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Sa Sa International Holdings Limited
(0178)
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Rating:73Outperform
Price Target:
HK$1.50
▲(150.00% Upside)
Action:Reiterated
Date:10/09/26
The score is driven primarily by improving financial performance (profitability recovery, strengthening balance sheet, and strong free cash flow) and supportive technicals (price above key moving averages with positive MACD). Valuation is a moderate constraint given the ~19.8 P/E and only ~2.1% dividend yield, while earnings-call and corporate-event inputs were not available.
Positive Factors
Profitability Recovery
The shift from losses to solid profitability across 2024–2026 indicates a meaningful operating recovery rather than a single-period improvement. Sustained positive gross, operating, and net margins can strengthen internal funding capacity and support continued investment in the retail and e-commerce businesses.
Negative Factors
Revenue Volatility
The revenue decline in 2025, despite rebounds in adjacent years, shows that demand is not yet consistently predictable. Such volatility can complicate store, inventory, and marketing decisions and may make earnings less durable if revenue growth weakens again over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability Recovery
The shift from losses to solid profitability across 2024–2026 indicates a meaningful operating recovery rather than a single-period improvement. Sustained positive gross, operating, and net margins can strengthen internal funding capacity and support continued investment in the retail and e-commerce businesses.
Read all positive factors
Sa Sa International Holdings Limited (0178) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$4.06B
Dividend Yield2.06%
Average Volume (3M)8.40M
Price to Earnings (P/E)20.0
Beta (1Y)0.15
Revenue Growth11.19%
EPS Growth160.48%
CountryHK
Employees2,200
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)0.07
Shares Outstanding3,103,189,500
10 Day Avg. Volume8,513,669
30 Day Avg. Volume8,397,195
Financial Highlights & Ratios
PEG Ratio0.07
Price to Book (P/B)1.81
Price to Sales (P/S)0.53
P/FCF Ratio3.97
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$1.69Price Target Upside181.67% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.1
Revenue Forecast (FY)HK$5.08B
Sa Sa International Holdings Limited Business Overview & Revenue Model
Company Description
Sa Sa International Holdings Limited, functioning as an investment holding company, is primarily engaged in the retail and wholesale distribution of beauty products across Hong Kong and Macau, mainland China, and Malaysia. The company boasts a com...
How the Company Makes Money
Sa Sa International makes money primarily by selling beauty and personal care products to consumers and, to a lesser extent, by supplying products through wholesale/distribution arrangements. Key revenue streams include: (1) Retail sales through p...
Sa Sa International Holdings Limited Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
68
Positive
Cash Flow
83
Very Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 4.38B | 3.94B | 4.37B | 3.50B | 3.04B |
| Gross Profit | 1.26B | 1.57B | 1.78B | 1.06B | 536.71M |
| EBITDA | 631.04M | 519.23M | 670.79M | 343.84M | 130.09M |
| Net Income | 200.49M | 76.97M | 218.88M | 58.25M | -351.37M |
Balance Sheet | |||||
| Total Assets | 2.41B | 2.33B | 2.50B | 2.21B | 2.51B |
| Cash, Cash Equivalents and Short-Term Investments | 504.81M | 371.10M | 457.76M | 303.26M | 526.40M |
| Total Debt | 535.08M | 658.84M | 692.15M | 595.60M | 684.49M |
| Total Liabilities | 1.12B | 1.17B | 1.25B | 1.17B | 1.18B |
| Stockholders Equity | 1.28B | 1.16B | 1.25B | 1.04B | 1.33B |
Cash Flow | |||||
| Free Cash Flow | 586.60M | 447.06M | 521.91M | 431.68M | 505.41M |
| Operating Cash Flow | 643.90M | 506.38M | 590.54M | 491.08M | 553.43M |
| Investing Cash Flow | -42.66M | -117.77M | -68.41M | -59.16M | 13.31M |
| Financing Cash Flow | -467.01M | -547.12M | -361.41M | -418.80M | -627.44M |
Sa Sa International Holdings Limited Technical Analysis
Positive
0.60
Price Trends
1.13
Positive
0.99
Positive
0.83
Positive
Market Momentum
0.05
Positive
62.86
Neutral
77.97
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0178, the sentiment is Positive. The current price of 0.6 is below the 20-day moving average (MA) of 1.25, below the 50-day MA of 1.13, and below the 200-day MA of 0.83, indicating a bullish trend. The MACD of 0.05 indicates Positive momentum. The RSI at 62.86 is Neutral, neither overbought nor oversold. The STOCH value of 77.97 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:0178.
Sa Sa International Holdings Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | HK$4.06B | 20.00 | 16.40% | 2.06% | 11.19% | 160.48% | |
68 Neutral | HK$27.30B | 43.98 | 9.72% | ― | 34.30% | 19100.00% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | HK$113.88B | 27.84 | 6.50% | 1.89% | 3.25% | 19.01% | |
50 Neutral | HK$22.97B | 16.39 | 14.11% | 6.90% | 30.79% | -44.14% | |
48 Neutral | HK$2.18B | 27.85 | 2.21% | 0.51% | 0.94% | ― | |
45 Neutral | HK$66.20M | 0.51 | 6.58% | 0.03% | 52.42% | ― |
* Consumer Cyclical Sector Average
HK:0178
Sa Sa International Holdings Limited
1.31
0.74
127.83%
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-43.65%
Sa Sa International Holdings Limited Corporate Events
Sa Sa International’s Q2 Turnover Climbs 37% as Offline Beauty Sales Surge
Oct 7, 2026
Sa Sa International reported robust unaudited sales for the second quarter ended 30 September 2026, with total turnover rising 37.2% year-on-year to HK$1,413.8 million. Offline sales surged 47.6% to HK$1,219.6 million, driven by large-scale market...
Sa Sa’s Golden Week Offline Sales in Hong Kong and Macao Surge Over 60%
Oct 7, 2026
Sa Sa International Holdings reported strong offline sales performance in Hong Kong and Macao during the National Day Golden Week holiday from 1 to 7 October 2026. The beauty retailer recorded year-on-year growth of over 60% in total offline sales...
Sa Sa Flags Sharp Interim Profit Surge on Retail and Online Strength
Sep 21, 2026
Sa Sa International Holdings has issued a positive profit alert, indicating that profit attributable to shareholders for the six months ending 30 September 2026 is expected to exceed HK$150 million, up sharply from HK$50.2 million a year earlier. ...
Sa Sa Investors Back All AGM Resolutions, Approve Dividends and Share Mandates
Aug 27, 2026
Sa Sa International Holdings shareholders approved all motions at the annual general meeting held on 27 August 2026, including director re-elections and auditor re-appointment. The resolutions were passed by poll with strong majorities, underscori...
Sa Sa International Sets 2026 AGM to Approve Dividends, Board Mandates
Jul 24, 2026
Sa Sa International Holdings has convened its annual general meeting for 27 August 2026 in Hong Kong, where shareholders will review the audited consolidated financial statements, directors’ report, and independent auditor’s report for...
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.