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Asia Commercial Holdings Limited
(0104)
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Rating:71Outperform
Price Target:
HK$0.27
▲(20.45% Upside)
Action:Upgraded
Date:08/03/26
The score is driven primarily by strong valuation (low P/E and high dividend yield) and a strengthened balance sheet from meaningful deleveraging. Offsetting this are a lack of consistent revenue growth, volatile profitability and free cash flow (notably weaker in 2026), and limited technical trend evidence based on moving averages alone.
Positive Factors
Balance sheet deleveraging
Meaningful deleveraging and equity growth materially strengthen financial resilience. A lower debt-to-equity ratio reduces interest burden and refinancing risk, increasing capacity to fund operations or opportunistic investments and supporting stability through economic cycles over the medium term.
Negative Factors
Weak revenue trend
Prolonged flat-to-declining revenue constrains organic growth and limits the ability to leverage fixed costs. Without a credible top-line recovery, sustainable margin expansion and reinvestment become harder, making future earnings improvement more dependent on cost cuts or non-core actions.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet deleveraging
Meaningful deleveraging and equity growth materially strengthen financial resilience. A lower debt-to-equity ratio reduces interest burden and refinancing risk, increasing capacity to fund operations or opportunistic investments and supporting stability through economic cycles over the medium term.
Read all positive factors
Asia Commercial Holdings Limited (0104) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$170.34M
Dividend Yield13.33%
Average Volume (3M)670.01K
Price to Earnings (P/E)4.3
Beta (1Y)0.07
Revenue Growth-5.61%
EPS Growth60.98%
CountryHK
Employees113
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)0.05
Shares Outstanding747,123,200
10 Day Avg. Volume135,000
30 Day Avg. Volume670,011
Financial Highlights & Ratios
PEG Ratio0.07
Price to Book (P/B)0.35
Price to Sales (P/S)0.25
P/FCF Ratio2.06
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
Asia Commercial Holdings Limited Business Overview & Revenue Model
Company Description
Asia Commercial Holdings Limited functions as an investment holding company with core interests in the wholesale and retail sale of timepieces across Hong Kong, mainland China, and Switzerland. Its operations are structured around two key segments...
How the Company Makes Money
null...
Asia Commercial Holdings Limited Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
72
Positive
Cash Flow
66
Positive
| Breakdown | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 669.55M | 709.37M | 705.40M | 710.59M | 784.82M |
| Gross Profit | 215.11M | 232.51M | 234.37M | 228.86M | 225.08M |
| EBITDA | 95.43M | 95.99M | 105.49M | 124.98M | 164.98M |
| Net Income | 39.46M | 24.46M | 26.20M | 43.65M | 83.82M |
Balance Sheet | |||||
| Total Assets | 697.09M | 712.98M | 772.61M | 820.98M | 869.88M |
| Cash, Cash Equivalents and Short-Term Investments | 183.27M | 179.32M | 164.96M | 194.47M | 207.66M |
| Total Debt | 121.11M | 165.49M | 205.66M | 229.57M | 259.10M |
| Total Liabilities | 221.22M | 271.01M | 328.09M | 360.28M | 401.41M |
| Stockholders Equity | 475.87M | 441.97M | 444.52M | 460.71M | 468.48M |
Cash Flow | |||||
| Free Cash Flow | 79.94M | 102.97M | 67.67M | 80.27M | 148.00M |
| Operating Cash Flow | 80.70M | 103.31M | 70.49M | 92.15M | 167.34M |
| Investing Cash Flow | -9.33M | -12.18M | -9.10M | -22.54M | 6.96M |
| Financing Cash Flow | -77.33M | -80.38M | -82.39M | -67.80M | -103.80M |
Asia Commercial Holdings Limited Technical Analysis
Positive
0.22
Price Trends
0.22
Positive
0.22
Positive
0.21
Positive
Market Momentum
<0.01
Negative
62.18
Neutral
55.56
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0104, the sentiment is Positive. The current price of 0.22 is below the 20-day moving average (MA) of 0.22, above the 50-day MA of 0.22, and above the 200-day MA of 0.21, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 62.18 is Neutral, neither overbought nor oversold. The STOCH value of 55.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:0104.
Asia Commercial Holdings Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | HK$170.34M | 4.32 | 8.41% | 13.33% | -5.61% | 60.98% | |
68 Neutral | HK$1.39B | 6.64 | 31.59% | 2.94% | 31.51% | 22.05% | |
64 Neutral | HK$3.61B | 17.63 | 16.40% | 2.33% | 11.19% | 160.48% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
42 Neutral | HK$88.12M | -13.87 | -181.16% | 0.03% | ― | ― | |
42 Neutral | HK$101.41M | -0.51 | -14.95% | 7.60% | -10.98% | -0.28% | |
41 Neutral | HK$119.32M | -1.14 | 50.00% | 3.23% | -1.05% | 69.21% |
* Consumer Cyclical Sector Average
HK:0104
Asia Commercial Holdings Limited
0.23
0.03
12.87%
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Asia Commercial Holdings Limited Corporate Events
Asia Commercial Holdings Sets AGM to Approve Dividend and Share Buyback Mandate
Jul 28, 2026
Asia Commercial Holdings has called its annual general meeting for 25 August 2026 in Hong Kong, where shareholders will review the audited results for the year to 31 March 2026 and vote on a proposed final dividend of HK$0.0304 per share. The agen...
Asia Commercial Holdings Boosts Profit and Dividend Despite Revenue Decline
Jun 22, 2026
Asia Commercial Holdings reported revenue of HK$670 million for the year ended 31 March 2026, down 6% from a year earlier, but lifted profit attributable to shareholders by 63% to HK$39 million as margins held up and certain costs eased. Basic ear...
Asia Commercial Holdings Declares Final Cash Dividend for FY2026
Jun 22, 2026
Asia Commercial Holdings Limited has declared a final ordinary cash dividend of HKD 0.0304 per share for the financial year ended 31 March 2026, reinforcing its practice of returning cash to shareholders. The dividend, which remains subject to sha...
Asia Commercial Wins Waiver for Delay in Dispatching Disposal Circular
Jun 17, 2026
Asia Commercial Holdings Limited has announced a delay in sending a shareholder circular related to a proposed disposal, after requiring more time to finalize information such as the group’s statement of indebtedness and working capital suff...
Asia Commercial Flags Sharp Profit Rise on Property Revaluation Gains
Jun 12, 2026
Asia Commercial Holdings Limited has signalled a strong improvement in its financial performance, projecting unaudited net profit of at least HK$39 million for the year ended 31 March 2026, up from about HK$24 million a year earlier. The gain stem...
Asia Commercial Schedules Board Meeting to Approve 2026 Final Results
Jun 9, 2026
Asia Commercial Holdings Limited has scheduled a board meeting in Hong Kong on 22 June 2026 to approve the final results for the financial year ended 31 March 2026. The outcome of this meeting will finalize the company’s annual financial dis...
Asia Commercial Holdings delays shareholder circular on major disposal
Jun 8, 2026
Asia Commercial Holdings Limited has delayed sending a shareholder circular detailing a previously announced disposal and the associated sale and purchase contract, after obtaining written approval from a closely allied group of shareholders holdi...
Asia Commercial Sells London Apartment in HK$47 Million Major Transaction
May 15, 2026
Asia Commercial Holdings Limited has agreed to dispose of a leasehold residential apartment at Flat 5A, 107 Queen’s Gate, London, for £4.485 million, equivalent to about HK$47 million. The property, currently vacant, will be sold for ca...
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.