olivLaw · US equity research
Plutus Financial Group Ltd PLUT
Security & Commodity Brokers, Dealers, Exchanges & Services · SIC 6200 · Vertical: Security & Commodity Brokers, Dealers, Exchanges & Services (SIC 6200)
Plutus Financial Group Ltd is a Hong Kong based financial group whose SFC licensed subsidiaries offer securities trading and brokerage, margin financing and asset management. Revenue in fiscal 2025 was about US$1.34 million and the company stayed loss making, while a proposed merger with Choco Up could change the business profile.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Plutus Financial Group Ltd (PLUT) stock was 1.23 USD (−3.15% on the day), with market capitalisation 18.9 m USD, beta 0.48, 52-week range 1.23–3.65 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)
- 28.8
- oversold (≤ 30)
- Bollinger (20, 2)
- 1.25 – 2.30
- below the lower band · %B -0.02 · band width 58.9%
- SMA 50 / 200
- 2.21 / 2.89
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.25 / -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 | −46.5% | −5.9% | −40.6 pp | — |
| 3 months | −55.2% | −4.6% | −50.5 pp | — |
| 6 months | −57.9% | +0.2% | −58.1 pp | — |
| Year to date | −62.9% | +7.4% | −70.3 pp | — |
| 1 year | −65.4% | +8.2% | −73.7 pp | +10.6% |
| 3 years | unavailable | +68.4% | unavailable | +38.0% |
| 5 years | unavailable | +56.5% | 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 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | unavailable | unavailable | 1.3 m | 1.3 m |
| Revenue YoY | unavailable | unavailable | unavailable | +6.9% |
| Net income | unavailable | unavailable | -710.0 k | -5.1 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -0.06 | -0.35 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | -56.6% | -377.3% |
| Free cash flow | unavailable | unavailable | -1.2 m | -10.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.7 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 11.2 m USD
- Total assets
- 15.3 m USD
- Debt / equity
- unavailable
- Current ratio
- 3.45x
- ROE
- -55.3%
- ROA
- -41.2%
- FCF margin
- -768.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 1.3 m | 1.3 m | SEC (XBRL)· 11 May 2026verified |
| Operating income | -930.0 k | -4.3 m | SEC (XBRL)· 11 May 2026verified |
| Depreciation & amortisation | — | 390.0 k | SEC (XBRL)· 11 May 2026verified |
| EBITDA | — | -3.9 m ≈ | SEC (XBRL)· 11 May 2026derived |
| Pre-tax income | -854.0 k | -4.7 m | SEC (XBRL)· 11 May 2026verified |
| Income tax | -144.0 k | 397.0 k | SEC (XBRL)· 11 May 2026verified |
| Net income | -710.0 k | -5.1 m | SEC (XBRL)· 11 May 2026verified |
| Diluted EPS | -0.06 | -0.35 | SEC (XBRL)· 11 May 2026verified |
| Weighted average diluted shares | 12.0 m | 14.5 m | SEC (XBRL)· 11 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 3.9 m | 1.7 m | SEC (XBRL)· 11 May 2026verified |
| Current assets | 8.3 m | 14.3 m | SEC (XBRL)· 11 May 2026verified |
| Property, plant & equipment, net | 124.0 k | 72.0 k | SEC (XBRL)· 11 May 2026verified |
| Intangibles (excl. goodwill) | 77.0 k | 456.0 k | SEC (XBRL)· 11 May 2026verified |
| Total assets | 9.2 m | 15.3 m | SEC (XBRL)· 11 May 2026verified |
| Current liabilities | 2.0 m | 4.1 m | SEC (XBRL)· 11 May 2026verified |
| Total liabilities | 2.1 m | 4.1 m | SEC (XBRL)· 11 May 2026verified |
| Equity | 7.1 m † | 11.2 m † | SEC (XBRL)· 11 May 2026verified |
| Shares outstanding at year end | 12.0 m | 15.4 m | SEC (XBRL)· 11 May 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 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -1.0 m | -10.3 m | SEC (XBRL)· 11 May 2026verified |
| Capex | 167.0 k | 5.0 k | SEC (XBRL)· 11 May 2026verified |
| Free cash flow | -1.2 m ≈ | -10.3 m ≈ | SEC (XBRL)· 11 May 2026derived |
| Investing cash flow | -167.0 k | -1.2 m | SEC (XBRL)· 11 May 2026verified |
| Financing cash flow | -71.0 k | 10.6 m | SEC (XBRL)· 11 May 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
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 18.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 18.9 m USD
Key indicators
Coverage and freshness
Score by group
19% · 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- 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: indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -377.3% | 0 (vs peers) | 33% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 3.4x | 100 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -54.6% | 0 (on a fixed band) | 44% |
| 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
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 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
Plutus Financial Group Limited (PLUT). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.3 m USD in 2025; YoY growth 6.9%; net margin -377.3%; ROE -55.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% 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
- Current ratio: 3.4x
What contradicts it
- Net margin: -377.3%
- FCF yield: -54.6%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Security & Commodity Brokers, Dealers, Exchanges & Services (SIC 6200) · same industry (4-digit SIC) · compared with 15 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 | |
|---|---|---|---|---|---|---|
| ICEIntercontinental Exchange, Inc. | 97.2 bn | 23.7 | 14.2% | 29.6% | +7.5% | +11% / +53% |
| NDAQNasdaq, Inc. | 59.3 bn | 29.2 | 17.4% | 22.8% | +11.6% | +17% / +91% |
| CBOECboe Global Markets, Inc. | 36.8 bn | 25.1 | 27.4% | 28.0% | +15.1% | +37% / +94% |
| LPLALPL Financial Holdings Inc. | 23.4 bn | 17.3 | 25.7% | 6.8% | +37.2% | −15% / +35% |
| SNEXStoneX Group Inc. | 6.5 bn | 12.3 | 21.9% | 0.3% | +32.5% | +33% / +196% |
| MRXMarex Group Ltd | 4.7 bn | 16.8 | 28.7% | 14.5% | +26.9% | +87% / unavailable |
| TOPTop Financial Group Limited | 438.2 m | — | -1.0% | -23.3% | +41.9% | +113% / −46% |
| EBONEbang International Holdings Inc. | 182.3 m | — | -5.6% | -215.6% | +11.4% | −52% / −75% |
| GSIWGarden Stage Limited | 162.5 m | 7.5 | -89.5% | -190.1% | +33.2% | −65% / unavailable |
| WTFWaton Financial Limited | 94.5 m | — | -87.9% | -136.7% | +48.8% | −41% / unavailable |
| STEXStreamex Corp. | 38.0 m | — | -705.4% | — | +122.2% | −93% / −87% |
| SOSSOS Limited | 20.9 m | — | -22.7% | -63.1% | −33.3% | −85% / −100% |
| CMECme Group Inc. | — | 25.1 | 16.1% | 63.3% | +6.4% | +9% / +41% |
| PLUTPlutus Financial Group Limited | — | — | -55.3% | -377.3% | +6.9% | −65% / unavailable |
| TWTradeweb Markets Inc. | 0 | 29.9 | 14.1% | 39.8% | +18.9% | +17% / +32% |
| BGCBGC Group, Inc. | — | 25.5 | 19.5% | 6.0% | +30.0% | +20% / +61% |
1- and 3-year price returns: for PLUT 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 11 May 2026; since then the company filed 6-K (01 Oct 2026), 6-K (30 Jun 2026).
In brief
Plutus Financial Group Ltd is a Hong Kong based financial group whose SFC licensed subsidiaries offer securities trading and brokerage, margin financing and asset management. Revenue in fiscal 2025 was about US$1.34 million and the company stayed loss making, while a proposed merger with Choco Up could change the business profile 1.
SWOT
Strengths
- SFC licences for dealing, advisory and asset management, together with HKEx exchange participation, provide a solid operating framework.
- The company runs an integrated service portfolio combining brokerage, margin financing and asset management, allowing revenue from several sources.
- Collateral coverage on margin loans improved in 2025, indicating tighter control of credit risk.
Weaknesses
- The company is small with a limited operating history, which makes long term performance hard to evaluate.
- The net loss in 2025 and rising expenses show the core business does not yet cover its operating costs.
- Reliance on a few large customers makes revenue vulnerable to the loss of a single important client.
Opportunities
- If the Choco Up merger closes, the company could diversify into digital financing across Asia Pacific.
- Hong Kong government policies to attract family offices could support growth at Golden Harvest and in trust services.
- A recovery in trading volumes and in the primary market could restore commissions and underwriting income.
Threats
- Competitive pressure may force fee reductions, which would hurt margins in an already crowded sector.
- Market volatility and interest rate swings can reduce traded volumes and demand for margin loans.
- Regulatory requirements and reputational damage from client losses could lead to sanctions and extra costs.
Risks
- Customer concentrationhigh
Revenue and receivables are concentrated among a few customers, and a late payment by one major client could directly affect results and operating capacity.
- Net loss and high costshigh
The company reported a significant net loss in 2025 while legal and marketing expenses rose, which could strain available resources.
- Merger completion riskmedium
The Choco Up merger depends on shareholder, regulatory and Nasdaq approvals, and failure to close by the agreed deadline could change the company's strategy.
- Trading errors and misconductmedium
Trading system failures or illegal acts by staff or third parties can cause losses and regulatory sanctions.
- Credit risk on margin lendingmedium
Margin loans are secured by listed shares, but a sharp fall in prices could leave collateral insufficient and generate losses.
Investment thesis
What would need to be true (bull case)
- If the Choco Up merger closes, the company could extend its activity into digital financing, changing its long term profile.
- If Hong Kong trading volumes recover, commission income could grow quickly given a stabilised base of active clients.
- Trust services and asset management could benefit from government initiatives aimed at family offices.
What would break the thesis
- The net loss and rising expenses show the current business is not yet profitable, and reliance on a few clients increases risk.
- The primary market has been weak for years and the absence of listings removes an important revenue source.
- Intense competition may force fee cuts, and larger rivals have more resources to withstand pressure.
What to watch
- Completion or failure of the Choco Up merger and the agreed closing deadlineby June 30, 2026
- Trend in commission income and traded volumesQ1 2027
- Level of net loss and legal costs after the proposed transaction2026
- Customer concentration and the trend in margin loan balancesnext 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 11 May 2026; since then the company filed 6-K (01 Oct 2026), 6-K (30 Jun 2026).
The business
The group is a Cayman Islands holding company operating through its indirect wholly owned Hong Kong subsidiaries Plutus Securities Limited and Plutus Asset Management Limited 1. Plutus Securities holds a Type 1 SFC licence and is an HKEx exchange participant, offering trading, margin financing, custody and nominee services, and underwriting and placing services 1. The company also invested in Golden Harvest Trust Limited, a trust services firm, and in July 2025 agreed a merger with Choco Up, with the closing deadline extended to June 30, 2026 1.
Revenue in fiscal 2025 was driven by interest income and commissions from core activities, while asset management fees declined. Total expenses were US$5.623 million in 2025, with the increase mainly linked to legal and professional fees tied to the Choco Up transaction, compensation and marketing costs 1.
The customer base is concentrated: in 2025 two customers accounted for 21% and 13% of total revenues, and for 60% and 16% of loans and receivables from customers at year end 1. This concentration makes revenue sensitive to the loss of a major client.
Segments
Brokerage and margin financing
Plutus Securities earns brokerage commissions, handling fees and interest on margin loans. Commissions were HK$2,117,000 in 2025, while margin interest fell as the company tightened credit risk controls 1.
Market context
Management expects a challenging market environment through 2026 due to geopolitical tensions and interest rate volatility, with a possible recovery from late 2027 supported by Hong Kong government initiatives to attract family offices 1.
Trends
- Volatile trading volumesmixed
Brokerage revenue depends on traded volume, which follows market sentiment. Weak markets and economic slowdowns have reduced volumes in the past, and a market recovery could support commissions.
- Weak primary market sentimentheadwind
The absence of IPOs and placements in recent years has removed underwriting revenue. A revival of listing activity in Hong Kong could bring this back, but no clear signs have appeared yet.
- Family office attraction effortstailwind
Hong Kong government initiatives to attract family offices could create demand for asset management and trust services, especially through Golden Harvest.
- Regulatory and compliance costsheadwind
SFC requirements and stricter controls on margin financing limit lending volumes, while also raising compliance costs that pressure the margins of a small firm.
Competitive position
The company competes in Hong Kong with traditional brokers, bank brokerage units and larger financial services providers that have stronger brands and greater financial resources 1. Intense competition may force fee cuts that pressure margins, especially in market slowdowns 1.
In online brokerage, competition is intensifying and new entrants can obtain licences and qualified staff, which could reduce the company's market share 1. The company is responding with investment in electronic trading platforms and new services, though the outcome of these efforts cannot be assured 1.
- Traditional Hong Kong retail brokers
Established firms with greater resources and larger client networks, cited in the risk factors as main rivals.
- Online brokerage units of major banks
Bank online brokerage arms can use existing resources to offer low cost trading.
- Large international brokerage companies
International firms with large online brokerage businesses that can acquire or grow services in Hong Kong.
- Small and medium local financial services providers
Local firms offering a similar range of services and competing particularly on price.
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)01 Oct 2026
- Current report (foreign issuer)30 Jun 2026
- Annual report (foreign issuer)11 May 2026
- Current report (foreign issuer)01 Apr 2026
- Current report (foreign issuer)05 Mar 2026
- Current report (foreign issuer)31 Dec 2025
- Current report (foreign issuer)30 Dec 2025
- Current report (foreign issuer)03 Oct 2025
- Current report (foreign issuer)29 Sept 2025
- Current report (foreign issuer)08 Aug 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Plutus Financial Group Ltd · 11 May 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.