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HBM Holdings Ltd.
(2142)
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Rating:71Outperform
Price Target:
HK$16.50
â–²(36.59% Upside)
Action:Reiterated
Date:08/29/26
The score is driven primarily by the strong 2025 financial rebound (profitability, revenue growth, improved leverage, and positive free cash flow), tempered by historically high volatility in results and cash generation. Technicals add support via a clear uptrend and positive momentum, while valuation is only moderate (P/E ~19) with no dividend yield to bolster the risk/reward.
Positive Factors
Strong revenue and profitability rebound
The sharp 2025 revenue expansion and unusually high margins indicate strong recent product economics and operating leverage. If the improved earnings profile persists, it can strengthen internal funding capacity and support sustainable business growth.
Negative Factors
Historically volatile revenue and profitability
The large swings in revenue and earnings reduce confidence that the 2025 improvement represents a stable new baseline. Continued variability could make planning, resource allocation, and investor assessment of the underlying business economics more difficult.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue and profitability rebound
The sharp 2025 revenue expansion and unusually high margins indicate strong recent product economics and operating leverage. If the improved earnings profile persists, it can strengthen internal funding capacity and support sustainable business growth.
Read all positive factors
HBM Holdings Ltd. (2142) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$12.89B
Dividend YieldN/A
Average Volume (3M)6.52M
Price to Earnings (P/E)18.4
Beta (1Y)1.24
Revenue Growth55.31%
EPS Growth6.85%
CountryHK
Employees327
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.07
Shares Outstanding901,098,500
10 Day Avg. Volume7,934,728
30 Day Avg. Volume6,515,750
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)3.37
Price to Sales (P/S)7.82
P/FCF Ratio17.77
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$20.00Price Target Upside65.56% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.11
Revenue Forecast (FY)HK$231.86M
HBM Holdings Ltd. Business Overview & Revenue Model
Company Description
HBM Holdings Limited is a clinical-stage biopharmaceutical enterprise focused on identifying and developing unique antibody-based treatments for a variety of immunological conditions and cancers. The company's pipeline includes several promising a...
HBM Holdings Ltd. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
73
Positive
Cash Flow
66
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 158.21M | 38.10M | 89.50M | 40.66M | 4.31M |
| Gross Profit | 147.13M | 33.61M | 87.47M | 40.53M | 4.17M |
| EBITDA | 83.23M | -2.08M | 31.18M | -130.21M | -130.84M |
| Net Income | 91.47M | 2.78M | 22.80M | -137.27M | -137.88M |
Balance Sheet | |||||
| Total Assets | 500.26M | 215.01M | 228.48M | 232.12M | 282.36M |
| Cash, Cash Equivalents and Short-Term Investments | 401.90M | 167.22M | 140.72M | 171.71M | 216.30M |
| Total Debt | 81.77M | 61.34M | 66.01M | 90.93M | 19.47M |
| Total Liabilities | 133.14M | 90.96M | 108.85M | 139.62M | 59.45M |
| Stockholders Equity | 367.13M | 124.45M | 119.99M | 92.83M | 223.19M |
Cash Flow | |||||
| Free Cash Flow | 69.58M | 30.44M | -21.60M | -118.40M | -139.81M |
| Operating Cash Flow | 81.33M | 30.68M | -19.12M | -99.96M | -125.61M |
| Investing Cash Flow | -179.02M | 6.55M | 28.09M | 137.59M | -76.90M |
| Financing Cash Flow | 157.35M | -10.24M | -29.14M | 70.58M | 1.59M |
HBM Holdings Ltd. Technical Analysis
Neutral
12.08
Price Trends
13.33
Positive
12.70
Positive
12.73
Positive
Market Momentum
0.35
Positive
49.97
Neutral
37.92
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2142, the sentiment is Neutral. The current price of 12.08 is below the 20-day moving average (MA) of 15.25, below the 50-day MA of 13.33, and below the 200-day MA of 12.73, indicating a neutral trend. The MACD of 0.35 indicates Positive momentum. The RSI at 49.97 is Neutral, neither overbought nor oversold. The STOCH value of 37.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HK:2142.
HBM Holdings Ltd. Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | HK$12.89B | 18.39 | 21.50% | ― | 55.31% | 6.85% | |
58 Neutral | HK$11.08B | -178.94 | -1.02% | ― | 192.64% | 92.31% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | HK$7.70B | 26.62 | 17.36% | ― | 46.90% | ― | |
47 Neutral | HK$9.55B | -19.57 | -43.54% | ― | 116.67% | -0.42% | |
46 Neutral | HK$8.38B | -41.37 | -10.27% | ― | -31.77% | -177.01% | |
44 Neutral | HK$7.88B | -71.44 | -9.49% | ― | 68.12% | 81.84% |
* Healthcare Sector Average
HK:2142
HBM Holdings Ltd.
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-15.16%
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33.04
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4.20
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-50.30%
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CARsgen Therapeutics Holdings Ltd.
13.40
-8.80
-39.64%
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CStone Pharmaceuticals
6.18
-6.44
-51.03%
HBM Holdings Ltd. Corporate Events
HBM Holdings Reshapes Board With Executive Changes and New Appointments
Aug 27, 2026
HBM Holdings announced that executive director Dr. Yiping Rong will resign effective 27 August 2026 for personal reasons, with the board noting there is no disagreement and expressing appreciation for his contributions. The move signals an orderly...
HBM Holdings Clarifies Board Composition and Governance Structure
Aug 27, 2026
HBM Holdings Ltd., incorporated in the Cayman Islands and listed in Hong Kong under stock code 02142, is governed by a board comprising executive and independent non-executive directors. The company is led by Chief Executive Officer and Chairman D...
HBM Holdings Boosts Revenue and Advances Biologics Pipeline Amid Higher R&D Spend
Aug 27, 2026
HBM Holdings reported interim unaudited revenue of US$122.5 million for the six months ended 30 June 2026, up from US$101.3 million a year earlier, while profit for the period slipped to US$64.9 million from US$73.0 million as research and develop...
HBM Holdings to Join Hang Seng Composite Index, Aiming to Boost Liquidity and Investor Reach
Aug 24, 2026
HBM Holdings Limited announced that it will be included as a constituent of the Hang Seng Composite Index, with the change taking effect on 7 September 2026. This index inclusion is expected to qualify the company’s shares for trading under ...
HBM Holdings Wins China IND Nod for Novel Cancer Antibody HBM7004
Aug 18, 2026
HBM Holdings Ltd. has secured National Medical Products Administration approval in China for the investigational new drug application of HBM7004, a novel B7H4xCD3 bispecific antibody for advanced solid tumors. This clearance complements previously...
HBM Holdings Sets August Board Meeting to Approve Interim Results
Aug 17, 2026
HBM Holdings Limited has scheduled a board meeting for 27 August 2026 to review and approve the group’s interim results for the six months ended 30 June 2026. The meeting will also address other board business, signaling routine corporate go...
HBM Holdings and Sinopharm Launch Innovation Consortium for Biologic Drug R&D
Jul 27, 2026
HBM Holdings has entered a strategic collaboration with China National Pharmaceutical Group, known as Sinopharm, to form the Sinopharm – Harbour BioMed Innovation Consortium. The partnership will focus on discovering and developing innovativ...
HBM Holdings Flags Strong Interim Earnings on Pharma Partnerships
Jul 24, 2026
HBM Holdings issued a positive profit alert, indicating that unaudited revenue for the six months ended 30 June 2026 is expected to rise to between US$120 million and US$125 million from US$101 million a year earlier, with profit projected at US$6...
HBM Holdings Wins NMPA IND Nod for Long-Acting Asthma Antibody HBM7575
Jul 15, 2026
HBM Holdings Ltd. reported that China’s National Medical Products Administration has approved the investigational new drug application for HBM7575, also known as SKB575, for the treatment of asthma. The long-acting bispecific antibody, co-de...
HBM Holdings Wins Strong Shareholder Backing for AGM Resolutions and Capital Mandates
Jun 25, 2026
HBM Holdings Ltd. reported that all resolutions at its annual general meeting on 25 June 2026 were passed by poll, including adoption of the 2025 audited financial statements, re-election of executive and independent non-executive directors, and a...
HBM Holdings and BioMap Launch AI-Native Biologics Venture MegaStream TechBio
Jun 15, 2026
HBM Holdings has entered a long-term global strategic partnership with AI life-sciences specialist BioMap to jointly launch MegaStream TechBio, an AI-native pipeline company aimed at the discovery and development of complex biologics for global ma...
HBM Wins U.S. Jury Verdict in Patent Fight Over Antibody Discovery Platform
Jun 15, 2026
HBM Holdings Limited has secured a significant legal victory in the United States, where a Delaware federal jury ruled in favor of its subsidiary Harbour Antibodies BV in a patent infringement case against Amgen Inc. and its subsidiary Teneobio, I...
HBM Wins China IND Nod for Bispecific Cancer Antibody HBM7004
Jun 10, 2026
HBM Holdings Ltd. announced that China’s National Medical Products Administration has accepted its investigational new drug application for HBM7004, a novel B7H4xCD3 bispecific antibody for advanced solid tumors, soon after receiving U.S. FD...
HBM Holdings Advances Ultra Long-Acting Respiratory Antibody Into Phase II COPD Trial
Jun 9, 2026
HBM Holdings Limited announced that its partner Windward Bio AG has dosed the first patients in the global Phase II SIRIUS study of HBM9378/WIN378, an ultra long-acting anti-TSLP antibody, in moderate-to-severe COPD patients. The randomized, doubl...
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.