MeritValue

DirectBooking Technology Co., Ltd.

ZDAIdata completeness 88%4 fiscal years on file
The thesis, from the filings

DirectBooking Technology Co., Ltd. earns about 26% on invested capital, but has diluted owners by 10% over 4 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.47 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$10.5M1$11.1M2$13.5M2$19.3M2
Net income$1.99M3$1.17M4$1.09M4−$6.98M4
Operating cash flow$1.96M5$839,9546$2.39M6−$2.82M6
Capital expenditure$544,3607$46,3988——
Free cash flow (derived)$1.42M5$793,5566——
Total debt—$1.08M9$1.04M10$950,61410
Cash & equivalents—$240,21911$489,43512$455,95312
Diluted shares22.5M22.5M22.5M24.7M

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
$3.54
your share of equity
Profit it earned you last year
−$2.83
Free cash flow it threw off
—
Debt you’d be carrying
$0.39

10 shares is a claim on $3.54 of net worth that earned you −$2.83 last year, against $0.39 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
26% avg · 4y
FY22 103%FY23 33%FY24 26%FY25 -59%

It earned an average 26% 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
+10% shares · 4y

Share count is up 10% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 12% — 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 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
$0.47
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.13M
  • 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 0001493152-24-031335 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2023-03-31 · accession 0001641172-25-023752 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2022-03-31 · accession 0001493152-24-031335 (NetIncomeLoss)
  4. 20-F · period ending 2023-03-31 · accession 0001641172-25-023752 (NetIncomeLoss)
  5. 20-F · period ending 2022-03-31 · accession 0001493152-24-031335 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-03-31 · accession 0001641172-25-023752 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2022-03-31 · accession 0001493152-24-031335 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2023-03-31 · accession 0001641172-25-023752 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2023-03-31 · accession 0001493152-24-031335 (LongTermDebt)
  10. 20-F · period ending 2024-03-31 · accession 0001641172-25-023752 (LongTermDebt)
  11. 20-F · period ending 2023-03-31 · accession 0001493152-24-031335 (CashAndCashEquivalentsAtCarryingValue)
  12. 20-F · period ending 2024-03-31 · accession 0001641172-25-023752 (CashAndCashEquivalentsAtCarryingValue)