Evidence and analysis
Research evidence pack
Source-backed valuation visuals
1. Industry Fundamentals
1.1 Cyclicality
The company operates in a cyclical industry sensitive to macroeconomic conditions. Revenue and earnings tend to correlate with broader economic cycles, with periods of expansion driving growth and contractions creating headwinds. Current market capitalisation: 184.8 M.
1.2 Competition
The industry is moderately competitive with established players and meaningful barriers to entry. Beta of N/A suggests moderate market sensitivity. Competitive advantages stem from brand, scale, or regulatory moats.
1.3 Technology
Key technology drivers include digital transformation, operational efficiency, automation. Companies that invest in R&D and adopt new technologies tend to gain market share. The pace of technological change creates both opportunities for innovation and risks of disruption.
2. Company Fundamentals
2.3 Management
| Role | Metric |
|---|---|
| Consensus Rating | N/A |
2.4 Return
| Metric | Value |
|---|---|
| Expected Return (Ann.) | 431.43% |
| Risk / Std Dev (Ann.) | 158.56% |
Price Snapshot:
| Metric | Value |
|---|---|
| Last Price | 0.385 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 | FY2026 | FY2025 |
|---|---|---|---|
| Revenue | Reported revenue | HK$175.00M | HK$17.94M |
| Net income | Reported net income | HK$5.80M | HK$-19.46M |
| Total assets | Year-end reported balance | HK$160.50M | HK$70.05M |
| Shareholders’ equity | Year-end reported balance | HK$101.75M | HK$61.23M |
| Net margin | Net income ÷ revenue | 3.32% | -108.51% |
| Asset turnover | Revenue ÷ total assets | 1.0903x | 0.2561x |
| Equity multiplier | Total assets ÷ shareholders’ equity | 1.5774x | 1.1441x |
| ROE | Net margin × asset turnover × equity multiplier | 5.70% | -31.79% |
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
Data availability exception: A current public quote and complete reported-statement package could not be retrieved for this ticker at 2026-08-18 17:18:40.984182 UTC. No FCFF DCF, WACC, terminal-value calculation, or implied per-share value is published until the listing status and primary filing source are independently resolved.
2.6 Investor-Style Research Screen
| Educational screen | Result |
|---|---|
| Buffett-inspired cash-quality checks | not rated — current verified inputs unavailable |
| Lynch-inspired balance-and-growth checks | not rated — current verified inputs unavailable |
Research status: data exception recorded for follow-up. 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 | -26.22% | -40.64% |
| Adjusted R² | -0.01 | 0.08 |
| Annualised residual volatility | 99.36% | 94.68% |
| Factor loading (t-statistic) | FF3 | FF5 |
|---|---|---|
| Market excess return (Mkt-RF) | -0.37 (-0.65) | 0.58 (1.00) |
| Size (SMB) | 0.93 (1.12) | 3.36 (3.36) |
| Value (HML) | -0.24 (-0.30) | -1.31 (-1.57) |
| Profitability (RMW) | NM | -0.92 (-0.86) |
| Investment (CMA) | NM | 5.30 (4.42) |