S&T Holdings Ltd. (3928) AI Stock Analysis

S&T Holdings Ltd.

(HKEX:3928)

Select Model

Rating:49Neutral

Price Target:HKD 28.00▼(-1.75% Downside)

Action:reiterated

Date:08/19/26

HK:3928 earns a modest score because its improving yet still fragile financial profile—with declining revenue, persistent losses, shrinking equity, and recently weaker cash flow—keeps risk elevated despite lower leverage, while solid technical strength from a sustained uptrend across all key moving averages partially offsets these fundamental issues; valuation remains unattractive given the deeply negative P/E ratio and lack of dividend, limiting confidence in the current price level.

Positive Factors

Improving LeverageLower 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 LossesLosses 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.

S&T Holdings Ltd. (3928) vs. iShares MSCI Hong Kong ETF (EWH)

Market Cap: HKD 14.14B
Dividend Yield: ―
Average Volume (3M): 354.15K
Price to Earnings (P/E): -327.1
Beta (1Y): -0.30
Revenue Growth: -25.67%
EPS Growth: -1034.21%
Country: Hong Kong
Employees: 377
Sector: Industrials
Sector Strength: 63
Industry: Engineering & Construction

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, encom...

S&T Holdings Ltd. Financial Statement Overview

Summary

Overall financials remain weak: revenue has declined for three consecutive years after a rebound, profitability and margins are still negative, equity and assets are shrinking, and recent cash generation has deteriorated, although leverage has moderated compared with past periods.

Income Statement

36Negative

Balance Sheet

44Neutral

Cash Flow

31Negative

Financial statement breakdown
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	-5.71M	1.89M	2.71M	2.02M	-1.59M	-10.10M
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

Technical Analysis SentimentPositive

Last Price28.50

Price Trends

50DMA27.23Positive

100DMA25.90Positive

200DMA20.74Positive

Market Momentum

MACD0.25Negative

RSI63.03Neutral

STOCH66.06Neutral

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 28.50 is above the 20-day moving average (MA) of 27.32, above the 50-day MA of 27.23, and above the 200-day MA of 20.74, indicating a bullish trend. The MACD of 0.25 indicates Negative momentum. The RSI at 63.03 is Neutral, neither overbought nor oversold. The STOCH value of 66.06 is Neutral, 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

Overall Rating

UnderperformOutperform

Sector (63)

Financial Indicators

HK:3928 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HK:3311	74Outperform	HKD 45.85B	5.36	10.83%	7.08%	-14.20%	-12.79%
Sector *	63Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
HK:2386	53Neutral	HKD 23.66B	12.89	4.87%	7.00%	14.07%	-35.89%
HK:3928	49Neutral	HKD 14.14B	-327.07	-19.61%	―	-25.67%	-1034.21%
HK:0830	46Neutral	HKD 1.31B	-84.06	-0.53%	4.83%	-15.27%	-103.20%
HK:3996	43Neutral	HKD 104.28B	18.17	4.43%	3.81%	-0.79%	-32.91%
HK:1618	42Neutral	HKD 55.37B	96.09	0.62%	4.83%	-17.69%	-74.52%

* Industrials Sector Average

Performance Comparison

HK:3928 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
HK:3928	S&T Holdings Ltd.	28.50	23.48	467.73%
HK:3311	China State Construction International Holdings	8.68	0.33	3.90%
HK:3996	China Energy Engineering Corp. Ltd. Class H	0.94	-0.19	-16.96%
HK:1618	Metallurgical Corporation of China Ltd. Class H	1.27	-1.13	-47.08%
HK:2386	SINOPEC Engineering (Group) Co., Ltd. Class H	5.38	-1.64	-23.35%
HK:0830	China State Construction Development Holdings Limited	0.58	-0.55	-48.49%

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.

Date of analysis: Aug 29, 2026

S&T Holdings Ltd. AI Stock Analysis