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One of Asia's largest distributors of IT products, cloud services and enterprise technology from global vendors to resellers.
One of Asia's largest distributors of IT products, cloud services and enterprise technology from global vendors to resellers.
Earns a thin margin on reselling vendors' products, so profit depends on turning large volumes quickly and managing credit to resellers. Cloud and software distribution brings subscription-type income that hardware resale does not.
In one line: China's Ingram Micro/Tech Data.
Moat: narrow (scale, distribution, brand). Broad vendor authorizations across major PC, server and cloud brands and an extensive reseller network across the region.
Headquarters: Hong Kong · Founded: 1990 · Employees: 5,639
Size VSTECS (0856.HK) is a Hong Kong Information Technology company (Information Technology Services) with a market value of $1.42B, the 503rd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$7.75 on 6 Nov 2026.
Performance Over six months the shares fell 29.9%, against -14.7% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 5th lowest of 20 in its peer set.
Growth Revenue grew 10.8% over the last twelve months (peer median +9.5%); the operating margin is 2.1% (peer median 5.5%).
Valuation It trades at 6.4× forward earnings against a peer median of 39.8× (cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -12% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is -19 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.6 points above its cost of capital (6.1% WACC).
Next results Next results expected around 25 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$105B | HK$97.6B | HK$89.1B | HK$73.9B | HK$77.3B |
| Revenue growth | — | +10% | +21% | -4% | — |
| Gross profit | HK$4.80B | HK$4.35B | HK$3.93B | HK$3.49B | HK$3.37B |
| EBITDA | HK$2.33B | HK$1.98B | HK$1.78B | HK$1.54B | HK$1.46B |
| Net income | HK$1.66B | HK$1.35B | HK$1.05B | HK$922M | HK$823M |
| Free cash flow | n/a | HK$1.61B | HK$1.35B | HK$349M | -HK$169M |
| Capital expenditure | n/a | HK$40.7M | HK$134M | HK$38.8M | HK$24.0M |
| Total debt | n/a | HK$9.24B | HK$9.68B | HK$8.44B | HK$8.65B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| VSTECS 0856.HK | $1.42B | -30% | +11% | 2% | 6.4× | -12.2% |
| Digital China 0861.HK | $410M | -14% | +16% | 1% | n/a | 1.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0856.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.0% | -4.1% | 7th lowest of 21 |
| 6-month return | -29.9% | -14.7% | 5th lowest of 20 |
| Distance from 52-week high | -39.0% | -44.0% | 9th highest of 21 |
| Revenue growth (TTM) | +10.8% | +9.5% | 10th highest of 21 |
| Operating margin | 2.1% | 5.5% | 10th lowest of 21 |
| Forward P/E | 6.4× | 39.8× | cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -12.2% | 20.5% | least demanding of 11 |
| Growth delivered (Del g) | +6.9% | +10.4% | 4th lowest of 11 |
| Hurdle (Req g minus delivered) | -19.1 pp | +8.9 pp | least demanding of 11 |
| ROIC minus cost of capital | +5.6 pp | -6.2 pp | 4th highest of 18 |
| Net debt / EBITDA | 1.9× | -1.0× | 2nd most indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| VSTECS 0856.HK | Hong Kong | $1.42B | -30% | +11% | 2% | 6.4× | -12.2% | +6.9% |
| Everforth EFOR | United States | $1.41B | +69% | 0% | 6% | 8.3× | -1.5% | +2.6% |
| Quantum Computing QUBT | United States | $1.43B | -34% | +3,635% | -775% | n/a | n/a | n/a |
| Digital China Information Service 000555.SZ | China | $1.39B | -30% | -8% | 0% | 80.2× | n/a | n/a |
| ESDS Software Solution ESDS.NS | India | $1.38B | n/a | +31% | 36% | 64.8× | 22.6% | +22.4% |
| Jiangsu Eazytec 688258.SS | China | $1.46B | -33% | 0% | 28% | 47.5× | 40.1% | +11.1% |
| Future 4722.T | Japan | $1.36B | +59% | +8% | 20% | 17.2× | -5.4% | +11.4% |
| Bytes Technology BYIT.L | United Kingdom | $1.36B | +33% | +10% | 27% | 19.4× | 3.1% | -10.9% |
| Voyager Technologies VOYG | United States | $1.49B | -19% | +42% | -82% | n/a | n/a | n/a |
| Doushen (Beijing) Education & Technology 300010.SZ | China | $1.34B | -15% | +24% | -31% | 31.1× | n/a | n/a |
| Both Engineering Technology 601133.SS | China | $1.34B | -26% | +14% | 5% | 35.7× | 24.3% | +16.2% |
| Neusoft 600718.SS | China | $1.51B | -3% | -5% | -5% | 37.1× | -6.1% | +9.7% |
| Guangzhou Sie Consulting 300687.SZ | China | $1.52B | 0% | +3% | -3% | 79.8× | n/a | n/a |
| Cetc Potevio Science & Technology 002544.SZ | China | $1.52B | -41% | 0% | 0% | 375.0× | n/a | n/a |
| Shenzhen Forms Syntron Information 300468.SZ | China | $1.52B | -33% | +9% | 9% | n/a | n/a | n/a |
| Black Box BBOX.NS | India | $1.53B | +10% | +12% | 7% | 47.3× | n/a | n/a |
| Shenzhen YSSTech Information Technology 300377.SZ | China | $1.53B | -24% | +14% | -3% | n/a | n/a | n/a |
| Data#3 DTL.AX | Australia | $1.54B | +81% | +6% | 8% | 31.6× | 26.9% | -14.2% |
| Bittium BITTI.HE | Finland | $1.31B | -3% | +48% | 22% | 42.4× | 18.4% | +8.8% |
| PDF Solutions PDFS | United States | $1.59B | -27% | +23% | 8% | 26.0× | n/a | n/a |
| ZW Soft 688083.SS | China | $1.27B | -12% | +2% | -15% | 95.2× | 30.3% | +14.5% |