Beijing Enterprises Holdings Ltd. (0392.HK) stock analysis

In our weekly check, Beijing Enterprises Holdings Ltd. is graded C (A to F). Of 25 checks on debt, profit, cash flow and trend: 13 pass, warnings: 6, red flags: 6.

About Beijing Enterprises Holdings Ltd.

Beijing Enterprises Holdings Ltd. is an Utilities company (Regulated Gas) based in Hong Kong, listed on HKSE as 0392.HK.

What our checks show for 0392.HK

Red flags

• Net debt is 6.9x a year of EBITDA (debt/equity 0.88). That limits room in a downturn and raises refinancing risk.
• Operating profit does not cover the interest bill (0.1x): interest is paid from cash or new debt.
• The net margin fell by 6.5 points over 5 years, to 5.8%: the company keeps less of each sale as profit.
• The dividend takes 288% of profit: little cushion if profit falls.
• The stock has fallen as much as 74% from a peak. Would you have held through that?
• Return on capital (ROCE) is only 1.2%.

Warning signs

• Analysts expect the net margin to shrink by 0.6 points from today's 5.8%.
• Earnings per share fell 4.5% a year over the last 3 years.
• Net profit fell 4.8% a year over the last 3 years.
• The net margin is only 5.8%: little room if costs rise.
• Free cash flow is only 1.9% of revenue.
• The stock is still below its previous peak.

Strengths

• Operating cash flow is 1.46x net profit: the profit arrives as real cash.
• Beta 0.6: the stock usually moves less than the market.
• Pay in shares is only 0% of free cash flow.

Similar companies

1193.HK · 6033.KL · ATO · NTGY.MC · 0384.HK · 2688.HK

Questions

What grade does Beijing Enterprises Holdings Ltd. (0392.HK) have?

In our weekly check, Beijing Enterprises Holdings Ltd. is graded C (A to F). Of 25 checks on debt, profit, cash flow and trend: 13 pass, warnings: 6, red flags: 6. The grade is a risk check, not a buy or sell recommendation.

What are the main risks of 0392.HK stock?

This week's biggest flags for Beijing Enterprises Holdings Ltd.: High debt, Weak interest cover, Margins falling. In total 12 of 25 checks show a warning or a red flag.

What does Beijing Enterprises Holdings Ltd. do?

Beijing Enterprises Holdings Ltd. is an Utilities company (Regulated Gas) based in Hong Kong, listed on HKSE as 0392.HK.

The grade is a risk check, not a price forecast, and not investment advice. In our 10-year test (S&P 500, 2016-2026), stocks we graded A or B fell more than 30% 2-3 times less often than D or F, without a lower average return.

Updated 2026-10-31

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