MeritValue

Phoenix Asia Holdings Ltd

PHOEdata completeness 75%4 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'interestExpense'

The thesis, from the filings

Phoenix Asia Holdings Ltd earns about 76% on invested capital, but has diluted owners by 34% over 4 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.33 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$2.23M1$5.76M2$7.37M2$7.21M2
Net income$351,0653$1.06M4$1.03M4−$1.2M4
Operating cash flow−$57,1125$540,3326$1.18M6−$5.73M6
Capital expenditure$22,6077—$41,0868—
Free cash flow (derived)−$79,7195—$1.14M6—
Total debt————
Cash & equivalents—$890,5789$2.38M10$892,52510
Diluted shares16.1M16.1M18.1M21.5M

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
$2.87
your share of equity
Profit it earned you last year
−$0.56
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $2.87 of net worth that earned you −$0.56 last year.

iii. Is this a good business?
Moat signal · return on invested capital
76% avg · 4y
FY23 54%FY24 129%FY25 140%FY26 -18%

It earned an average 76% 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
+34% shares · 4y

Share count is up 34% over 4 years — owners have been diluted. Worth asking what they got for it.

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 v0.5.0
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
$0.33
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$688,691.5
  • 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 0001641172-25-023128 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2024-03-31 · accession 0001493152-26-038397 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-03-31 · accession 0001641172-25-023128 (NetIncomeLoss)
  4. 20-F · period ending 2024-03-31 · accession 0001493152-26-038397 (NetIncomeLoss)
  5. 20-F · period ending 2023-03-31 · accession 0001641172-25-023128 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2024-03-31 · accession 0001493152-26-038397 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2023-03-31 · accession 0001641172-25-023128 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2025-03-31 · accession 0001493152-26-038397 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2024-03-31 · accession 0001641172-25-023128 (CashAndCashEquivalentsAtCarryingValue)
  10. 20-F · period ending 2025-03-31 · accession 0001493152-26-038397 (CashAndCashEquivalentsAtCarryingValue)