Ahsay Backup Software Development Company Limited (8290) AI Stock Analysis

Ahsay Backup Software Development Company Limited

(HKEX:8290)

Select Model

Rating:47Neutral

Price Target:HKD 0.04▼(-2.56% Downside)

Action:reiterated

Date:09/16/26

The score is held back primarily by weak operating fundamentals (declining revenue and negative operating margin) and a very demanding valuation (P/E ~160). Technical indicators also point to bearish momentum (negative MACD and price below key moving averages), with the main offset being a conservatively levered balance sheet and a recent improvement to positive net income/free cash flow in 2025 that still needs to prove sustainable.

Positive Factors

Conservative leverageVery low leverage provides financial flexibility and reduces pressure from debt servicing, refinancing, and solvency risks. This gives the company more capacity to withstand operating volatility and fund product development or customer support without relying heavily on external financing.

Negative Factors

Multi-year revenue declineThe sustained reduction in revenue indicates continuing pressure on the company’s top line rather than a single-period fluctuation. Prolonged contraction can weaken scale benefits, reduce resources available for product investment, and make a durable recovery in earnings more difficult.

Ahsay Backup Software Development Company Limited (8290) vs. iShares MSCI Hong Kong ETF (EWH)

Market Cap: HKD 78.00M
Dividend Yield: ―
Average Volume (3M): 490.71K
Price to Earnings (P/E): 195.0
Beta (1Y): 0.04
Revenue Growth: -10.60%
EPS Growth: ―
Country: Hong Kong
Employees: 50
Sector: Technology
Sector Strength: 61
Industry: Software - Application

Ahsay Backup Software Development Company Limited Business Overview & Revenue Model

Company Description

Ahsay Backup Software Development Company Limited, an investment holding entity, delivers online backup software solutions globally, catering to markets both in the United States and internationally. The company's operations are structured across two...

How the Company Makes Money

The company primarily makes money by licensing its backup software to customers (often including managed service providers) that use the software to deliver backup and recovery services to end users. Revenue is typically generated through recurring l...

Ahsay Backup Software Development Company Limited Financial Statement Overview

Summary

Financials are mixed: a strong, low-debt balance sheet (debt-to-equity ~0.09) supports stability, but operating performance remains weak with multi-year revenue decline, negative EBIT margin (~-6.8%) and inconsistent profitability/cash flow despite a modest return to positive net income and free cash flow in 2025.

Income Statement

43Neutral

Balance Sheet

74Positive

Cash Flow

48Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	42.55M	36.43M	39.95M	41.66M	44.88M	47.87M
Gross Profit	25.11M	11.96M	16.64M	11.74M	14.02M	6.76M
EBITDA	4.17M	3.88M	1.52M	6.25M	2.25M	-11.15M
Net Income	212.00K	172.00K	-2.19M	2.64M	-1.96M	-15.67M
Balance Sheet
Total Assets	70.48M	72.19M	76.14M	78.94M	81.51M	86.21M
Cash, Cash Equivalents and Short-Term Investments	55.29M	55.43M	54.88M	62.34M	59.73M	62.54M
Total Debt	3.60M	4.73M	6.90M	2.40M	6.74M	8.92M
Total Liabilities	15.73M	17.04M	21.21M	21.02M	27.64M	29.94M
Stockholders Equity	54.75M	55.15M	54.94M	57.92M	55.22M	57.33M
Cash Flow
Free Cash Flow	1.61M	1.19M	-6.28M	3.04M	-840.00K	-8.73M
Operating Cash Flow	1.67M	1.32M	-6.04M	3.21M	-468.00K	-7.25M
Investing Cash Flow	683.50K	1.68M	1.65M	12.26M	-10.47M	235.00K
Financing Cash Flow	-1.73M	-2.51M	-2.52M	-2.58M	-2.48M	-3.23M

Ahsay Backup Software Development Company Limited Technical Analysis

Technical Analysis SentimentPositive

Last Price0.04

Price Trends

50DMA0.04Positive

100DMA0.04Positive

200DMA0.03Positive

Market Momentum

MACD0.00Positive

RSI89.47Negative

STOCH100.00Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:8290, the sentiment is Positive. The current price of 0.04 is below the 20-day moving average (MA) of 0.04, above the 50-day MA of 0.04, and above the 200-day MA of 0.03, indicating a neutral trend. The MACD of 0.00 indicates Positive momentum. The RSI at 89.47 is Negative, neither overbought nor oversold. The STOCH value of 100.00 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:8290.

Ahsay Backup Software Development Company Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

HK:8290 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HK:0268	72Outperform	HKD 29.85B	103.84	3.02%	―	16.98%	―
HK:1588	67Neutral	HKD 1.39B	13.08	9.51%	10.38%	21.19%	19.81%
HK:3896	62Neutral	HKD 18.67B	-5.57	-7.08%	―	35.32%	74.56%
Sector *	61Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
HK:1675	48Neutral	HKD 2.98B	-13.45	-2.55%	1.70%	-2.82%	-152.77%
HK:8290	47Neutral	HKD 78.00M	195.00	0.39%	―	-10.60%	―
HK:2392	43Neutral	HKD 528.98M	-17.11	-8.63%	―	-12.45%	-103.53%

* Technology Sector Average

Performance Comparison

HK:8290 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
HK:8290	Ahsay Backup Software Development Company Limited	0.04	0.01	62.50%
HK:0268	Kingdee International Software Group Co	8.51	-6.60	-43.68%
HK:1675	AsiaInfo Technologies Limited	3.17	-5.79	-64.64%
HK:1588	Chanjet Information Technology Co., Ltd. Class H	4.32	-4.19	-49.29%
HK:2392	Xuan Wu Cloud Technology Holdings Limited	0.95	-0.19	-16.67%
HK:3896	Kingsoft Cloud Holdings Ltd	4.12	-2.52	-37.95%

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: Sep 16, 2026

Ahsay Backup Software Development Company Limited AI Stock Analysis