MeritValue

DirectBooking Technology Co., Ltd.

ZDAIdata 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'

The thesis, from the filings

DirectBooking Technology Co., Ltd. earns about 6% on invested capital, and has bought back 86% of its shares over 5 years. The applicable estimate puts fair value near $3.46 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$10.5M1$11.1M2$13.5M3$19.3M3$8.94M3
Net income$1.99M4$1.17M5$1.09M6−$6.98M6−$13.3M6
Operating cash flow$1.96M7$839,9548$2.39M9−$2.82M9−$1.29M9
Capital expenditure$544,36010$46,39811———
Free cash flow (derived)$1.42M7$793,5568———
Total debt—$1.08M12$1.04M13$950,61414$852,00414
Cash & equivalents—$240,21915$489,43516$455,95317$130,18417
Diluted shares22.5M22.5M1.4M1.5M3.2M

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
$42.09
your share of equity
Profit it earned you last year
−$41.29
Free cash flow it threw off
—
Debt you’d be carrying
$2.65

10 shares is a claim on $42.09 of net worth that earned you −$41.29 last year, against $2.65 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
6% avg · 5y
FY22 103%FY23 33%FY24 26%FY25 -59%FY26 -74%

It earned an average 6% 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
−86% shares · 5y

Share count is down 86% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 21% — 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 v0.5.0
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
$3.46
assumptions (8)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.09M
  • 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 2024-03-31 · accession 0001493152-26-038674 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2022-03-31 · accession 0001493152-24-031335 (NetIncomeLoss)
  5. 20-F · period ending 2023-03-31 · accession 0001641172-25-023752 (NetIncomeLoss)
  6. 20-F · period ending 2024-03-31 · accession 0001493152-26-038674 (NetIncomeLoss)
  7. 20-F · period ending 2022-03-31 · accession 0001493152-24-031335 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2023-03-31 · accession 0001641172-25-023752 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2024-03-31 · accession 0001493152-26-038674 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2022-03-31 · accession 0001493152-24-031335 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2023-03-31 · accession 0001641172-25-023752 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-03-31 · accession 0001493152-24-031335 (LongTermDebt)
  13. 20-F · period ending 2024-03-31 · accession 0001641172-25-023752 (LongTermDebt)
  14. 20-F · period ending 2025-03-31 · accession 0001493152-26-038674 (LongTermDebt)
  15. 20-F · period ending 2023-03-31 · accession 0001493152-24-031335 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2024-03-31 · accession 0001641172-25-023752 (CashAndCashEquivalentsAtCarryingValue)
  17. 20-F · period ending 2025-03-31 · accession 0001493152-26-038674 (CashAndCashEquivalentsAtCarryingValue)