MeritValue

K-TECH SOLUTIONS CO LTD

KMRKdata completeness 88%3 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

K-TECH SOLUTIONS CO LTD earns about 26% on equity, with a roughly flat share count. The applicable estimate puts fair value near $0.26 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$16.6M1$17.1M1$18.6M1
Net income$247,4712$928,5292$487,9572
Operating cash flow−$229,7833$5.44M3−$1.3M3
Capital expenditure$91,3854——
Free cash flow (derived)−$321,1683——
Total debt—$621,4285$1.04M5
Cash & equivalents$2.34M6$5.39M6$4.37M6
Diluted shares—19.5M19.5M

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
$1.43
your share of equity
Profit it earned you last year
$0.25
Free cash flow it threw off
—
Debt you’d be carrying
$0.53

10 shares is a claim on $1.43 of net worth that earned you $0.25 last year, against $0.53 of debt.

iii. Is this a good business?
Moat signal · return on equity
26% avg · 3y
FY23 18%FY24 41%FY25 17%

It earned an average 26% on equity over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 3y

Share count is roughly flat over 3 years — little dilution, little buyback. Total debt has risen 67% 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
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$0.26
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$487,957
  • growthAssumed0.0%
Graham Number
$0.29
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2023-03-31 · accession 0001213900-25-077494 (Revenues)
  2. 20-F · period ending 2023-03-31 · accession 0001213900-25-077494 (NetIncomeLoss)
  3. 20-F · period ending 2023-03-31 · accession 0001213900-25-077494 (NetCashProvidedByUsedInOperatingActivities)
  4. 20-F · period ending 2023-03-31 · accession 0001213900-25-077494 (PaymentsToAcquirePropertyPlantAndEquipment)
  5. 20-F · period ending 2024-03-31 · accession 0001213900-25-077494 (LongTermDebt)
  6. 20-F · period ending 2023-03-31 · accession 0001213900-25-077494 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)