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First Service Holding Limited
(2107)
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Rating:63Neutral
Price Target:
HK$0.46
▲(110.45% Upside)
Action:Reiterated
Date:07/29/26
The score is anchored by a strong balance sheet with extremely low leverage, but is held back by the recent shift to net losses and weakening cash-flow momentum. Technicals are supportive with the stock above all key moving averages, and valuation is helped by a high dividend yield, though the negative P/E reflects earnings pressure.
Positive Factors
Very low leverage and strong equity cushion
Minimal debt limits interest and refinancing risk, while sizable equity provides resilience against operating losses. This financial flexibility can support continued service delivery and investment without relying heavily on external funding.
Negative Factors
Profitability has shifted into losses
The move from healthy profits through 2023 to losses in 2024–2025 signals a material deterioration in earnings quality. Persistent losses could weaken returns on equity and eventually reduce flexibility despite the strong balance sheet.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage and strong equity cushion
Minimal debt limits interest and refinancing risk, while sizable equity provides resilience against operating losses. This financial flexibility can support continued service delivery and investment without relying heavily on external funding.
Read all positive factors
First Service Holding Limited (2107) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$452.83M
Dividend Yield9.19%
Average Volume (3M)1.12M
Price to Earnings (P/E)―
Beta (1Y)0.52
Revenue Growth-0.09%
EPS Growth-101.15%
CountryHK
Employees3,671
SectorReal Estate
Sector Strength53
IndustryReal Estate - Development
Share Statistics
EPS (TTM)-0.07
Shares Outstanding1,264,000,000
10 Day Avg. Volume616,500
30 Day Avg. Volume1,116,853
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 | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.34B | 1.33B | 1.21B | 1.12B | 1.12B |
| Gross Profit | 289.25M | 309.68M | 304.66M | 260.89M | 335.36M |
| EBITDA | 58.47M | -23.41M | 98.21M | 72.41M | 47.44M |
| Net Income | -52.41M | -12.07M | 57.13M | 41.34M | 35.47M |
Balance Sheet | |||||
| Total Assets | 1.58B | 1.68B | 1.47B | 1.37B | 1.36B |
| Cash, Cash Equivalents and Short-Term Investments | 724.70M | 738.08M | 565.90M | 538.50M | 628.31M |
| Total Debt | 2.83M | 2.65M | 0.00 | 0.00 | 20.51M |
| Total Liabilities | 979.77M | 1.01B | 758.07M | 694.90M | 684.35M |
| Stockholders Equity | 537.62M | 619.21M | 657.49M | 629.28M | 637.48M |
Cash Flow | |||||
| Free Cash Flow | 8.38M | 10.28M | 82.97M | -21.47M | -7.33M |
| Operating Cash Flow | 13.54M | 25.50M | 93.39M | -12.41M | 1.24M |
| Investing Cash Flow | 26.85M | -77.65M | 50.09M | -17.55M | -192.10M |
| Financing Cash Flow | -35.12M | -21.61M | -35.27M | -84.77M | -39.65M |
First Service Holding Limited Technical Analysis
Positive
0.22
Price Trends
0.36
Positive
0.28
Positive
0.25
Positive
Market Momentum
<0.01
Positive
45.59
Neutral
11.62
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2107, the sentiment is Positive. The current price of 0.22 is below the 20-day moving average (MA) of 0.40, below the 50-day MA of 0.36, and below the 200-day MA of 0.25, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 45.59 is Neutral, neither overbought nor oversold. The STOCH value of 11.62 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | HK$171.98M | 1.52 | 15.16% | 13.17% | 4.17% | 10.89% | |
67 Neutral | HK$245.36M | 57.88 | 30.35% | 114.57% | 0.04% | -95.28% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | HK$452.83M | -4.93 | -10.95% | 9.19% | -0.09% | -101.15% | |
62 Neutral | HK$188.16M | 13.99 | 2.83% | ― | -6.29% | 43.48% | |
44 Neutral | HK$134.87M | -2.01 | -6.74% | 1.45% | -7.66% | -3032.69% | |
44 Neutral | HK$167.97M | -0.61 | -52.88% | 2.15% | 1.89% | -805.91% |
* Real Estate Sector Average
HK:2107
First Service Holding Limited
0.37
0.09
35.19%
HK:9608
Sundy Service Group Co. Ltd
0.05
-0.05
-50.49%
HK:1153
Jiayuan Services Holdings Limited
0.36
-0.14
-28.00%
HK:1895
Xinyuan Property Management Service (Cayman) Ltd.
0.29
-0.24
-45.28%
HK:1971
Redsun Services Group Ltd
0.31
-0.08
-20.51%
HK:2215
Dexin Services Group Ltd.
0.21
-0.29
-58.20%
First Service Holding Limited Corporate Events
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...
First Service Holding Revises IPO Proceeds Allocation Toward Acquisitions and Operations
Jul 17, 2026
First Service Holding Limited has reassessed the deployment of the HK$571.2 million raised from its global offering, of which HK$492.3 million has already been used. The board has approved a revised allocation that increases the share of proceeds ...
First Service Holding Wins Shareholder Backing for All AGM Resolutions
Jun 23, 2026
First Service Holding Limited reported that shareholders approved all resolutions put to vote at its annual general meeting held on 23 June 2026. Investors endorsed the audited consolidated financial statements for the year ended 31 December 2025 ...
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.