olivLaw · US equity research
Masonglory Ltd MSGY
Construction - Special Trade Contractors · SIC 1700 · Vertical: Construction - Special Trade Contractors (SIC 1700)
Masonglory Ltd is a subcontractor for wet trades works in Hong Kong, active since 2018 and listed on Nasdaq since July 2025. Contract revenue was 23.56 million USD in fiscal 2026, while the backlog rose to 31.41 million USD, suggesting more activity ahead if new contracts convert into revenue.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 03 Nov 2026, Masonglory Ltd (MSGY) stock was 3.94 USD (+1.81% on the day), with market capitalisation 66.8 m USD, P/E 7.0 on diluted EPS of 0.56 USD over the last 12 months, beta 1.95, 52-week range 1.81–50.08 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)
- 56.0
- strong (55–70)
- Bollinger (20, 2)
- 1.76 – 4.72
- in the upper half of the band · %B 0.74 · band width 91.4%
- SMA 50 / 200
- 2.98 / 4.93
- mixed trend
- MACD (12, 26, 9)
- 0.18 / 0.08
- 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 | −10.4% | −1.1% | −9.3 pp | — |
| 3 months | +83.8% | −0.5% | +84.2 pp | — |
| 6 months | +5.9% | +4.4% | +1.5 pp | — |
| Year to date | −81.7% | +12.3% | −94.0 pp | — |
| 1 year | −66.9% | +13.5% | −80.5 pp | −46.5% |
| 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.
Today's P/E sits at the 100 percentile of its own 1-quarter history (min 6.6, median 6.6, max 6.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue | 8.0 m | 20.6 m | 23.3 m | 23.6 m |
| Revenue YoY | unavailable | +159.4% | +13.0% | +1.0% |
| Net income | 332.4 k | 1.3 m | 1.3 m | -8.0 m |
| Net income YoY | unavailable | +290.0% | −1.6% | −727.4% |
| Diluted EPS | 0.03 | 0.11 | 0.10 | 0.56 |
| Diluted EPS YoY | unavailable | +266.7% | −9.1% | +460.0% |
| net % | 4.2% | 6.3% | 5.5% | -34.0% |
| Free cash flow | unavailable | unavailable | unavailable | -5.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 315.7 k USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 8.4 m USD
- Total assets
- 11.5 m USD
- Debt / equity
- unavailable
- Current ratio
- 3.13x
- ROE
- -135.4%
- ROA
- -88.9%
- FCF margin
- -24.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 8.0 m | 20.6 m | 23.3 m | 23.6 m | SEC (XBRL)· 30 Jul 2026verified |
| Cost of revenue | 7.6 m | 18.9 m | 21.1 m | 22.5 m | SEC (XBRL)· 30 Jul 2026verified |
| Gross profit | 369.6 k | 1.7 m | 2.2 m | 1.0 m | SEC (XBRL)· 30 Jul 2026verified |
| Operating income | 226.7 k | 1.5 m | 1.5 m | -7.8 m | SEC (XBRL)· 30 Jul 2026verified |
| Interest expense | 1.8 k | 261 | — | — | SEC (XBRL)· 30 Jul 2025verified |
| Pre-tax income | 349.3 k | 1.5 m | 1.5 m | -7.8 m | SEC (XBRL)· 30 Jul 2026verified |
| Income tax | 16.9 k | 229.2 k | 229.5 k | 213.0 k | SEC (XBRL)· 30 Jul 2026verified |
| Net income | 332.4 k | 1.3 m | 1.3 m | -8.0 m | SEC (XBRL)· 30 Jul 2026verified |
| Diluted EPS | 0.03 | 0.11 | 0.10 | 0.56 | SEC (XBRL)· 30 Jul 2026verified |
| Weighted average diluted shares | 11.5 m | 11.5 m | 12.3 m | 14.4 m | SEC (XBRL)· 30 Jul 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 171.2 k | 189.5 k | 2.4 m | 315.7 k | SEC (XBRL)· 30 Jul 2026verified |
| Receivables | — | 5.4 m | 1.4 m | 3.9 m | SEC (XBRL)· 30 Jul 2026verified |
| Current assets | — | 7.5 m | 6.5 m | 9.1 m | SEC (XBRL)· 30 Jul 2026verified |
| Property, plant & equipment, net | — | — | — | 1.8 m | SEC (XBRL)· 30 Jul 2026verified |
| Total assets | — | 7.7 m | 6.6 m | 11.5 m | SEC (XBRL)· 30 Jul 2026verified |
| Accounts payable | — | 2.3 m | 413.5 k | 2.1 m | SEC (XBRL)· 30 Jul 2026verified |
| Current liabilities | — | 5.7 m | 3.1 m | 2.9 m | SEC (XBRL)· 30 Jul 2026verified |
| Total liabilities | — | 5.7 m | 3.1 m | 3.1 m | SEC (XBRL)· 30 Jul 2026verified |
| Equity | 722.9 k † | 2.0 m † | 3.5 m † | 8.4 m † | SEC (XBRL)· 30 Jul 2026verified |
| Shares outstanding at year end | — | — | 12.5 m | 17.0 m | SEC (XBRL)· 30 Jul 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 | -1.5 m | -1.7 m | 3.4 m | -3.8 m | SEC (XBRL)· 30 Jul 2026verified |
| Capex | — | — | — | 2.0 m | SEC (XBRL)· 30 Jul 2026verified |
| Free cash flow | — | — | — | -5.8 m ≈ | SEC (XBRL)· 30 Jul 2026derived |
| Investing cash flow | — | — | — | -2.0 m | SEC (XBRL)· 30 Jul 2026verified |
| Financing cash flow | -383.1 k | 1.7 m | -1.2 m | 3.7 m | SEC (XBRL)· 30 Jul 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: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 66.8 m USD
Key indicators
Coverage and freshness
Score by group
46% · 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: 10.15 – 18.03 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E10.15 – 18.03 (Mid 12.79)4 companies used · median multiple 22.8x · quartiles 18.1x – 32.2xAGX, BBCP, LMB, RUN
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -34.0% | 17 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 43.6% | 100 (on a fixed band) | 18% |
| EPS CAGR 3Y · Growth | 165.3% | 100 (on a fixed band) | 18% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 3.1x | 100 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 7.0x | 100 (on a fixed band) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -8.7% | 0 (on a fixed band) | 18% |
| 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 sheet· partial100/100 · 1/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality· partial17/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation56/100 · 2/3 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
Masonglory Limited (MSGY). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 23.6 m USD in 2026; YoY growth 1.0%; net margin -34.0%; ROE -135.4%.
The estimated value range is 10.15–18.03 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 12.79 USD, the price of 3.94 USD leaves a potential of 224.7% (value / price − 1) and a margin of safety of 69.2% (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 (score weight coverage: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 43.6%
- EPS CAGR 3Y: 165.3%
- Current ratio: 3.1x
- P/E (TTM): 7.0x
- The price is below the estimated value range
What contradicts it
- Net margin: -34.0%
- FCF yield: -8.7%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Net debt / EBITDA, Interest coverage, EV/EBITDA, 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% | −67% / 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% |
| KAZRSkyline Builders Group Holding Limited | — | — | 20.6% | 18.1% | +8.9% | −54% / unavailable |
| LGNLegence Corp. | — | — | -7.5% | -1.2% | +21.5% | −30% / unavailable |
| ZEOZeo Energy Corp. | 0 | — | — | -15.4% | −5.3% | −83% / −98% |
| AMRCAmeresco, Inc. | — | — | 5.5% | 3.3% | +28.8% | −39% / −29% |
| PBKPOWERBANK Corp | — | — | -174.4% | -74.7% | −28.9% | −90% / unavailable |
1- and 3-year price returns: for MSGY 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.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 6-K (22 Oct 2026), 6-K (21 Oct 2026), 6-K (06 Oct 2026), 6-K (28 Sept 2026), 6-K (24 Sept 2026), 6-K (25 Aug 2026).
In brief
Masonglory Ltd is a subcontractor for wet trades works in Hong Kong, active since 2018 and listed on Nasdaq since July 2025. Contract revenue was 23.56 million USD in fiscal 2026, while the backlog rose to 31.41 million USD, suggesting more activity ahead if new contracts convert into revenue.
SWOT
Strengths
- Over five years of wet trades experience and specialist contractor registration in Hong Kong are assets recognised by clients 1.
- Long-standing relationships with listed main contractors provide a steady flow of tender invitations 1.
- A record of timely payment to subcontractors helps the company keep a stable labour and supplier network 1.
Weaknesses
Opportunities
Risks
- Dependence on major customershigh
A small number of main contractors generate a significant part of revenue, and losing one could sharply reduce activity 1.
- Cancellation or modification of backlog contractshigh
Clients can cancel or modify contracts in the backlog, which could reduce the revenue actually received 1.
- Mainland China intervention riskmedium
Authorities in mainland China may exercise control over Hong Kong operations, and restrictions on moving funds could limit profit distribution 1.
- Delayed collections and retention moneymedium
Retention withheld by clients and late payments could affect the company's liquidity 1.
- Rising labour costsmedium
Higher wages and statutory benefits could reduce margins if they cannot be passed on to clients 1.
Investment thesis
What would need to be true (bull case)
- The backlog grew strongly in fiscal 2026, which could support future revenue if new contracts convert into sales 1.
- Long experience and relationships with major customers give the company an edge in tenders 1.
- If the company gains entry to public sector projects, it could diversify its revenue sources 1.
What to watch
- Development of the contract backlog and its conversion into revenuenext 10-K
- Level of retention money and customer collectionsnext 10-K
- Profit margins amid higher labour 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 30 Jul 2026; since then the company filed 6-K (22 Oct 2026), 6-K (21 Oct 2026), 6-K (06 Oct 2026), 6-K (28 Sept 2026), 6-K (24 Sept 2026), 6-K (25 Aug 2026).
The business
Through its operating subsidiary Masontech Limited, the company provides wet trades services as a subcontractor to main contractors in Hong Kong 1. Its work covers plastering on floors, ceilings and walls, tile laying, brick laying, floor screeding and marble works 1. Direct customers are mainly main contractors, and the final project owners are mainly private property developers and, to a lesser extent, the government 1.
The company has built its reputation through long-standing relationships with major customers, all of them main contractors listed on the Hong Kong Stock Exchange, and through its registration as a specialist trade contractor 1. Its supply chain relies on a pre-approved list of suppliers and subcontractors, and the company states it does not apply a pay-when-paid policy 1.
The commercial process starts with invitations to tender from main contractors, followed by cost estimation and a mark-up on the final bid 1. Projects are non-recurring, so future volume depends on the ability to keep winning new contracts 1.
Segments
Private sector projects
Private residential and commercial projects made up the majority of revenue in fiscal 2024 to 2026 1.
Public sector projects
Public infrastructure and public housing currently play a smaller role, but the company sees them as a diversification opportunity if it can meet tender qualification and equipment requirements 1.
Market context
The Hong Kong wet trades market is described as highly competitive, with several bidders for the same project, which pushes margins down when competition is intense 1. Demand depends on private construction activity and government land resumption plans for public housing and infrastructure 1.
Labour costs are rising in Hong Kong, and the company passes them on through subcontracting fees, which could reduce profitability if they cannot be recovered 1.
Trends
- Growing demand for public housingtailwind
Government plans for public housing and infrastructure could open new projects for the company if it obtains the required qualification 1.
- Rising wages and labour costsheadwind
Average wages in Hong Kong are rising, and the company can pass costs on only partly to clients, which could pressure margins 1.
- Volatility of the contract backlogmixed
Customers can cancel or modify contracts in the backlog, and new awards might not fully convert into revenue in the expected period 1.
- Mainland China regulatory exposureheadwind
Chinese authorities could influence operations in Hong Kong, and regulatory changes could add compliance costs 1.
Competitive position
The company operates in a sector where several subcontractors bid for the same project, and the final price depends on the mark-up chosen for each bid 1. The filing does not name listed competitors, so the competitive analysis relies on the market description in the document 1.
Stated competitive advantages are over five years of operating history, relationships with major customers and an internal quality control system 1.
- Other wet trades subcontractors in Hong Kong
Unnamed rivals that bid for the same private and public projects, as described in the filing 1.
- Main contractors in Hong Kong
The company's direct customers, which could also perform wet trades work in-house, an indirect form of competition 1.
- Subcontractors with in-house labour
Firms that can mobilise labour quickly and compete for the same tenders, especially when demand is high 1.
- Equipment rental providers
External equipment suppliers on which the company relies less as it builds its own machinery fleet 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.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)22 Oct 2026
- Current report (foreign issuer)21 Oct 2026
- Current report (foreign issuer)06 Oct 2026
- Current report (foreign issuer)28 Sept 2026
- Current report (foreign issuer)24 Sept 2026
- Current report (foreign issuer)25 Aug 2026
- Current report (foreign issuer)13 Aug 2026
- Current report (foreign issuer)06 Aug 2026
- Current report (foreign issuer)31 Jul 2026
- Annual report (foreign issuer)30 Jul 2026
Sources
- [1] Form 20-F, fiscal year ended 2026-03-31 · SEC / Masonglory Ltd · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.