Amtd Idea Group (AMTD)

Price$0.7667Cached quoteAs of 2026-09-06 01:46 UTC

AI: Undervalued

Price checkThe shares look undervalued, although the discount reflects unusually weak confidence in reported value.

The observed quote implies an equity value near $74 million, using 574.2 million ordinary shares and six ordinary shares per American depositary share. That equals about 1.1 times 2025 total net income, roughly 1.7 times the $43.6 million attributable to ordinary shareholders, about 4.3 times free cash flow, and 0.05 times year-end equity. Free cash flow means operating cash left after capital spending; it was $17.1 million. Even allowing for complexity and minority ownership, these multiples support an undervalued verdict.

Big pictureProfits recovered, but investment gains and weak cash conversion make those earnings less dependable.

Revenue rose 25.8% to $101.2 million in 2025, but remained below 2023’s $130.9 million. Strategic investments supplied $52.6 million, over half of revenue; this category includes market-value changes, investment sales, and dividends, so it can swing with asset prices. Total net income was $67.3 million, while operating cash flow was only $17.8 million. Hotels contributed $28.0 million, media $17.7 million, and digital services $2.9 million. The mix is shifting toward hotels, yet cash durability remains unproven.

Business strengthAssets provide downside support, but leverage and repeated share issuance weaken each holder’s claim.

Current assets of $1.43 billion comfortably exceeded current liabilities of $162.4 million, while stockholders’ equity was $1.38 billion. However, cash was only $51.1 million against $562.3 million of debt, producing $511.3 million of net debt; debt was just $55.8 million in 2023. During 2025, AMTD issued 139.5 million Class B shares for a property and 17.2 million Class A shares to settle an acquisition. That followed a $40 million repurchase from the controlling shareholder completed in 2024, highlighting uneven capital allocation.

What could change the storyStronger hotel cash flow could unlock value, while debt-funded expansion or dilution could erase it.

The strongest bull case is that the expanded hotel portfolio creates steadier revenue and operating cash, while the proposed distribution of listed-subsidiary shares gives investors direct value. Evidence would strengthen if upcoming results show hospitality growth alongside operating cash flow above $25 million without new equity. The bear case grows if further hotel purchases require more borrowing or shares, or if strategic-investment gains reverse. The current valuation assumes that most recorded equity will remain inaccessible, overstated, or unable to generate cash; completed distributions and disciplined financing would challenge that assumption.

AI: News

Hotel portfolio expansionFour hotel purchases should lift revenue, but their financing and eventual cash returns remain crucial.

On June 25, 2026, AMTD said the group had completed four hotel acquisitions for approximately $207 million. The properties in Perth, New York, London, and Kuala Lumpur expanded the wider portfolio to nearly 1,000 rooms across six hotels. Management expects a significant hospitality-revenue increase for the first half of 2026 but provided no amount. The additions could make revenue more recurring, although hotel demand is cyclical and the large purchase cost raises the importance of debt control and cash returns.

Annual profit recoveryRevenue and profit rebounded in 2025, while modest operating cash flow tempered the improvement.

AMTD reported its audited annual results on April 29, 2026. Revenue increased 25.8% to $101.2 million and total net income increased 25.5% to $67.3 million. However, operating cash flow reached only $17.8 million, showing that much of the accounting profit did not become operating cash. Strategic investments provided more than half of revenue, making the result sensitive to investment valuations and sales rather than solely to recurring customer activity.

Subsidiary-share dividend planA proposed share distribution could expose hidden value, but investors still lack firm terms.

On April 8, 2026, AMTD announced that it was exploring dividends consisting of shares in listed subsidiaries, including AMTD Digital and The Generation Essentials Group. Such a distribution could place part of AMTD’s investment value directly into shareholders’ hands and help narrow the unusually large discount to recorded assets. However, the company supplied no distribution ratio, record date, or completion timetable and warned that the proposal remained uncertain. Until executed, it is a possible catalyst rather than realized value.

Loading local price history

Revenue

2021

2022

2023

2024

2025

Net income

2021

2022

2023

2024

2025

Free cash flow

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021
Revenue	$101.2M	$80.5M	$130.9M	$105.4M	$87.5M
Operating expenses	−$20.9M	−$1.6M	$69.1M	$42.9M	—
Operating income	$45.9M	$26.0M	$76.9M	$74.0M	—
Operating margin	45.31%	32.37%	58.78%	70.27%	—
EBITDA	$91.5M	$75.5M	$168.5M	$175.5M	—
EBITDA margin	90.38%	93.82%	128.72%	166.53%	—
Net income	$67.3M	$53.6M	$153.4M	$160.5M	$157.2M
Net profit margin	66.44%	66.59%	117.16%	152.30%	179.56%
Basic EPSper basic share	$0.48	$0.72	$2.22	$2.85	—
Diluted EPSper diluted share	$0.48	$0.72	$2.22	$2.85	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 9 reported holders of AMTD
Holder	Shares held
MORGAN STANLEY	212.87K
RENAISSANCE TECHNOLOGIES LLC	16.77K
SUSQUEHANNA INTERNATIONAL GROUP, LLP	11.67K
GAMMA Investing LLC	11.1K
OSAIC HOLDINGS, INC.	3.75K
SBI Securities Co., Ltd.	2.65K
UBS Group AG	1.25K
RHUMBLINE ADVISERS	398
BNP PARIBAS FINANCIAL MARKETS	300

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

Community posts

View community

It’s quiet here.

No posts about AMTD yet. Start the conversation.

Write the first post

Amtd Idea Group (AMTD)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

It’s quiet here.