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Theme International Holdings Limited
(0990)
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Rating:63Neutral
Price Target:
HK$0.60
â–¼(-14.00% Downside)
Action:Reiterated
Date:10/01/26
The score is primarily driven by solid financial resilience (low leverage and strong cash generation), tempered by contracting revenue and thin margins. Technical indicators are currently soft (below longer-term moving averages and slightly negative MACD), while valuation looks reasonable on P/E but lacks dividend-yield support.
Positive Factors
Low Leverage
Very low leverage gives the company substantial financial flexibility and reduces interest-related pressure on earnings. A conservatively financed balance sheet can help Theme withstand weaker operating conditions, preserve borrowing capacity, and continue funding the business without excessive dependence on external capital.
Negative Factors
Revenue Contraction
A sharp revenue decline indicates weakening top-line demand and reduces the scale available to absorb operating costs. Continued contraction would limit growth opportunities, pressure cash generation, and make the company more dependent on efficiency gains or recovery in its underlying market.
Read all positive and negative factors
Positive Factors
Negative Factors
Low Leverage
Very low leverage gives the company substantial financial flexibility and reduces interest-related pressure on earnings. A conservatively financed balance sheet can help Theme withstand weaker operating conditions, preserve borrowing capacity, and continue funding the business without excessive dependence on external capital.
Read all positive factors
Theme International Holdings Limited (0990) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$7.99B
Dividend Yield3.33%
Average Volume (3M)8.20M
Price to Earnings (P/E)10.1
Beta (1Y)0.59
Revenue Growth7.03%
EPS Growth123.75%
CountryHK
Employees378
SectorBasic Materials
Sector Strength58
IndustrySteel
Share Statistics
EPS (TTM)0.05
Shares Outstanding14,801,345,000
10 Day Avg. Volume5,570,000
30 Day Avg. Volume8,202,196
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)1.33
Price to Sales (P/S)0.46
P/FCF Ratio3.33
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
Theme International Holdings Limited Business Overview & Revenue Model
Company Description
Deep Source Holdings Limited, an investment holding company that will officially adopt its new name from Theme International Holdings Limited in July 2025, maintains a diverse portfolio of operations. The company's core business involves the proce...
Theme International Holdings Limited Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
78
Positive
Cash Flow
73
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 26.18B | 21.35B | 40.91B | 55.38B | 39.09B | 34.64B |
| Gross Profit | 892.46M | 809.38M | 1.03B | 1.78B | 2.08B | 1.47B |
| EBITDA | 761.87M | 736.72M | 599.66M | 1.55B | 1.72B | 1.30B |
| Net Income | 776.66M | 719.66M | 296.24M | 1.20B | 1.21B | 997.97M |
Balance Sheet | ||||||
| Total Assets | 28.64B | 22.63B | 18.98B | 16.33B | 13.62B | 9.10B |
| Cash, Cash Equivalents and Short-Term Investments | 4.00B | 8.11B | 6.40B | 5.81B | 4.14B | 895.89M |
| Total Debt | 819.39M | 572.26M | 152.95M | 27.98M | 191.68M | 48.10M |
| Total Liabilities | 19.23B | 14.23B | 11.74B | 9.06B | 7.71B | 4.77B |
| Stockholders Equity | 8.25B | 7.33B | 6.12B | 6.20B | 4.58B | 3.49B |
Cash Flow | ||||||
| Free Cash Flow | 3.00B | 2.92B | 4.38B | 3.06B | 6.62B | 4.73B |
| Operating Cash Flow | 3.14B | 2.92B | 4.39B | 3.07B | 6.65B | 4.86B |
| Investing Cash Flow | -1.54B | 28.82M | -1.61B | -181.44M | -248.66M | -347.42M |
| Financing Cash Flow | 30.09M | -1.63B | -3.30B | -2.93B | -4.46B | -3.94B |
Theme International Holdings Limited Technical Analysis
Negative
0.70
Price Trends
0.57
Negative
0.58
Negative
0.70
Negative
Market Momentum
>-0.01
Positive
44.64
Neutral
41.04
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0990, the sentiment is Negative. The current price of 0.7 is above the 20-day moving average (MA) of 0.56, above the 50-day MA of 0.57, and above the 200-day MA of 0.70, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 44.64 is Neutral, neither overbought nor oversold. The STOCH value of 41.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:0990.
Theme International Holdings Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | HK$616.00M | 5.56 | 7.76% | 7.57% | -35.49% | -32.38% | |
63 Neutral | HK$7.99B | 10.07 | 9.97% | 3.33% | 7.03% | 123.75% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
57 Neutral | HK$169.87M | 1.21 | 7.82% | 2.39% | -39.70% | -51.97% | |
48 Neutral | HK$6.62B | 13.28 | 5.64% | 2.38% | 7.88% | 16.03% | |
45 Neutral | HK$18.92B | -3.49 | -14.44% | 0.38% | -1.18% | -55.60% | |
44 Neutral | HK$12.61B | -3.67 | -18.85% | 6.49% | -6.57% | -6.67% |
* Basic Materials Sector Average
HK:0990
Theme International Holdings Limited
0.54
-0.22
-28.95%
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1.00
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Tiangong International Co. Ltd.
2.43
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-16.95%
HK:1053
Chongqing Iron & Steel Co., Ltd. Class H
0.79
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Maike Tube Industry Holdings Limited
1.42
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HK:1938
Chu Kong Petroleum & Natural Gas Steel Pipe Holdings Ltd.
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-44.00%
Theme International Holdings Limited Corporate Events
Deep Source Wins Extension to Send Circular on Major Subsidiary Disposal
Sep 8, 2026
Deep Source Holdings Limited, incorporated in Bermuda and listed on the Hong Kong Stock Exchange, operates with a broad board structure that includes executive, non-executive and independent directors. While the announcement does not describe its ...
Deep Source Wins Malaysian Approval for AI Data Centre Project
Sep 7, 2026
Deep Source Holdings Limited has secured official approval from Malaysia’s Ministry of Investment, Trade and Industry for its artificial intelligence data centre project, subject to meeting water and electricity supply conditions. The compan...
Deep Source Holdings Delivers Strong Interim Profit Growth in 2026
Aug 31, 2026
Deep Source Holdings Limited reported a strong interim performance for the six months ended 30 June 2026, with revenue from continuing operations rising to HK$14.96 billion from HK$10.01 billion a year earlier. Gross profit nearly doubled, support...
Deep Source Sets Board Meeting to Approve Interim Results and Consider Dividend
Aug 10, 2026
Deep Source Holdings Limited has scheduled a board meeting for 31 August 2026 to review and approve the interim results for the six months ended 30 June 2026. The board will also consider whether to declare an interim dividend, a decision that cou...
Deep Source Wins Extension to Circular Deadline on Major Disposal
Aug 5, 2026
Deep Source Holdings Limited has classified the planned disposal of certain subsidiaries as a major transaction under Hong Kong listing rules, securing written shareholder approval in lieu of convening a general meeting. The move underscores an on...
Deep Source Updates Bermuda Registered Office While Maintaining Hong Kong Share Registry
Jul 24, 2026
Deep Source Holdings Limited has announced a change in the address of its registered office, principal share registrar and transfer agent in Bermuda, effective 3 August 2026, relocating these functions to Richmond House on Par-la-Ville Road in Ham...
Deep Source Holdings Moves to Utilise Share Buyback Mandate
Jul 21, 2026
Deep Source Holdings Limited has announced that its board has resolved to use the general share repurchase mandate granted by shareholders at the 30 June 2026 annual meeting to buy back shares on the open market. The mandate allows the company to ...
Deep Source Holdings to Divest Key Subsidiaries in Major Transaction
Jul 9, 2026
Deep Source Holdings has agreed to dispose of its entire equity interests in a group of subsidiaries, including BPI HK, BPI Digital Assets and several overseas units, under a share purchase agreement signed on 9 July 2026. Once the transaction com...
Deep Source Drops Acquisition to Refocus on Lithium and AI Strategy
Jul 9, 2026
Deep Source Holdings Limited has terminated its planned acquisition of a 60% equity interest in an unnamed target company after the conditions precedent under the sale and purchase agreement were not fulfilled, causing the agreement to lapse. The ...
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.