olivLaw · US equity research
Skyline Builders Group Holding Ltd KAZR
Construction - Special Trade Contractors · SIC 1700 · Vertical: Construction - Special Trade Contractors (SIC 1700)
Skyline Builders Group Holding Ltd (KAZR) is a Cayman Islands holding company whose Hong Kong subsidiaries work as an approved public works contractor on roads and drainage. The company is now moving toward critical minerals in Kazakhstan, so its traditional construction business and the new project are worth following together.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Skyline Builders Group Holding Ltd (KAZR) stock was 1.14 USD (+5.09% on the day), with beta 0.50, 52-week range 1.08–4.55 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)
- 26.8
- oversold (≤ 30)
- Bollinger (20, 2)
- 1.10 – 2.36
- in the lower half of the band · %B 0.03 · band width 72.7%
- SMA 50 / 200
- 2.08 / 2.76
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.26 / -0.21
- MACD below 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 | −52.7% | −1.1% | −51.6 pp | — |
| 3 months | −46.7% | −0.5% | −46.3 pp | — |
| 6 months | −65.7% | +4.4% | −70.1 pp | — |
| Year to date | −61.4% | +12.3% | −73.7 pp | — |
| 1 year | −76.4% | +13.5% | −89.9 pp | −47.7% |
| 3 years | unavailable | +76.4% | unavailable | −18.7% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
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 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue | 44.6 m | 48.8 m | 46.0 m | 50.1 m |
| Revenue YoY | unavailable | +9.6% | −5.8% | +8.9% |
| Net income | 879.6 k | 929.9 k | 727.4 k | 9.1 m |
| Net income YoY | unavailable | +5.7% | −21.8% | +1,146.0% |
| Diluted EPS | 0.03 | 0.03 | 0.03 | -0.18 |
| Diluted EPS YoY | unavailable | +6.5% | −24.2% | −836.0% |
| net % | 2.0% | 1.9% | 1.6% | 18.1% |
| Free cash flow | 1.9 m | -6.6 m | unavailable | -3.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 4.6 m USD
- Financial debt
- 12.0 m USD
- Net debt
- 7.4 m USD
- Equity
- 79.6 m USD
- Total assets
- 121.8 m USD
- Debt / equity
- 0.15x
- Current ratio
- 2.99x
- ROE
- 20.6%
- ROA
- 12.1%
- FCF margin
- -6.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 44.6 m | 48.8 m | 46.0 m | 50.1 m | SEC (XBRL)· 21 Aug 2026verified |
| Cost of revenue | 43.3 m | 45.9 m | 43.1 m | 46.8 m | SEC (XBRL)· 21 Aug 2026verified |
| Gross profit | 1.2 m | 2.9 m | 2.9 m | 3.3 m | SEC (XBRL)· 21 Aug 2026verified |
| Operating income | 856.2 k | 1.7 m | 1.6 m | -12.1 m | SEC (XBRL)· 21 Aug 2026verified |
| Depreciation & amortisation | 1.1 m | 1.1 m | 802.9 k | 370.0 k | SEC (XBRL)· 21 Aug 2026verified |
| EBITDA | 1.9 m ≈ | 2.8 m ≈ | 2.4 m ≈ | -11.7 m ≈ | SEC (XBRL)· 21 Aug 2026derived |
| Interest expense | 354.1 k | 733.2 k | 891.4 k | 16.3 k | SEC (XBRL)· 21 Aug 2026verified |
| Pre-tax income | 996.2 k | 1.1 m | 906.8 k | 7.9 m | SEC (XBRL)· 21 Aug 2026verified |
| Income tax | 116.6 k | 150.7 k | 179.3 k | -1.2 m | SEC (XBRL)· 21 Aug 2026verified |
| Net income | 879.6 k | 929.9 k | 727.4 k | 9.1 m | SEC (XBRL)· 21 Aug 2026verified |
| Diluted EPS | 0.03 | 0.03 | 0.03 | -0.18 | SEC (XBRL)· 21 Aug 2026verified |
| Weighted average diluted shares | 28.5 m | 28.5 m | 28.8 m | 40.9 m | SEC (XBRL)· 21 Aug 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 1.6 m | 323.6 k | 718.6 k | 4.6 m | SEC (XBRL)· 21 Aug 2026verified |
| Receivables | — | 3.8 m | 10.0 m | 7.5 m | SEC (XBRL)· 21 Aug 2026verified |
| Current assets | — | 16.1 m | 22.4 m | 67.4 m | SEC (XBRL)· 21 Aug 2026verified |
| Property, plant & equipment, net | — | 595.2 k | 241.8 k | 325.7 k | SEC (XBRL)· 21 Aug 2026verified |
| Total assets | — | 20.5 m | 28.5 m | 121.8 m | SEC (XBRL)· 21 Aug 2026verified |
| Accounts payable | — | 2.0 m | 1.8 m | 1.9 m | SEC (XBRL)· 21 Aug 2026verified |
| Short-term debt | — | 10.9 m | 12.0 m | 12.0 m | SEC (XBRL)· 21 Aug 2026verified |
| Current liabilities | — | 17.1 m | 19.8 m | 22.5 m | SEC (XBRL)· 21 Aug 2026verified |
| Total liabilities | — | 17.5 m | 19.9 m | 42.1 m | SEC (XBRL)· 21 Aug 2026verified |
| Equity | 2.7 m † | 3.0 m † | 8.6 m † | 79.6 m † | SEC (XBRL)· 21 Aug 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 2.1 m | -6.5 m | -3.0 m | -2.8 m | SEC (XBRL)· 21 Aug 2026verified |
| Capex | 195.7 k | 59.7 k | — | 205.9 k | SEC (XBRL)· 21 Aug 2026verified |
| Free cash flow | 1.9 m ≈ | -6.6 m ≈ | — | -3.1 m ≈ | SEC (XBRL)· 21 Aug 2026derived |
| Investing cash flow | -195.7 k | -59.7 k | -1.6 m | -23.2 m | SEC (XBRL)· 21 Aug 2026verified |
| Financing cash flow | -1.0 m | 5.3 m | 5.0 m | 76.1 m | SEC (XBRL)· 21 Aug 2026verified |
| Share repurchases | — | — | — | 7.0 m | SEC (XBRL)· 21 Aug 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 41.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
42% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
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: score weight coverage: 41.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -19.0% | 29 (vs peers) | 25% |
| Net margin · Quality | 18.1% | 100 (vs peers) | 15% |
| FCF conversion · Quality | -33.7% | 0 (on a fixed band) | 15% |
| Revenue CAGR 3Y · Growth | 4.0% | 33 (on a fixed band) | 20% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -739.1x | 0 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 3.0x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial33/100 · 1/2 factors with a value
- Quality40/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
Skyline Builders Group Holding Limited (KAZR). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 50.1 m USD in 2026; YoY growth 8.9%; net margin 18.1%; ROE 20.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 18.1%
- Current ratio: 3.0x
What contradicts it
- ROIC: -19.0%
- FCF conversion: -33.7%
- Interest coverage: -739.1x
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Construction - Special Trade Contractors (SIC 1700) · same industry (4-digit SIC) · compared with 18 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 | |
|---|---|---|---|---|---|---|
| AGXArgan Inc | 4.1 bn | 23.0 | 39.8% | 15.1% | +8.1% | −26% / +523% |
| BBUCBrookfield Business Corporation | 2.7 bn | — | 2.4% | 1.4% | −32.4% | −11% / +70% |
| RUNSunrun Inc. | 2.1 bn | 4.4 | 16.2% | 14.0% | +45.1% | −57% / −32% |
| LMBLimbach Holdings, Inc. | 681.6 m | 22.7 | 16.0% | 4.2% | +24.7% | −18% / +52% |
| BBCPConcrete Pumping Holdings, Inc. | 510.5 m | 59.8 | 3.9% | 2.4% | −7.7% | +61% / +36% |
| PHOEPhoenix Asia Holdings Limited | 401.7 m | — | -25.9% | -16.7% | −2.2% | +32% / unavailable |
| MTRXMatrix Service Company | 258.3 m | — | -1.8% | -0.3% | +13.6% | −22% / −8% |
| MSGYMasonglory Limited | 66.8 m | 7.0 | -135.4% | -34.0% | +1.0% | −82% / unavailable |
| SPWRSunpower Inc. | 50.5 m | — | — | -3.8% | +175.9% | −86% / −79% |
| FGLFounder Group Limited | 24.7 m | — | -31.9% | -5.6% | unavailable | −100% / unavailable |
| SMXTSolarMax Technology, Inc. | 19.5 m | — | — | -7.9% | +295.8% | −63% / unavailable |
| PMAMing Shing Group Holdings Limited | 16.9 m | — | — | -39.4% | −56.8% | −23% / unavailable |
| WXMWF International Limited | 14.4 m | — | -71.9% | -24.5% | −13.7% | −62% / unavailable |
| CETXCemtrex, Inc. | 1.7 m | — | -152.4% | -38.4% | +14.4% | −97% / −100% |
| PBKPOWERBANK Corp | — | — | -174.4% | -74.7% | −28.9% | −90% / unavailable |
| LGNLegence Corp. | — | — | -7.5% | -1.2% | +21.5% | −30% / unavailable |
| ZEOZeo Energy Corp. | 0 | — | — | -15.4% | −5.3% | −83% / −98% |
| KAZRSkyline Builders Group Holding Limited | — | — | 20.6% | 18.1% | +8.9% | −76% / unavailable |
| AMRCAmeresco, Inc. | — | — | 5.5% | 3.3% | +28.8% | −39% / −29% |
1- and 3-year price returns: for KAZR 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
Scenarios are not available. input data missing
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.
Possibly outdated: the newest document it read is from 17 Aug 2026; since then the company filed 6-K (02 Nov 2026).
In brief
Skyline Builders Group Holding Ltd (KAZR) is a Cayman Islands holding company whose Hong Kong subsidiaries work as an approved public works contractor on roads and drainage. The company is now moving toward critical minerals in Kazakhstan, so its traditional construction business and the new project are worth following together 1.
SWOT
Strengths
- Over 12 years of experience in public civil works and approved contractor status provide an edge in tenders 1.
- Stable relationships with major customers, many lasting over three years, support referrals and access to new projects 1.
- The cost structure improved through resource optimization and cost control, which supported the gross margin 1.
Weaknesses
- Dependence on a single segment and on Hong Kong public customers makes revenue sensitive to the pace of government projects 1.
- The gross margin remains very small, leaving little room to absorb unexpected costs 1.
- The operating loss in fiscal 2026 was driven by high general and administrative expenses and provisions for uncollected receivables 1.
Opportunities
Threats
- Failure to meet the minimum cash condition at closing could prevent completion of the business combination 1.
- Uncollected receivables and counterparty risk could continue to affect the profitability of construction work 1.
- The Cayman Islands corporate structure may limit shareholders' ability to enforce rights in US federal courts 1.
Risks
- Completion of the critical minerals transactionhigh
The business combination with Cove Kaz and KRLLC depends on closing conditions, including the cash requirement, and could fail to close in its proposed form 1.
- Uncollected receivableshigh
The allowance for expected credit losses rose sharply, which signals collection problems on aged accounts and could affect future results 1.
- Dependence on public projectsmedium
All revenue comes from public contracts in Hong Kong, so a change in government budgets or priorities could reduce work volume 1.
- Dilution from financingmedium
Private placements, convertible notes and preferred shares issued recently could dilute existing shareholders if converted 1.
- Shareholder rightslow
Being incorporated in the Cayman Islands may limit investors' ability to protect their rights in US federal courts 1.
Investment thesis
What would need to be true (bull case)
- If progress on public projects is sustained, work volume could keep supporting revenue growth in the core business 1.
- Entry into critical minerals, if completed, could diversify revenue sources and reduce dependence on a single sector 1.
- Lower financing costs and strict cost control could gradually improve the net result 1.
What would break the thesis
- A very thin gross margin and the recent operating loss could leave the company vulnerable to any project or collection delay 1.
- The risk of an uncompleted transaction or weak execution in the new field could weigh on investor confidence 1.
- Dilution from convertible and preferred instruments could reduce the value per share for existing shareholders 1.
What to watch
- Completion of the business combination with Cove Kaz and KRLLC and fulfilment of the cash condition2026
- Trend in the allowance for uncollected receivables and recovery of aged accountsnext 10-K
- Regulatory approval of the investment in Kaz Resources LLC2027
- Gross margin on civil works and the level of subcontracting costsnext 10-K
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.
Possibly outdated: the newest document it read is from 17 Aug 2026; since then the company filed 6-K (02 Nov 2026).
The business
In parallel, management has announced a strategic change toward participating in exploration, development and processing of tungsten, rare earth elements and other critical minerals in Kazakhstan, through the business combination with Cove Kaz and KRLLC 1. As of the report date, the company has no material operations of its own in this field, and construction remains the core of revenue 1.
Beyond construction, the company acquired in August 2026 two gold and silver exploration properties in Nevada for an aggregate price of 136,000 USD, which management does not view as material to its business at this time 1. The company also issued convertible notes and preferred shares in 2025 and 2026, changing its capital structure 1.
Segments
Public civil works in Hong Kong
This is the only reported segment and represents the entire revenue base, all from the public sector, covering roads and drainage works in Hong Kong 1. Revenue grew 8.9% over the prior year, driven by substantial progress on large public projects, but the gross margin remained thin at 6.6% 1.
Critical minerals investments and assets
This area generates no operating revenue of its own in the reported period, and instead includes an approximately 20% investment in Kaz Resources LLC, a loan to Cove Kaz and the Nevada properties 1. The value of these assets depends on completing the transaction and on regulatory approvals 1.
Market context
The company's market is public civil works in Hong Kong, where infrastructure projects are contracted by authorities through tenders and contractors are selected by their registration category 1. The company operates almost entirely within this framework, so its work volume depends on the pace of public projects and its success in tenders 1.
The critical minerals and rare earth market, which the company intends to enter through Kazakhstan, is described in the filing as a new field for the company with no established position yet 1. Access depends on completing the transaction and financing the projects, and results could differ materially from current expectations 1.
Trends
- Growth in public works volumetailwind
Revenue rose because of progress on large public projects, which suggests a backlog of work under execution that supports near-term sales 1.
- Subcontracting costs and margin pressureheadwind
Subcontracting charges rose sharply and make up most of the cost of revenue, which limits the gross margin even though it improved slightly 1.
- Lower financing coststailwind
Cuts in Hong Kong reference rates reduced the interest cost on existing bank loans, which helps the company's financial result 1.
- Shift toward critical mineralsmixed
The company has changed its strategic direction toward critical minerals and nuclear fuels, which could bring growth but also execution and financing risks if the transaction does not close 1.
Competitive position
In public civil works in Hong Kong, the company competes with other registered contractors and subcontractors, and its edge rests on over 12 years of experience, customer relationships and approved contractor status 1. The filing does not name specific competitors in this field, so its competitive position is described only in general terms 1.
In critical minerals in Kazakhstan, the company will enter a sector with established participants and access to resources, and its ability to compete depends on completing the transaction and executing projects 1. The filing does not provide a list of competitors in this field 1.
- Paramount GoldPZG
Company from which the Mill Creek exploration property in Nevada was acquired, so it appears as a seller rather than a direct rival in construction 1.
- Cove Kaz
Party to the business combination and recipient of a loan from the company, so more a partner than a competitor 1.
- Kaz Resources LLC
Critical minerals company in which the company holds an approximately 20% interest, with regulatory approval still required 1.
- Registered contractors and subcontractors in Hong Kong
Competitors in public civil works, not named by name in the source filing 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 report (foreign issuer)02 Nov 2026
- Annual report (foreign issuer)17 Aug 2026
- Current report (foreign issuer)17 Aug 2026
- Current report (foreign issuer)11 Aug 2026
- Current report (foreign issuer)15 Jul 2026
- Current report (foreign issuer)17 Jun 2026
- Current report (foreign issuer)16 Jun 2026
- Current report (foreign issuer)18 May 2026
- Current report (foreign issuer)30 Apr 2026
- Current report (foreign issuer)30 Apr 2026
Sources
- [1] Form 20-F, fiscal year ended 2026-03-31 · SEC / Skyline Builders Group Holding Ltd · 17 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.