MeritValue

CCSC Technology International Holdings Ltd

CCTGdata completeness 88%5 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

CCSC Technology International Holdings Ltd earns about 14% on invested capital, and has bought back 75% of its shares over 5 years. 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$27.2M1$24.1M2$14.7M3$17.6M3$17.3M3
Net income$2.29M4$2.21M5−$1.3M6−$1.41M6−$4.81M6
Operating cash flow$2.92M7$3.46M8−$2.53M9−$968,8089−$4.51M9
Capital expenditure$376,78510$153,40911$156,99912$327,80112$859,11812
Free cash flow (derived)$2.54M7$3.31M8−$2.69M9−$1.3M9−$5.37M9
Total debt—$39,72513$464,35414——
Cash & equivalents$5.28M15$7.71M16$5.53M16$3.69M16$4.09M16
Diluted shares10.0M10.0M1.0M1.2M2.5M

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
$51.16
your share of equity
Profit it earned you last year
−$19.37
Free cash flow it threw off
−$21.64
Debt you’d be carrying
—

10 shares is a claim on $51.16 of net worth that earned you −$19.37 and generated −$21.64 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
14% avg · 5y
FY22 61%FY23 78%FY24 -15%FY25 -19%FY26 -35%

It earned an average 14% 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
−75% shares · 5y

Share count is down 75% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 1069% over the same window.

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. 20-F · period ending 2022-03-31 · accession 0001013762-24-000458 (Revenues)
  2. 20-F · period ending 2023-03-31 · accession 0001213900-25-065153 (Revenues)
  3. 20-F · period ending 2024-03-31 · accession 0001213900-26-079169 (Revenues)
  4. 20-F · period ending 2022-03-31 · accession 0001013762-24-000458 (NetIncomeLoss)
  5. 20-F · period ending 2023-03-31 · accession 0001213900-25-065153 (NetIncomeLoss)
  6. 20-F · period ending 2024-03-31 · accession 0001213900-26-079169 (NetIncomeLoss)
  7. 20-F · period ending 2022-03-31 · accession 0001013762-24-000458 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2023-03-31 · accession 0001213900-25-065153 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2024-03-31 · accession 0001213900-26-079169 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2022-03-31 · accession 0001013762-24-000458 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2023-03-31 · accession 0001213900-25-065153 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2024-03-31 · accession 0001213900-26-079169 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2023-03-31 · accession 0001013762-24-000458 (LongTermDebtCurrent)
  14. 20-F · period ending 2024-03-31 · accession 0001013762-24-000458 (LongTermDebt)
  15. 20-F · period ending 2022-03-31 · accession 0001213900-25-065153 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2023-03-31 · accession 0001213900-26-079169 (CashAndCashEquivalentsAtCarryingValue)