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VSTECS (856) investor relations material
VSTECS H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary21 Aug, 2025
Executive summary
Revenue grew by 13.6% year-over-year to HK$45.5 billion, with profit attributable to equity shareholders up 34.7% to HK$610.5 million.
Gross profit reached HK$2.16 billion, with gross margin improving to 4.75% from 4.43% year-over-year.
EPS reached HK44.06 cents and ROE was 13.7%, outperforming the Hang Seng Index average.
Southeast Asia business surged 22.5%, with notable country growth: Philippines 45.4%, Malaysia 31%, Indonesia 29.9%, Thailand 15%.
Cloud computing revenue soared 67.9%, driven by strong AI demand and partnerships with major cloud vendors.
Financial highlights
Operating profit for the period was HK$928.1 million, up from HK$775.4 million year-over-year.
Cash and bank balances stood at HK$3.82 billion as of 30 June 2025.
Total borrowings increased to HK$9.53 billion from HK$9.24 billion at year-end 2024.
Net debt to total assets ratio remained stable at 0.14.
Inventory days improved to 48, account receivable days at 70, account payable days at 65, and working capital cycle at 53 days.
Outlook and guidance
Targeting around 20% profit growth and similar revenue growth, with a focus on high operational quality.
Plans to expand market share and product/service range, leveraging a broad portfolio and network.
Dividend payout ratio to remain stable at around 35%, with a single year-end payout.
No interim dividend is recommended for the six months ended 30 June 2025.
M&A activity will be accelerated as part of growth strategy.
What drove Cloud Computing segment growth?
Why did over 90-day receivables increase?
What is the strategy for share repurchases?
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H2 202520 Mar, 2026
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Frequently asked questions
VSTECS Holdings Limited is an IT services and solutions provider based in Hong Kong, specializing in the distribution of technology products and offering IT solutions to businesses across Asia. The company’s product portfolio includes computers, software, networking devices, and other electronic equipment from leading global brands. VSTECS also provides a range of services such as cloud computing, data center management, and digital transformation solutions, supporting corporate clients in sectors like finance, telecommunications, and education. The company is headquartered in Hong Kong, China, and its shares are listed on the HKEX.
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