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S.A.S. Dragon Holdings Limited (1184) AI Stock Analysis

HK:1184

S.A.S. Dragon Holdings Limited

(HKEX:1184)

Select Model
Rating:72.7Outperform
Price Target:HKD 8.00â–²(12.44% Upside)
Action:upgraded
Date:08/22/26

The overall score reflects a combination of robust revenue growth and strong ROE, supported by an attractive valuation and a clear price uptrend, while being tempered by margin compression, rising leverage, and weakening cash flow coverage that introduce moderate financial and cash-management risk.

Positive Factors
Revenue and earnings recoveryThe strong 2025 revenue rebound and multi-year increase in net income indicate improving business momentum after a choppy 2022–2024 period. If sustained, this recovery can expand the company’s earnings base and provide greater capacity to support operations and future growth.
Negative Factors
Structurally thin marginsThe company operates with a narrow profitability buffer, as gross and net margins remain low and gross margin has drifted down versus 2023–2024. Limited margin capacity leaves earnings more exposed to weaker pricing or volumes and can restrict internally funded investment.

S.A.S. Dragon Holdings Limited (1184) vs. iShares MSCI Hong Kong ETF (EWH)

-20%0%20%40%60%80%100%120%HK:1184+66.74%EWH+8.19%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
Market Cap
HKD 4.45B
Dividend Yield
9.14%
Average Volume (3M)
98.53K
Price to Earnings (P/E)
4.0
Beta (1Y)
0.34
Revenue Growth
91.88%
EPS Growth
154.47%
Country
Hong Kong
Employees
500
Sector
Technology
Sector Strength
61
Industry
Technology Distributors

S.A.S. Dragon Holdings Limited Business Overview & Revenue Model

Company Description

Founded in 1981 and headquartered in Kwai Chung, Hong Kong, S.A.S. Dragon Holdings Limited operates as an investment holding company with a primary focus on the global distribution of electronic components and semiconductor products. Its extensive op...

S.A.S. Dragon Holdings Limited Financial Statement Overview

Summary

Strong revenue growth and consistently high ROE are offset by shrinking margins, higher leverage, and weaker operating cash flow coverage, leaving overall financial strength solid but with notable balance-sheet and cash-flow risks.

Income Statement

72Positive

Balance Sheet

68Positive

Cash Flow

55Neutral
Financial statement breakdown
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue51.25B30.54B27.76B22.37B24.97B35.30B
Gross Profit2.40B1.33B1.43B1.32B1.29B1.59B
EBITDA1.93B902.28M909.90M847.44M804.71M1.21B
Net Income1.11B556.72M501.24M403.80M400.34M713.19M
Balance Sheet
Total Assets16.13B10.90B10.25B7.83B8.14B9.33B
Cash, Cash Equivalents and Short-Term Investments2.28B3.91B3.05B1.67B1.54B1.89B
Total Debt5.52B2.68B2.39B1.06B1.60B2.52B
Total Liabilities11.68B7.34B7.16B5.00B5.13B6.49B
Stockholders Equity3.84B3.18B2.86B2.64B2.46B2.39B
Cash Flow
Free Cash Flow-4.88B795.84M549.33M1.03B938.10M363.46M
Operating Cash Flow-4.86B809.80M552.81M1.04B954.23M373.96M
Investing Cash Flow57.08M106.56M12.91M38.22M-5.80M17.83M
Financing Cash Flow2.46B-79.77M781.74M-928.46M-1.29B223.90M

S.A.S. Dragon Holdings Limited Technical Analysis

Technical Analysis SentimentNegative
Last Price7.12

Price Trends

50DMA7.95Negative
100DMA7.41Negative
200DMA6.09Positive

Market Momentum

MACD-0.25Positive
RSI41.21Neutral
STOCH85.69Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1184, the sentiment is Negative. The current price of 7.12 is below the 20-day moving average (MA) of 7.44, below the 50-day MA of 7.95, and above the 200-day MA of 6.09, indicating a neutral trend. The MACD of -0.25 indicates Positive momentum. The RSI at 41.21 is Neutral, neither overbought nor oversold. The STOCH value of 85.69 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:1184.

S.A.S. Dragon Holdings Limited Peers Comparison

Overall Rating

UnderperformOutperform
Sector (61)

Financial Indicators

HK:1184 against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
HK:0856HK:085673OutperformHKD 11.05B6.4716.01%5.38%10.80%37.32%
HK:1184HK:118473OutperformHKD 4.57B4.0231.47%9.14%91.88%154.47%
HK:0595HK:059569NeutralHKD 1.07B4.7412.36%1.63%12.17%331.64%
Sector *61Neutral$37.18B12.37-10.20%1.83%8.50%-7.62%
HK:3991HK:399161NeutralHKD 1.44B3.3811.99%8.93%20.47%7.47%
HK:0529HK:052957NeutralHKD 465.59M9.591.66%1.16%6.08%-86.65%
HK:0400HK:040047NeutralHKD 5.35B13.638.41%―81.43%65.90%

* Technology Sector Average

Performance Comparison

0%100%200%300%HK:1184HK:0529HK:0856HK:0400HK:0595HK:3991Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
HK:1184 and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
HK:1184S.A.S. Dragon Holdings Limited7.122.8466.39%
HK:0529SiS International Holdings 1.79-0.18-8.98%
HK:0856VSTECS Holdings Limited7.76-1.13-12.66%
HK:0400Cogobuy Group3.380.6322.91%
HK:0595AV Concept Holdings Limited1.230.83207.79%
HK:3991Changhong Jiahua Holdings Ltd.0.56-0.58-50.88%

S.A.S. Dragon Holdings Limited Corporate Events

S.A.S. Dragon Delays Circular on Hon Hai Connected Transactions

Oct 6, 2026

S.A.S. Dragon Holdings Limited has announced a further delay in sending a shareholder circular related to revising annual caps and renewing continuing connected transactions under a conditional master agreement with the Hon Hai Group for the financia...

S.A.S. Dragon Delays Circular on Renewal of Hon Hai Connected Transactions

Sep 22, 2026

S.A.S. Dragon Holdings Limited has announced a delay in sending a shareholder circular related to the revision of annual caps and the renewal of continuing connected transactions with the Hon Hai Group for the financial years ending 31 December 2026,...

S.A.S. Dragon Seeks Higher Caps and Extends Hon Hai Deal Amid Growth

Aug 27, 2026

S.A.S. Dragon Holdings Limited has announced plans to revise the annual caps on transaction amounts under its 2024 Conditional Master Agreement with Hon Hai Group, reflecting business expansion and stronger market demand for its electronic components...

S.A.S. Dragon Delivers Strong Interim Earnings and Boosts Dividend

Aug 20, 2026

S.A.S. Dragon Holdings Limited reported a sharp surge in interim revenue and profit for the six months ended 30 June 2026, with sales climbing 164.5% year on year to HK$33.3 billion and profit attributable to shareholders jumping 208.3% to HK$812.4 m...

S.A.S. Dragon Declares HKD 0.4 Interim Dividend for First Half of 2026

Aug 20, 2026

S.A.S. Dragon Holdings Limited has declared an interim ordinary cash dividend of HKD 0.4 per share for the six months ended 30 June 2026, relating to its financial year ending 31 December 2026. The distribution underscores the company’s ongoing...

S.A.S. Dragon Sets Board Meeting to Approve 2026 Interim Results and Consider Dividend

Aug 10, 2026

S.A.S. Dragon Holdings Limited has scheduled a board meeting for 20 August 2026 to review and approve the unaudited interim results for the six months ended 30 June 2026, covering the performance of the company and its subsidiaries. At the same meeti...

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: Aug 22, 2026