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First Service Holding Limited
(2107)
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Rating:53Neutral
Price Target:
HK$0.37
â–˛(65.91% Upside)
Action:Reiterated
Date:10/29/26
The score is primarily held back by deteriorating profitability (losses in 2024–2025) and weakening/volatile cash flow, despite an unusually strong low-debt balance sheet. Technical indicators also point to weak near-term momentum. A high dividend yield supports valuation, but the negative P/E reflects current losses and adds risk.
Positive Factors
Very low leverage and sizable equity
Extremely low leverage reduces financial risk and leaves the company less exposed to interest costs or refinancing pressure. Its sizable equity base provides a cushion against recent losses and preserves flexibility to maintain operations while profitability is being rebuilt.
Negative Factors
Losses and margin compression
The shift from profits through 2023 to losses in 2024–2025 signals a material deterioration in earnings power. Lower gross margin suggests weaker pricing or higher operating costs, making recovery dependent on restoring service economics and controlling the cost base.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage and sizable equity
Extremely low leverage reduces financial risk and leaves the company less exposed to interest costs or refinancing pressure. Its sizable equity base provides a cushion against recent losses and preserves flexibility to maintain operations while profitability is being rebuilt.
Read all positive factors
First Service Holding Limited (2107) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$416.12M
Dividend Yield10.3%
Average Volume (3M)292.58K
Price to Earnings (P/E)―
Beta (1Y)0.33
Revenue Growth-0.09%
EPS Growth-101.15%
CountryHK
Employees3,671
SectorReal Estate
Sector Strength53
IndustryReal Estate - Development
Share Statistics
EPS (TTM)-0.06
Shares Outstanding1,264,000,000
10 Day Avg. Volume13,250
30 Day Avg. Volume292,583
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.31
Price to Sales (P/S)0.13
P/FCF Ratio20.12
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
First Service Holding Limited Business Overview & Revenue Model
Company Description
First Service Holding Limited specializes in delivering comprehensive property management and environmentally sustainable living solutions, with operations extending across the People's Republic of China and into international territories. The com...
How the Company Makes Money
The company primarily makes money by charging fees for property management services and by selling value-added services to the communities it serves. (1) Property management service fees: The core revenue stream comes from recurring fees collected...
First Service Holding Limited Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
78
Positive
Cash Flow
46
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.31B | 1.34B | 1.33B | 1.21B | 1.12B | 1.12B |
| Gross Profit | 270.32M | 289.25M | 309.68M | 304.66M | 260.89M | 335.36M |
| EBITDA | 53.53M | 60.37M | -20.58M | 98.21M | 72.41M | 47.44M |
| Net Income | -59.67M | -52.41M | -12.07M | 57.13M | 41.34M | 35.47M |
Balance Sheet | ||||||
| Total Assets | 1.59B | 1.58B | 1.68B | 1.47B | 1.37B | 1.36B |
| Cash, Cash Equivalents and Short-Term Investments | 703.82M | 724.70M | 738.08M | 565.90M | 538.50M | 628.31M |
| Total Debt | 2.47M | 2.83M | 2.65M | 0.00 | 0.00 | 20.51M |
| Total Liabilities | 973.47M | 979.77M | 1.01B | 758.07M | 694.90M | 684.35M |
| Stockholders Equity | 552.62M | 537.62M | 619.21M | 657.49M | 629.28M | 637.48M |
Cash Flow | ||||||
| Free Cash Flow | 55.42M | 8.38M | 10.28M | 82.97M | -21.47M | -7.33M |
| Operating Cash Flow | 61.25M | 13.54M | 25.50M | 93.39M | -12.41M | 1.24M |
| Investing Cash Flow | -6.06M | 26.85M | -77.65M | 50.09M | -17.55M | -192.10M |
| Financing Cash Flow | -39.07M | -35.12M | -21.61M | -35.27M | -84.77M | -39.65M |
First Service Holding Limited Technical Analysis
Negative
0.22
Price Trends
0.38
Negative
0.35
Negative
0.27
Positive
Market Momentum
>-0.01
Positive
35.21
Neutral
17.86
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2107, the sentiment is Negative. The current price of 0.22 is below the 20-day moving average (MA) of 0.37, below the 50-day MA of 0.38, and below the 200-day MA of 0.27, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 35.21 is Neutral, neither overbought nor oversold. The STOCH value of 17.86 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:2107.
First Service Holding Limited Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | HK$171.98M | 1.50 | 15.16% | 13.17% | 4.17% | 10.89% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | HK$180.48M | 13.29 | 2.83% | ― | -6.29% | 43.48% | |
53 Neutral | HK$416.12M | -4.49 | -10.95% | 10.30% | -0.09% | -101.15% | |
48 Neutral | HK$145.25M | -2.15 | -6.74% | 1.45% | -7.66% | -3032.69% | |
47 Neutral | HK$215.11M | 50.28 | 30.35% | 114.57% | 0.04% | -95.28% | |
43 Neutral | HK$124.83M | -0.45 | -52.88% | 2.15% | 1.89% | -805.91% |
* Real Estate Sector Average
HK:2107
First Service Holding Limited
0.34
0.09
33.33%
HK:9608
Sundy Service Group Co. Ltd
0.05
-0.03
-41.98%
HK:1153
Jiayuan Services Holdings Limited
0.32
-0.08
-20.00%
HK:1895
Xinyuan Property Management Service (Cayman) Ltd.
0.29
-0.24
-45.28%
HK:1971
Redsun Services Group Ltd
0.35
-0.03
-7.89%
HK:2215
Dexin Services Group Ltd.
0.14
-0.33
-71.06%
First Service Holding Limited Corporate Events
First Service renews connected property management deal with Modern Land
Oct 20, 2026
First Service Holding Limited has entered into a new framework agreement with Modern Land under which its group companies will continue providing property management and value-added services to the Modern Land Group from 19 October 2026 to 31 Dece...
First Service Holding Refreshes Board with New Audit Chair
Sep 11, 2026
First Service Holding Limited has announced a board reshuffle effective September 11, 2026, with the resignation of independent non-executive director Sun Jing, who also chaired the Audit Committee and sat on the Remuneration Committee. The compan...
First Service Holding Details Board and Committee Structure
Sep 11, 2026
First Service Holding Limited has disclosed the current composition of its board of directors, identifying three executive directors, three non-executive directors and three independent non-executive directors, with Zhang Peng serving as chairman....
First Service Holding’s Interim Profit Slides on Margin Pressure and Credit Costs
Aug 26, 2026
First Service Holding Limited reported unaudited interim results for the six months ended 30 June 2026 showing weaker performance amid a challenging operating environment. Revenue fell 5.2% year on year to RMB648.5 million, while gross profit decl...
First Service flags profit drop on exit from low-margin projects
Aug 17, 2026
First Service Holding Limited has warned that its net profit for the six months ended June 30, 2026 will not exceed RMB28 million, down from about RMB39.6 million a year earlier, with profit attributable to equity shareholders expected to fall to ...
First Service Holding Refines Use of IPO Proceeds and Extends Deployment to 2029
Aug 12, 2026
First Service Holding Limited has provided supplemental details on the reallocation of net proceeds from its global offering, refining how funds will be deployed across strategic acquisitions, dividends, technology upgrades, talent initiatives, an...
First Service Holding Sets Board Meeting to Approve 2026 Interim Results
Aug 11, 2026
First Service Holding Limited has scheduled a board meeting for 26 August 2026 to review and approve the interim results for the six months ended 30 June 2026. The board will also consider the declaration of an interim dividend and address other c...
First Service Holding Updates Use of Global Offering Proceeds
Aug 7, 2026
First Service Holding Limited has issued a supplemental announcement to its 2025 annual report detailing the revised allocation and utilisation of HK$571.2 million in net proceeds from its global offering. The company reports that HK$491.7 million...
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.