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CTF Services Limited Sponsored ADR
(OTC:NWSGY)
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Rating:57Neutral
Price Target:
$10.50
▲(2.04% Upside)
Action:Downgraded
Date:06/13/26
The score is held back primarily by weakening financial quality (notably the sharp 2025 cash flow decline, rising leverage, and multi-year revenue contraction). Valuation is a positive offset (reasonable P/E and very high dividend yield), but technical indicators are currently bearish, limiting near-term confidence.
Positive Factors
Sustained Profitability
Margins around 7–10% and a 2025 EBIT margin near 9% indicate durable underwriting and operating profitability. Consistent operating profit provides ongoing capacity to fund reserves, support product pricing and sustain earnings through normal insurance-cycle volatility.
Negative Factors
Multi-year Revenue Contraction
Three consecutive years of revenue decline signal weakening new business or lapses in in-force policies, reducing scale and underwriting leverage. Persistent top-line contraction erodes earning power, limits expense absorption and increases reliance on investment income to sustain profits.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Profitability
Margins around 7–10% and a 2025 EBIT margin near 9% indicate durable underwriting and operating profitability. Consistent operating profit provides ongoing capacity to fund reserves, support product pricing and sustain earnings through normal insurance-cycle volatility.
Read all positive factors
CTF Services Limited Sponsored ADR (NWSGY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.89B
Dividend Yield14.62%
Average Volume (3M)0.00
Price to Earnings (P/E)16.1
Beta (1Y)-0.14
Revenue Growth11.27%
EPS Growth7.96%
CountryUS
Employees10,700
SectorGeneral
Sector StrengthN/A
IndustryEngineering & Construction
Share Statistics
EPS (TTM)5.50
Shares Outstanding456,625,800
10 Day Avg. Volume0
30 Day Avg. Volume0
Financial Highlights & Ratios
PEG Ratio7.06
Price to Book (P/B)0.73
Price to Sales (P/S)1.20
P/FCF Ratio49.46
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
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
CTF Services Limited Sponsored ADR Business Overview & Revenue Model
Company Description
CTF Services Limited is a conglomerate company with a diversified portfolio of businesses in toll roads, insurance, logistics, construction, and facilities management primarily in Hong Kong and the Mainland. It engages in the operation of toll roa...
How the Company Makes Money
CTF Services Limited primarily makes money through its insurance operations. Key revenue and earnings drivers typically include: (1) insurance premiums collected from policyholders for life and related insurance products; (2) investment income gen...
CTF Services Limited Sponsored ADR Earnings Call Summary
Earnings Call Date:Sep 24, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Feb 19, 2027
Earnings Call Sentiment Positive
The call was broadly positive, with management highlighting 3% AOP growth, 11% shareholder-profit growth, substantially lower leverage, strong liquidity, progressive dividends and significant momentum in Financial Services. Financial Services became the largest AOP contributor, while insurance metrics, Gleneagles, CUIRC, ESG initiatives and the construction pipeline showed notable progress. The main challenges were declines in ATL Logistics and Construction AOP, lower construction margins, concession-related depreciation, a near-term insurance slowdown and Kai Tak Sports Park's continued ramp-up losses. Overall, the highlights significantly outweighed the lowlights.Positive Updates
Higher Operating Profit and Shareholder Earnings
Attributable operating profit increased 3% year-on-year to HKD 4.59 billion, while profit attributable to shareholders increased 11% to HKD 2.393 billion.
Negative Updates
Management Characterized FY2026 as Stable Rather Than Particularly Strong
Management described FY2026 as a very stable year and explicitly stated that it was not particularly strong.
Read all updates
Q4-2026 Updates
Positive
Negative
Higher Operating Profit and Shareholder Earnings
Attributable operating profit increased 3% year-on-year to HKD 4.59 billion, while profit attributable to shareholders increased 11% to HKD 2.393 billion.
Read all positive updates
Company Guidance
Management said Financial Services will remain a core growth area, with continued expansion of CTF Life, overseas markets such as Singapore, and the wealth-management platform; July and August saw a “single-digit slowdown” in VONB dollar, viewed as “short term,” while ATL occupancy was targeted for further improvement from “70-odd percent to 85%,” with full-year average rental “low single digit” higher. Toll roads will not be expanded beyond the 12 projects remaining, though mature assets may be monetized at “good valuations”; logistics acquisitions will be made only where management sees “long-term value and good locations,” with a general acquisition hurdle rate of “a little less than 6%.” Construction was expected to be “steady” and “steadily growing,” with Northern Metropolis opportunities, while Kai Tak Sports Park was expected to take “at least another 12 to 18 months” to break even. Management cited a gearing target of “about 40% to 45% range,” slightly more than HKD 2 billion of cash reserve for acquisitions after dividends, an aim to reach the USD 5 million per day stock-turnover threshold, and the possibility of further dividend increases depending on adjusted EBITDA and AOP growth.CTF Services Limited Sponsored ADR Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
56
Neutral
Cash Flow
38
Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 24.98B | 24.29B | 26.42B | 27.12B | 31.14B | 28.20B |
| Gross Profit | 5.57B | 3.95B | 3.94B | 5.20B | 3.53B | 3.79B |
| EBITDA | 5.75B | 3.69B | 6.28B | 6.22B | 4.14B | 47.40M |
| Net Income | 2.52B | 2.36B | 2.54B | 2.06B | 2.17B | 1.70B |
Balance Sheet | ||||||
| Total Assets | 182.14B | 172.90B | 155.08B | 161.97B | 148.77B | 152.57B |
| Cash, Cash Equivalents and Short-Term Investments | 31.51B | 29.92B | 25.45B | 33.07B | 27.09B | 23.94B |
| Total Debt | 37.71B | 35.58B | 35.20B | 25.49B | 35.24B | 26.04B |
| Total Liabilities | 140.98B | 133.01B | 111.73B | 122.19B | 105.41B | 104.65B |
| Stockholders Equity | 38.82B | 39.86B | 43.33B | 55.69B | 53.84B | 58.44B |
Cash Flow | ||||||
| Free Cash Flow | 221.11M | 588.01M | 1.96B | 5.68B | 5.56B | -41.90M |
| Operating Cash Flow | 710.85M | 650.06M | 2.45B | 6.20B | 6.26B | 370.00M |
| Investing Cash Flow | -726.55M | 139.08M | 2.52B | 4.44B | 2.82B | 5.94B |
| Financing Cash Flow | 699.52M | -153.42M | -9.27B | -3.68B | -4.65B | -8.58B |
CTF Services Limited Sponsored ADR Technical Analysis
Positive
10.29
Price Trends
10.16
Positive
10.23
Positive
10.29
Positive
Market Momentum
0.08
Negative
73.54
Negative
97.06
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NWSGY, the sentiment is Positive. The current price of 10.29 is above the 20-day moving average (MA) of 10.15, above the 50-day MA of 10.16, and above the 200-day MA of 10.29, indicating a bullish trend. The MACD of 0.08 indicates Negative momentum. The RSI at 73.54 is Negative, neither overbought nor oversold. The STOCH value of 97.06 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NWSGY.
CTF Services Limited Sponsored ADR Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $4.41B | 35.60 | 10.13% | 0.32% | 24.70% | ― | |
66 Neutral | $4.56B | 26.90 | 24.17% | ― | 16.06% | 121.28% | |
58 Neutral | $6.74B | -4.08 | -57.08% | 6.65% | -4.77% | -151.32% | |
57 Neutral | $4.89B | 16.06 | 6.55% | 14.62% | 11.27% | 7.96% | |
56 Neutral | $5.04B | -30.71 | -16.01% | 0.45% | 21.80% | -204.13% | |
56 Neutral | $3.91B | 27.57 | 8.46% | 0.45% | 5.12% | -42.27% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
NWSGY
CTF Services Limited Sponsored ADR
10.85
1.68
18.35%
FLR
Fluor
49.22
6.58
15.43%
GVA
Granite Construction
115.77
7.17
6.60%
MYRG
MYR Group
285.93
79.00
38.18%
PRIM
Primoris Services
71.12
-63.22
-47.06%
TPC
Tutor Perini
83.98
18.78
28.80%
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.