MeritValue

CCH Holdings Ltd

CCHHdata completeness 88%3 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

CCH Holdings Ltd earns about 2% on invested capital, but has diluted owners by 6% over 3 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.2 a share.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 2023FY 2024FY 2025
Revenue$9.78M1$8.92M1$9.59M1
Net income$368,6142$913,4012−$2.68M2
Operating cash flow$27,4283−$297,7303−$527,8383
Capital expenditure$761,3064$80,6694$227,4634
Free cash flow (derived)−$733,8783−$378,3993−$755,3013
Total debt———
Cash & equivalents$1.09M5$545,4726$416,0926
Diluted shares18.0M18.0M19.1M

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
$4.79
your share of equity
Profit it earned you last year
−$1.41
Free cash flow it threw off
−$0.4
Debt you’d be carrying
—

10 shares is a claim on $4.79 of net worth that earned you −$1.41 and generated −$0.4 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
2% avg · 3y
FY23 12%FY24 16%FY25 -22%

It earned an average 2% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+6% shares · 3y

Share count is up 6% over 3 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
$0.2
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$368,614
  • growthAssumed0.0%
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. 20-F · period ending 2023-12-31 · accession 0001213900-26-057844 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2023-12-31 · accession 0001213900-26-057844 (NetIncomeLoss)
  3. 20-F · period ending 2023-12-31 · accession 0001213900-26-057844 (NetCashProvidedByUsedInOperatingActivities)
  4. 20-F · period ending 2023-12-31 · accession 0001213900-26-057844 (PaymentsToAcquirePropertyPlantAndEquipment)
  5. 20-F · period ending 2023-12-31 · accession 0001213900-26-057844 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  6. 20-F · period ending 2024-12-31 · accession 0001213900-26-057844 (CashAndCashEquivalentsAtCarryingValue)