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Integrated Waste Solutions Group Holdings Limited
(0923)
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Rating:40Underperform
Price Target:
HK$0.01
▼(-40.00% 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 2025
The 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 margin
Flat-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.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved net margin versus 2025
The 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.
Read all positive factors
Integrated Waste Solutions Group Holdings Limited (0923) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$62.70M
Dividend YieldN/A
Average Volume (3M)4.61M
Price to Earnings (P/E)―
Beta (1Y)0.18
Revenue Growth-9.12%
EPS Growth65.45%
CountryHK
Employees103
SectorIndustrials
Sector Strength72
IndustryConglomerates
Share Statistics
EPS (TTM)-0.04
Shares Outstanding4,823,009,000
10 Day Avg. Volume6,659,800
30 Day Avg. Volume4,605,800
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)1.68
Price to Sales (P/S)2.24
P/FCF Ratio-2.71
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
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, lo...
Integrated Waste Solutions Group Holdings Limited Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
46
Neutral
Cash Flow
24
Negative
| Breakdown | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 40.98M | 45.09M | 42.70M | 42.34M | 42.12M |
| Gross Profit | 9.30M | 22.93M | 25.35M | -532.00K | -487.00K |
| EBITDA | -31.36M | -461.50M | -38.09M | -12.44M | -7.64M |
| Net Income | -169.41M | -490.14M | -64.73M | -39.80M | -27.58M |
Balance Sheet | |||||
| Total Assets | 112.64M | 281.57M | 771.58M | 790.69M | 833.03M |
| Cash, Cash Equivalents and Short-Term Investments | 16.72M | 43.10M | 50.68M | 74.40M | 76.46M |
| Total Debt | 50.00M | 50.39M | 50.39M | 392.00K | 0.00 |
| Total Liabilities | 59.11M | 61.78M | 60.80M | 13.57M | 13.72M |
| Stockholders Equity | 54.54M | 220.55M | 710.93M | 776.98M | 818.34M |
Cash Flow | |||||
| Free Cash Flow | -33.80M | -23.39M | -24.45M | 4.58M | -15.19M |
| Operating Cash Flow | -33.63M | -23.18M | -19.24M | 4.81M | -13.28M |
| Investing Cash Flow | 10.02M | 19.07M | -53.49M | -6.87M | 11.48M |
| Financing Cash Flow | -2.77M | -3.48M | 49.01M | 381.00K | -76.00K |
Integrated Waste Solutions Group Holdings Limited Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | HK$9.20B | 9.68 | 8.50% | 6.54% | 4.28% | 6.05% | |
70 Outperform | HK$12.17B | 15.85 | 8.50% | 6.31% | 12.74% | 11.38% | |
67 Neutral | HK$315.40M | 4.61 | 13.81% | 9.27% | -21.56% | -23.25% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
60 Neutral | HK$505.00M | 10.02 | 3.27% | 7.94% | 4.82% | -24.40% | |
45 Neutral | HK$1.19B | 3.52 | 4.16% | 7.69% | 1.64% | 23.16% | |
40 Underperform | HK$62.70M | -0.37 | -128.44% | ― | -9.12% | 65.45% |
* Industrials Sector Average
HK:0923
Integrated Waste Solutions Group Holdings Limited
0.01
>-0.01
-40.91%
HK:1065
Tianjin Capital Environmental Protection Group Co
3.67
0.11
3.12%
HK:1330
Dynagreen Environmental Protection Group Co., Ltd. Class H
5.90
1.06
21.87%
HK:1397
Baguio Green Group Ltd
0.76
-0.29
-27.40%
HK:1790
TIL Enviro Limited
0.51
0.05
12.22%
HK:3989
Capital Environment Holdings Limited
0.08
>-0.01
-10.64%
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 fi...
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 T...
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 indepen...
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 no...
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 cor...
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.