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Top Spring International Holdings Limited
(3688)
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Rating:43Neutral
Price Target:
HK$0.18
â–¼(-50.00% Downside)
Action:Reiterated
Date:08/29/26
The score is held down primarily by weak financial performance (sharp profitability deterioration, higher leverage, and a return to negative operating/free cash flow in 2025). Technicals also weigh on the score as price is below all key moving averages with negative MACD, despite oversold readings. Valuation is only modestly supportive because the negative P/E reflects ongoing losses and no dividend yield data is available.
Positive Factors
Diversified Property Model
The company operates across property development and property investment/operation, combining project-sale revenue with potential recurring leasing or operating income. This two-part model can diversify monetization routes and provide a platform for recovery if asset activity and occupancy improve.
Negative Factors
Severe Profitability Deterioration
The shift to deeply negative gross margins and a net margin near negative 202% shows that current operations are not covering the economics of the business. Sustained losses can erode equity, restrict reinvestment, and make recovery dependent on materially better project profitability or operating conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified Property Model
The company operates across property development and property investment/operation, combining project-sale revenue with potential recurring leasing or operating income. This two-part model can diversify monetization routes and provide a platform for recovery if asset activity and occupancy improve.
Read all positive factors
Top Spring International Holdings Limited (3688) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$261.36M
Dividend Yield3.66%
Average Volume (3M)51.07K
Price to Earnings (P/E)―
Beta (1Y)0.58
Revenue Growth-38.39%
EPS Growth-39.14%
CountryHK
Employees705
SectorReal Estate
Sector Strength53
IndustryReal Estate - Development
Share Statistics
EPS (TTM)-1.90
Shares Outstanding1,412,732,400
10 Day Avg. Volume100,050
30 Day Avg. Volume51,066
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.17
Price to Sales (P/S)0.40
P/FCF Ratio-7.15
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
Top Spring International Holdings Limited Business Overview & Revenue Model
Company Description
Top Spring International Holdings Limited operates as an investment holding company, primarily focusing on real estate development within the People's Republic of China. Its diverse operations are categorized into four main segments: property deve...
How the Company Makes Money
Top Spring International Holdings Limited primarily generates revenue from real-estate-related activities. Key ways it makes money typically include (i) property development: selling developed residential/commercial properties, where revenue is re...
Top Spring International Holdings Limited Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
34
Negative
Cash Flow
28
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.44B | 1.37B | 954.32M | 3.67B | 638.96M |
| Gross Profit | -610.04M | -116.77M | -253.78M | 594.23M | 320.17M |
| EBITDA | -1.17B | -535.85M | -512.76M | 338.40M | 297.73M |
| Net Income | -2.91B | -1.83B | -876.89M | -185.10M | 33.43M |
Balance Sheet | |||||
| Total Assets | 11.19B | 16.62B | 20.04B | 21.83B | 28.37B |
| Cash, Cash Equivalents and Short-Term Investments | 649.11M | 379.76M | 668.03M | 611.19M | 1.21B |
| Total Debt | 5.23B | 6.57B | 7.29B | 7.71B | 10.14B |
| Total Liabilities | 8.09B | 10.59B | 11.92B | 12.55B | 18.00B |
| Stockholders Equity | 3.30B | 6.07B | 8.09B | 9.22B | 10.30B |
Cash Flow | |||||
| Free Cash Flow | -80.17M | 538.63M | 349.18M | 240.49M | 212.52M |
| Operating Cash Flow | -80.17M | 547.12M | 352.24M | 244.43M | 221.65M |
| Investing Cash Flow | 23.61M | 129.72M | 142.26M | 1.27B | 304.26M |
| Financing Cash Flow | 176.96M | -953.63M | -385.67M | -1.99B | -1.13B |
Top Spring International Holdings Limited Technical Analysis
Negative
0.36
Price Trends
0.24
Negative
0.26
Negative
0.31
Negative
Market Momentum
-0.02
Positive
33.08
Neutral
6.67
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:3688, the sentiment is Negative. The current price of 0.36 is above the 20-day moving average (MA) of 0.22, above the 50-day MA of 0.24, and above the 200-day MA of 0.31, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 33.08 is Neutral, neither overbought nor oversold. The STOCH value of 6.67 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:3688.
Top Spring International Holdings Limited Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
46 Neutral | HK$426.66M | -0.22 | -24.20% | 3.33% | -54.15% | -39.05% | |
46 Neutral | HK$127.94M | -0.01 | 43.10% | 10.37% | -66.81% | 17.12% | |
43 Neutral | HK$261.36M | -0.10 | -75.97% | 3.66% | -38.39% | -39.14% | |
43 Neutral | HK$164.93M | <0.01 | 233.62% | 2.06% | 25.99% | ― | |
42 Neutral | HK$170.00M | -0.02 | 592.20% | 41.82% | -55.40% | -340.10% | |
39 Underperform | HK$261.24M | >-0.01 | 40.42% | 7.27% | -18.03% | -27.09% |
* Real Estate Sector Average
HK:3688
Top Spring International Holdings Limited
0.19
-0.26
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Top Spring International Holdings Limited Corporate Events
Top Spring International’s Interim Results Highlight Deepening Revenue Slump and Rising Leverage
Aug 28, 2026
Top Spring International Holdings, a Hong Kong-listed property developer and investor, operates a dual business model of residential property sales and rental-generating assets such as shopping malls, community commercial centres, retail shops, of...
Top Spring flags sharply narrower interim loss on property revaluation gains
Aug 26, 2026
Top Spring International Holdings Limited has issued a profit alert indicating a substantial narrowing of its interim net loss, with the group expecting to report a loss of about HK$350 million for the six months ended 30 June 2026, compared with ...
Top Spring Sets Board Meeting to Approve Interim Results and Consider Dividend
Aug 18, 2026
Top Spring International Holdings Limited has scheduled a board meeting for 28 August 2026 to review and approve the unaudited consolidated interim results for the six months ended 30 June 2026. The board will also consider declaring an interim di...
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.