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Brainhole Technology Limited
(2203)
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Rating:47Neutral
Price Target:
HK$0.15
▲(6.43% Upside)
Action:Reiterated
Date:10/06/26
The score is held down primarily by weak financial performance—sharp revenue contraction, deeply negative operating profitability, and a stressed balance sheet with negative equity and high debt. Technicals are somewhat supportive in the short term (price above 20/50-day averages with positive MACD) but look stretched (high RSI) and not yet positive versus the 200-day trend. Valuation is only moderately attractive (P/E ~12.8) and does not offset the elevated fundamental risk.
Positive Factors
Recent Cash Flow Improvement
Positive operating and free cash flow provide near-term internal funding and reduce reliance on external capital. The improvement is meaningful after prior outflows, although its durability depends on whether cash generation remains positive and becomes sufficient relative to debt.
Negative Factors
Sharp Revenue Contraction
Persistent revenue contraction signals weakening business scale and reduces the base available to absorb fixed operating costs. Continued declines can erode market position, limit reinvestment capacity, and make a durable return to profitability substantially harder over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Recent Cash Flow Improvement
Positive operating and free cash flow provide near-term internal funding and reduce reliance on external capital. The improvement is meaningful after prior outflows, although its durability depends on whether cash generation remains positive and becomes sufficient relative to debt.
Read all positive factors
Brainhole Technology Limited (2203) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$131.20M
Dividend YieldN/A
Average Volume (3M)337.53K
Price to Earnings (P/E)13.4
Beta (1Y)-0.39
Revenue Growth-57.54%
EPS GrowthN/A
CountryHK
Employees58
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)0.01
Shares Outstanding800,000,000
10 Day Avg. Volume314,200
30 Day Avg. Volume337,533
Financial Highlights & Ratios
PEG Ratio0.07
Price to Book (P/B)-1.84
Price to Sales (P/S)2.05
P/FCF Ratio-11.88
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
Brainhole Technology Limited Business Overview & Revenue Model
Company Description
Brainhole Technology Limited, an investment holding company, engages in the assembly, packaging, and sale of discrete semiconductors primarily for smart consumer electronic devices in the People’s Republic of China, Hong Kong, Korea, rest of Asia,...
Brainhole Technology Limited Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
18
Very Negative
Cash Flow
44
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 41.59M | 82.46M | 119.99M | 220.81M | 263.57M | 321.57M |
| Gross Profit | 8.98M | 13.07M | -6.45M | 27.63M | 48.54M | 54.11M |
| EBITDA | -33.89M | -34.11M | -88.09M | -18.99M | -34.46M | -19.62M |
| Net Income | 1.09M | -34.52M | -127.88M | -34.12M | -57.61M | -51.55M |
Balance Sheet | ||||||
| Total Assets | 141.50M | 118.98M | 152.74M | 279.20M | 333.42M | 353.63M |
| Cash, Cash Equivalents and Short-Term Investments | 89.31M | 70.74M | 74.80M | 111.75M | 107.92M | 42.64M |
| Total Debt | 160.99M | 170.84M | 163.71M | 138.78M | 147.44M | 84.93M |
| Total Liabilities | 204.87M | 210.71M | 211.81M | 212.43M | 231.84M | 211.31M |
| Stockholders Equity | -63.37M | -91.73M | -59.07M | 66.76M | 101.58M | 142.32M |
Cash Flow | ||||||
| Free Cash Flow | 11.44M | -14.21M | -39.49M | 27.21M | -113.92M | -4.96M |
| Operating Cash Flow | 6.57M | -14.11M | -38.96M | 32.19M | -106.08M | -535.00K |
| Investing Cash Flow | -3.77M | 6.78M | 4.23M | 6.00M | 11.45M | 1.48M |
| Financing Cash Flow | -14.56M | -3.64M | 19.45M | -20.10M | 76.53M | -31.00M |
Brainhole Technology Limited Technical Analysis
Positive
0.14
Price Trends
0.14
Positive
0.15
Positive
0.18
Negative
Market Momentum
<0.01
Negative
63.67
Neutral
70.75
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2203, the sentiment is Positive. The current price of 0.14 is above the 20-day moving average (MA) of 0.13, above the 50-day MA of 0.14, and below the 200-day MA of 0.18, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 63.67 is Neutral, neither overbought nor oversold. The STOCH value of 70.75 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:2203.
Brainhole Technology Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | HK$40.19B | 49.30 | 13.88% | 0.28% | 24.48% | 124.67% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
53 Neutral | HK$670.67B | 129.16 | 4.64% | ― | 19.55% | 75.30% | |
51 Neutral | HK$586.97M | -18.72 | -2.79% | 1.85% | -6.32% | -159.42% | |
50 Neutral | HK$236.27B | 207.38 | 1.53% | 0.81% | 24.54% | 276.41% | |
47 Neutral | HK$131.20M | 13.44 | -6.84% | ― | -57.54% | ― | |
41 Neutral | HK$5.70B | -3.11 | -109.17% | ― | ― | ― |
* Technology Sector Average
HK:2203
Brainhole Technology Limited
0.16
-0.05
-24.07%
HK:1385
Shanghai Fudan Microelectronics Group Co
24.00
-19.68
-45.05%
HK:0981
Semiconductor Manufacturing International
57.65
-22.50
-28.07%
HK:2878
Solomon Systech (International) Ltd.
0.24
-0.30
-55.66%
HK:1347
Hua Hong Semiconductor Ltd.
94.55
6.25
7.08%
HK:2533
Black Sesame International Holding Limited
8.24
-12.87
-60.97%
Brainhole Technology Limited Corporate Events
Brainhole Technology Exits Marvell Stake in Discloseable Share Disposal
Sep 24, 2026
Brainhole Technology Limited has completed a further disposal of shares in Marvell, a leading data infrastructure semiconductor solutions provider, selling 2,580 shares in the open market for about US$0.7 million and fully exiting its position. Th...
Brainhole Technology Exits Bloom Energy Stake With US$0.75 Million Disposal Gain
Sep 15, 2026
Brainhole Technology Limited has sold its entire holding of 2,920 Bloom Energy shares on the open market, raising about US$0.75 million in cash and fully exiting the position. The disposal, classified as a discloseable transaction under Hong Kong ...
Brainhole Technology Tightens Controls After Listing Rule Breaches
Sep 2, 2026
Brainhole Technology Limited has disclosed past breaches of Hong Kong Listing Rules linked to acquisitions and disposals of listed securities that were not properly classified and announced as notifiable transactions. The lapses stemmed from misin...
Brainhole Technology Swings to Interim Profit Despite Revenue Slump
Aug 27, 2026
Brainhole Technology Limited reported a sharp drop in revenue to HK$7.5 million for the six months ended 30 June 2026, from HK$52.2 million a year earlier, but managed to turn around its bottom line. The group posted a profit of HK$18.0 million ve...
Brainhole Technology Exits Jiaxin Stake in HK$14.7 Million Disposal
Aug 27, 2026
Brainhole Technology Limited has disposed of its entire remaining stake in Jiaxin, selling 150,000 Jiaxin Shares on 27 August 2026 via the open market for approximately HK$9.65 million in cash, at an average price of about HK$64.32 per share. Foll...
Brainhole Technology Sets Board Meeting to Review Interim Results and Dividend
Aug 17, 2026
Brainhole Technology Limited has scheduled a board meeting for 27 August 2026 to review and approve its unaudited consolidated interim results for the six months ended 30 June 2026. The board will also consider declaring and paying an interim divi...
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.