MeritValue

Ming Shing Group Holdings Ltd

PMAdata completeness 88%5 fiscal years on file

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

The thesis, from the filings

Ming Shing Group Holdings Ltd earns about 219% on invested capital, but has diluted owners by 59% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $1.42 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 2025FY 2026
Revenue$14.4M1$21.9M2$27.6M3$33.9M3$14.6M3
Net income$1.8M4$2.79M5$2.33M6−$5.73M6−$5.76M6
Operating cash flow−$151,5587$795,3288$2.46M9−$7.97M9$783,1369
Capital expenditure—$15,38410$1.15M11——
Free cash flow (derived)—$779,9448$1.31M9——
Total debt—$14.5M12$17.5M13$20M14$16.6M14
Cash & equivalents—$323,95815$1.08M16$249,92317$1.65M17
Diluted shares8.1M11.3M11.3M11.8M13.0M

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
−$3.68
your share of equity
Profit it earned you last year
−$4.44
Free cash flow it threw off
—
Debt you’d be carrying
$12.77

10 shares is a claim on −$3.68 of net worth that earned you −$4.44 last year, against $12.77 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
219% avg · 5y
FY22 1129%FY23 19%FY24 13%FY25 -22%FY26 -45%

It earned an average 219% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+59% shares · 5y

Share count is up 59% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 15% 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 v0.5.0
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
$1.42
assumptions (8)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.8M
  • 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 2024-03-31 · accession 0001493152-26-038558 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2022-03-31 · accession 0001493152-24-033838 (NetIncomeLoss)
  5. 20-F · period ending 2023-03-31 · accession 0001641172-25-024398 (NetIncomeLoss)
  6. 20-F · period ending 2024-03-31 · accession 0001493152-26-038558 (NetIncomeLoss)
  7. 20-F · period ending 2022-03-31 · accession 0001493152-24-033838 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2023-03-31 · accession 0001641172-25-024398 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2024-03-31 · accession 0001493152-26-038558 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2023-03-31 · accession 0001641172-25-024398 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2024-03-31 · accession 0001493152-26-038558 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-03-31 · accession 0001493152-24-033838 (LongTermDebtNoncurrent)
  13. 20-F · period ending 2024-03-31 · accession 0001641172-25-024398 (LongTermDebtNoncurrent)
  14. 20-F · period ending 2025-03-31 · accession 0001493152-26-038558 (LongTermDebtNoncurrent)
  15. 20-F · period ending 2023-03-31 · accession 0001493152-24-033838 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2024-03-31 · accession 0001641172-25-024398 (CashAndCashEquivalentsAtCarryingValue)
  17. 20-F · period ending 2025-03-31 · accession 0001493152-26-038558 (CashAndCashEquivalentsAtCarryingValue)