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.) | 99.86% |
| Risk / Std Dev (Ann.) | 98.01% |
Price Snapshot:
| Metric | Value |
|---|---|
| Last Price | 0.790 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$55.50M | HK$69.03M |
| Net income | Reported net income | HK$-38.57M | HK$-10.66M |
| Total assets | Year-end reported balance | HK$37.05M | HK$50.23M |
| Shareholders’ equity | Year-end reported balance | HK$-9.28M | HK$29.30M |
| Net margin | Net income ÷ revenue | -69.50% | -15.45% |
| Asset turnover | Revenue ÷ total assets | 1.4980x | 1.3742x |
| Equity multiplier | Total assets ÷ shareholders’ equity | -3.9932x | 1.7147x |
| ROE | Net margin × asset turnover × equity multiplier | 415.75% | -36.39% |
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: Reported operating inputs do not support a stable FCFF DCF. 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$0.43 |
| Market capitalisation | HK$20.64M |
| Revenue | HK$55.50M |
| EBIT | -HK$38.15M |
| Reported free cash flow | -HK$11.81M |
| FCF yield | -57.20% |
| Net debt / EBITDA | -0.14x |
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 17:18:38.442464 UTC; latest reported fiscal period: 2025-03-31 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 | 14.32% | 2.74% |
| Adjusted R² | -0.00 | -0.00 |
| Annualised residual volatility | 82.79% | 82.34% |
| Factor loading (t-statistic) | FF3 | FF5 |
|---|---|---|
| Market excess return (Mkt-RF) | -0.53 (-1.13) | -0.26 (-0.52) |
| Size (SMB) | 0.60 (0.87) | 1.39 (1.60) |
| Value (HML) | 0.10 (0.15) | 0.03 (0.04) |
| Profitability (RMW) | NM | 0.52 (0.56) |
| Investment (CMA) | NM | 1.48 (1.42) |