MeritValue

Ming Shing Group Holdings Ltd

PMAdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Ming Shing Group Holdings Ltd earns about 285% on invested capital, but has diluted owners by 46% over 4 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $1.81 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 2022FY 2023FY 2024FY 2025
Revenue$14.4M1$21.9M2$27.6M2$33.9M2
Net income$1.8M3$2.79M4$2.33M4−$5.73M4
Operating cash flow−$151,5585$795,3286$2.46M6−$7.97M6
Capital expenditure—$15,3847$1.15M7—
Free cash flow (derived)—$779,9446$1.31M6—
Total debt—$14.5M8$17.5M9$20M9
Cash & equivalents—$323,95810$1.08M11$249,92311
Diluted shares8.1M11.3M11.3M11.8M

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
$0.83
your share of equity
Profit it earned you last year
−$4.84
Free cash flow it threw off
—
Debt you’d be carrying
$16.89

10 shares is a claim on $0.83 of net worth that earned you −$4.84 last year, against $16.89 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
285% avg · 4y
FY22 1129%FY23 19%FY24 13%FY25 -22%

It earned an average 285% 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
+46% shares · 4y

Share count is up 46% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 38% 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 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
$1.81
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$2.07M
  • 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 2022-03-31 · accession 0001493152-24-033838 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2023-03-31 · accession 0001641172-25-024398 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2022-03-31 · accession 0001493152-24-033838 (NetIncomeLoss)
  4. 20-F · period ending 2023-03-31 · accession 0001641172-25-024398 (NetIncomeLoss)
  5. 20-F · period ending 2022-03-31 · accession 0001493152-24-033838 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-03-31 · accession 0001641172-25-024398 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2023-03-31 · accession 0001641172-25-024398 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2023-03-31 · accession 0001493152-24-033838 (LongTermDebtNoncurrent)
  9. 20-F · period ending 2024-03-31 · accession 0001641172-25-024398 (LongTermDebtNoncurrent)
  10. 20-F · period ending 2023-03-31 · accession 0001493152-24-033838 (CashAndCashEquivalentsAtCarryingValue)
  11. 20-F · period ending 2024-03-31 · accession 0001641172-25-024398 (CashAndCashEquivalentsAtCarryingValue)