olivLaw · US equity research
Alset Inc. AEI
Real Estate · SIC 6500 · Vertical: Real Estate (SIC 6500)
Alset Inc. is a diversified holding company that operates through subsidiaries in real estate, financial services, digital transformation technology, biohealth and consumer products. The company reported for 2025 revenue of only 4.47 million USD and a net loss of 49.35 million USD, which makes its reliance on rental income and stakes in listed companies a central point to monitor.
At the close of 04 Nov 2026, Alset Inc. (AEI) stock was 0.54 USD (+4.02% on the day), with market capitalisation 21.1 m USD, beta 1.31, 52-week range 0.51–3.81 USD. Latest reported quarter (Q2 2026): revenue of 988.5 k USD (−10.0% YoY), net income of -5.3 m USD, diluted EPS -0.14 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 35.6
- weak (30–45)
- Bollinger (20, 2)
- 0.47 – 0.73
- in the lower half of the band · %B 0.28 · band width 44.2%
- SMA 50 / 200
- 0.86 / 1.53
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.09 / -0.10
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −22.0% | −1.1% | −20.9 pp | — |
| 3 months | −50.2% | −0.5% | −49.7 pp | — |
| 6 months | −66.3% | +4.4% | −70.7 pp | — |
| Year to date | −84.2% | +12.3% | −96.5 pp | — |
| 1 year | −79.1% | +13.5% | −92.7 pp | −11.2% |
| 3 years | −58.9% | +76.4% | −135.3 pp | −2.5% |
| 5 years | −98.6% | +63.7% | −162.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5.0 m | 8.9 m | 1.1 m | 1.1 m | 998.8 k | 1.3 m | 980.8 k | 988.5 k |
| Cost of revenue | 2.9 m | 4.3 m | 777.5 k | 1.0 m | 756.4 k | 845.0 k | 705.7 k | 904.7 k |
| Gross profit | 2.0 m ≈ | 4.6 m | 290.8 k | -114.4 k ≈ | 612.8 k ≈ | 459.8 k | 275.1 k | 83.9 k ≈ |
| Operating income | -963.8 k | 1.9 m | -3.9 m | -2.8 m | -2.6 m | -5.9 m | -2.7 m | -1.8 m |
| Depreciation & amortisation | 264.1 k | 282.6 k | 268.7 k | — | — | — | 268.7 k | — |
| Interest expense | 9.5 k | 517 | 51.1 k | 32.1 k | 34.5 k | -63.1 k | 10.2 k | 3.4 k |
| Pre-tax income | 1.5 m | 3.0 m | -9.5 m | -8.8 m | 2.0 m | -32.6 m | -5.3 m | -5.8 m |
| Income tax | — | — | 42.9 k | 0 ≈ | 4.5 k | 384.6 k | — | 24.0 k |
| Net income | 1.7 m | 2.3 m | -8.3 m | -8.2 m | 1.5 m | -32.4 m | -4.5 m | -5.3 m |
| Diluted EPS | 0.19 | 0.25 ≈ | -0.78 | -0.71 | 0.05 | -1.08 ≈ | -0.12 | -0.14 |
| Operating cash flow | -2.9 m ≈ | 13.9 m | -3.8 m | -2.6 m ≈ | 883.4 k ≈ | -436.1 k | -1.5 m | -7.7 m ≈ |
| Capex | 32.1 k ≈ | 35.2 k | 61.2 k | 83.6 k ≈ | 61.0 k ≈ | -30.4 k | 6.9 k | 81.0 k ≈ |
| Share repurchases | 0 ≈ | 0 | — | — | — | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 24.3 m | 16.2 m | 19.8 m | 4.5 m | 22.1 m | 21.1 m | 4.5 m |
| Revenue YoY | unavailable | −33.1% | +21.9% | −77.4% | +393.0% | −4.4% | −78.8% |
| Net income | -8.1 m | -5.1 m | -119.0 m | -40.5 m | -58.9 m | -4.0 m | -47.4 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -73.85 | -6.22 | -6.52 | -0.43 | -2.22 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -33.2% | -31.4% | -601.1% | -903.7% | -266.9% | -18.8% | -1,060.5% |
| Free cash flow | 6.0 m | 295.9 k | -16.9 m | -32.5 m | 7.4 m | 5.1 m | -6.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 25.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 129.7 m USD
- Total assets
- 136.6 m USD
- Debt / equity
- unavailable
- Current ratio
- 7.55x
- ROE
- -43.1%
- ROA
- -40.6%
- FCF margin
- -136.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 16.2 m | 19.8 m | 4.5 m | 22.1 m | 21.1 m | 4.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Cost of revenue | 12.1 m | 11.3 m | 3.7 m | 14.6 m | 12.8 m | 3.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Gross profit | 4.2 m | 8.5 m | 748.5 k | 7.5 m | 8.3 m | 1.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Operating income | -2.2 m | -15.0 m | -7.1 m | -2.9 m | -4.1 m | -15.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Depreciation & amortisation | 0 | 120.5 k | 882.8 k | 1.1 m | 1.1 m | 1.1 m | SEC (XBRL)· 31 Mar 2026verified |
| EBITDA | -2.2 m ≈ | -14.9 m ≈ | -6.2 m ≈ | -1.8 m ≈ | -3.0 m ≈ | -14.1 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Interest expense | 147.6 k | 317.3 k | 1.9 k | 4.0 k | 112.1 k | 54.5 k | SEC (XBRL)· 31 Mar 2026verified |
| Pre-tax income | -4.7 m | -118.5 m | -46.2 m | -61.2 m | -4.0 m | -48.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Income tax | 8.5 k | 534.0 k | — | 92.4 k | 150.8 k | 432.1 k | SEC (XBRL)· 31 Mar 2026verified |
| Net income | -5.1 m | -119.0 m | -40.5 m | -58.9 m | -4.0 m | -47.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Diluted EPS | — | -73.85 | -6.22 | -6.52 | -0.43 | -2.22 | SEC (XBRL)· 31 Mar 2026verified |
| Weighted average diluted shares | — | — | 6.5 m | 9.0 m | 9.2 m | 21.4 m | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 31.7 m | 60.8 m | 17.8 m | 26.9 m | 27.2 m | 25.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Receivables | 1.4 m | 39.6 k | 46.5 k | 77.5 k | 75.6 k | 57.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Inventories | 90.1 k | 47.3 k | 35.0 k | 5.6 k | 4.9 k | 6.2 k | SEC (XBRL)· 31 Mar 2026verified |
| Current assets | 85.5 m | 142.7 m | 95.4 m | 55.5 m | 59.8 m | 44.8 m | SEC (XBRL)· 14 May 2026verified |
| Property, plant & equipment, net | 85.4 k | 263.9 k | 1.3 m | 742.1 k | 594.6 k | — | SEC (XBRL)· 31 Mar 2025verified |
| Goodwill | — | — | — | 60.3 k | — | — | SEC (XBRL)· 01 Apr 2024verified |
| Total assets | 107.7 m | 184.2 m | 153.5 m | 126.3 m | 96.8 m | 136.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Accounts payable | 1.3 m | 11.3 m | 3.0 m | 4.4 m | 3.6 m | 5.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Long-term debt | 636.4 k | — | — | 156.9 k | 123.1 k | — | SEC (XBRL)· 31 Mar 2025verified |
| Current liabilities | 8.9 m | 13.5 m | 3.2 m | 8.1 m | 5.5 m | 5.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Total liabilities | 9.7 m | 13.9 m | 4.8 m | 9.1 m | 6.6 m | 6.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Equity | 98.0 m | 170.3 m | 148.7 m | 96.8 m | 90.2 m | 129.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Shares outstanding at year end | 8.6 m | — | — | — | — | — | SEC (XBRL)· 29 Dec 2020verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 317.6 k | -16.7 m | -31.9 m | 7.5 m | 5.2 m | -5.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Capex | 21.7 k | 227.8 k | 599.7 k | 29.1 k | 102.7 k | 175.5 k | SEC (XBRL)· 31 Mar 2026verified |
| Free cash flow | 295.9 k ≈ | -16.9 m ≈ | -32.5 m ≈ | 7.4 m ≈ | 5.1 m ≈ | -6.1 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Investing cash flow | 1.8 m | -56.0 m | -15.1 m | -2.1 m | 17.5 m | 2.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Financing cash flow | 21.1 m | 103.4 m | 6.1 m | 3.2 m | -21.4 m | 1.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Share repurchases | — | — | — | — | 21.1 m | — | SEC (XBRL)· 31 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Market and valuation
9 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 56.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 21.1 m USD
Key indicators
Coverage and freshness
Score by group
57% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.74 – 4.81 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Net asset value (NAV)unavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
- Peers: P/B1.74 – 4.81 (Mid 2.60)18 companies used · median multiple 0.9x · quartiles 0.6x – 1.6xAHRT, AIRE, BEEP, CHCI, CIGI, CMTG, CURB, CWK, FOR, FRPH, GTY, HPP, IIPR, LPA, OPI, TRC, TRNO, UE
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 56.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | -43.4% | 3 (vs peers) | 12% |
| EBITDA margin · Quality | -277.0% | 0 (on a fixed band) | 15% |
| Revenue CAGR 3Y · Growth | -0.1% | 0 (on a fixed band) | 15% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -853.6x | 0 (on a fixed band) | 23% |
| P/B · Valuation | 0.2x | 92 (vs peers) | 35% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| Dividend yield · Returns | unavailable | unavailable | — |
| Payout ratio (EPS) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/2 factors with a value
- Growth0/100 · 1/1 factors with a value
- Quality1/100 · 2/2 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial92/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ALSET INC. (AEI). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 4.5 m USD in 2025; YoY growth -78.8%; net margin -951.4%; ROE -43.4%.
The estimated value range is 1.74–4.81 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 2.60 USD, the price of 0.54 USD leaves a potential of 379.6% (value / price − 1) and a margin of safety of 79.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 56.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/B: 0.2x
- The price is below the estimated value range
What contradicts it
- ROE: -43.4%
- EBITDA margin: -277.0%
- Revenue CAGR 3Y: -0.1%
- Interest coverage: -853.6x
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, P/E (TTM), Dividend yield, Payout ratio (EPS).
Versus the vertical median
Real Estate (SIC 6500) · same industry (4-digit SIC) · compared with 31 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CBRECbre Group, Inc. | 40.7 bn | 30.2 | 16.1% | 3.1% | +13.4% | −13% / +79% |
| VTMXVesta Real Estate Corporation, S.A.B. de C.V. | 32.7 bn | 131.8 | 9.1% | 85.4% | +12.2% | +19% / −2% |
| TRNOTerreno Realty Corporation | 7.5 bn | 20.3 | 8.3% | 68.1% | +24.5% | +8% / +19% |
| FSVFirstService Corporation | 7.1 bn | 49.0 | 14.9% | 3.5% | +5.4% | −1% / −1% |
| CIGIColliers International Group Inc. | 4.0 bn | 48.8 | 15.7% | 4.0% | +15.3% | −32% / −5% |
| CURBCurbline Properties Corp. | 3.7 bn | 125.4 | 1.3% | 11.2% | +51.3% | +26% / unavailable |
| CWKCushman & Wakefield Ltd. | 3.5 bn | 50.5 | 3.4% | 0.6% | +8.9% | −11% / +82% |
| UEUrban Edge Properties | 2.7 bn | 24.6 | 7.9% | 22.2% | +6.1% | +10% / +26% |
| GTYGetty Realty Corp. | 1.9 bn | 17.4 | 8.9% | 42.4% | +9.0% | +1% / −2% |
| IIPRInnovative Industrial Properties, Inc. | 1.6 bn | 12.5 | 7.6% | 53.2% | −13.8% | +14% / −31% |
| FORForestar Group Inc. | 1.3 bn | 7.5 | 9.6% | 9.9% | +10.1% | −2% / −18% |
| HPPHudson Pacific Properties, Inc. | 572.8 m | — | -19.8% | -69.1% | −1.3% | −24% / −74% |
| DUOFangdd Network Group Ltd. | 548.5 m | — | -17.9% | -23.9% | +9.2% | −68% / −96% |
| AHRTAh Realty Trust, Inc. | 500.6 m | — | -6.7% | -18.2% | +4.1% | +3% / −38% |
| TRCTejon Ranch Co. | 439.9 m | 71.3 | 1.3% | 10.6% | +18.4% | +0% / +3% |
| FRPHFrp Holdings, Inc. | 360.7 m | 2,041,655.0 | 0.0% | 0.2% | +2.6% | −19% / −32% |
| MLPMaui Land & Pineapple Co Inc | 289.5 m | — | -16.1% | -28.6% | +68.2% | −8% / −2% |
| OPIOffice Properties Income Trust | 285.6 m | — | -40.5% | -73.0% | −11.8% | unavailable / unavailable |
| CMTGClaros Mortgage Trust, Inc. | 261.0 m | — | -36.5% | -391.9% | −24.4% | −44% / −85% |
| CHCIComstock Holding Companies, Inc. | 165.7 m | 6.7 | 36.4% | 32.2% | +22.6% | +46% / +352% |
| BEEPMobile Infrastructure Corporation | 100.4 m | — | -16.1% | -67.2% | −5.2% | −22% / −54% |
| LPALogistic Properties of the Americas | 78.1 m | 7.5 | 4.3% | 20.9% | +14.3% | −27% / unavailable |
| OZBelpointe PREP, LLC | 47.6 m | — | — | -212.1% | +243.4% | −41% / −50% |
| AEIAlset Inc. | 21.1 m | — | -43.4% | -951.4% | −78.8% | −79% / −59% |
| CWDCalibercos Inc. | 4.7 m | — | — | -117.3% | −60.7% | −80% / −98% |
1- and 3-year price returns: for AEI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Alset Inc. is a diversified holding company that operates through subsidiaries in real estate, financial services, digital transformation technology, biohealth and consumer products. The company reported for 2025 revenue of only 4.47 million USD and a net loss of 49.35 million USD, which makes its reliance on rental income and stakes in listed companies a central point to monitor.
SWOT
Strengths
- The company has a diversified holding structure, controlled through the Singapore-listed subsidiary, and a portfolio of rental homes that generates recurring income 1.
- Management reports experience in acquisitions and in access to Asian markets, which gives an advantage in selecting businesses to bring into the group 1.
- Stakes in listed companies can offer liquidity and market value, if their shares trade at a reasonable level 1.
Weaknesses
- The company has reported repeated net losses, and its revenue has fallen sharply from the previous year 1.
- The company acknowledges a material weakness in internal controls, caused by a small number of staff that limits the segregation of duties 1.
- Dependence on distributions and cash flows from subsidiaries may limit the holding company's ability to meet its obligations 1.
Opportunities
- Developing residential projects with US homebuilders and acquiring smaller projects could rebuild development revenue 1.
- The planned merger with Winning Group could add a food and beverage business with operations in Hong Kong, if the transaction completes 1.
- Demand for B2B digital solutions and biohealth products could support growth in those segments if sales expand 1.
Threats
- Weaker economic conditions, rising interest rates or inflation could reduce the value of real estate assets and demand for products 1.
- Market volatility, including the effects of the conflict between Russia and Ukraine, could affect investments and the collateral behind loans 1.
- Competition from much larger companies and the risks of acquisitions could affect results if integration does not succeed 1.
Risks
- Ineffective internal controlshigh
Management concluded that disclosure controls were not effective, which could lead to errors in financial statements and a loss of investor confidence 1.
- Repeated net losseshigh
The company reported net losses for 2024 and 2025, and if revenue does not grow, losses could continue 1.
- Dependence on subsidiariesmedium
The holding company depends on distributions from majority-owned subsidiaries and listed stakes, and legal or contractual restrictions could limit payments to the parent 1.
- Volatility of listed stakesmedium
Share prices of the listed companies in which the group holds stakes are reflected in the value of Alset shares, and selling them could produce losses 1.
- Acquisition risksmedium
Acquisitions can dilute shareholders, consume resources and bring unexpected liabilities, and integration can be difficult 1.
Investment thesis
What would need to be true (bull case)
- If rental income grows and the new real estate projects are completed, the company could return to a more stable revenue profile 1.
- Stakes in listed companies and control of the Singapore subsidiary could create market value if they are realised at good prices 1.
- The merger with Winning Group could diversify group revenue if the transaction completes and the business integrates effectively 1.
What would break the thesis
- Repeated net losses and falling revenue could force the company to fund operations through borrowing or by selling assets 1.
- Ineffective internal controls could make it difficult to report results correctly and on time, which could affect access to capital 1.
- If development revenue does not recover, the company could remain dependent on renting a small number of homes and on a few stakes 1.
What to watch
- Development of rental income and occupancy of the 132 homesQ3 2026
- Completion or cancellation of the merger between LiquidValue Development and Winning Group2026
- Remediation of the internal control weakness reported in the 10-Knext 10-K
- Conversion of convertible loans granted to Sharing Services Global Corporation2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Alset Inc. is a holding company that works mainly through Alset International Limited, a subsidiary it owns at 85.8% and which is listed on the Singapore Stock Exchange. The group develops real estate projects near Houston, Texas, manages a portfolio of single-family rental homes and holds minority stakes in several public companies, including DSS Inc. and Sharing Services Global Corporation 1. The company aims to acquire majority stakes in innovative businesses and provide them with capital and management services for access to Asian markets 1.
Property development has shrunk sharply: property sales represented approximately 0% of revenue in 2025, compared with 79% in 2024, after the last lots of the Lakes at Black Oak and Alset Villas projects were sold 1. The company reorganised this activity by distributing Alset Real Estate Holdings Inc. from LiquidValue Development Inc., which was later renamed Winning Catering Group, Inc.; the planned merger with Winning Group, the operator of the Wing Nin brand, had not closed at the date of the report 1.
Home rentals became the main source of income, at approximately 52% of revenue in 2025 1. The company owns 132 single-family homes in Texas, bought in 2021 and 2022 for an aggregate purchase cost of 30,998,258 USD 1. These homes are managed by property managers who charge a monthly fee per unit and a leasing fee 1.
Segments
Real estate
The real estate segment covers lot development in Texas and the rental of 132 homes, and its share of revenue has moved from property sales towards rentals 1. The company says it expects revenue from development to decline as a share of the total as rental, technology and biohealth revenue grow 1.
Digital transformation technology and biohealth
The digital transformation segment offers B2B solutions for e-commerce, communication and social networking through Hapi Metaverse, which is the largest shareholder of Value Exchange International 1. The biohealth segment sells consumer products, including through HWH World in South Korea, where sales are made directly to members 1.
Market context
The company's core market is real estate in Texas, where Alset develops residential lots and rents single-family homes; demand depends on economic conditions and financing 1. In 2025, 52% of revenue came from the United States, 42% from Singapore and 5% from Taiwan, which shows a broad but fragmented geographic exposure 1.
The company's assets are tied to financial markets: the value of real estate investments and listed stakes could fall if economic conditions weaken or if interest rates rise 1. Companies quoted on OTC markets or with low trading volume may be hard to sell at the quoted price 1.
Trends
- Rental homes as an income enginetailwind
Rental income has become the group's main source of revenue, which could stabilise revenue especially if property development remains limited 1.
- Decline in lot salesheadwind
Property sales fell from 79% of revenue in 2024 to close to zero in 2025, and the company does not yet have large replacement projects 1.
- Mergers and reorganisationsmixed
The distribution of LiquidValue Development and the planned merger with Winning Group could change the structure of the group and could generate new food and beverage revenue if the transaction completes 1.
- Convertible financing to affiliatesmixed
The subsidiary HWH has granted several convertible loans to Sharing Services Global Corporation with an 8% interest rate, which may support the partner but exposes the company to credit risk 2.
Competitive position
The company states that it faces competition from much larger competitors, particularly in acquisitions and property development, where it may be outbid by companies with more capital 1. In digital transformation the competition comes from B2B software providers, and in biohealth from direct selling networks 1.
The competitive advantage the company declares lies in the capital and management experience it offers for access to Asian markets, as well as in the global network of the holding 1. However, the company has not yet shown a dominant position in any single segment, and its profitability is under pressure 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report30 Oct 2026Delisting notice
- Proxy statement20 Oct 2026
- Current report21 Sept 2026Material agreement · Financial statements and exhibits
- Quarterly report14 Aug 2026
- Current report25 Jun 2026Material agreement · Financial statements and exhibits
- Quarterly report14 May 2026
- Current report07 May 2026Material agreement · Termination of a material agreement · Financial statements and exhibits
- Annual report31 Mar 2026
- Current report30 Mar 2026Material agreement · Financial statements and exhibits
- Current report06 Feb 2026Material agreement · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Alset Inc. · 31 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Alset Inc. · 14 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.