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OSL Group Limited
(0863)
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Rating:46Neutral
Price Target:
HK$10.00
▼(-27.90% Downside)
Action:Reiterated
Date:10/01/26
The score is held back primarily by weak financial performance—sharp profitability deterioration and persistent cash burn—despite low leverage. Technicals also remain negative with the stock trading below key moving averages and a negative MACD. Valuation is only mildly supportive because the negative P/E is driven by losses and dividend yield data is unavailable.
Positive Factors
Regulated Institutional Platform
A regulated platform focused on institutional and professional investors can support more durable client relationships than a purely retail trading model. Emphasis on compliance may also strengthen OSL’s ability to operate within evolving virtual-asset rules and preserve access to regulated markets.
Negative Factors
Sharp Profitability Deterioration
The swing from profit to heavy losses, including negative gross profit, shows that the earnings model is not yet producing dependable operating leverage. Persistent margin instability can weaken reinvestment capacity and make future results highly sensitive to revenue and cost changes.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulated Institutional Platform
A regulated platform focused on institutional and professional investors can support more durable client relationships than a purely retail trading model. Emphasis on compliance may also strengthen OSL’s ability to operate within evolving virtual-asset rules and preserve access to regulated markets.
Read all positive factors
OSL Group Limited (0863) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$9.16B
Dividend YieldN/A
Average Volume (3M)1.53M
Price to Earnings (P/E)―
Beta (1Y)0.80
Revenue Growth12273.98%
EPS Growth-3844.19%
CountryHK
Employees391
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-1.95
Shares Outstanding902,318,600
10 Day Avg. Volume744,336
30 Day Avg. Volume1,530,879
Financial Highlights & Ratios
PEG Ratio0.04
Price to Book (P/B)3.51
Price to Sales (P/S)23.61
P/FCF Ratio-7.48
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 Upside-2.67% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.38
Revenue Forecast (FY)HK$809.12M
OSL Group Limited Business Overview & Revenue Model
Company Description
OSL Group Ltd. operates in the digital asset industry. It provides solutions for institutions, professional, and retail investors. OSL Group offers a comprehensive suite of services, including brokerage, custody, exchange, and SaaS. The firm also ...
How the Company Makes Money
OSL Group Limited primarily makes money by earning fees and spreads from digital asset trading and brokerage activities conducted on/through its platform. Key revenue streams include: (1) Trading and brokerage fees: commissions or transaction-base...
OSL Group Limited Earnings Call Summary
Earnings Call Date:Mar 31, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Mar 30, 2027
Earnings Call Sentiment Positive
The call highlighted major growth milestones: transaction volume up 201%, cash revenue (non-IFRS) up ~150% to HKD 534.1M, a majority stablecoin mix (60%), a strengthened global footprint with 50+ licenses, integration of Banxa and product launches (BizPay, USDGO), and a USD 500M capital raise — all pointing to strong execution and scale momentum. Key risks include an ongoing adjusted operating loss (below HKD 300M), higher operating and one-off M&A/licensing costs, and continued crypto market volatility. Management frames regulatory complexity as a competitive moat but the net-reporting basis and remaining geographic gaps require investor normalization when benchmarking peers.Positive Updates
Record Transaction Volume Growth
Total transaction volume increased by 201% year-over-year to over HKD 200 billion in 2025, reflecting strong platform traction and higher throughput.
Negative Updates
Adjusted Operating Loss Remains
Despite strong revenue growth, adjusted operating loss remained negative (management reported adjusted operating loss reduced to below HKD 300 million), indicating the company is not yet profitable on an adjusted P&L basis.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Transaction Volume Growth
Total transaction volume increased by 201% year-over-year to over HKD 200 billion in 2025, reflecting strong platform traction and higher throughput.
Read all positive updates
Company Guidance
Management guidance focused on scaling OSL as a global stablecoin payments and trading platform, backed by concrete metrics: in FY2025 total transaction volume rose 201% YoY to >HKD 200 billion with stablecoins ~60% of volume, non‑IFRS (cash) income grew ~150% YoY to HKD 534.1 million, adjusted operating loss was reduced to below HKD 300 million and operating‑loss‑as‑a‑%‑of‑cash‑revenue stayed broadly in line with 2024. Leadership reiterated five growth levers — broaden stablecoin products, invest in next‑gen market infrastructure and bank connectivity, pursue accretive M&A (targeting emerging markets), scale operations in selected markets (Europe, Indonesia, HK) and capture the AI agent economy — supported by a USD 500 million equity raise (USD 300m Sep‑2025, USD 200m Feb‑2026) and a global footprint of 50+ licenses across 11 jurisdictions (covering ~84% of global GDP / ~82% of trade flows), connectivity to 150+ countries, support for 30+ fiat currencies, integration of 200 digital assets across ~80–100+ blockchain networks, reach to ~1.5 billion users, and strong overseas revenue contribution (reported at ~67–76%); management cited market tailwinds (stablecoins projected to ~USD 2.25 trillion by 2029 at ~62% CAGR; stablecoins ≈1% of 2025 U.S. M2) and the AI agent economy (140M agentic transactions to date; market projected to ~USD 3 trillion by 2030) as drivers for sustained, diversified revenue growth.OSL Group Limited Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
74
Positive
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 83.88B | 488.59M | 374.75M | 209.84M | 71.48M | 264.66M |
| Gross Profit | -344.45M | -69.95M | 181.86M | 192.24M | 70.17M | 244.62M |
| EBITDA | -1.43B | -398.25M | 82.83M | -185.82M | -486.24M | -214.18M |
| Net Income | -1.64B | -386.63M | 47.65M | -263.86M | -541.04M | -306.55M |
Balance Sheet | ||||||
| Total Assets | 5.27B | 4.65B | 1.86B | 1.44B | 2.51B | 4.31B |
| Cash, Cash Equivalents and Short-Term Investments | 2.13B | 2.07B | 812.41M | 218.66M | 1.01B | 778.90M |
| Total Debt | 45.73M | 12.95M | 58.82M | 17.35M | 139.75M | 224.55M |
| Total Liabilities | 1.28B | 1.36B | 579.37M | 1.05B | 1.85B | 3.34B |
| Stockholders Equity | 3.99B | 3.29B | 1.29B | 411.74M | 672.10M | 974.74M |
Cash Flow | ||||||
| Free Cash Flow | -2.58B | -1.54B | -322.81M | -686.40M | 169.23M | -376.98M |
| Operating Cash Flow | -2.57B | -1.53B | -319.76M | -686.40M | 171.07M | -338.92M |
| Investing Cash Flow | -342.94M | -358.42M | 3.19M | 6.30M | 14.96M | -85.13M |
| Financing Cash Flow | 3.88B | 2.33B | 695.90M | -80.94M | -124.50M | 862.34M |
OSL Group Limited Technical Analysis
Negative
13.87
Price Trends
10.63
Negative
11.18
Negative
12.72
Negative
Market Momentum
-0.06
Negative
44.67
Neutral
67.14
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0863, the sentiment is Negative. The current price of 13.87 is above the 20-day moving average (MA) of 10.31, above the 50-day MA of 10.63, and above the 200-day MA of 12.72, indicating a bearish trend. The MACD of -0.06 indicates Negative momentum. The RSI at 44.67 is Neutral, neither overbought nor oversold. The STOCH value of 67.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:0863.
OSL Group Limited Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | HK$307.29B | 8.30 | 10.01% | 5.73% | 37.61% | -2.94% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | HK$417.31B | 9.88 | 12.77% | 3.97% | 101.98% | 67.41% | |
59 Neutral | HK$27.06B | 18.44 | 9.18% | 2.46% | 43.49% | 109.36% | |
54 Neutral | HK$178.12B | 13.40 | 14.85% | 3.71% | 5.66% | 47.31% | |
53 Neutral | HK$10.16B | 15.35 | 33.51% | 22.30% | -1.70% | 8.52% | |
46 Neutral | HK$9.16B | -5.21 | -44.92% | ― | 12273.98% | -3844.19% |
* Financial Sector Average
HK:0863
OSL Group Limited
10.15
-7.37
-42.07%
HK:6030
CITIC Securities Co
19.88
-8.37
-29.62%
HK:6066
CSC Financial Co., Ltd. Class H
10.29
-2.40
-18.89%
HK:1788
Guotai Junan International Holdings Limited
2.85
-0.85
-23.00%
HK:1428
Bright Smart Securities & Commodities Group Limited
5.99
-3.36
-35.99%
HK:2611
Guotai Junan Securities Co., Ltd. Class H
13.02
-1.48
-10.23%
OSL Group Limited Corporate Events
OSL Group reshapes governance team with new company secretary
Sep 7, 2026
OSL Group Limited has announced changes to its corporate governance leadership, with company secretary and authorised representative Mr. Ko Sebastian Yat Fung stepping down from these roles effective 7 September 2026, while remaining as General Co...
OSL Group posts surging crypto trading volumes but deeper interim loss
Aug 31, 2026
OSL Group Limited reported strong growth in its interim results for the six months ended 30 June 2026, with total transaction volume surging 241.3% year-on-year to HK$172.0 billion and revenue rising 65.8% to HK$55.8 billion. Adjusted non-IFRS inc...
OSL Group Revamps Digital Asset Revenue Reporting to Align With Global Peers
Aug 20, 2026
OSL Group has approved a shift in how it reports revenue from principal digital asset trading, moving from net presentation under IFRS 9 to gross presentation under IFRS 15, applied retrospectively from 1 January 2026. The change will show full tr...
OSL Group Updates Board and Committee Structure
Aug 12, 2026
OSL Group Limited, incorporated in the Cayman Islands and listed in Hong Kong under stock code 863, operates with a board structure that includes executive, non-executive and independent non-executive directors. The governance framework is organiz...
OSL Group Adds CFO Wong Kwun Man to Board as Executive Director
Aug 12, 2026
OSL Group Limited has appointed Chief Financial Officer Wong Kwun Man as an executive director effective 12 August 2026, strengthening the board with his 18 years of experience in capital markets, strategic investment and management consulting. Wo...
OSL Group Sets August Board Meeting to Approve Interim Results and Consider Dividend
Aug 7, 2026
OSL Group Limited has announced that its board of directors will convene on 31 August 2026 to review and approve the group’s interim results for the six months ended 30 June 2026. At the same meeting, the board will also consider whether to ...
OSL Group Names New Company Secretary and Authorised Representative
Jul 24, 2026
OSL Group Limited has announced a change in its corporate governance team, appointing Mr. Ko Sebastian Yat Fung as company secretary and authorised representative in Hong Kong effective 24 July 2026. Mr. Ko, who joined the group in April 2026 and ...
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.