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Asia Commercial Holdings SEHK:104 Stock Report

Last Price


Market Cap







29 Sep, 2022


Company Financials
104 fundamental analysis
Snowflake Score
Future Growth0/6
Past Performance3/6
Financial Health5/6

104 Stock Overview

Asia Commercial Holdings Limited, an investment holding company, engages in the retail and wholesale of watches in Hong Kong, the People’s Republic of China, and Switzerland.

Asia Commercial Holdings Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Asia Commercial Holdings
Historical stock prices
Current Share PriceHK$0.22
52 Week HighHK$0.35
52 Week LowHK$0.19
1 Month Change0.92%
3 Month Change1.85%
1 Year Change-12.00%
3 Year Change-47.62%
5 Year Change-43.00%
Change since IPO-89.87%

Recent News & Updates

Aug 30
Is Asia Commercial Holdings (HKG:104) A Risky Investment?

Is Asia Commercial Holdings (HKG:104) A Risky Investment?

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' When we think about how risky a company...

Shareholder Returns

104HK Specialty RetailHK Market

Return vs Industry: 104 exceeded the Hong Kong Specialty Retail industry which returned -36.8% over the past year.

Return vs Market: 104 exceeded the Hong Kong Market which returned -28% over the past year.

Price Volatility

Is 104's price volatile compared to industry and market?
104 volatility
104 Average Weekly Movement8.6%
Specialty Retail Industry Average Movement5.7%
Market Average Movement6.4%
10% most volatile stocks in HK Market12.5%
10% least volatile stocks in HK Market3.1%

Stable Share Price: 104 is not significantly more volatile than the rest of Hong Kong stocks over the past 3 months, typically moving +/- 9% a week.

Volatility Over Time: 104's weekly volatility (9%) has been stable over the past year.

About the Company


Asia Commercial Holdings Limited, an investment holding company, engages in the retail and wholesale of watches in Hong Kong, the People’s Republic of China, and Switzerland. The company operates in two segments, Sale of Watches and Properties Leasing. It is also involved in the assembly and marketing of gold and jewelry watches; property holding, development, investment, and leasing activities; and brand development business.

Asia Commercial Holdings Fundamentals Summary

How do Asia Commercial Holdings's earnings and revenue compare to its market cap?
104 fundamental statistics
Market CapHK$164.37m
Earnings (TTM)HK$83.82m
Revenue (TTM)HK$784.82m


P/E Ratio


P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
104 income statement (TTM)
Cost of RevenueHK$559.74m
Gross ProfitHK$225.08m
Other ExpensesHK$141.26m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date


Earnings per share (EPS)0.11
Gross Margin28.68%
Net Profit Margin10.68%
Debt/Equity Ratio36.8%

How did 104 perform over the long term?

See historical performance and comparison



Current Dividend Yield


Payout Ratio
We’ve recently updated our valuation analysis.


Is 104 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score


Valuation Score 4/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 104?

Other financial metrics that can be useful for relative valuation.

104 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue0.2x
Enterprise Value/EBITDA1.8x
PEG Ration/a

Price to Earnings Ratio vs Peers

How does 104's PE Ratio compare to its peers?

104 PE Ratio vs Peers
The above table shows the PE ratio for 104 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average42.1x
8473 Mi Ming Mart Holdings
280 King Fook Holdings
1942 MOG Holdings
3389 Hengdeli Holdings
104 Asia Commercial Holdings

Price-To-Earnings vs Peers: 104 is good value based on its Price-To-Earnings Ratio (2x) compared to the peer average (42.1x).

Price to Earnings Ratio vs Industry

How does 104's PE Ratio compare vs other companies in the HK Specialty Retail Industry?

Price-To-Earnings vs Industry: 104 is good value based on its Price-To-Earnings Ratio (2x) compared to the Hong Kong Specialty Retail industry average (8x)

Price to Earnings Ratio vs Fair Ratio

What is 104's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

104 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio2x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate 104's Price-To-Earnings Fair Ratio for valuation analysis.

Share Price vs Fair Value

What is the Fair Price of 104 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 104 (HK$0.22) is trading below our estimate of fair value (HK$3.87)

Significantly Below Fair Value: 104 is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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Future Growth

How is Asia Commercial Holdings forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

Future Growth Score


Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted Retail industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Asia Commercial Holdings has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

Discover growth companies

  • Examine whether Asia Commercial Holdings is trading at an attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
  • Asia Commercial Holdings competitive advantages and company strategy can generally be found in its financial reports archived here.

Past Performance

How has Asia Commercial Holdings performed over the past 5 years?

Past Performance Score


Past Performance Score 3/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 104 has a large one-off gain of HK$29.2M impacting its March 31 2022 financial results.

Growing Profit Margin: 104's current net profit margins (10.7%) are higher than last year (5%).

Past Earnings Growth Analysis

Earnings Trend: 104's earnings have declined by 11.4% per year over the past 5 years.

Accelerating Growth: 104's earnings growth over the past year (43.2%) exceeds its 5-year average (-11.4% per year).

Earnings vs Industry: 104 earnings growth over the past year (43.2%) exceeded the Specialty Retail industry -10.2%.

Return on Equity

High ROE: 104's Return on Equity (17.8%) is considered low.

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Financial Health

How is Asia Commercial Holdings's financial position?

Financial Health Score


Financial Health Score 5/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: 104's short term assets (HK$373.2M) exceed its short term liabilities (HK$312.2M).

Long Term Liabilities: 104's short term assets (HK$373.2M) exceed its long term liabilities (HK$89.2M).

Debt to Equity History and Analysis

Debt Level: 104 has more cash than its total debt.

Reducing Debt: 104's debt to equity ratio has increased from 25.5% to 36.8% over the past 5 years.

Debt Coverage: 104's debt is well covered by operating cash flow (97.7%).

Interest Coverage: 104's interest payments on its debt are well covered by EBIT (21x coverage).

Balance Sheet

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What is Asia Commercial Holdings's current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


Current Dividend Yield

Dividend Yield vs Market

Asia Commercial Holdings Dividend Yield vs Market
How does Asia Commercial Holdings dividend yield compare to the market?
SegmentDividend Yield
Company (Asia Commercial Holdings)48.7%
Market Bottom 25% (HK)3.0%
Market Top 25% (HK)8.8%
Industry Average (Specialty Retail)4.1%
Analyst forecast in 3 Years (Asia Commercial Holdings)n/a

Notable Dividend: 104's dividend (48.73%) is higher than the bottom 25% of dividend payers in the Hong Kong market (2.98%).

High Dividend: 104's dividend (48.73%) is in the top 25% of dividend payers in the Hong Kong market (8.85%)

Stability and Growth of Payments

Stable Dividend: 104 has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: 104's dividend payments have increased, but the company has only paid a dividend for 4 years.

Earnings Payout to Shareholders

Earnings Coverage: With its high payout ratio (95.6%), 104's dividend payments are not well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its reasonably low cash payout ratio (48.6%), 104's dividend payments are well covered by cash flows.

Discover strong dividend paying companies


How experienced are the management team and are they aligned to shareholders interests?


Average board tenure


Asia Commercial Holdings has no CEO, or we have no data on them.

Board Members

Experienced Board: 104's board of directors are considered experienced (5.5 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

What is the ownership structure of 104?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders2,794,8720.4%
General Public245,993,30532.9%
Private Companies498,335,04366.7%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 5 shareholders own 67.07% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
Estate Of Eav Yin
382,945,936HK$84.2m0%no data
Covenhills Ltd.
64,255,243HK$14.1m0%no data
Goodideal Industrial Ltd.
51,133,864HK$11.2m0%no data
Xin Qi Eav
2,087,472HK$459.2k0%no data
Feng Ming Eav
707,400HK$155.6k0%no data

Company Information

Asia Commercial Holdings Limited's employee growth, exchange listings and data sources

Key Information

  • Name: Asia Commercial Holdings Limited
  • Ticker: 104
  • Exchange: SEHK
  • Founded: 1990
  • Industry: Specialty Stores
  • Sector: Retail
  • Implied Market Cap: HK$164.367m
  • Shares outstanding: 747.12m
  • Website:

Number of Employees


  • Asia Commercial Holdings Limited
  • The Hopewell Centre
  • 39th Floor
  • Wan Chai
  • Hong Kong


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
104SEHK (The Stock Exchange of Hong Kong Ltd.)YesOrdinary SharesHKHKDNov 1987

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/29 00:00
End of Day Share Price2022/09/29 00:00
Annual Earnings2022/03/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.