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S&T Holdings Ltd.
(3928)
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Rating:49Neutral
Price Target:
HK$28.00
▲(211.11% Upside)
Action:Reiterated
Date:08/29/26
The score is held down primarily by weak financial performance—continued net losses and a sharp deterioration in 2025 operating/free cash flow. Technicals provide meaningful support (price above major moving averages with positive momentum), but valuation remains unattractive due to negative earnings and no dividend yield data.
Positive Factors
Improving Leverage
Lower leverage and positive equity improve financial flexibility and reduce balance-sheet risk. This provides a stronger base for managing project cycles, although the benefit is constrained while operations remain unprofitable.
Negative Factors
Persistent Net Losses
Losses across every reported period show that the company has not established durable earnings power. Continued unprofitability limits internal capital formation, weakens returns on equity, and increases reliance on operational improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving Leverage
Lower leverage and positive equity improve financial flexibility and reduce balance-sheet risk. This provides a stronger base for managing project cycles, although the benefit is constrained while operations remain unprofitable.
Read all positive factors
S&T Holdings Ltd. (3928) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$13.73B
Dividend YieldN/A
Average Volume (3M)347.12K
Price to Earnings (P/E)―
Beta (1Y)-0.23
Revenue Growth-25.67%
EPS Growth-1034.21%
CountryHK
Employees377
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)-0.01
Shares Outstanding496,000,000
10 Day Avg. Volume510,370
30 Day Avg. Volume347,123
Financial Highlights & Ratios
PEG Ratio-36.07
Price to Book (P/B)14.79
Price to Sales (P/S)6.32
P/FCF Ratio-1.19K
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
S&T Holdings Ltd. Business Overview & Revenue Model
Company Description
Operating out of Singapore, S&T Holdings Limited functions as an investment holding entity primarily engaged in delivering construction and real estate investment solutions. Its construction division offers extensive civil engineering services, en...
S&T Holdings Ltd. Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
52
Neutral
Cash Flow
29
Negative
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 46.04M | 61.66M | 55.97M | 56.06M | 67.09M | 47.43M |
| Gross Profit | 1.81M | 4.91M | 4.80M | 3.81M | 3.22M | -5.03M |
| EBITDA | -1.08M | 1.89M | 1.94M | 2.02M | -3.23M | -12.27M |
| Net Income | -6.84M | -880.91K | -784.15K | -1.04M | -1.49M | -11.19M |
Balance Sheet | ||||||
| Total Assets | 71.79M | 59.48M | 69.65M | 63.61M | 73.44M | 75.74M |
| Cash, Cash Equivalents and Short-Term Investments | 16.11M | 3.26M | 6.14M | 9.15M | 8.96M | 9.31M |
| Total Debt | 11.77M | 15.65M | 18.56M | 19.50M | 25.41M | 28.91M |
| Total Liabilities | 28.39M | 33.14M | 42.47M | 35.65M | 44.44M | 45.25M |
| Stockholders Equity | 43.40M | 26.34M | 27.17M | 27.96M | 29.00M | 30.49M |
Cash Flow | ||||||
| Free Cash Flow | -12.74M | -326.46K | 1.22M | 1.41M | 1.39M | 1.46M |
| Operating Cash Flow | -11.75M | 68.12K | 3.14M | 2.94M | 1.39M | 1.77M |
| Investing Cash Flow | 2.97M | 249.04K | -1.57M | 3.64M | 3.75M | 891.54K |
| Financing Cash Flow | 19.89M | -3.58M | -3.28M | -6.91M | -5.79M | -3.34M |
S&T Holdings Ltd. Technical Analysis
Positive
9.00
Price Trends
26.08
Positive
23.03
Positive
17.48
Positive
Market Momentum
0.30
Positive
55.69
Neutral
80.19
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:3928, the sentiment is Positive. The current price of 9 is below the 20-day moving average (MA) of 27.22, below the 50-day MA of 26.08, and below the 200-day MA of 17.48, indicating a bullish trend. The MACD of 0.30 indicates Positive momentum. The RSI at 55.69 is Neutral, neither overbought nor oversold. The STOCH value of 80.19 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:3928.
S&T Holdings Ltd. Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | HK$44.95B | 5.31 | 10.83% | 7.26% | -14.20% | -12.79% | |
68 Neutral | HK$26.14B | 14.39 | 4.87% | 6.33% | 14.07% | -35.89% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
52 Neutral | HK$1.76B | -113.04 | -0.53% | 7.69% | -15.27% | -103.20% | |
49 Neutral | HK$13.73B | -308.89 | -19.61% | ― | -25.67% | -1034.21% | |
44 Neutral | HK$53.67B | 20.18 | 4.63% | 3.39% | 2.43% | -36.44% | |
42 Neutral | HK$58.59B | 102.34 | 0.42% | 4.43% | -17.13% | -88.69% |
* Industrials Sector Average
HK:3928
S&T Holdings Ltd.
27.22
22.31
454.38%
HK:3311
China State Construction International Holdings
8.61
-1.39
-13.88%
HK:3996
China Energy Engineering Corp. Ltd. Class H
1.06
-0.11
-9.13%
HK:1618
Metallurgical Corporation of China Ltd. Class H
1.39
-0.81
-36.82%
HK:2386
SINOPEC Engineering (Group) Co., Ltd. Class H
5.95
-1.09
-15.49%
HK:0830
China State Construction Development Holdings Limited
0.78
-0.49
-38.68%
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.