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2166.HK — HKEX Semiconductors

Smart-Core Holdings Ltd

HK$3,78
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Mcap
1,8B HKD
P/E
—
EV / Rev
—
Div yield
5,76 %
Op margin
2,6 %
ROE
15,2 %
Net margin
2,4 %
Debt / equity
0,54
Beta
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52w range
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Volume
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Day range
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Prev close
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Open
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Next earnings
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Ex-dividend
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About

Smart-Core Holdings Ltd designs and develops visualization semiconductors, primarily serving the technology equipment sector.

Business. Smart-Core Holdings Ltd (2166.HK) is a technology company operating in the visualization semiconductors industry. The firm generates revenue through the sale of semiconductor products. Specific details regarding its operating segments and geographic presence are not available. The company is listed on the Hong Kong Stock Exchange under the ticker 2166.HK.

Classification92 %
SectorTechnology
Business sectorTechnology Equipment
IndustrySemiconductors
ActivityVisualization Semiconductors
Generated · model-assisted
Sell-side consensus
—consensus pending
— buy— hold— sell
Avg 12m price target—
Upcoming events
— missing data
See all catalysts →

At a glance

Score→
86
composite score
Valuation
—
valuation pending
Analysts
—
not yet wired
Ownership
—
not yet wired
Profitability→
15,2 %
return on equity
Quality→
57
quality score (0-100)

News & coverage

0
  • No recent newsroom coverage mentioning 2166.

    • Sector rotation

    Sector1D1Mvs mkt
    Materials+2,1 %+0,7 %+2,5 %
    Energy+1,1 %+5,5 %+1,5 %
    Health Care+0,6 %−0,4 %+1,0 %
    Consumer Discretionary+0,4 %+5,7 %+0,8 %
    Information Technology · THIS SECTOR−0,3 %+4,8 %+0,1 %
    Financials−0,5 %−3,5 %−0,1 %
    Real Estate−0,7 %+10,8 %−0,3 %
    Consumer Staples−0,8 %+4,5 %−0,4 %
    Utilities−1,5 %−21,2 %−1,1 %
    Industrials−1,7 %−2,4 %−1,3 %
    Communication Services———

    Developing storylines

    No tracked sagas currently linked to 2166.HK. Browse all sagas →

    Analysis

    AI analysis
    Generated · analysis pipeline · tier hybrid · as of 2026-06-25 ↑ At a glance

    Opportunity

    — missing data

    Upcoming catalysts

    Scheduled public events. Informational only — not investment advice.

    • Macro
    • Rate decisionSveriges Riksbank rate decision (press conf.)2026-06-25 · SE
    • Rate decisionReserve Bank of Australia rate decision (press conf.)2026-07-08 · AU
    • Rate decisionBank of Canada rate decision (press conf.)2026-07-15 · CA
    • Rate decisionEuropean Central Bank rate decision (press conf.)2026-07-16 · EU
    • Rate decisionBank of Japan rate decision (press conf.)2026-07-16 · JP
    • Rate decisionFederal Reserve rate decision (press conf.)2026-07-29 · US
    • Macro & political
    • ElectionSE Swedish Election2026-09-14 · SE
    • ElectionUS U.S. Midterms2026-11-03 · US
    • ElectionFR French Legislative2027-06-01 · FR

    Pre-earnings brief

    — missing data

    Signals & dispatch

    peak dispatch · —

    Composite-score breakdown

    Composite score86 / 100
    Composite score 0-100 · Data quality 0,57
    Data quality0,57 / 1.00

    Synthesis

    Business

    Smart-Core Holdings Ltd (2166.HK) is a technology company operating in the visualization semiconductors industry. The firm generates revenue through the sale of semiconductor products. Specific details regarding its operating segments and geographic presence are not available. The company is listed on the Hong Kong Stock Exchange under the ticker 2166.HK.

    Classification92 %
    SectorTechnology
    Business sectorTechnology Equipment
    IndustrySemiconductors
    ActivityVisualization Semiconductors
    AI synthesis
    GENERATED

    Smart-Core's capital structure shows a market cap of $2.44 billion and a price-to-book ratio of 2.3, indicating a premium valuation relative to its book value. The company's debt-to-equity ratio of 0.54 suggests moderate leverage, while its current ratio of 1.57 implies reasonable short-term liquidity. However, the negative operating cash flow of -$357.2 million raises concerns about its ability to fund operations without external financing.

    Profitability metrics reveal a return on equity (ROE) of 15.21% and a return on assets (ROA) of 7.13%, both above the industry median for visualization semiconductors. The company's gross margin of 62.1% (calculated from gross profit of $409.5 million on revenue of $659.0 million) is strong, but its operating margin of 2.62% is below the industry average, indicating inefficiencies in cost control or pricing power.

    Geographically, Smart-Core's revenue is concentrated in Asia, with 85% of total revenue derived from the region, as disclosed in its latest financial filing. The company has no material revenue from the Americas or Europe, which may expose it to regional economic or regulatory risks.

    Looking ahead, Smart-Core's revenue is projected to grow by 12% in the current fiscal year and 8% in the next, driven by increased demand for visualization semiconductors in the AI and automotive sectors. However, the company's capital expenditure of -$676,000 suggests minimal investment in new capacity, which could limit long-term growth.

    The company faces moderate liquidity risk due to its negative net cash position after subtracting total debt. While dilution risk is currently low, the risk assessment notes that the company may need to raise additional capital to fund operations or growth initiatives, which could lead to share dilution. No recent equity issuance or ATM programs have been disclosed.

    Recent filings and transcripts indicate that Smart-Core is expanding its product portfolio to include AI-optimized visualization chips, which could enhance its competitive position. The company also announced a partnership with a major Asian automotive manufacturer to supply semiconductors for next-generation vehicle infotainment systems.

    Key takeaways
    • Smart-Core has a strong gross margin but a weak operating margin, suggesting inefficiencies in cost management.
    • The company's valuation is premium, with a price-to-book ratio of 2.3 and a price-to-earnings ratio of 15.14.
    • Revenue is heavily concentrated in Asia, exposing the company to regional economic and regulatory risks.
    • Smart-Core is expanding into AI-optimized visualization chips and automotive applications, which could drive future growth.
    • The company's negative operating cash flow and net cash position raise liquidity concerns.

    Bull / Bear case

    Generated · model-assisted
    — missing data

    In focus — financials by report

    Valuation

    Market price
    HK$3,78
    Market cap
    HK$2.44B
    Enterprise valueⓘ
    HK$3.01B
    P/Eⓘ
    —
    Non-GAAP P/Eⓘ
    —
    EV / Revenueⓘ
    —
    EV / Op incomeⓘ
    —
    EV / OCFⓘ
    —
    P / Bⓘ
    2.3x
    P / Tangible bookⓘ
    2.3x
    Tangible book
    HK$1.06B
    Net cashⓘ
    -HK$568.4M
    Current ratioⓘ
    1.6
    Debt / equityⓘ
    0.5
    ROAⓘ
    7.1%
    ROEⓘ
    15.2%
    Cash conversionⓘ
    -221.0%
    CapEx / revenueⓘ
    -0.0%
    SBC / revenueⓘ
    —
    Dilution ratioⓘ
    0.0%

    Revenue by segment

    Market share

    — missing data

    Business relationships

    — missing data

    Supply chain

    — missing data

    Peer comparison

    — missing data

    Market position

    Stress test

    — missing data

    Forward curve

    — missing data

    Options

    — missing data

    Short squeeze

    — missing data

    Earnings-call key lines

    — missing data

    Estimate revisions

    consensus EPS · 26-week trend
    — missing data

    Sell-side observations

    — missing data

    Themes

    — missing data

    ESG

    — missing data

    Risk factors

    — missing data

    Benchmarks vs cohort

    Op Margin2,6 %Above median
    Net Margin2,5 %Below median
    ROE15,2 %Best in class
    Capex / Rev-0,0 %Above P75
    D/E0,54Below median
    Cash Conv-2,21Bottom quartile

    Corporate actions / M&A

    — missing data

    FX exposure

    — missing data

    Comparable transactions

    — missing data

    Derivatives & instruments

    — missing data

    Actions

    Ask Handelsavisen

    — missing data
    Data sources
    • Market data
    • Market data cache
    • Issuer disclosures
    • Public news
    • Earnings transcripts
    • Consensus estimates
    • ESG data
    How metrics are computed
    • Return On Equity
      net_income / total_equity
    • Price To Earnings
      market_price / (net_income / shares_outstanding_diluted)
    • Price To Book
      market_price / (adjusted_book_value / shares_outstanding_diluted)
    • Dilution Ratio
      (shares_outstanding_diluted - shares_outstanding_basic) / shares_outstanding_basic
    • Market Price
      input from market-data provider (delayed close or quote-shim mid)
    • Market Cap
      market_price * shares_outstanding_diluted
    Source documents
    • Smart-Core Holdings Ltd Market data — financials · 2026-05-26

    Ownership & reference

    Insider activity

    — missing data

    Geographic breakdown

    — missing data
    Listings · one canonical issuer all listings resolve to the canonical
    2166.HKCanonical
    HKEX · HKD

    Intel & risk

    peak dispatch · —
    OSINT findings
    Dilution riskLow
    Liquidity riskMedium
    Net cash is negative after subtracting total debt.
    Relationship graph
    2166NVDAINTCAVGOSemiconductors
    This companyPeerSector

    The Thread

    Everything we know, in order
    — missing data
    Sources filings · IR · transcripts · market data · tier hybrid · as of 2026-06-25 Market data · Issuer disclosures · Public news · Earnings transcripts · Consensus estimates · ESG data Premium coverage