Man Sang International (0938) AI Stock Analysis

• Market Cap: $349.49M
• Dividend Yield: N/A
• Average Volume (3M): 111.11K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.46
• Revenue Growth: 6.10%
• EPS Growth: -7.32%
• Country: HK
• Employees: 274
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Services
• EPS (TTM): -0.64
• Shares Outstanding: 647,198,600
• 10 Day Avg. Volume: 41,920
• 30 Day Avg. Volume: 111,106
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 9.80
• Enterprise Value/Revenue: 26.66
• Enterprise Value/Gross Profit: 165.00
• Enterprise Value/Ebitda: -107.44
• 1Y Price Target: $0.47
• Price Target Upside: -16.64% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 0

• Rating: 43 Neutral
• Price Target: HK$0.50 ▼(-10.71% Downside)

The overall stock score is primarily impacted by the company's weak financial performance, characterized by negative profitability and high leverage. Technical analysis provides a neutral outlook, while valuation is hindered by a negative P/E ratio and lack of dividends.

Man Sang International Business Overview & Revenue Model

Company Description

Man Sang International Limited, an investment holding company, engages in the development, leasing, and sale of properties in the People's Republic of China. The company sells residential apartments; and leases serviced apartments and shopping mall. It also provides property management, as well as renovation and decoration services. In addition, Man Sang International Limited operates hotel in Japan. The company is based in Chai Wan, Hong Kong. Man Sang International Limited is a subsidiary of China DaDi Group Limited.

How the Company Makes Money

Man Sang International generates revenue through multiple streams, primarily from the sale of its fashion accessories and apparel to various retail partners and wholesalers. The company benefits from economies of scale by manufacturing its products in China, which allows for competitive pricing. Additionally, it engages in direct sales through its own retail outlets and online platforms, expanding its market reach. Strategic partnerships with global retailers and distributors enhance its distribution network, contributing significantly to its earnings. Seasonal trends and promotional campaigns also play a crucial role in boosting sales, particularly in the fashion industry.

Man Sang International Financial Statement Overview

Summary

Man Sang International faces significant financial challenges. Despite a modest revenue growth, the company struggles with negative profitability margins and a highly leveraged balance sheet with negative equity. Cash flow metrics are also weak, indicating poor cash generation relative to earnings.

Income Statement

The company shows a modest revenue growth rate of 7.41% in the latest year, but profitability remains a significant concern with a negative net profit margin of -4.29% and negative EBIT and EBITDA margins. The gross profit margin improved to 18.46%, indicating some operational efficiency gains, but overall, the income statement reflects ongoing financial challenges.

Balance Sheet

The balance sheet is heavily leveraged with a negative equity position, leading to an unfavorable debt-to-equity ratio of -2.11. The return on equity is positive at 39.62%, but this is due to the negative equity, which distorts the metric. The equity ratio is negative, highlighting the company's financial instability and high-risk profile.

Cash Flow

Cash flow metrics are weak, with negative operating and free cash flows. The free cash flow to net income ratio is slightly above 1, indicating that free cash flow is slightly better than net income, but both are negative. The operating cash flow to net income ratio is also negative, reflecting poor cash generation relative to earnings.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	128.52M	138.05M	126.71M	137.14M	116.66M	158.73M
Gross Profit	20.77M	25.48M	16.61M	10.44M	-8.39M	-24.28M
EBITDA	-31.89M	-359.34M	-66.89M	-75.70M	-68.12M	-107.98M
Net Income	-571.11M	-592.21M	-551.83M	-482.92M	-371.74M	-521.82M
Balance Sheet
Total Assets	2.22B	2.03B	2.26B	2.82B	3.35B	3.50B
Cash, Cash Equivalents and Short-Term Investments	35.90M	23.42M	19.04M	32.87M	31.77M	153.79M
Total Debt	3.00B	3.16B	2.86B	2.86B	2.82B	2.92B
Total Liabilities	3.33B	3.52B	3.18B	3.21B	3.16B	3.31B
Stockholders Equity	-1.11B	-1.49B	-927.36M	-396.33M	191.27M	186.42M
Cash Flow
Free Cash Flow	-50.37M	-6.02M	-46.06M	-6.27M	-97.40M	-101.75M
Operating Cash Flow	-50.27M	-5.85M	-45.89M	-2.64M	-93.91M	-98.36M
Investing Cash Flow	979.00K	-4.07M	-3.36M	-9.39M	-10.19M	-54.53M
Financing Cash Flow	42.83M	14.72M	44.32M	17.63M	-29.61M	-1.09B

Man Sang International Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.56
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0938, the sentiment is Negative. The current price of 0.56 is below the 20-day moving average (MA) of 0.60, below the 50-day MA of 0.63, and below the 200-day MA of 0.72, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 39.50 is Neutral, neither overbought nor oversold. The STOCH value of 10.83 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:0938.

Man Sang International Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2205	72 Outperform	HK$392.00M	9.32	5.26%	10.36%	-5.08%	27.33%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
9982	62 Neutral	HK$425.22M	7.01	2.19%	58.55%	5.32%	9.79%
9608	49 Neutral	HK$357.12M	38.70	2.06%	―	0.88%	-25.81%
0021	48 Neutral	HK$405.47M	28.14	-4.27%	―	1303.01%	-45.00%
0432	44 Neutral	HK$407.65M	―	-95.44%	―	19.34%	18.13%
0938	43 Neutral	$349.49M	―	―	―	6.10%	-7.32%

Man Sang International Corporate Events

Man Sang International Projects Profit Turnaround for 2025

Man Sang International Limited has issued a positive profit alert, indicating an expected turnaround from a loss to a profit for the six months ending September 2025. This improvement is attributed primarily to a one-off gain from the disposal of Gloryear Investments Limited and its subsidiaries, rather than from recurring business operations. The company emphasizes its commitment to exploring further opportunities to strengthen its core businesses and create long-term shareholder value.

Man Sang International Schedules 2025 Annual General Meeting

Man Sang International Limited has announced its 2025 Annual General Meeting scheduled for September 24, 2025, in Hong Kong. The meeting will address ordinary business matters such as the re-election of directors and the re-appointment of auditors, as well as special business resolutions concerning the issuance and management of company shares. These resolutions, if approved, could impact the company’s capital structure and shareholder value.

Man Sang International Sets Guidelines for Nomination Committee

Man Sang International Limited has outlined the terms of reference for its Nomination Committee, which is tasked with identifying and recommending candidates for the company’s board of directors. The committee is responsible for reviewing the board’s structure and composition, ensuring alignment with corporate strategy, and promoting shareholder value. The committee will also assess the independence of directors and make recommendations on appointments and succession planning, contributing to the company’s governance and strategic direction.

Man Sang International Announces Key Executive Changes

Man Sang International Limited has announced a significant change in its executive team with the resignation of Mr. Cheung Tai Chi from his roles as Chief Financial Officer, Company Secretary, and Authorised Representative, effective June 30, 2025. Mr. Wong Chun Kit, a Certified Public Accountant with over a decade of experience, will assume these positions, bringing expertise from his previous role at KPMG, which may impact the company’s financial management and strategic direction.

Man Sang International Reports Increased Revenue but Faces Significant Losses

Man Sang International Limited reported its annual financial results for the year ended March 31, 2025, showing a revenue increase to HK$138,047,000 from HK$126,710,000 in the previous year. Despite the revenue growth, the company faced significant financial challenges, including a substantial loss before tax of HK$590,903,000, attributed to high finance costs and impairment losses on assets, leading to a loss per share of HK(92) cents.