meeting for 12 June 2026 in Shanghai, where shareholders will review the audited consolidated financial statements and the reports of the board and external auditors for the year ended 31 Decem...
SEM Holdings’ Controlling Shareholder Cuts Stake but Retains Control
Apr 15, 2026
SEM Holdings Limited has disclosed that its controlling shareholder, Yao Capital Limited, wholly owned by chairman and non-executive director Yao Shuobin, has sold a total of 281.5 million shares in the company. The shares, representing about 14.1...
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.