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Integrated Waste Solutions Group Holdings Limited (0923) AI Stock Analysis

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HK:0923

Integrated Waste Solutions Group Holdings Limited

(HKEX:0923)

Select Model
Rating:40Underperform
Price Target:HKD 0.01â–¼(-7.69% Downside)
Action:downgraded
Date:10/06/26

The score is driven primarily by weak financial performance—persistent losses, ongoing cash burn, and rising leverage alongside shrinking equity. Technicals add pressure, with the stock trading well below key moving averages and negative MACD. Valuation provides limited support because the company is unprofitable and no dividend yield is available.

Positive Factors
Improved net margin versus 2025The sharp improvement in 2026 net margin versus 2025 indicates some earnings recovery, even though profitability remains deeply negative. If sustained, better margins could reduce losses and improve operating resilience, but the current benefit is not yet sufficient to establish profitability.
Negative Factors
Revenue decline and weaker gross marginFlat-to-declining revenue points to limited current growth and makes it harder to absorb fixed costs or invest for expansion. The deterioration in gross margin additionally signals weaker economics or pricing pressure, which can make future revenue growth less valuable.

Integrated Waste Solutions Group Holdings Limited (0923) vs. iShares MSCI Hong Kong ETF (EWH)

-50%-40%-30%-20%-10%0%10%20%HK:0923-43.48%EWH+7.37%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
Market Cap
HKD 62.70M
Dividend Yield
―
Average Volume (3M)
3.46M
Price to Earnings (P/E)
-0.4
Beta (1Y)
0.04
Revenue Growth
-9.12%
EPS Growth
65.45%
Country
Hong Kong
Employees
103
Sector
Industrials
Sector Strength
63
Industry
Conglomerates

Integrated Waste Solutions Group Holdings Limited Business Overview & Revenue Model

Company Description

Integrated Waste Solutions Group Holdings Limited, an investment holding firm, delivers comprehensive solid waste management solutions across Hong Kong. The company's operations are divided into four main segments: secure materials destruction, logis...

Integrated Waste Solutions Group Holdings Limited Financial Statement Overview

Summary

Financial performance is weak: revenue is broadly flat with a recent decline (~5% in 2026), the company is loss-making every year with deeply negative margins, and cash flow is generally negative with ongoing free-cash-flow burn. Balance sheet risk is rising as leverage increased sharply and equity has fallen, reducing flexibility.

Income Statement

18Very Negative

Balance Sheet

46Neutral

Cash Flow

24Negative
Financial statement breakdown
BreakdownTTMMar 2025Mar 2024Mar 2023Mar 2022Mar 2021
Income Statement
Total Revenue40.98M40.98M45.09M42.70M42.34M42.12M
Gross Profit14.06M9.30M22.93M25.35M-532.00K-487.00K
EBITDA-28.68M-31.36M-461.50M-38.09M-12.44M-7.64M
Net Income-169.41M-169.41M-490.14M-64.73M-39.80M-27.58M
Balance Sheet
Total Assets112.64M112.64M281.57M771.58M790.69M833.03M
Cash, Cash Equivalents and Short-Term Investments16.72M16.72M43.10M50.68M74.40M76.46M
Total Debt50.00M50.00M50.39M50.39M392.00K0
Total Liabilities59.11M59.11M61.78M60.80M13.57M13.72M
Stockholders Equity54.54M54.54M220.55M710.93M776.98M818.34M
Cash Flow
Free Cash Flow-27.21M-33.80M-23.39M-24.45M4.58M-15.19M
Operating Cash Flow-27.04M-33.63M-23.18M-19.24M4.81M-13.28M
Investing Cash Flow659.00K10.02M19.07M-53.49M-6.87M11.48M
Financing Cash Flow0-2.77M-3.48M49.01M381.00K-76.00K

Integrated Waste Solutions Group Holdings Limited Peers Comparison

Overall Rating

UnderperformOutperform
Sector (63)

Financial Indicators

HK:0923 against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
HK:1330HK:133074OutperformHKD 12.17B15.118.58%5.94%17.05%8.15%
HK:1065HK:106567NeutralHKD 9.35B9.818.40%6.54%2.19%11.28%
HK:1397HK:139767NeutralHKD 305.03M4.4913.81%9.52%-21.56%-23.25%
Sector *63Neutral$10.79B15.437.44%2.01%2.89%-14.66%
HK:3989HK:398960NeutralHKD 1.14B3.334.16%―1.64%23.16%
HK:1790HK:179049NeutralHKD 575.00M11.413.27%―4.82%-24.40%
HK:0923HK:092340UnderperformHKD 62.70M-0.37-128.44%―-9.12%65.45%

* Industrials Sector Average

Performance Comparison

-25%0%25%50%HK:0923HK:1065HK:1330HK:1397HK:1790HK:3989Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
HK:0923 and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
HK:0923Integrated Waste Solutions Group Holdings Limited0.01-0.01-45.83%
HK:1065Tianjin Capital Environmental Protection Group Co Class H3.67-0.33-8.31%
HK:1330Dynagreen Environmental Protection Group Co., Ltd. Class H6.431.2323.54%
HK:1397Baguio Green Group Ltd0.73-0.39-34.67%
HK:1790TIL Enviro Limited0.570.1227.78%
HK:3989Capital Environment Holdings Limited0.08-0.00-3.61%

Integrated Waste Solutions Group Holdings Limited Corporate Events

Integrated Waste Solutions Wins Full Shareholder Backing at AGM

Sep 4, 2026

Shareholders of Integrated Waste Solutions Group Holdings Limited approved all resolutions at the annual general meeting held on 4 September 2026, with 100% of poll votes cast in favour on each item. The meeting adopted the audited consolidated finan...

Integrated Waste Solutions Relocates Hong Kong Head Office to Sheung Shui

Sep 4, 2026

Integrated Waste Solutions Group Holdings Limited has announced a relocation of its head office and principal place of business in Hong Kong, effective 7 September 2026, to Units B1–B23 G/F, Jumbo Plaza, 6 Choi Fai Street, Sheung Shui, New Terr...

Integrated Waste Solutions Sets Out Board and Committee Structure

Aug 31, 2026

Integrated Waste Solutions Group Holdings Limited has detailed the composition of its seven-member board, comprising one executive director serving as chief executive officer, three non-executive directors including the chairman, and three independen...

Integrated Waste Solutions Proposes Reappointment of Auditor at Stable Fee Level

Aug 7, 2026

Integrated Waste Solutions Group Holdings Limited, a Hong Kong-listed environmental services provider, positions itself in the integrated waste management sector with a governance structure that includes executive, non-executive and independent non-e...

Integrated Waste Solutions Sets AGM to Approve Governance, Auditor and Capital Mandates

Jul 28, 2026

Integrated Waste Solutions Group Holdings Limited has called an electronic annual general meeting for 4 September 2026 to receive and adopt its audited consolidated financial statements for the year ended 31 March 2026, and to consider routine corpor...

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: Oct 06, 2026