Evidence and analysis
Research evidence pack
Source-backed valuation visuals
2. Company Fundamentals
2.3 Management
| Role | Metric |
|---|---|
| Consensus Rating | N/A |
2.4 Return
| Metric | Value |
|---|---|
| Expected Return (Ann.) | 58.56% |
| Risk / Std Dev (Ann.) | 100.04% |
Price Snapshot:
| Metric | Value |
|---|---|
| Last Price | 0.290 HKD |
| Day Change | 0.000 (+0.00%) |
DuPont Model Analysis
The DuPont model decomposes return on equity (ROE) into three operating and capital-structure drivers:
ROE = Net Margin × Asset Turnover × Equity Multiplier
The comparison uses the latest two comparable annual periods available for the issuer, with reported statement amounts shown in HK$. Revenue and net income are income-statement flows; total assets and shareholders’ equity are year-end balance-sheet figures. This is a simplified year-end-balance DuPont comparison rather than an average-balance ROE calculation.
| DuPont component | Calculation | FY2025 | FY2024 |
|---|---|---|---|
| Revenue | Reported revenue | HK$244.06M | HK$185.33M |
| Net income | Reported net income | HK$5.74M | HK$-11.02M |
| Total assets | Year-end reported balance | HK$320.75M | HK$280.53M |
| Shareholders’ equity | Year-end reported balance | HK$201.97M | HK$195.95M |
| Net margin | Net income ÷ revenue | 2.35% | -5.95% |
| Asset turnover | Revenue ÷ total assets | 0.7609x | 0.6606x |
| Equity multiplier | Total assets ÷ shareholders’ equity | 1.5881x | 1.4317x |
| ROE | Net margin × asset turnover × equity multiplier | 2.84% | -5.62% |
Source: Yahoo Finance annual statements. Values are based on the two latest comparable annual periods returned by the source; fiscal period labels use the statement period-end year.
2.5 FCFF DCF Valuation
FCFF DCF exception: The modelled terminal-year FCFF is non-positive, so a perpetuity valuation would not be reliable. This post deliberately does not publish a mechanical enterprise value or implied per-share value on an unsuitable basis.
| Available valuation input | Value |
|---|---|
| Last market price | HK$0.40 |
| Market capitalisation | HK$160.00M |
| Revenue | HK$244.06M |
| EBIT | HK$8.63M |
| Reported free cash flow | -HK$15.26M |
| FCF yield | -9.54% |
| Net debt / EBITDA | -0.33x |
2.6 Investor-Style Research Screen
| Educational screen | Result |
|---|---|
| Buffett-inspired cash-quality checks | not rated — FCFF DCF suitability or data-integrity condition not met |
| Lynch-inspired balance-and-growth checks | not rated — FCFF DCF suitability or data-integrity condition not met |
Data lineage: Yahoo Finance public market and reported-statement data; retrieval timestamp: 2026-08-18 17:10:06.095479 UTC; latest reported fiscal period: 2025-12-31 00:00:00. Financial institutions and REITs require sector-specific methods rather than a mechanical FCFF DCF. This is research and analysis only, not personalized financial advice.
2.7 Quantitative Factor Diagnostics
Model basis: Daily issuer USD excess returns are regressed in-sample using ordinary least squares on matching regional Fama–French factors. FF3 estimates market, size, and value loadings; FF5 adds profitability and investment. Coefficients are descriptive historical exposures, not predictions.
| Estimation input | Value |
|---|---|
| Regional factor set | Asia Pacific ex Japan |
| Factor-return currency | USD |
| Issuer-return basis | USD adjusted total return |
| Estimation window | 2025-08-20 to 2026-06-30 |
| Aligned daily observations | 210 |
| Minimum observation requirement | 120 |
| Currency conversion for HK listings | HKD adjusted close divided by daily USD/HKD close before simple daily return calculation |
Fama–French Three-Factor and Five-Factor Results
| Diagnostic | FF3 | FF5 |
|---|---|---|
| Annualised alpha | 182.00% | 137.12% |
| Adjusted R² | -0.01 | 0.01 |
| Annualised residual volatility | 95.29% | 93.72% |
| Factor loading (t-statistic) | FF3 | FF5 |
|---|---|---|
| Market excess return (Mkt-RF) | 0.05 (0.09) | 0.61 (1.06) |
| Size (SMB) | 0.20 (0.25) | 1.73 (1.75) |
| Value (HML) | -0.06 (-0.08) | -0.46 (-0.56) |
| Profitability (RMW) | NM | 0.23 (0.22) |
| Investment (CMA) | NM | 3.12 (2.63) |