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Man Sang International
(0938)
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Rating:43Neutral
Price Target:
HK$0.39
â–²(2.89% Upside)
Action:Reiterated
Date:08/03/26
Overall score is held down primarily by high financial risk—especially negative equity and heavy leverage—despite signs of stabilization in 2026 (smaller losses and positive operating/free cash flow). Technicals also remain weak with price below all key moving averages. Valuation offers limited support because losses make the negative P/E less informative and no dividend yield is provided.
Positive Factors
Sharp reduction in net loss
The substantially smaller 2026 net loss indicates meaningful stabilization from the prior year’s severe deterioration. Although profitability has not been restored, this improvement could support a more durable recovery if the company can maintain stronger margins and control operating costs.
Negative Factors
Severely stressed balance sheet
Negative equity and debt substantially exceeding total assets indicate a highly fragile capital structure. This weakens financial flexibility, raises solvency and refinancing risk, and may restrict the company’s ability to fund development or absorb further operating setbacks over the coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Sharp reduction in net loss
The substantially smaller 2026 net loss indicates meaningful stabilization from the prior year’s severe deterioration. Although profitability has not been restored, this improvement could support a more durable recovery if the company can maintain stronger margins and control operating costs.
Read all positive factors
Man Sang International (0938) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$252.41M
Dividend Yield7.46%
Average Volume (3M)22.52K
Price to Earnings (P/E)―
Beta (1Y)-1.20
Revenue Growth-32.54%
EPS Growth87.69%
CountryHK
Employees194
SectorReal Estate
Sector Strength53
IndustryReal Estate - Development
Share Statistics
EPS (TTM)-0.10
Shares Outstanding647,198,600
10 Day Avg. Volume9,360
30 Day Avg. Volume22,520
Financial Highlights & Ratios
PEG Ratio0.04
Price to Book (P/B)-0.44
Price to Sales (P/S)2.84
P/FCF Ratio46.77
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
Man Sang International Business Overview & Revenue Model
Company Description
As an investment holding firm, Man Sang International Limited engages predominantly in real estate activities across the People's Republic of China. Its operations include developing new properties, managing their rentals, and executing sales, not...
Man Sang International Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
9
Very Negative
Cash Flow
29
Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 94.56M | 138.05M | 126.71M | 137.14M | 116.66M |
| Gross Profit | 36.58M | 25.48M | 16.61M | 10.44M | -8.39M |
| EBITDA | -14.41M | -359.34M | -66.89M | -75.70M | -68.12M |
| Net Income | -72.90M | -592.21M | -551.83M | -482.92M | -371.74M |
Balance Sheet | |||||
| Total Assets | 239.11M | 2.03B | 2.26B | 2.82B | 3.35B |
| Cash, Cash Equivalents and Short-Term Investments | 17.01M | 23.42M | 19.04M | 32.87M | 31.77M |
| Total Debt | 753.62M | 3.16B | 2.86B | 2.86B | 2.82B |
| Total Liabilities | 845.52M | 3.52B | 3.18B | 3.21B | 3.16B |
| Stockholders Equity | -603.91M | -1.49B | -927.36M | -396.33M | 191.27M |
Cash Flow | |||||
| Free Cash Flow | 5.74M | -6.02M | -46.06M | -6.27M | -97.40M |
| Operating Cash Flow | 5.85M | -5.85M | -45.89M | -2.64M | -93.91M |
| Investing Cash Flow | -17.30M | -4.07M | -3.36M | -9.39M | -10.19M |
| Financing Cash Flow | 3.36M | 14.72M | 44.32M | 17.63M | -29.61M |
Man Sang International Technical Analysis
Negative
0.38
Price Trends
0.39
Negative
0.41
Negative
0.40
Negative
Market Momentum
>-0.01
Positive
48.25
Neutral
55.56
Neutral
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 0.38 is below the 20-day moving average (MA) of 0.39, below the 50-day MA of 0.39, and below the 200-day MA of 0.40, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 48.25 is Neutral, neither overbought nor oversold. The STOCH value of 55.56 is Neutral, 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
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | HK$3.65B | 7.90 | 19.11% | 5.78% | 24.03% | 12.10% | |
74 Outperform | HK$2.64B | 8.77 | 7.06% | 7.91% | 3.09% | -13.51% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
60 Neutral | HK$260.32M | 8.66 | 0.58% | 3.07% | 6.05% | 37.17% | |
55 Neutral | HK$2.41B | 28.18 | 0.70% | 7.76% | -2.93% | ― | |
54 Neutral | HK$2.26B | 9.38 | 3.95% | 1.49% | -4.46% | 50.30% | |
43 Neutral | HK$252.41M | -3.71 | -66.66% | 7.46% | -32.54% | 87.69% |
* Real Estate Sector Average
HK:0938
Man Sang International
0.39
-0.15
-27.78%
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Man Sang International Corporate Events
Man Sang International Wins Unanimous Shareholder Backing at 2026 AGM
Sep 11, 2026
Man Sang International Limited reported that shareholders at its annual general meeting on 11 September 2026 approved all resolutions by poll with unanimous support. The meeting covered routine governance matters, including receipt of the annual f...
Man Sang International Names New CFO and Company Secretary in Leadership Transition
Sep 11, 2026
Man Sang International has announced that Chief Financial Officer and Company Secretary Mr. Wong Chun Kit will step down from all his roles, including authorised representative, effective 13 September 2026, and will no longer hold any position wit...
Man Sang International Says Action Against Controlling Shareholder Not Expected to Hit Operations
Aug 25, 2026
Man Sang International Limited has issued a supplemental announcement addressing regulatory measures imposed on its controlling shareholder, Mr. Hu Xingrong, and their potential impact on the group. The company stresses that daily operations are c...
Man Sang International Calls 2026 AGM, Seeks Fresh Share Issuance Mandate
Aug 19, 2026
Man Sang International Limited, a Bermuda-incorporated company listed in Hong Kong, follows standard listed-company governance with a board of directors and independent auditor overseeing its consolidated financial reporting. Its shares carry a no...
Man Sang International Adds Controlling Shareholder’s Son to Board
Aug 3, 2026
Man Sang International has appointed Hu Yiming as an executive director and member of both its nomination and remuneration committees, effective 3 August 2026. The move adds a new board member with experience in new energy and aviation sectors at ...
Man Sang International outlines board structure and governance committees
Aug 3, 2026
Man Sang International Limited has announced the current composition of its board of directors, comprising two executive directors and three independent non-executive directors. This structure underscores the company’s emphasis on board inde...
Man Sang International Updates Registered Office Address in Bermuda
Jul 28, 2026
Man Sang International Limited has announced a change of its registered office address in Bermuda, effective 3 August 2026, relocating to Richmond House on Par-la-Ville Road in Hamilton. The move is a formal corporate update that may streamline ad...
Man Sang International Chairman Resigns Amid PRC Constraints; Board Strengthens Independent Oversight
Jul 7, 2026
Man Sang International Limited announced that its chairman, executive director and controlling shareholder, Hu Xingrong, has resigned from the board and related committee roles with immediate effect. The board said it is not aware of any material ...
Man Sang International updates board and committee structure
Jul 7, 2026
Man Sang International Limited has announced an updated composition of its board of directors, naming Ms. Cong Wenlin as executive director alongside independent non-executive directors Ms. Pau Yee Ling, Mr. Wong Kwan Kit and Ms. Zhou Hong, unders...
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.