SEM Holdings Limited (HK:9929)
:9929
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SEM Holdings Limited
(9929)
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Rating:52Neutral
Price Target:
HK$1.50
▲(150.00% Upside)
Action:Reiterated
Date:05/19/26
The score is held back primarily by weak and unstable financial performance—especially the 2025 earnings reversal and negative operating/free cash flow—partly cushioned by a relatively strong, low-debt balance sheet. Technically the stock shows strong upward trend, but overbought momentum signals raise near-term risk. Valuation is also a headwind given losses (negative P/E) and no stated dividend yield.
Positive Factors
Conservative balance sheet
Low leverage and a conservatively structured balance sheet reduce refinancing and solvency risk over time. This financial flexibility lets the company withstand project timing swings, bid selectively on new contracts, and fund working capital or capex needs without immediate reliance on external financing.
Negative Factors
Sharp revenue decline
Material and persistent revenue decline reduces scale benefits and pricing leverage, making fixed costs harder to cover. Continued top-line contraction undermines long-term margin recovery, weakens negotiating position with suppliers, and increases execution risk across multi-year contracts and bids.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Low leverage and a conservatively structured balance sheet reduce refinancing and solvency risk over time. This financial flexibility lets the company withstand project timing swings, bid selectively on new contracts, and fund working capital or capex needs without immediate reliance on external financing.
Read all positive factors
SEM Holdings Limited (9929) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$3.42B
Dividend YieldN/A
Average Volume (3M)3.43M
Price to Earnings (P/E)571.9
Beta (1Y)0.52
Revenue Growth-27.75%
EPS Growth-594.74%
CountryHK
Employees50
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)0.00
Shares Outstanding2,000,000,000
10 Day Avg. Volume6,709,000
30 Day Avg. Volume3,426,000
Financial Highlights & Ratios
PEG Ratio0.50
Price to Book (P/B)17.28
Price to Sales (P/S)79.61
P/FCF Ratio-659.23
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
SEM Holdings Limited, an investment holding company, provides electrical and mechanical (E&M) engineering services in Macau and Hong Kong. The company supplies, installs, and maintains electrical systems for new and existing buildings in the proje...
SEM Holdings Limited Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
78
Positive
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 62.36M | 66.26M | 91.71M | 258.89M | 281.33M | 172.99M |
| Gross Profit | 25.30M | 3.74M | 23.52M | 19.51M | 23.15M | 20.39M |
| EBITDA | 13.07M | -16.69M | 6.65M | -5.09M | -2.24M | -1.98M |
| Net Income | 11.46M | -18.86M | 3.80M | -7.97M | -6.73M | -4.72M |
Balance Sheet | ||||||
| Total Assets | 244.92M | 226.36M | 257.60M | 259.91M | 268.46M | 265.06M |
| Cash, Cash Equivalents and Short-Term Investments | 112.58M | 63.91M | 72.13M | 56.05M | 40.80M | 66.38M |
| Total Debt | 5.66M | 1.02M | 6.09M | 6.91M | 7.75M | 8.63M |
| Total Liabilities | 31.75M | 33.07M | 44.66M | 50.77M | 51.34M | 41.22M |
| Stockholders Equity | 213.16M | 193.29M | 212.94M | 209.14M | 217.11M | 223.84M |
Cash Flow | ||||||
| Free Cash Flow | -10.13M | -2.16M | -1.63M | 14.79M | -5.67M | -64.74M |
| Operating Cash Flow | -10.09M | -1.41M | -1.44M | 15.10M | -5.18M | -41.42M |
| Investing Cash Flow | 12.02M | 15.25M | 23.45M | 3.04M | -12.06M | -26.72M |
| Financing Cash Flow | 0.00 | -6.05M | -1.76M | -2.00M | -2.06M | 6.30M |
SEM Holdings Limited Technical Analysis
Positive
0.60
Price Trends
1.15
Positive
0.91
Positive
0.53
Positive
Market Momentum
0.21
Positive
63.01
Neutral
45.86
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9929, the sentiment is Positive. The current price of 0.6 is below the 20-day moving average (MA) of 1.55, below the 50-day MA of 1.15, and above the 200-day MA of 0.53, indicating a bullish trend. The MACD of 0.21 indicates Positive momentum. The RSI at 63.01 is Neutral, neither overbought nor oversold. The STOCH value of 45.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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$1.97B | 4.33 | 16.17% | 12.15% | -3.66% | 4.32% | |
73 Outperform | HK$1.06B | 17.84 | 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$2.09B | 6.41 | 1.40% | 3.23% | -10.56% | -29.26% | |
52 Neutral | HK$3.42B | 571.92 | 2.81% | ― | -27.75% | -594.74% | |
50 Neutral | HK$1.80B | 7.79 | 8.04% | 6.55% | -26.24% | -63.51% | |
46 Neutral | HK$2.72B | 13.38 | 5.96% | 0.21% | -14.03% | -9.66% |
* Industrials Sector Average
HK:9929
SEM Holdings Limited
1.67
1.62
3240.00%
HK:0240
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-3.21%
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0.82
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SEM Holdings Limited Corporate Events
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...
SEM Holdings’ Controlling Shareholder Cuts Stake but Retains Control
Apr 10, 2026
SEM Holdings Limited, a Cayman-incorporated company listed in Hong Kong, remains controlled by Yao Capital Limited, which is wholly owned by chairman and non-executive director Mr. Yao Shuobin. The board consists of an executive director, a non-ex...
SEM Holdings refreshes board with new independent director as Ms. Chen resigns
Apr 1, 2026
SEM Holdings Limited announced that independent non-executive director Ms. Chen Tak Yee Dickdy will resign with effect from 1 April 2026 to focus on personal and other business commitments, with the board noting there is no disagreement and no iss...
SEM Holdings details board composition and key governance committee roles
Apr 1, 2026
SEM Holdings Limited has announced the current composition of its board of directors, naming one executive director, one non-executive chairman and three independent non-executive directors, reflecting a board structure in line with Hong Kong list...
SEM Holdings Wins Shareholder Approval for HK$44 Million Convertible Bond Issue
Mar 30, 2026
SEM Holdings Limited secured shareholder backing at an extraordinary general meeting on 30 March 2026 for a planned issuance of convertible bonds to an external investor. Independent shareholders voted by poll to approve a subscription agreement w...
SEM Holdings Swings to 2025 Loss as Revenue and Margins Decline
Mar 24, 2026
SEM Holdings Limited reported a sharp deterioration in its 2025 performance, with revenue falling to HK$66.3 million from HK$91.7 million and gross profit shrinking to HK$3.7 million, compared with HK$23.5 million a year earlier. The group swung f...
SEM Holdings warns of HK$19.8 million loss for 2025 on margin squeeze and higher costs
Mar 17, 2026
SEM Holdings Limited, a Cayman-incorporated company listed in Hong Kong under stock code 9929, operates through a group structure but does not detail its specific industry or product lines in this announcement. The board currently comprises one ex...
SEM Holdings Sets Board Meeting to Review 2025 Results and Consider Final Dividend
Mar 12, 2026
SEM Holdings Limited has scheduled a board meeting for 24 March 2026 to review and approve the annual results of the company and its subsidiaries for the financial year ended 31 December 2025. The board will also decide whether to declare a final ...
SEM Holdings Calls March 2026 EGM to Approve HK$44 Million Convertible Bond Issue
Mar 9, 2026
SEM Holdings Limited has convened an extraordinary general meeting in Hong Kong on 30 March 2026 to seek shareholder approval for a subscription agreement with Yao Capital Limited involving the issue of HK$44 million in convertible bonds. The boar...
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.