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Keck Seng Investments (Hong Kong)
(0184)
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Rating:71Outperform
Price Target:
HK$2.50
▲(6.38% Upside)
Action:Upgraded
Date:08/04/26
The score is driven primarily by very strong valuation (low P/E and high dividend yield) and a generally solid financial profile with improved profitability and declining leverage. Offsetting these positives, free cash flow deterioration to near breakeven in 2025 meaningfully weakens financial reliability, while technical indicators are broadly neutral and do not add strong momentum support.
Positive Factors
Stable profitable margins
Sustained net margin near 16% and a multi-year earnings recovery show the company has rebuilt core profitability after prior weakness. That persistent profitability supports dividend capacity and capital allocation across cycles, creating a more durable earnings base for the property and hotel portfolio.
Negative Factors
Free cash flow deterioration
Sharp fall in free cash flow to near breakeven materially weakens the company's cash-generation reliability despite accounting profits. This reduces internal funding for capex, development and dividends, increasing dependency on external financing and constraining strategic optionality over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Stable profitable margins
Sustained net margin near 16% and a multi-year earnings recovery show the company has rebuilt core profitability after prior weakness. That persistent profitability supports dividend capacity and capital allocation across cycles, creating a more durable earnings base for the property and hotel portfolio.
Read all positive factors
Keck Seng Investments (Hong Kong) (0184) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$826.69M
Dividend Yield5%
Average Volume (3M)43.80K
Price to Earnings (P/E)2.7
Beta (1Y)0.37
Revenue Growth6.80%
EPS Growth67.22%
CountryHK
Employees1,821
SectorConsumer Cyclical
Sector Strength84
IndustryTravel Lodging
Share Statistics
EPS (TTM)0.89
Shares Outstanding340,200,000
10 Day Avg. Volume71,000
30 Day Avg. Volume43,800
Financial Highlights & Ratios
PEG Ratio2.09
Price to Book (P/B)0.20
Price to Sales (P/S)0.45
P/FCF Ratio7.84K
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
Keck Seng Investments (Hong Kong) Business Overview & Revenue Model
Company Description
Keck Seng Investments (Hong Kong) Limited functions as an investment holding firm, engaging in hotel and club management, alongside property investment and development endeavors. The company's operations are structured into three principal divisio...
How the Company Makes Money
The company makes money primarily through returns generated by its real estate and hospitality holdings. Key revenue and earnings drivers typically include: (1) Rental and property-related income: recurring rental income from investment properties...
Keck Seng Investments (Hong Kong) Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
78
Positive
Cash Flow
45
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.77B | 1.62B | 1.69B | 1.74B | 1.43B | 482.88M |
| Gross Profit | 836.51M | 686.78M | 829.83M | 720.10M | 1.30B | 438.85M |
| EBITDA | 374.17M | 605.71M | 358.62M | 549.70M | 315.32M | -55.33M |
| Net Income | 300.18M | 257.48M | 255.84M | 219.66M | 76.30M | -194.72M |
Balance Sheet | ||||||
| Total Assets | 5.90B | 6.00B | 5.76B | 5.80B | 5.64B | 5.58B |
| Cash, Cash Equivalents and Short-Term Investments | 1.25B | 1.35B | 1.53B | 1.52B | 1.35B | 1.19B |
| Total Debt | 1.12B | 1.18B | 1.32B | 1.49B | 1.55B | 1.60B |
| Total Liabilities | 1.87B | 1.96B | 1.90B | 2.06B | 2.08B | 2.04B |
| Stockholders Equity | 3.57B | 3.54B | 3.31B | 3.12B | 2.94B | 2.91B |
Cash Flow | ||||||
| Free Cash Flow | 6.13M | 92.00K | 136.96M | 298.43M | 290.14M | -48.33M |
| Operating Cash Flow | 203.43M | 317.51M | 280.15M | 345.51M | 311.79M | -27.33M |
| Investing Cash Flow | 27.84M | 265.03M | -123.06M | -103.50M | -50.03M | 528.32M |
| Financing Cash Flow | 11.86M | -259.53M | -455.97M | -212.06M | -165.71M | -57.75M |
Keck Seng Investments (Hong Kong) Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | HK$826.69M | 2.70 | 8.45% | 5.00% | 6.80% | 67.22% | |
66 Neutral | HK$1.81B | 19.00 | 2.28% | 1.92% | 3.53% | -7.65% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | HK$1.65B | 4.77 | 3.55% | 6.88% | -4.80% | 585.92% | |
60 Neutral | HK$2.63B | -4.48 | -27.80% | 14.56% | 20.94% | 37.07% | |
57 Neutral | HK$545.77M | 14.52 | 0.90% | 0.77% | 6.29% | ― | |
40 Underperform | HK$395.46M | -0.82 | -7.05% | 3.48% | 49.29% | 79.61% |
* Consumer Cyclical Sector Average
HK:0184
Keck Seng Investments (Hong Kong)
2.40
0.02
1.05%
HK:1270
Langham Hospitality Investments
0.47
<0.01
1.75%
HK:0201
Magnificent Hotel Investments Limited
0.06
>-0.01
-12.86%
HK:1221
Sino Hotels (Holdings) Ltd.
1.56
0.15
10.33%
HK:0078
Regal Hotels International Holdings Limited
0.45
-0.10
-17.59%
HK:0199
ITC Properties Group Limited
2.38
2.16
979.55%
Keck Seng Investments (Hong Kong) Corporate Events
Keck Seng Wins Strong Shareholder Backing at 2026 AGM
Jun 2, 2026
Keck Seng Investments (Hong Kong) Limited reported that all resolutions put to its annual general meeting on 2 June 2026 were approved by shareholders, including the adoption of the 2025 audited financial statements and the declaration of a final ...
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.