MeritValue

High-Trend International Group

HTCOdata completeness 88%6 fiscal years on file
The thesis, from the filings

High-Trend International Group earns about 117% on equity, and has bought back 89% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$122M1$185.3M2$95.3M3$108.2M3$214.4M3
Net income$5.31M4$12.2M5−$9.33M6−$23.6M6−$21.5M6
Operating cash flow$632,4907$33.1M8−$17.8M9−$3.33M9$4.63M9
Capital expenditure————$5,07110
Free cash flow (derived)————$4.63M9
Total debt$8.54M11$6.49M12$4.83M13$2.99M13—
Cash & equivalents$10.4M14$21.6M15$2.22M16$6.86M17$10.1M17
Diluted shares50.0M50.0M2.1M2.4M5.5M

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
$14.4
your share of equity
Profit it earned you last year
−$39.23
Free cash flow it threw off
$8.46
Debt you’d be carrying
—

10 shares is a claim on $14.4 of net worth that earned you −$39.23 and generated $8.46 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
117% avg · 5y
FY21 909%FY22 270%FY23 —FY24 -440%FY25 -272%

It earned an average 117% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−89% shares · 5y

Share count is down 89% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 65% — deleveraging.

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
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
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 2021-10-31 · accession 0001213900-24-076729 (Revenues)
  2. 20-F · period ending 2022-10-31 · accession 0001213900-25-018123 (Revenues)
  3. 20-F · period ending 2023-10-31 · accession 0001213900-26-007246 (Revenues)
  4. 20-F · period ending 2021-10-31 · accession 0001213900-24-076729 (NetIncomeLoss)
  5. 20-F · period ending 2022-10-31 · accession 0001213900-25-018123 (NetIncomeLoss)
  6. 20-F · period ending 2023-10-31 · accession 0001213900-26-007246 (NetIncomeLoss)
  7. 20-F · period ending 2021-10-31 · accession 0001213900-24-076729 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-10-31 · accession 0001213900-25-018123 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-10-31 · accession 0001213900-26-007246 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2025-10-31 · accession 0001213900-26-007246 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2021-10-31 · accession 0001213900-23-071314 (LongTermDebtNoncurrent)
  12. 20-F · period ending 2022-10-31 · accession 0001213900-24-076729 (LongTermDebtNoncurrent)
  13. 20-F · period ending 2023-10-31 · accession 0001213900-25-018123 (LongTermDebtNoncurrent)
  14. 20-F · period ending 2021-10-31 · accession 0001213900-23-071314 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2022-10-31 · accession 0001213900-24-076729 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2023-10-31 · accession 0001213900-25-018123 (CashAndCashEquivalentsAtCarryingValue)
  17. 20-F · period ending 2024-10-31 · accession 0001213900-26-007246 (CashAndCashEquivalentsAtCarryingValue)