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San Miguel Brewery HK Ltd.
(0236)
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Rating:69Neutral
Price Target:
HK$1.00
▼(-18.70% Downside)
Action:Downgraded
Date:08/06/26
The score is driven primarily by strong fundamentals (very low leverage and consistently positive free cash flow) and supportive valuation (moderate P/E with a high dividend yield). These strengths are partially offset by weak technicals, with the stock in a clear downtrend despite oversold momentum readings.
Positive Factors
Very low leverage
Minimal debt reduces interest and refinancing risk, preserving financial flexibility for brewing operations, brand investment and shareholder distributions. The steadily growing equity base also provides resilience if operating conditions weaken.
Negative Factors
Weak revenue growth
Negative revenue growth signals pressure on volumes, market reach or product mix. A shrinking top line can limit operating leverage and weaken the company’s ability to absorb fixed production, distribution and brand-building costs over time.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage
Minimal debt reduces interest and refinancing risk, preserving financial flexibility for brewing operations, brand investment and shareholder distributions. The steadily growing equity base also provides resilience if operating conditions weaken.
Read all positive factors
San Miguel Brewery HK Ltd. (0236) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$403.46M
Dividend Yield5.56%
Average Volume (3M)38.64K
Price to Earnings (P/E)11.0
Beta (1Y)0.29
Revenue Growth-8.21%
EPS GrowthN/A
CountryHK
Employees236
SectorConsumer Defensive
Sector Strength42
IndustryBeverages - Alcoholic
Share Statistics
EPS (TTM)0.10
Shares Outstanding373,570,560
10 Day Avg. Volume72,000
30 Day Avg. Volume38,640
Financial Highlights & Ratios
PEG Ratio-0.01
Price to Book (P/B)0.64
Price to Sales (P/S)0.62
P/FCF Ratio5.81
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
San Miguel Brewery HK Ltd. Business Overview & Revenue Model
Company Description
San Miguel Brewery Hong Kong Limited (SMBHK) engages in the production and distribution of various beer formats, including bottled, canned, and draught, across Hong Kong, mainland China, the Philippines, and other international markets. The compan...
How the Company Makes Money
San Miguel Brewery Hong Kong Limited makes money mainly by selling beer and related alcoholic beverages. Its core revenue stream comes from (1) product sales to distributors, wholesalers, supermarkets, convenience stores, restaurants, bars, and ot...
San Miguel Brewery HK Ltd. Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
86
Very Positive
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 663.96M | 737.32M | 711.16M | 741.62M | 681.16M | 595.62M |
| Gross Profit | 256.44M | 295.55M | 266.13M | 285.44M | 247.08M | 243.04M |
| EBITDA | 32.97M | 97.70M | 3.08M | 91.03M | 54.16M | 41.94M |
| Net Income | 36.81M | 76.12M | -20.10M | 85.90M | 32.30M | 19.36M |
Balance Sheet | ||||||
| Total Assets | 826.16M | 819.47M | 759.21M | 807.56M | 719.34M | 721.08M |
| Cash, Cash Equivalents and Short-Term Investments | 258.39M | 285.71M | 216.52M | 179.98M | 114.01M | 132.39M |
| Total Debt | 6.70M | 6.95M | 6.07M | 6.49M | 6.92M | 46.01M |
| Total Liabilities | 136.66M | 122.91M | 124.41M | 135.08M | 129.63M | 149.98M |
| Stockholders Equity | 710.02M | 717.29M | 657.20M | 696.57M | 617.84M | 602.84M |
Cash Flow | ||||||
| Free Cash Flow | 22.02M | 79.08M | 48.52M | 67.46M | 21.80M | 24.41M |
| Operating Cash Flow | 46.70M | 103.76M | 67.70M | 91.96M | 37.16M | 37.03M |
| Investing Cash Flow | -8.09M | -16.20M | -21.17M | -17.56M | 17.66M | 4.50M |
| Financing Cash Flow | -743.00K | -19.59M | -19.57M | -4.33M | -39.84M | -53.66M |
San Miguel Brewery HK Ltd. Technical Analysis
Negative
1.23
Price Trends
1.10
Negative
1.15
Negative
1.16
Negative
Market Momentum
>-0.01
Negative
48.03
Neutral
58.82
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0236, the sentiment is Negative. The current price of 1.23 is above the 20-day moving average (MA) of 1.07, above the 50-day MA of 1.10, and above the 200-day MA of 1.16, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 48.03 is Neutral, neither overbought nor oversold. The STOCH value of 58.82 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:0236.
San Miguel Brewery HK Ltd. Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | HK$403.46M | 10.95 | 5.16% | 5.56% | -8.21% | ― | |
69 Neutral | HK$68.65B | 15.27 | 14.64% | 6.51% | 1.08% | 4.93% | |
64 Neutral | HK$79.63B | 18.69 | 5.51% | 7.24% | -2.79% | -6.76% | |
63 Neutral | HK$61.31B | 18.99 | 9.57% | 5.98% | 2.71% | -48.12% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
51 Neutral | HK$225.34M | 42.56 | 1.80% | 2.19% | -49.66% | -73.78% | |
45 Neutral | HK$110.07M | -16.45 | -6.57% | 3.69% | 61.46% | 89.83% |
* Consumer Defensive Sector Average
HK:0236
San Miguel Brewery HK Ltd.
1.08
-0.06
-5.51%
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San Miguel Brewery HK Ltd. Corporate Events
San Miguel Brewery HK Sees Interim Profit Slump on Lower Revenue
Jul 27, 2026
San Miguel Brewery Hong Kong Limited reported a sharp decline in interim profitability for the six months ended 30 June 2026, as revenue fell to HK$316.9 million from HK$390.3 million a year earlier. Gross profit dropped accordingly, and profit at...
San Miguel Brewery HK warns of sharp profit drop amid geopolitical tensions
Jul 22, 2026
San Miguel Brewery Hong Kong Limited has warned that its consolidated net profit for the six months ended 30 June 2026 is expected to drop sharply to about HK$11.4 million from HK$51.1 million a year earlier. The board attributes the decline mainl...
San Miguel Brewery HK Sets Board Meeting to Approve Interim Results and Consider Dividend
Jul 6, 2026
San Miguel Brewery Hong Kong Limited has scheduled a board meeting for 27 July 2026 to review and approve the interim results for the six months ended 30 June 2026. The board will also consider the declaration and payment of an interim dividend, i...
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.