MeritValue

TJGC GROUP Ltd

TJGCdata completeness 100%2 fiscal years on file
The thesis, from the filings

TJGC GROUP Ltd earns about -102% on invested capital, but has diluted owners by 14% 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 2025FY 2026
Revenue$3.92M1$3.66M2
Net income−$3.45M3−$3M4
Operating cash flow−$4.48M5−$3.71M6
Capital expenditure—$73,0177
Free cash flow (derived)—−$3.78M6
Total debt$1.16M8$3.18M9
Cash & equivalents$3.05M10$330,94610
Diluted shares4.5M5.1M

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
$1.55
your share of equity
Profit it earned you last year
−$5.88
Free cash flow it threw off
−$7.42
Debt you’d be carrying
$6.23

10 shares is a claim on $1.55 of net worth that earned you −$5.88 and generated −$7.42 of cash last year, against $6.23 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-102% avg · 2y
FY25 -140%FY26 -64%

It earned an average -102% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+14% shares · 2y

Share count is up 14% over 2 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 173% 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 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
not applicable
only 2 years of net income (need ≥3)
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 2025-03-31 · accession 0001213900-25-076877 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2026-03-31 · accession 0001185185-26-003078 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2025-03-31 · accession 0001213900-25-076877 (NetIncomeLoss)
  4. 20-F · period ending 2026-03-31 · accession 0001185185-26-003078 (NetIncomeLoss)
  5. 20-F · period ending 2025-03-31 · accession 0001213900-25-076877 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2026-03-31 · accession 0001185185-26-003078 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2026-03-31 · accession 0001185185-26-003078 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2025-03-31 · accession 0001213900-25-076877 (LongTermDebt)
  9. 20-F · period ending 2026-03-31 · accession 0001185185-26-003078 (LongTermDebt)
  10. 20-F · period ending 2025-03-31 · accession 0001185185-26-003078 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)