MeritValue

Raytech Holding Ltd

RAYdata completeness 75%2 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Raytech Holding Ltd earns about 21% on equity, but has diluted owners by 9% over 2 years — worth asking whether the growth reaches owners. 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
FigureFY 2024FY 2025
Revenue$8.56M1$10.1M2
Net income$1.27M3$1.06M4
Operating cash flow$2.01M5$799,5656
Capital expenditure——
Free cash flow (derived)——
Total debt——
Cash & equivalents$4.59M7$10.9M8
Diluted shares16.0M17.4M

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
$5.69
your share of equity
Profit it earned you last year
$0.61
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $5.69 of net worth that earned you $0.61 last year.

iii. Is this a good business?
Moat signal · return on equity
21% avg · 2y
FY24 32%FY25 11%

It earned an average 21% on equity over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+9% shares · 2y

Share count is up 9% over 2 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 v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 2 years of net income (need ≥3)
Graham Number
$0.88
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2024-03-31 · accession 0001013762-24-002233 (Revenues)
  2. 20-F · period ending 2025-03-31 · accession 0001213900-25-067464 (Revenues)
  3. 20-F · period ending 2024-03-31 · accession 0001013762-24-002233 (NetIncomeLoss)
  4. 20-F · period ending 2025-03-31 · accession 0001213900-25-067464 (NetIncomeLoss)
  5. 20-F · period ending 2024-03-31 · accession 0001013762-24-002233 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2025-03-31 · accession 0001213900-25-067464 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2024-03-31 · accession 0001013762-24-002233 (CashAndCashEquivalentsAtCarryingValue)
  8. 20-F · period ending 2025-03-31 · accession 0001213900-25-067464 (CashAndCashEquivalentsAtCarryingValue)