C 
2.21
-0.90%
Close of 9 Nov 2026, in HKD
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At a glance
Figures in HKD, from our data supplier.
Revenue
HK$1.02bn
FY2017FY2026
Net income
−HK$68.6m
FY2017FY2026
Free cash flow
HK$103.3m
FY2017FY2026
Shareholders' equity
HK$396.6m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | HK$1.02bn | HK$1.41bn | HK$1.54bn | HK$1.62bn | HK$1.57bn | HK$826.2m | HK$685.9m | HK$525.2m | HK$1.01bn | HK$985.2m |
| Operating income | HK$70.7m | HK$38.3m | HK$55.2m | HK$74.0m | HK$78.5m | HK$49.5m | HK$50.4m | HK$49.4m | HK$73.7m | HK$67.2m |
| Net income | −HK$68.6m | −HK$7.7m | HK$28.1m | HK$53.5m | HK$38.8m | HK$42.8m | HK$39.6m | HK$41.6m | HK$61.6m | HK$56.5m |
| Diluted earnings per share | -0.07 | -0.01 | 0.03 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.06 | 0.06 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | HK$477.2m | HK$534.2m | HK$622.2m | HK$711.5m | HK$575.5m | HK$471.2m | HK$252.3m | HK$221.5m | HK$316.4m | HK$228.3m |
| Cash and short-term investments | HK$258.1m | HK$233.6m | HK$243.8m | HK$318.8m | HK$217.9m | HK$196.8m | HK$33.3m | HK$25.8m | HK$71.8m | HK$3.0m |
| Total liabilities | HK$58.0m | HK$60.5m | HK$142.7m | HK$256.3m | HK$171.9m | HK$112.2m | HK$59.7m | HK$35.9m | HK$172.4m | HK$146.0m |
| Debt | HK$1.1m | HK$868,000 | HK$32.3m | HK$29.5m | HK$16.8m | HK$10.1m | HK$1.2m | HK$1.4m | HK$412,000 | HK$760,000 |
| Shareholders' equity | HK$396.6m | HK$459.6m | HK$470.3m | HK$445.6m | HK$396.0m | HK$356.0m | HK$192.7m | HK$185.5m | HK$144.0m | HK$82.3m |
| Shares outstanding | 1,000m | 1,000m | 1,000m | 1,000m | 1,000m | 1,000m | 1,000m | 1,000m | 1,000m | 1,000m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | HK$104.4m | HK$24.5m | −HK$60.9m | HK$112.5m | HK$33.4m | HK$44.4m | HK$52.4m | HK$80.3m | HK$27.1m | −HK$26.8m |
| Capital spending | −HK$1.1m | −HK$608,000 | −HK$30,000 | −HK$1.9m | −HK$273,000 | −HK$14,000 | −HK$703,000 | −HK$192,000 | −HK$192,000 | −HK$156,000 |
| Free cash flow | HK$103.3m | HK$23.9m | −HK$61.0m | HK$110.6m | HK$33.2m | HK$44.4m | HK$51.7m | HK$80.1m | HK$26.9m | −HK$27.0m |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Sept 2023 | Mar 2023 | Sept 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | HK$649.5m | HK$371.8m | HK$547.5m | HK$867.0m | HK$789.7m | HK$749.2m | HK$847.6m | HK$776.0m |
| Operating income | HK$58.2m | HK$19.2m | HK$18.8m | HK$39.8m | HK$19.7m | HK$34.8m | HK$22.9m | HK$29.5m |
| Net income | −HK$53.9m | −HK$14.7m | −HK$25.2m | HK$17.5m | HK$7.3m | HK$20.8m | HK$26.4m | HK$27.1m |
| Diluted earnings per share | -0.05 | -0.01 | -0.03 | 0.02 | 0.01 | 0.02 | 0.03 | 0.03 |
| Cash from operations | — | −HK$67.0m | HK$54.0m | −HK$29.0m | HK$30.0m | −HK$90.0m | HK$144.0m | −HK$31.0m |
| Capital spending | — | −HK$1.0m | — | — | — | — | −HK$14.0m | −HK$16.0m |
| Free cash flow | — | −HK$68.0m | — | — | — | — | HK$130.0m | −HK$47.0m |
| Total assets | HK$477.2m | HK$511.0m | HK$534.2m | HK$639.4m | HK$622.2m | HK$624.5m | HK$711.5m | HK$598.6m |
| Cash and short-term investments | HK$258.1m | HK$237.3m | HK$233.6m | HK$168.4m | HK$242.8m | HK$230.5m | HK$318.8m | HK$189.2m |
| Debt | HK$865,000 | HK$1.0m | HK$629,000 | HK$11.1m | HK$32.3m | HK$31.4m | HK$29.5m | HK$38.5m |
| Shareholders' equity | HK$396.6m | HK$433.8m | HK$459.6m | HK$492.3m | HK$470.3m | HK$462.1m | HK$445.6m | HK$417.1m |
Financial ratios
Data as of 27 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating margin | 6.9% | 3.0% | 3.9% | 4.7% | 5.1% | 6.0% |
| Net margin | -6.7% | -0.5% | 1.8% | 3.3% | 2.5% | 5.2% |
| Return on equity | -17.3% | -1.7% | 6.0% | 12.0% | 9.8% | 12.0% |
| Return on assets | -14.4% | -1.4% | 4.5% | 7.5% | 6.7% | 9.1% |
| Free cash flow yield | 4.6% | 1.1% | -2.7% | 5.0% | 1.5% | 1.9% |
| Revenue growth | -27.8% | -8.1% | -5.2% | 3.1% | 90.6% | 20.5% |
| Earnings growth | 792.8% | -127.3% | -47.5% | 38.1% | -9.4% | 8.0% |
| Current ratio | 8.22x | 8.83x | 4.35x | 2.77x | 3.34x | 4.19x |
| Debt to equity | 0.00x | 0.00x | 0.07x | 0.06x | 0.04x | 0.03x |
| Equity ratio | 83.1% | 86.0% | 75.6% | 62.6% | 68.8% | 75.5% |
| Interest coverage | 1333.74x | 66.11x | 27.98x | 54.55x | 145.90x | 3842.46x |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -14.3% | 4.3% | — |
| Operating income | -1.5% | 7.4% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Price to earnings | -32.5 | -308.4 | 85.0 | 60.2 | 54.7 | 81.1 | 11.6 |
| Price to sales | 2.2 | 1.7 | 1.6 | 2.0 | 1.4 | 4.2 | 0.7 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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