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Sa Sa International Holdings Limited
(0178)
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Rating:73Outperform
Price Target:
HK$1.00
▲(66.67% Upside)
Action:Upgraded
Date:07/30/26
The score is driven primarily by improved financial performance and strong free cash flow generation, supported by a strengthening balance sheet. Technicals add a positive tilt with the price trading above major moving averages, while valuation looks reasonable with a mid-teens P/E and ~3% dividend yield. Offsetting factors include recent margin compression and some revenue volatility.
Positive Factors
Profitability recovery
The return to solid profitability across 2024–2026 indicates that the business model has regained earning power after its loss-making period. Sustained positive gross, operating, and net margins can support reinvestment, financial resilience, and more predictable capital allocation over the coming quarters.
Negative Factors
Margin compression
The recent gross-margin decline threatens the durability of the earnings recovery because revenue growth may translate into less operating profit if product mix, costs, or promotional intensity remain unfavorable. Continued compression would reduce reinvestment capacity and weaken cash conversion.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability recovery
The return to solid profitability across 2024–2026 indicates that the business model has regained earning power after its loss-making period. Sustained positive gross, operating, and net margins can support reinvestment, financial resilience, and more predictable capital allocation over the coming quarters.
Read all positive factors
Sa Sa International Holdings Limited (0178) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$3.16B
Dividend Yield2.67%
Average Volume (3M)4.73M
Price to Earnings (P/E)15.4
Beta (1Y)0.19
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. Volume6,851,563
30 Day Avg. Volume4,730,554
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$1.22Price Target Upside103.33% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.09
Revenue Forecast (FY)HK$4.91B
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
0.89
Positive
0.85
Positive
0.72
Positive
Market Momentum
0.04
Negative
70.33
Negative
87.88
Negative
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 0.92, below the 50-day MA of 0.89, and below the 200-day MA of 0.72, indicating a bullish trend. The MACD of 0.04 indicates Negative momentum. The RSI at 70.33 is Negative, neither overbought nor oversold. The STOCH value of 87.88 is Negative, 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$3.16B | 15.42 | 16.40% | 2.67% | 11.19% | 160.48% | |
68 Neutral | HK$28.12B | 45.56 | 9.72% | ― | 34.30% | 19100.00% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | HK$125.07B | 30.69 | 6.50% | 1.59% | 3.25% | 19.01% | |
48 Neutral | HK$2.68B | 35.67 | 2.21% | 0.40% | 0.94% | ― | |
47 Neutral | HK$138.74M | -0.49 | -181.16% | 0.55% | ― | ― | |
47 Neutral | HK$22.67B | 16.14 | 14.11% | 7.06% | 30.79% | -44.14% |
* Consumer Cyclical Sector Average
HK:0178
Sa Sa International Holdings Limited
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Sa Sa International Holdings Limited Corporate Events
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...
Sa Sa First-Quarter Sales Jump as Offline Beauty Stores Drive Profitability
Jul 8, 2026
Sa Sa International Holdings Limited, a Hong Kong-based beauty and personal care retailer, operates 160 stores across Hong Kong, Macao and Southeast Asia, supported by online B2C platforms as part of an omni-channel strategy. The group continues t...
Sa Sa Profit Surges as Mainland Restructuring and Core Market Growth Lift Results
Jun 25, 2026
Sa Sa reported a robust set of annual results for the year ended 31 March 2026, with group turnover rising 14.2% to HK$4.38 billion and gross profit increasing 10.5% to HK$1.67 billion, even as gross margin eased slightly. Profit for the year surg...
Sa Sa Declares Final Cash Dividend for FY2026
Jun 25, 2026
Sa Sa International Holdings Limited has declared a final ordinary cash dividend of HKD 0.034 per share for the financial year ended 31 March 2026. The payout, subject to shareholder approval at the annual general meeting on 27 August 2026, signal...
Sa Sa International Declares Final Special Dividend for FY2026
Jun 25, 2026
Sa Sa International Holdings has announced a final special dividend of HKD 0.019 per share for the financial year ended 31 March 2026, underscoring its willingness to return excess capital to shareholders. The distribution, subject to shareholder ...
Sa Sa Sets June Board Meeting to Approve Annual Results and Consider Final Dividend
Jun 10, 2026
Sa Sa International Holdings Limited has scheduled a board meeting for 25 June 2026 to approve its annual results for the year ended 31 March 2026 and to decide whether to recommend a final dividend. The timing of the meeting signals an upcoming d...
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.