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Midea Real Estate Holding Limited
(3990)
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Rating:56Neutral
Price Target:
HK$2.00
▼(-18.70% Downside)
Action:Reiterated
Date:08/06/26
The score is primarily held back by uneven financial performance driven by large revenue/earnings/cash-flow swings despite a 2025 rebound. Technicals also remain weak with the stock trading below key moving averages. These risks are partly offset by supportive valuation, with a low P/E and high dividend yield.
Positive Factors
2025 Profitability Rebound
The return to positive net income in 2025, alongside solid gross and operating margins, indicates improved project profitability after the prior-year loss. If maintained, this recovery can strengthen internal funding capacity and support more resilient earnings over the next several quarters.
Negative Factors
Highly Volatile Profitability
The sharp swing from a major 2024 loss to 2025 profitability, combined with a dramatic revenue contraction, makes the current earnings rebound difficult to underwrite as durable. Such volatility increases forecasting uncertainty and can complicate development planning, capital allocation, and stakeholder confidence.
Read all positive and negative factors
Positive Factors
Negative Factors
2025 Profitability Rebound
The return to positive net income in 2025, alongside solid gross and operating margins, indicates improved project profitability after the prior-year loss. If maintained, this recovery can strengthen internal funding capacity and support more resilient earnings over the next several quarters.
Read all positive factors
Midea Real Estate Holding Limited (3990) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$3.11B
Dividend Yield15.63%
Average Volume (3M)533.88K
Price to Earnings (P/E)5.3
Beta (1Y)0.63
Revenue GrowthN/A
EPS GrowthN/A
CountryHK
Employees6,626
SectorReal Estate
Sector Strength53
IndustryReal Estate - Development
Share Statistics
EPS (TTM)0.35
Shares Outstanding1,435,411,500
10 Day Avg. Volume1,058,985
30 Day Avg. Volume533,878
Financial Highlights & Ratios
PEG Ratio-0.34
Price to Book (P/B)1.07
Price to Sales (P/S)1.27
P/FCF Ratio5.56
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$2.90Price Target Upside17.89% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.35
Revenue Forecast (FY)HK$3.34B
Midea Real Estate Holding Limited Business Overview & Revenue Model
Company Description
Midea Real Estate Holding Limited functions as an investment holding entity primarily engaged in property development across the People's Republic of China. Its business activities are structured into four key divisions: property development and s...
How the Company Makes Money
Midea Real Estate Holding Limited primarily makes money by developing real estate projects and selling completed properties. Its main revenue stream is proceeds from the sale of residential and commercial units, typically recognized when propertie...
Midea Real Estate Holding Limited Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
61
Positive
Cash Flow
43
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.01B | 4.15B | 3.73B | 73.56B | 73.63B | 73.70B |
| Gross Profit | 1.34B | 1.37B | 1.33B | 8.48B | 11.31B | 13.50B |
| EBITDA | 945.09M | 943.94M | 951.20M | 4.62B | 7.04B | 8.90B |
| Net Income | 504.92M | 559.30M | -2.06B | 913.58M | 1.73B | 3.74B |
Balance Sheet | ||||||
| Total Assets | 8.91B | 9.63B | 9.72B | 201.58B | 251.94B | 288.52B |
| Cash, Cash Equivalents and Short-Term Investments | 1.57B | 1.86B | 1.03B | 17.65B | 27.93B | 36.84B |
| Total Debt | 322.95M | 785.29M | 833.67M | 38.17B | 48.61B | 56.55B |
| Total Liabilities | 3.86B | 4.59B | 4.64B | 151.46B | 201.62B | 240.71B |
| Stockholders Equity | 4.92B | 4.91B | 4.90B | 25.31B | 24.86B | 23.51B |
Cash Flow | ||||||
| Free Cash Flow | 769.61M | 947.09M | -2.37B | 3.43B | 2.84B | 3.05B |
| Operating Cash Flow | 800.60M | 975.69M | -2.26B | 3.63B | 3.04B | 3.21B |
| Investing Cash Flow | 200.10M | 199.83M | -14.25B | 4.65B | 5.38B | 3.44B |
| Financing Cash Flow | -549.24M | -603.01M | -6.04M | -12.58B | -12.95B | 1.06B |
Midea Real Estate Holding Limited Technical Analysis
Negative
2.46
Price Trends
2.33
Negative
2.50
Negative
2.97
Negative
Market Momentum
-0.05
Positive
39.42
Neutral
38.95
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:3990, the sentiment is Negative. The current price of 2.46 is above the 20-day moving average (MA) of 2.28, above the 50-day MA of 2.33, and below the 200-day MA of 2.97, indicating a bearish trend. The MACD of -0.05 indicates Positive momentum. The RSI at 39.42 is Neutral, neither overbought nor oversold. The STOCH value of 38.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:3990.
Midea Real Estate Holding Limited Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
84 Outperform | HK$5.69B | 7.95 | 35.91% | 4.75% | 14.21% | 9.65% | |
75 Outperform | HK$12.86B | 10.98 | 12.24% | 3.93% | 12.73% | 28.42% | |
75 Outperform | HK$14.63B | 7.84 | 14.87% | 6.08% | 7.89% | 8.60% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
57 Neutral | HK$16.30B | 24.46 | 1.56% | 1.09% | 11.42% | -55.21% | |
56 Neutral | HK$3.11B | 5.26 | 10.27% | 15.63% | ― | ― | |
55 Neutral | HK$2.67B | 31.91 | 0.70% | 7.27% | -2.93% | ― |
* Real Estate Sector Average
HK:3990
Midea Real Estate Holding Limited
2.17
-2.15
-49.75%
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Midea Real Estate Holding Limited Corporate Events
Midea Real Estate Overhauls Board and Leadership in Governance-Focused Shake-Up
Oct 20, 2026
Midea Real Estate Holding Limited announced a significant reshuffle of its board and senior management to enhance corporate governance and align with the Hong Kong Corporate Governance Code. Effective 20 October 2026, non-executive director Zhao J...
Midea Real Estate Sets Out Board and Committee Structure
Oct 20, 2026
Midea Real Estate Holding Limited has disclosed the composition of its board of directors, led by chairman and non-executive director Zhao Jun, and detailing roles for executive, non-executive and independent non-executive members. The company als...
Midea Real Estate Declares Interim Dividend for First Half of 2026
Aug 10, 2026
Midea Real Estate Holding Limited has declared an interim ordinary cash dividend of HKD 0.12 per share for the six months ended 30 June 2026, for the financial year ending 31 December 2026. The ex-dividend date is set for 1 December 2026, with sha...
Midea Real Estate Margins Improve as Profit Slips, Dividend Held in Challenging Market
Aug 10, 2026
Midea Real Estate Holding Limited reported interim results for the six months ended 30 June 2026, showing revenue of RMB1.88 billion, down 5.7% year-on-year, as weaker project management and real estate technology income offset stable property man...
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.