San Miguel Brewery HK Ltd. (0236) AI Stock Analysis

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San Miguel Brewery HK Ltd.

(HKEX:0236)

Select Model

Rating:73Outperform

Price Target:HKD 1.00▼(-0.99% Downside)

Action:upgraded

Date:08/19/26

The stock’s mid-70s score is driven primarily by its robust financial profile—strong margins, solid cash generation, and a very conservative balance sheet—supported by an attractive valuation with a high dividend yield, while a persistent price downtrend and weak, oversold momentum create near-term technical risk that prevents a higher score.

Positive Factors

Very low leverageMinimal leverage gives the company substantial financial flexibility and reduces exposure to interest costs or refinancing pressure. A conservative capital structure can help San Miguel Brewery withstand operating volatility while preserving capacity to invest, distribute cash, or respond to changing market conditions.

Negative Factors

Negative revenue growthNegative reported revenue growth signals pressure on the company’s top line and suggests that consumer demand, channel performance, or market reach has not been consistently expanding. Persistent contraction would limit operating leverage and make future profit recovery more dependent on efficiency gains.

San Miguel Brewery HK Ltd. (0236) vs. iShares MSCI Hong Kong ETF (EWH)

Market Cap: HKD 377.31M
Dividend Yield: 5.94%
Average Volume (3M): 67.04K
Price to Earnings (P/E): 10.2
Beta (1Y): 0.16
Revenue Growth: -8.21%
EPS Growth: ―
Country: Hong Kong
Employees: 236
Sector: Consumer Defensive
Sector Strength: 62
Industry: Beverages - Alcoholic

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 company's...

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 other...

San Miguel Brewery HK Ltd. Financial Statement Overview

Summary

Strong revenue growth, healthy margins, very low leverage, and consistently positive operating and free cash flow, offset by notable profit and cash flow volatility around 2024.

Income Statement

76Positive

Balance Sheet

88Very Positive

Cash Flow

82Very Positive

Financial statement breakdown
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	38.74M	110.34M	3.08M	91.03M	58.89M	46.64M
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	18.69M	79.08M	48.52M	67.46M	21.80M	24.41M
Operating Cash Flow	43.36M	103.76M	67.70M	91.96M	37.16M	37.03M
Investing Cash Flow	-11.69M	-16.20M	-21.17M	-17.56M	17.66M	4.50M
Financing Cash Flow	-23.53M	-19.59M	-19.57M	-4.33M	-39.84M	-53.66M

San Miguel Brewery HK Ltd. Technical Analysis

Technical Analysis SentimentNegative

Last Price1.01

Price Trends

50DMA1.05Negative

100DMA1.08Negative

200DMA1.14Negative

Market Momentum

MACD-0.00Negative

RSI37.56Neutral

STOCH52.78Neutral

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 1.01 is below the 20-day moving average (MA) of 1.02, below the 50-day MA of 1.05, and below the 200-day MA of 1.14, indicating a bearish trend. The MACD of -0.00 indicates Negative momentum. The RSI at 37.56 is Neutral, neither overbought nor oversold. The STOCH value of 52.78 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

Overall Rating

UnderperformOutperform

Sector (62)

Financial Indicators

HK:0236 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HK:0236	73Outperform	HKD 388.51M	10.24	5.16%	5.94%	-8.21%	―
HK:0168	70Outperform	HKD 70.58B	16.64	13.77%	6.49%	1.15%	0.86%
HK:1876	64Neutral	HKD 80.55B	18.98	5.51%	7.12%	-2.79%	-6.76%
Sector *	62Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
HK:0389	57Neutral	HKD 87.45M	-12.65	-6.57%	―	61.46%	89.83%
HK:0291	51Neutral	HKD 65.99B	19.85	9.57%	5.59%	2.71%	-48.12%
HK:0828	49Neutral	HKD 194.36M	32.09	1.80%	2.54%	-49.66%	-73.78%

* Consumer Defensive Sector Average

Performance Comparison

HK:0236 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
HK:0236	San Miguel Brewery HK Ltd.	1.01	-0.16	-13.75%
HK:0389	China Tontine Wines Group Limited	0.29	-0.14	-32.56%
HK:0291	China Resources Beer (Holdings) Co	20.66	-4.69	-18.49%
HK:0168	Tsingtao Brewery Co Class H	41.60	-7.95	-16.04%
HK:1876	Budweiser Brewing Co. APAC Ltd.	6.21	-1.11	-15.12%
HK:0828	Dynasty Fine Wines Group Limited	0.14	-0.13	-47.92%

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 attri...

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.

Date of analysis: Aug 06, 2026

San Miguel Brewery HK Ltd. AI Stock Analysis