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.) | N/A |
| Risk / Std Dev (Ann.) | N/A |
Price Snapshot:
| Metric | Value |
|---|---|
| Last Price | 0.270 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$359.86M | HK$221.21M |
| Net income | Reported net income | HK$-18.71M | HK$-15.64M |
| Total assets | Year-end reported balance | HK$388.12M | HK$338.49M |
| Shareholders’ equity | Year-end reported balance | HK$8.91M | HK$-12.07M |
| Net margin | Net income ÷ revenue | -5.20% | -7.07% |
| Asset turnover | Revenue ÷ total assets | 0.9272x | 0.6535x |
| Equity multiplier | Total assets ÷ shareholders’ equity | 43.5693x | -28.0325x |
| ROE | Net margin × asset turnover × equity multiplier | -210.09% | 129.49% |
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$0.47 |
| Market capitalisation | HK$105.24M |
| Revenue | HK$359.86M |
| EBIT | HK$17.88M |
| Reported free cash flow | -HK$30.27M |
| FCF yield | -28.77% |
| Net debt / EBITDA | 2.64x |
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 17:11:58.237428 UTC; latest reported fiscal period: 2025-09-30 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 | 286.27% | 297.34% |
| Adjusted R² | 0.04 | 0.03 |
| Annualised residual volatility | 115.43% | 115.42% |
| Factor loading (t-statistic) | FF3 | FF5 |
|---|---|---|
| Market excess return (Mkt-RF) | 1.74 (2.64) | 1.69 (2.37) |
| Size (SMB) | 0.23 (0.24) | 0.07 (0.06) |
| Value (HML) | -0.97 (-1.06) | -1.00 (-0.99) |
| Profitability (RMW) | NM | -0.25 (-0.19) |
| Investment (CMA) | NM | -0.26 (-0.18) |