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.) | 35.60% |
| Risk / Std Dev (Ann.) | 51.49% |
Price Snapshot:
| Metric | Value |
|---|---|
| Last Price | 0.295 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$435.15M | HK$470.35M |
| Net income | Reported net income | HK$-1.01M | HK$-1.17M |
| Total assets | Year-end reported balance | HK$249.86M | HK$305.04M |
| Shareholders’ equity | Year-end reported balance | HK$56.26M | HK$57.11M |
| Net margin | Net income ÷ revenue | -0.23% | -0.25% |
| Asset turnover | Revenue ÷ total assets | 1.7416x | 1.5419x |
| Equity multiplier | Total assets ÷ shareholders’ equity | 4.4412x | 5.3413x |
| ROE | Net margin × asset turnover × equity multiplier | -1.79% | -2.04% |
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: WACC is outside the permitted 5.00%–30.00% model range. 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$0.21 |
| Market capitalisation | HK$82.56M |
| Revenue | HK$435.15M |
| EBIT | HK$7.88M |
| Reported free cash flow | HK$75.31M |
| FCF yield | 91.22% |
| Net debt / EBITDA | 0.93x |
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 17:15:43.642610 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 | 24.32% | 24.28% |
| Adjusted R² | -0.01 | -0.02 |
| Annualised residual volatility | 63.00% | 62.92% |
| Factor loading (t-statistic) | FF3 | FF5 |
|---|---|---|
| Market excess return (Mkt-RF) | -0.27 (-0.74) | -0.34 (-0.87) |
| Size (SMB) | 0.20 (0.37) | 0.05 (0.08) |
| Value (HML) | 0.23 (0.47) | 0.40 (0.72) |
| Profitability (RMW) | NM | 0.35 (0.50) |
| Investment (CMA) | NM | -0.40 (-0.51) |