MeritValue

AsiaStrategy

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

AsiaStrategy earns about 15% on invested capital, but has diluted owners by 23% over 4 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.06 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$14.2M1$18.8M2$17.6M2$11M2
Net income$71,9903$196,7274−$42,2194$12.3M4
Operating cash flow−$2.16M5$1.36M6−$462,9956−$4.32M6
Capital expenditure———$4,7987
Free cash flow (derived)———−$4.33M6
Total debt—$11.5M8$15.5M9$8.32M9
Cash & equivalents$1.18M10$1.5M10$2.64M11$1.46M11
Diluted shares20.0M20.0M20.6M24.7M

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
$8.84
your share of equity
Profit it earned you last year
$4.98
Free cash flow it threw off
−$1.75
Debt you’d be carrying
$3.37

10 shares is a claim on $8.84 of net worth that earned you $4.98 and generated −$1.75 of cash last year, against $3.37 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
15% avg · 4y
FY22 —FY23 2%FY24 -0%FY25 43%

It earned an average 15% 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
+23% shares · 4y

Share count is up 23% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 28% — 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
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$0.06
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$134,358.5
  • growthAssumed0.0%
Graham Number
$3.16
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2022-12-31 · accession 0001213900-25-042060 (Revenues)
  2. 20-F · period ending 2023-12-31 · accession 0001213900-26-050019 (Revenues)
  3. 20-F · period ending 2022-12-31 · accession 0001213900-25-042060 (NetIncomeLoss)
  4. 20-F · period ending 2023-12-31 · accession 0001213900-26-050019 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-25-042060 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-12-31 · accession 0001213900-26-050019 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2025-12-31 · accession 0001213900-26-050019 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2023-12-31 · accession 0001213900-25-042060 (LongTermDebtNoncurrent)
  9. 20-F · period ending 2024-12-31 · accession 0001213900-26-050019 (LongTermDebtNoncurrent)
  10. 20-F · period ending 2022-12-31 · accession 0001213900-26-050019 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  11. 20-F · period ending 2024-12-31 · accession 0001213900-26-050019 (CashAndCashEquivalentsAtCarryingValue)