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Holly Futures Co. Ltd. Class H
(3678)
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Rating:58Neutral
Price Target:
HK$2.50
▼(-26.90% Downside)
Action:Reiterated
Date:09/06/26
The score is driven primarily by stable solvency and improved recent profitability/cash conversion, but is held back by volatile revenue and cash-flow history and low ROE. Technicals are mildly supportive in the short term but weaker over longer horizons, while valuation is pressured by a high P/E despite an unusually high dividend yield.
Positive Factors
Conservative balance sheet
Very modest leverage provides financial resilience for a brokerage whose earnings can vary with client activity and market conditions. The reduced debt burden should limit financing pressure, preserve capital flexibility, and support continued operations through weaker trading environments over the next several quarters.
Negative Factors
Highly volatile revenue
A sharp decline in revenue signals that the company’s earnings base is highly sensitive to changing business levels and may not be consistently scalable. For a transaction-linked brokerage, this volatility can make future profitability less predictable and complicate sustained investment in services and operations.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very modest leverage provides financial resilience for a brokerage whose earnings can vary with client activity and market conditions. The reduced debt burden should limit financing pressure, preserve capital flexibility, and support continued operations through weaker trading environments over the next several quarters.
Read all positive factors
Holly Futures Co. Ltd. Class H (3678) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$566.82M
Dividend Yield0.2%
Average Volume (3M)4.55M
Price to Earnings (P/E)61.6
Beta (1Y)2.15
Revenue Growth-90.99%
EPS Growth148.61%
CountryHK
Employees568
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)0.03
Shares Outstanding249,700,000
10 Day Avg. Volume5,911,200
30 Day Avg. Volume4,548,502
Financial Highlights & Ratios
PEG Ratio-8.59
Price to Book (P/B)1.57
Price to Sales (P/S)10.85
P/FCF Ratio3.89
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
Holly Futures Co. Ltd. Class H Business Overview & Revenue Model
Company Description
Holly Futures Co., Ltd. is a futures trading enterprise operating across Mainland China and Hong Kong. Its core offerings include brokerage services for both commodity and financial futures, complemented by asset management, and investment advisor...
How the Company Makes Money
The primary way a futures brokerage like Holly Futures Co. Ltd. Class H (3678) makes money is by earning fees and commissions tied to client trading activity and by providing ancillary services to clients. Key revenue sources typically include: (1...
Holly Futures Co. Ltd. Class H Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
74
Positive
Cash Flow
63
Positive
| Breakdown | TTM | Mar 2026 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 162.85M | 270.24M | 2.88B | 1.94B | 1.52B | 1.63B |
| Gross Profit | 155.86M | 210.72M | 179.72M | 126.41M | 104.86M | 1.64B |
| EBITDA | 55.82M | 39.99M | 79.12M | 51.91M | 42.94M | 138.39M |
| Net Income | 31.87M | 3.89M | 29.83M | 7.79M | 12.38M | 80.21M |
Balance Sheet | ||||||
| Total Assets | 13.08B | 12.67B | 11.70B | 9.31B | 10.48B | 8.08B |
| Cash, Cash Equivalents and Short-Term Investments | 468.29M | 509.99M | 785.47M | 825.66M | 6.88B | 4.96B |
| Total Debt | 121.80M | 565.02M | 286.95M | 191.27M | 146.95M | 174.65M |
| Total Liabilities | 11.20B | 10.80B | 9.82B | 7.47B | 8.65B | 6.40B |
| Stockholders Equity | 1.88B | 1.87B | 1.88B | 1.85B | 1.84B | 1.68B |
Cash Flow | ||||||
| Free Cash Flow | 1.60B | 753.64M | 2.33B | -1.65B | 1.86B | 992.27M |
| Operating Cash Flow | 1.61B | 761.36M | 2.35B | -1.62B | 1.93B | 1.24B |
| Investing Cash Flow | -5.16B | -4.24B | 37.79M | 121.90M | 148.93M | -24.72M |
| Financing Cash Flow | -42.50M | -52.65M | -157.14M | -9.79M | 119.82M | 44.82M |
Holly Futures Co. Ltd. Class H Technical Analysis
Negative
3.42
Price Trends
2.22
Positive
2.40
Negative
2.82
Negative
Market Momentum
0.01
Negative
51.56
Neutral
49.12
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:3678, the sentiment is Negative. The current price of 3.42 is above the 20-day moving average (MA) of 2.25, above the 50-day MA of 2.22, and above the 200-day MA of 2.82, indicating a neutral trend. The MACD of 0.01 indicates Negative momentum. The RSI at 51.56 is Neutral, neither overbought nor oversold. The STOCH value of 49.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:3678.
Holly Futures Co. Ltd. Class H Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | HK$339.39B | 9.29 | 10.01% | 4.96% | 37.61% | -2.94% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | HK$70.92B | 15.82 | 6.25% | 4.30% | 14.53% | 36.49% | |
58 Neutral | HK$566.82M | 61.56 | 1.71% | 0.20% | -90.99% | 148.61% | |
57 Neutral | HK$681.29M | 3.98 | 5.52% | 1.14% | -47.43% | 329.85% | |
54 Neutral | HK$12.30B | 18.78 | 33.51% | 22.30% | -1.70% | 8.52% | |
49 Neutral | HK$1.48B | 12.28 | 4.36% | 4.04% | 200.24% | ― |
* Financial Sector Average
HK:3678
Holly Futures Co. Ltd. Class H
2.28
-2.04
-47.23%
HK:6178
Everbright Securities Company Limited Class H
7.45
-3.41
-31.43%
HK:1428
Bright Smart Securities & Commodities Group Limited
7.33
-4.62
-38.70%
HK:0218
Shenwan Hongyuan (H.K.) Limited
0.96
-0.98
-50.52%
HK:1461
ZHONGTAI FUTURES Company Limited Class H
0.69
-0.07
-9.75%
HK:2611
Guotai Junan Securities Co., Ltd. Class H
15.04
-0.67
-4.26%
Holly Futures Co. Ltd. Class H Corporate Events
Holly Futures Releases Unaudited Interim Results for First Half of 2026
Aug 26, 2026
Holly Futures Co. Ltd. has released its unaudited consolidated interim results for the six months ended 30 June 2026, along with comparative figures for the same period in 2025. The interim report meets Hong Kong listing requirements and has been ...
Holly Futures Shareholders Back RSM China as 2026 Auditor at Nanjing EGM
Aug 20, 2026
Holly Futures Co. Ltd., a PRC-incorporated futures and derivatives broker with A and H share listings, operates under Chinese corporate and securities law while maintaining a presence in Hong Kong’s capital market. The firm serves a mixed ma...
Holly Futures Details Remedial Steps After Auditor Appointment Delay
Aug 19, 2026
Holly Futures Co. Ltd., a PRC-incorporated financial services firm listed in Hong Kong and focused on futures trading, operates under dual regulatory oversight in mainland China and Hong Kong. Its governance and compliance structures are shaped by...
Holly Futures Board to Review Interim Results and Consider Dividend
Aug 12, 2026
Holly Futures Co. Ltd. has scheduled a board meeting for 26 August 2026 to review and approve the unaudited interim results for the six months ended 30 June 2026 and to authorize their publication. The board will also consider the declaration of a...
Holly Futures Details Auditor Appointment Delay and Moves to Name RSM China
Aug 6, 2026
Holly Futures has explained the delay in appointing new auditors, citing mandatory rotation rules from Jiangsu SASAC that cap any auditing firm’s engagement at five consecutive years. The company also must comply with PRC bidding and procure...
Holly Futures Calls 2026 EGM to Appoint New Auditor and Set Voting Arrangements
Aug 3, 2026
Holly Futures Co. Ltd. has convened its second extraordinary general meeting of 2026 for 20 August in Nanjing, where shareholders will vote on appointing RSM China CPA LLP as the company’s auditor for the 2026 financial year. The proposal in...
Holly Futures Proposes RSM China as 2026 Auditor
Jul 31, 2026
Holly Futures Co. Ltd., a PRC-incorporated joint stock company listed in Hong Kong under stock code 3678, operates in the financial services sector and conducts business in Hong Kong as Holly Futures. The firm focuses on futures-related activities...
Holly Futures Forecasts Sharp First-Half Profit Rebound on Client and Investment Gains
Jul 14, 2026
Holly Futures Co. Ltd. expects to swing to a net profit of between RMB19 million and RMB28.5 million for the first half of 2026, compared with a loss of RMB3.6 million a year earlier, with basic earnings per share rising to about RMB0.0189–0...
Holly Futures Moves to Replace Independent Director After Resignation
Jul 14, 2026
Holly Futures Co. Ltd. announced that independent non-executive director Zhang Hongfa has tendered his resignation from the board, along with his roles as chairman of the nomination committee and member of the remuneration, risk management, and st...
Soho Holly Futures Settles RMB1.7 Million Supplementary Property Tax Without Operational Impact
Jul 2, 2026
Soho Holly Futures Co., Ltd. has disclosed that a recent self-examination of its tax affairs, conducted in line with national tax laws, resulted in a requirement to make a supplementary corporate property tax payment. The company paid RMB1,315,865...
Soho Holly Futures Declares Final 2025 Dividend and Sets Hong Kong Payment Details
Jun 26, 2026
Soho Holly Futures Co., Ltd. has declared a final ordinary cash dividend of RMB 0.04 per 10 shares for the financial year ended 31 December 2025, with shareholder approval obtained on 26 June 2026. The dividend for H shareholders will be paid in H...
Holly Futures Shareholders Approve 2025 Reports and Final Dividend at AGM
Jun 26, 2026
Holly Futures Co. Ltd. Class H held its annual general meeting on June 26, 2026, in Nanjing, conducted in accordance with PRC company and securities laws, Shenzhen Stock Exchange rules, and its articles of association. The meeting was attended by ...
Holly Futures Delays New Auditor Appointment as ShineWing Retires Under Rotation Rule
Jun 26, 2026
Holly Futures Co. Ltd. Class H has announced a delay in appointing a new auditor as its existing auditor, ShineWing Certified Public Accountants LLP, will retire at the conclusion of the 26 June 2026 annual general meeting due to Jiangsu SASACR...
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.