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VSTECS Holdings Limited
(0856)
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Rating:75Outperform
Price Target:
HK$8.50
▼(-11.18% Downside)
Action:Reiterated
Date:09/06/26
The score is driven primarily by improved financial performance in 2025 (profit rebound, better leverage, and stronger free cash flow) tempered by thin structural margins and cash-flow volatility. Valuation is a notable positive with a low P/E and strong dividend yield. Technically, the stock shows a constructive trend above major moving averages with neutral-to-positive momentum.
Positive Factors
Revenue Growth Re-acceleration
Long-run revenue growth and renewed acceleration in 2025 indicate improving demand and market activity across the company’s distribution and solutions operations. If sustained, stronger sales can increase operating scale, deepen channel relevance, and support further earnings recovery over the next several quarters.
Negative Factors
Structurally Thin Margins
Very thin gross and net margins leave limited room to absorb pricing pressure, cost inflation, or execution setbacks. Even modest changes in product mix or operating costs can therefore have an outsized effect on earnings, making durable profit expansion harder than revenue growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth Re-acceleration
Long-run revenue growth and renewed acceleration in 2025 indicate improving demand and market activity across the company’s distribution and solutions operations. If sustained, stronger sales can increase operating scale, deepen channel relevance, and support further earnings recovery over the next several quarters.
Read all positive factors
VSTECS Holdings Limited (0856) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$11.05B
Dividend Yield5.43%
Average Volume (3M)1.87M
Price to Earnings (P/E)6.4
Beta (1Y)1.59
Revenue Growth10.80%
EPS Growth37.32%
CountryHK
Employees5,639
SectorTechnology
Sector Strength88
IndustryInformation Technology Services
Share Statistics
EPS (TTM)1.20
Shares Outstanding1,436,452,000
10 Day Avg. Volume1,410,764
30 Day Avg. Volume1,873,331
Financial Highlights & Ratios
PEG Ratio0.27
Price to Book (P/B)1.07
Price to Sales (P/S)0.11
P/FCF Ratio6.72
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$13.50Price Target Upside41.07% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)1.2
Revenue Forecast (FY)HK$109.95B
VSTECS Holdings Limited Business Overview & Revenue Model
Company Description
As an investment holding enterprise, VSTECS Holdings Limited specializes in cultivating information technology (IT) product distribution channels and providing sophisticated technical solution integration services throughout North Asia and Southea...
How the Company Makes Money
VSTECS makes money mainly through (1) technology distribution and (2) related solutions and services. In its distribution business, the company purchases IT products and software from upstream technology vendors and sells them onward to downstream...
VSTECS Holdings Limited Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
66
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 104.72B | 97.63B | 89.09B | 73.89B | 77.32B | 78.34B |
| Gross Profit | 4.80B | 4.35B | 3.93B | 3.50B | 3.37B | 3.64B |
| EBITDA | 2.29B | 1.99B | 1.82B | 1.62B | 1.47B | 1.79B |
| Net Income | 1.66B | 1.35B | 1.05B | 922.03M | 823.07M | 1.31B |
Balance Sheet | ||||||
| Total Assets | 50.55B | 43.02B | 38.39B | 35.02B | 34.77B | 32.18B |
| Cash, Cash Equivalents and Short-Term Investments | 9.21B | 7.89B | 5.44B | 4.13B | 8.23B | 4.13B |
| Total Debt | 13.60B | 9.24B | 9.68B | 8.44B | 8.65B | 6.53B |
| Total Liabilities | 39.66B | 32.60B | 29.52B | 26.80B | 27.11B | 24.27B |
| Stockholders Equity | 10.58B | 10.14B | 8.64B | 8.22B | 7.66B | 7.91B |
Cash Flow | ||||||
| Free Cash Flow | -4.79B | 1.61B | 1.69B | 601.41M | -171.90M | 527.57M |
| Operating Cash Flow | -2.90B | 1.65B | 1.82B | 640.23M | -147.87M | 580.07M |
| Investing Cash Flow | -709.54M | -46.13M | -300.93M | 137.76M | -517.66M | -47.04M |
| Financing Cash Flow | 3.84B | -833.91M | -837.13M | -1.37B | 1.57B | -942.10M |
VSTECS Holdings Limited Technical Analysis
Negative
9.57
Price Trends
8.99
Negative
9.30
Negative
8.99
Negative
Market Momentum
-0.36
Positive
31.47
Neutral
41.50
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0856, the sentiment is Negative. The current price of 9.57 is above the 20-day moving average (MA) of 8.29, above the 50-day MA of 8.99, and above the 200-day MA of 8.99, indicating a bearish trend. The MACD of -0.36 indicates Positive momentum. The RSI at 31.47 is Neutral, neither overbought nor oversold. The STOCH value of 41.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:0856.
VSTECS Holdings Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | HK$1.07B | 4.72 | 12.36% | 1.64% | 12.17% | 331.64% | |
75 Outperform | HK$11.05B | 6.41 | 16.01% | 5.43% | 10.80% | 37.32% | |
74 Outperform | HK$231.00M | 22.12 | 5.93% | 1.21% | -32.77% | 337.65% | |
63 Neutral | HK$465.59M | 9.59 | 1.66% | 1.24% | 6.08% | -86.65% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | HK$2.03B | 20.79 | 28.61% | ― | -14.27% | 5450.00% | |
54 Neutral | HK$5.35B | 12.58 | 8.41% | 2.94% | 81.43% | 65.90% |
* Technology Sector Average
HK:0856
VSTECS Holdings Limited
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VSTECS Holdings Limited Corporate Events
VSTECS Delivers Robust Profit Growth on Rising Interim Revenue
Aug 20, 2026
VSTECS Holdings Limited reported strong interim results for the six months ended 30 June 2026, with revenue rising to HK$52.61 billion from HK$45.52 billion and gross profit increasing to HK$2.61 billion. Profit attributable to equity shareholders...
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.