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Carote Ltd
(2549)
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Rating:74Outperform
Price Target:
HK$4.50
▲(11.39% Upside)
Action:Upgraded
Date:09/06/26
The score is led by strong financial quality—especially a very low-risk balance sheet (zero debt) and solid profitability—plus attractive valuation (low P/E and healthy dividend yield). Offsetting these positives are inconsistent cash-flow conversion and a technical picture that is only neutral, with the price still below longer-term moving averages.
Positive Factors
Debt-free balance sheet
Zero total debt materially reduces balance-sheet leverage risk and preserves financial flexibility. A larger equity base further supports resilience, allowing Carote to withstand operating variability and fund ongoing business needs without the recurring interest burden associated with debt.
Negative Factors
Volatile cash generation
The swing from strong cash generation in 2024 to negative operating and free cash flow in 2025 shows that cash conversion is not yet consistent. This volatility can complicate internal funding, working-capital planning, and confidence in the durability of accounting earnings.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
Zero total debt materially reduces balance-sheet leverage risk and preserves financial flexibility. A larger equity base further supports resilience, allowing Carote to withstand operating variability and fund ongoing business needs without the recurring interest burden associated with debt.
Read all positive factors
Carote Ltd (2549) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$2.22B
Dividend Yield3.55%
Average Volume (3M)190.47K
Price to Earnings (P/E)6.6
Beta (1Y)0.93
Revenue GrowthN/A
EPS GrowthN/A
CountryHK
Employees257
SectorGeneral
Sector StrengthN/A
IndustryFurnishings, Fixtures & Appliances
Share Statistics
EPS (TTM)0.52
Shares Outstanding555,002,600
10 Day Avg. Volume130,200
30 Day Avg. Volume190,466
Financial Highlights & Ratios
PEG Ratio-0.29
Price to Book (P/B)1.61
Price to Sales (P/S)1.05
P/FCF Ratio-88.16
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)0.66
Revenue Forecast (FY)HK$2.82B
Carote Ltd Business Overview & Revenue Model
Company Description
Carote Ltd, an investment holding entity, is a supplier of a wide array of kitchenware products for brand-owners and retailers, marketed primarily under its CAROTE brand. Its comprehensive product line features cookware, including non-stick pots a...
Carote Ltd Financial Statement Overview
Summary
Income Statement
83
Very Positive
Balance Sheet
88
Very Positive
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.43B | 2.16B | 2.07B | 1.58B | 768.48M | 675.35M |
| Gross Profit | 817.01M | 685.42M | 835.40M | 565.14M | 275.29M | 126.52M |
| EBITDA | 374.77M | 282.70M | 423.77M | 283.15M | 132.94M | 43.48M |
| Net Income | 290.20M | 257.81M | 355.99M | 237.13M | 108.77M | 31.72M |
Balance Sheet | ||||||
| Total Assets | 1.98B | 1.90B | 1.72B | 636.06M | 553.09M | 440.04M |
| Cash, Cash Equivalents and Short-Term Investments | 1.21B | 1.04B | 1.16B | 236.06M | 92.54M | 137.74M |
| Total Debt | 0.00 | 234.40M | 4.13M | 9.77M | 58.72M | 52.71M |
| Total Liabilities | 526.73M | 491.10M | 466.07M | 413.44M | 415.84M | 369.61M |
| Stockholders Equity | 1.45B | 1.41B | 1.26B | 222.66M | 137.62M | 70.52M |
Cash Flow | ||||||
| Free Cash Flow | 93.17M | -25.74M | 281.23M | 238.09M | 11.25M | 51.21M |
| Operating Cash Flow | 97.92M | -19.58M | 350.23M | 243.95M | 128.65M | 121.97M |
| Investing Cash Flow | 29.39M | 24.31M | -874.10M | 48.10M | -183.97M | -95.44M |
| Financing Cash Flow | -89.96M | -91.04M | 648.05M | -98.23M | 606.00K | 34.93M |
Carote Ltd Technical Analysis
Positive
4.04
Price Trends
3.89
Positive
4.14
Negative
4.38
Negative
Market Momentum
0.04
Negative
54.97
Neutral
54.31
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2549, the sentiment is Positive. The current price of 4.04 is above the 20-day moving average (MA) of 3.89, above the 50-day MA of 3.89, and below the 200-day MA of 4.38, indicating a neutral trend. The MACD of 0.04 indicates Negative momentum. The RSI at 54.97 is Neutral, neither overbought nor oversold. The STOCH value of 54.31 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:2549.
Carote Ltd Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | HK$768.35B | 14.75 | 19.96% | 4.88% | 9.41% | 6.11% | |
74 Outperform | HK$2.22B | 6.57 | 20.29% | 3.55% | ― | ― | |
73 Outperform | HK$221.36B | 11.22 | 14.77% | 6.11% | 0.59% | -6.14% | |
63 Neutral | HK$466.88M | 10.46 | 5.15% | 7.91% | -8.88% | -4.52% | |
56 Neutral | HK$4.85B | 13.99 | 8.56% | 3.47% | 0.39% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | HK$314.51M | -16.91 | -0.49% | 414.85% | 4.73% | 76.27% |
* General Sector Average
HK:2549
Carote Ltd
4.00
-0.82
-17.08%
HK:1373
International Housewares Retail Co
0.66
-0.15
-18.52%
HK:1691
JS Global Lifestyle Company Limited
1.42
-0.45
-23.92%
HK:2222
NVC International Holdings Ltd.
0.62
-0.14
-18.42%
HK:6690
Haier Smart Home Co., Ltd. Class H
21.62
-2.65
-10.92%
HK:0300
Midea Group Co. Ltd. Class H
100.80
18.28
22.16%
Carote Ltd Corporate Events
Carote Ltd Delivers Double-Digit Profit Growth Amid Tariff and Cost Pressures
Aug 27, 2026
Carote Ltd reported strong interim results for the six months to 30 June 2026, with total revenue rising 32.8% year on year to RMB1,111.3 million and net profit increasing 31.5% to RMB135.2 million. Growth was driven mainly by its branded business...
Carote Board Sets August Meeting to Review Interim Results and Dividend
Jul 17, 2026
Carote Ltd has scheduled a board meeting for August 27, 2026 to review and approve the interim results for the six months ended June 30, 2026. The meeting will also consider the declaration of an interim dividend, signalling potential capital dist...
Carote signals 30–35% jump in first-half revenue and profit
Jul 16, 2026
Carote Ltd has issued a positive profit alert, indicating that for the six months ended June 30, 2026, the group expects revenue and net profit to rise by approximately 30% to 35% compared with the same period in 2025. Management attributes the im...
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.