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Dalipal Holdings Limited (1921) AI Stock Analysis
Dalipal Holdings Limited
(HKEX:1921)
Dalipal Holdings scores at the low end of the range, driven primarily by a fragile financial profile: despite ~30% revenue growth and a strong rebound in operating cash flow, net margins are near zero, free cash flow remains deeply negative on heavy capex, and debt-to-equity has climbed to 1.93x in a highly cyclical industry. Technicals reinforce the caution, with the stock trading well below all major moving averages and a negative MACD indicating a sustained downtrend. Valuation offers no relief, as the P/E of 252 reflects minimal earnings and no dividend is paid. A sustained improvement in margins and a return to positive free cash flow would be needed to support a higher score.
Dalipal Holdings Limited (1921) vs. iShares MSCI Hong Kong ETF (EWH)
- Market Cap
- HKD 4.37B
- Dividend Yield
- ―
- Average Volume (3M)
- 1.17M
- Price to Earnings (P/E)
- 234.2
- Beta (1Y)
- -0.11
- Revenue Growth
- 2.58%
- EPS Growth
- ―
- Country
- Hong Kong
- Employees
- 1,908
- Sector
- Energy
- Sector Strength
- 65
- Industry
- Oil & Gas Equipment & Services
Dalipal Holdings Limited Business Overview & Revenue Model
Company Description
Dalipal Holdings Limited functions as an investment holding company, with its core business revolving around the creation, production, and distribution of key oilfield products. These offerings include oil country tubular goods (OCTG), various other...
Dalipal Holdings Limited Financial Statement Overview
Summary
Financials remain weak despite a recovery year. Revenue rebounded ~29.7% to RMB 3.37bn and operating cash flow surged to RMB 420m, but net income of only RMB 13.4m equates to a razor-thin ~0.4% net margin, well below the ~3.5% earned in 2022-2023. Gross margins of ~10.3% remain compressed, and ROE is a negligible ~1.0%. Leverage has risen sharply, with debt-to-equity reaching 1.93x on RMB 2.61bn of total debt, while equity has stagnated. Free cash flow stayed deeply negative at RMB -263m amid heavy capex, marking the third negative year in five and confirming the business is not self-funding its growth. The five-year record shows high cyclicality with two loss-making years.
Income Statement
32NegativeBalance Sheet
30NegativeCash Flow
38Negative| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.39B | 3.46B | 3.29B | 3.85B | 4.23B | 3.76B |
| Gross Profit | 387.91M | 357.27M | 263.36M | 528.18M | 610.93M | 417.51M |
| EBITDA | 223.44M | 223.32M | 133.26M | 368.23M | 396.66M | 322.36M |
| Net Income | 14.76M | 13.72M | -77.07M | 134.52M | 151.58M | 82.94M |
Balance Sheet | ||||||
| Total Assets | 5.28B | 4.78B | 4.51B | 4.13B | 4.19B | 4.75B |
| Cash, Cash Equivalents and Short-Term Investments | 504.42M | 404.42M | 412.14M | 432.59M | 464.89M | 551.61M |
| Total Debt | 2.88B | 2.61B | 2.22B | 1.78B | 1.95B | 2.47B |
| Total Liabilities | 3.68B | 3.43B | 3.19B | 2.67B | 2.78B | 3.40B |
| Stockholders Equity | 1.60B | 1.35B | 1.32B | 1.46B | 1.40B | 1.35B |
Cash Flow | ||||||
| Free Cash Flow | -345.12M | -262.57M | -318.04M | 308.24M | 681.20M | -370.97M |
| Operating Cash Flow | -29.88M | 420.26M | 10.92M | 434.97M | 764.14M | -286.31M |
| Investing Cash Flow | -314.05M | -676.55M | -292.54M | -147.98M | -79.10M | -26.33M |
| Financing Cash Flow | 490.54M | 144.31M | 271.89M | -318.36M | -739.51M | 431.50M |
Dalipal Holdings Limited Technical Analysis
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1921, the sentiment is Negative. The current price of 2.81 is below the 20-day moving average (MA) of 3.06, below the 50-day MA of 3.27, and below the 200-day MA of 4.43, indicating a bearish trend. The MACD of -0.08 indicates Positive momentum. The RSI at 32.77 is Neutral, neither overbought nor oversold. The STOCH value of 31.65 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:1921.
Dalipal Holdings Limited Peers Comparison
Overall Rating
HK:288379.2Outperform
HK:333778Outperform
HK:389968Neutral
HK:217855Neutral
HK:056841Neutral- HK:192137Underperform
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| HK:2883 | 79Outperform | HKD 61.59B | 16.81 | 8.14% | 4.17% | 6.80% | 14.80% |
| HK:3337 | 78Outperform | HKD 2.21B | 5.75 | 8.59% | 5.82% | 11.66% | 11.67% |
| HK:3899 | 68Neutral | HKD 14.59B | 11.05 | 8.76% | 4.49% | 6.18% | -5.47% |
| Sector * | 65Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
| HK:2178 | 55Neutral | HKD 317.71M | -920.00 | -0.18% | ― | -12.54% | 98.82% |
| HK:0568 | 41Neutral | HKD 5.43B | -57.70 | -18.12% | ― | 58.47% | 1.63% |
| HK:1921 | 37Underperform | HKD 4.45B | 234.18 | 1.00% | ― | 2.58% | ― |
* Energy Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| HK:1921 | Dalipal Holdings Limited | 2.81 | -3.85 | -57.73% | |
| HK:3337 | Anton Oilfield Services | 0.73 | -0.26 | -26.13% | |
| HK:2883 | China Oilfield Services Class H | 7.76 | 0.41 | 5.53% | |
| HK:3899 | CIMC Enric Holdings | 6.90 | -0.39 | -5.32% | |
| HK:0568 | Shandong Molong Petroleum Machinery Co., Ltd. Class H | 3.79 | -0.43 | -10.31% | |
| HK:2178 | Petro-king Oilfield Services Ltd. | 0.18 | 0.12 | 206.67% |
Dalipal Holdings Limited Corporate Events
Dalipal Narrows Loss on Stronger Margins Despite Lower Revenue
Dalipal Holdings Limited reported interim results for the six months ended 30 June 2026, showing revenue of RMB1.64 billion, down 2.9% year on year, while gross profit improved 21.7% to RMB185.9 million as cost of sales declined. The company remained...
Dalipal Holdings Revamps Key Governance Roles in Hong Kong
Dalipal Holdings Limited has announced changes to key governance roles within its Hong Kong operations, with company secretary and authorised representative Mr. Lau Ying Kit resigning effective 1 September 2026. The board noted that Mr. Lau leaves wi...
Dalipal Secures 25-Year Saudi Industrial Lease for Major Manufacturing Expansion
Dalipal Holdings Limited, a Cayman-incorporated industrial manufacturer listed on the Hong Kong Stock Exchange, is expanding its international manufacturing presence through a wholly owned subsidiary in Saudi Arabia. The group is targeting energy-foc...
Dalipal Sets Board Meeting to Review Interim Results and Dividend
Dalipal Holdings Limited, incorporated in the Cayman Islands and listed in Hong Kong under stock code 1921, is led by a mixed board of executive, non-executive and independent non-executive directors, with Chairman and Executive Director Meng Fanyong...
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: Sep 22, 2026