MeritValue

OneConstruction Group Ltd

ONEGdata completeness 100%4 fiscal years on file
The thesis, from the filings

OneConstruction Group Ltd earns about 37% on invested capital, but has diluted owners by 40% over 4 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.85 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 2025FY 2026
Revenue$54.5M1$63.5M2$53.2M2$49.4M2
Net income$1.67M3$1.77M4$898,0004−$13.2M4
Operating cash flow−$1.79M5−$6.96M6−$5.11M6$1.78M6
Capital expenditure$6,0007$7,0008$3,0008$490,0008
Free cash flow (derived)−$1.79M5−$6.97M6−$5.12M6$1.29M6
Total debt—$2.32M9$2.12M10$913,00010
Cash & equivalents$1.26M11$1.61M12$749,00013$1.69M13
Diluted shares11.3M11.3M11.7M15.7M

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
$0.18
your share of equity
Profit it earned you last year
−$8.4
Free cash flow it threw off
$0.82
Debt you’d be carrying
$0.58

10 shares is a claim on $0.18 of net worth that earned you −$8.4 and generated $0.82 of cash last year, against $0.58 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
37% avg · 4y
FY23 70%FY24 32%FY25 9%FY26 —

It earned an average 37% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+40% shares · 4y

Share count is up 40% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 61% — 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
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
$0.85
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.28M
  • 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 2023-03-31 · accession 0001213900-25-074959 (Revenues)
  2. 20-F · period ending 2024-03-31 · accession 0001213900-26-080881 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2023-03-31 · accession 0001213900-25-074959 (NetIncomeLoss)
  4. 20-F · period ending 2024-03-31 · accession 0001213900-26-080881 (NetIncomeLoss)
  5. 20-F · period ending 2023-03-31 · accession 0001213900-25-074959 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2024-03-31 · accession 0001213900-26-080881 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2023-03-31 · accession 0001213900-25-074959 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2024-03-31 · accession 0001213900-26-080881 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2024-03-31 · accession 0001213900-25-074959 (ShortTermBorrowings)
  10. 20-F · period ending 2025-03-31 · accession 0001213900-26-080881 (ShortTermBorrowings)
  11. 20-F · period ending 2023-03-31 · accession 0001213900-26-080881 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  12. 20-F · period ending 2024-03-31 · accession 0001213900-25-074959 (CashAndCashEquivalentsAtCarryingValue)
  13. 20-F · period ending 2025-03-31 · accession 0001213900-26-080881 (CashAndCashEquivalentsAtCarryingValue)