MeritValue

ASIAFIN HOLDINGS CORP.

ASFHdata completeness 100%7 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

ASIAFIN HOLDINGS CORP. earns about 2% on invested capital, but has diluted owners by 12% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue——$3.11M1$3.38M2$5.13M2
Net income−$377,5053−$112,2024$19,2145−$143,5776−$85,3336
Operating cash flow−$377,6717−$105,9918−$210,4549$24,40110$503,85810
Capital expenditure——$32,47911$138,34312$109,26212
Free cash flow (derived)——−$242,9339−$113,94210$394,59610
Total debt———$013$44,14114
Cash & equivalents$980,68115$874,69016$1.23M17$1.31M18$1.75M18
Diluted shares73.3M73.3M80.4M81.6M81.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$0.31
your share of equity
Profit it earned you last year
−$0.01
Free cash flow it threw off
$0.05
Debt you’d be carrying
$0.01

10 shares is a claim on $0.31 of net worth that earned you −$0.01 and generated $0.05 of cash last year, against $0.01 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
2% avg · 5y
FY21 —FY22 —FY23 6%FY24 -3%FY25 2%

It earned an average 2% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+12% shares · 5y

Share count is up 12% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2023-12-31 · accession 0001641172-25-000565 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0001493152-26-014450 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2021-12-31 · accession 0001493152-23-005271 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001493152-24-010893 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001641172-25-000565 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001493152-26-014450 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001493152-23-005271 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001493152-24-010893 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001641172-25-000565 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001493152-26-014450 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-000565 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-014450 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2024-12-31 · accession 0001641172-25-000565 (LongTermDebt)
  14. 10-K · period ending 2025-12-31 · accession 0001493152-26-014450 (LongTermDebt)
  15. 10-K · period ending 2021-12-31 · accession 0001493152-23-005271 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001493152-24-010893 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001641172-25-000565 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001493152-26-014450 (CashAndCashEquivalentsAtCarryingValue)