Maitong Sunshine Cultural Development Co., Ltd

MGSDdata completeness 75%3 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Maitong Sunshine Cultural Development Co., Ltd earns about -46% on equity, with a roughly flat share count. 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

Figure	FY 2023	FY 2024	FY 2025
Revenue	—	$804,887¹	$1.38M¹
Net income	−$40,502²	−$30,810³	−$21,229³
Operating cash flow	—	$436,701⁴	−$674,758⁴
Capital expenditure	—	$3,724⁵	—
Free cash flow (derived)	—	$432,977⁴	—
Total debt	—	—	—
Cash & equivalents	—	$698,307⁶	$4,432⁶
Diluted shares	60.0M	55.2M	60.3M

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

Net assets behind them

$0.01

your share of equity

Profit it earned you last year

−$0

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $0.01 of net worth that earned you −$0 last year.

iii. Is this a good business?

Moat signal · return on equity

-46% avg · 3y

FY23 —FY24 —FY25 -46%

It earned an average -46% 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.

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

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

10-K · period ending 2024-09-30 · accession 0001213900-26-002691 (Revenues)
10-K · period ending 2023-09-30 · accession 0001213900-24-101777 (NetIncomeLoss)
10-K · period ending 2024-09-30 · accession 0001213900-26-002691 (NetIncomeLoss)
10-K · period ending 2024-09-30 · accession 0001213900-26-002691 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-09-30 · accession 0001213900-26-002691 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2024-09-30 · accession 0001213900-26-002691 (CashAndCashEquivalentsAtCarryingValue)