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The United Laboratories International Holdings
(3933)
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Rating:58Neutral
Price Target:
HK$7.00
â–Ľ(-20.18% Downside)
Action:Downgraded
Date:10/03/26
The score is held back primarily by weakening recent financial performance (2025 revenue decline, margin compression, lower ROE) and especially inconsistent cash conversion/volatile free cash flow. Technical indicators add further pressure, with price below major moving averages and negative MACD. Valuation is moderately supportive via a ~3.9% dividend yield, but the P/E near ~23.5 limits the upside case given the current growth/margin trend.
Positive Factors
Conservative leverage
Moderate leverage and steadily rising equity provide a relatively resilient funding base for the business. This balance-sheet profile can support continued investment in pharmaceutical operations while reducing the financial strain that higher borrowing would create during weaker earnings periods.
Negative Factors
Revenue contraction
The shift from strong multi-year expansion to flat revenue and then an approximately 8.7% decline signals weaker recent demand or commercialization momentum. If sustained, lower sales would limit operating leverage, reduce reinvestment capacity, and make earnings recovery more dependent on efficiency gains.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative leverage
Moderate leverage and steadily rising equity provide a relatively resilient funding base for the business. This balance-sheet profile can support continued investment in pharmaceutical operations while reducing the financial strain that higher borrowing would create during weaker earnings periods.
Read all positive factors
The United Laboratories International Holdings (3933) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$13.46B
Dividend Yield4.38%
Average Volume (3M)4.24M
Price to Earnings (P/E)20.8
Beta (1Y)0.92
Revenue Growth-12.86%
EPS Growth-83.10%
CountryHK
Employees18,000
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)0.28
Shares Outstanding1,970,276,500
10 Day Avg. Volume4,506,653
30 Day Avg. Volume4,237,906
Financial Highlights & Ratios
PEG Ratio-0.39
Price to Book (P/B)1.13
Price to Sales (P/S)1.49
P/FCF Ratio22.94
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$10.85Price Target Upside23.75% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.47
Revenue Forecast (FY)HK$12.35B
The United Laboratories International Holdings Business Overview & Revenue Model
Company Description
The United Laboratories International Holdings Limited functions as an investment holding company with a primary focus on the pharmaceutical sector. Its multifaceted operations cover the entire lifecycle of drug development and commercialization, ...
How the Company Makes Money
The company primarily makes money by selling pharmaceutical products and pharmaceutical-related materials through two main business streams: (1) Finished dosage pharmaceuticals: revenue is generated from the manufacture and sale of branded and/or ...
The United Laboratories International Holdings Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
78
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 11.86B | 13.21B | 13.76B | 13.74B | 11.33B | 9.70B |
| Gross Profit | 3.71B | 5.51B | 6.08B | 6.33B | 4.97B | 4.21B |
| EBITDA | 1.28B | 2.87B | 3.43B | 3.98B | 2.57B | 2.00B |
| Net Income | 539.23M | 2.09B | 2.66B | 2.70B | 1.58B | 988.10M |
Balance Sheet | ||||||
| Total Assets | 32.11B | 30.91B | 25.83B | 21.02B | 18.98B | 16.33B |
| Cash, Cash Equivalents and Short-Term Investments | 11.73B | 11.24B | 6.33B | 4.26B | 4.74B | 3.33B |
| Total Debt | 5.95B | 4.99B | 3.16B | 1.50B | 2.46B | 1.84B |
| Total Liabilities | 14.82B | 13.34B | 11.40B | 8.27B | 8.37B | 6.99B |
| Stockholders Equity | 17.21B | 17.40B | 14.39B | 12.73B | 10.61B | 9.34B |
Cash Flow | ||||||
| Free Cash Flow | 236.66M | 855.45M | 1.33B | 977.50M | 1.25B | 1.06B |
| Operating Cash Flow | 1.83B | 3.75B | 3.20B | 2.44B | 2.03B | 1.54B |
| Investing Cash Flow | -1.60B | -2.17B | -1.73B | -1.56B | -594.92M | -587.22M |
| Financing Cash Flow | 1.81B | 2.78B | 596.91M | -1.36B | -24.17M | -620.93M |
The United Laboratories International Holdings Technical Analysis
Negative
8.77
Price Trends
7.83
Negative
8.31
Negative
9.40
Negative
Market Momentum
-0.30
Positive
31.76
Neutral
23.31
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:3933, the sentiment is Negative. The current price of 8.77 is above the 20-day moving average (MA) of 7.23, above the 50-day MA of 7.83, and below the 200-day MA of 9.40, indicating a bearish trend. The MACD of -0.30 indicates Positive momentum. The RSI at 31.76 is Neutral, neither overbought nor oversold. The STOCH value of 23.31 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:3933.
The United Laboratories International Holdings Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | HK$12.54B | 9.38 | 25.10% | 5.11% | 15.05% | 20.58% | |
74 Outperform | HK$26.72B | 16.30 | 11.32% | 6.71% | -9.56% | -23.22% | |
68 Neutral | HK$29.12B | 6.18 | 7.92% | 5.17% | 7.94% | 52.83% | |
61 Neutral | HK$23.94B | 13.43 | 8.60% | 3.50% | 14.80% | -2.88% | |
58 Neutral | HK$13.46B | 20.84 | 3.12% | 4.38% | -12.86% | -83.10% | |
58 Neutral | HK$15.30B | 13.45 | 6.61% | 3.92% | 7.35% | -45.49% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
HK:3933
The United Laboratories International Holdings
6.83
-5.69
-45.46%
HK:0867
China Medical System Holdings
9.82
-3.65
-27.10%
HK:1513
Livzon Pharmaceutical Group
23.18
-5.02
-17.81%
HK:3320
China Resources Pharmaceutical Group Ltd.
4.64
-0.11
-2.26%
HK:1681
Consun Pharmaceutical Group Ltd.
15.25
1.00
7.00%
HK:0512
Grand Pharmaceutical Group Limited
4.31
-4.19
-49.26%
The United Laboratories International Holdings Corporate Events
United Laboratories Wins Novo Milestone for UBT251 Diabetes and Obesity Drug
Sep 24, 2026
The United Laboratories International Holdings announced that its subsidiary United Biotechnology has received a US$9.0 million milestone payment from Novo Nordisk. The payment relates to progress in a global Phase II clinical trial for UBT251, a ...
United Laboratories Wins Acceptance for First-in-China IDegLira Biosimilar Filing
Sep 24, 2026
The United Laboratories International Holdings has advanced its position in diabetes care with the China regulator accepting a marketing registration application for its self-developed Insulin Degludec and Liraglutide Injection, a biosimilar fixed...
United Laboratories Advances UBT251 Into Phase III Diabetes Trials in China
Sep 7, 2026
The United Laboratories International Holdings Limited has dosed the first participant in a Phase III clinical study in China for UBT251 Injection, a self-developed Class 1 innovative drug for type 2 diabetes. The programme comprises two trials, U...
United Laboratories Begins Phase III Dosing of Obesity Drug UBT251 in China
Sep 4, 2026
The United Laboratories International Holdings announced that the first participant has been dosed in a Phase III randomized, double-blind, placebo-controlled clinical trial in China evaluating UBT251 Injection for overweight and obesity. The stud...
United Laboratories Corrects 2026 Interim Capital Commitments Disclosure
Sep 3, 2026
The United Laboratories International Holdings has issued a clarification to its interim results for the six months ended 30 June 2026, correcting a clerical error related to its capital commitments disclosure. The company now reports that as of 3...
United Laboratories’ Interim Profit Plunges, Interim Dividend Scrapped
Aug 31, 2026
The United Laboratories reported a sharp downturn in interim results for the six months ended 30 June 2026, with revenue falling 18% year-on-year to RMB6.17 billion amid rising cost of sales. Gross profit dropped markedly and the company’s E...
United Laboratories Warns of Sharp First-Half Profit Decline
Aug 19, 2026
The United Laboratories International Holdings Limited, a Hong Kong-listed pharmaceutical manufacturer of intermediates, bulk medicines and finished products, operates across multiple segments of the drug supply chain and maintains licensing partn...
United Laboratories Schedules Board Meeting to Approve 2026 Interim Results
Aug 13, 2026
The United Laboratories International Holdings has scheduled a board meeting for 31 August 2026 to review and approve its interim results for the six months ended 30 June 2026. At the same meeting, the board will also consider declaring an interim...
United Laboratories Wins FDA IND Nod for Novel Obesity and Diabetes Drug
Aug 11, 2026
The United Laboratories International Holdings announced that its wholly owned unit, The United Bio-Technology (Hengqin) Co., Ltd., has received U.S. Food and Drug Administration approval of Investigational New Drug applications for UBT48128 Table...
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.