olivLaw · US equity research
WF Holding Ltd WFF
Miscellaneous Manufacturing Industries · SIC 3990 · Vertical: Miscellaneous Manufacturing Industries (SIC 3990)
WF Holding Ltd manufactures fiberglass reinforced plastic (FRP) tanks, pipes and related products in Malaysia, serving the chemical, water treatment and power generation industries. Revenue rose to 7.4 million USD in fiscal 2025, yet the company reported a net loss of 4.75 million USD, driven largely by impairment of investments.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, WF Holding Ltd (WFF) stock was 1.14 USD (−13.64% on the day), with market capitalisation 5.7 m USD, beta 5.37, 52-week range 0.08–17.28 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)
- 47.1
- neutral
- Bollinger (20, 2)
- -6.34 – 10.88
- in the lower half of the band · %B 0.43 · band width 758.2%
- SMA 50 / 200
- 2.16 / 2.07
- mixed trend
- MACD (12, 26, 9)
- -0.39 / -0.39
- 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 | −43.3% | −5.9% | −37.3 pp | — |
| 3 months | −58.1% | −4.6% | −53.5 pp | — |
| 6 months | −29.2% | +0.2% | −29.4 pp | — |
| Year to date | −50.4% | +7.4% | −57.9 pp | — |
| 1 year | −66.2% | +8.2% | −74.4 pp | +1.6% |
| 3 years | unavailable | +68.4% | unavailable | +19.3% |
| 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 | 5.0 m | 5.7 m | 4.6 m | 7.4 m |
| Revenue YoY | unavailable | +15.4% | −20.3% | +61.9% |
| Net income | 978.8 k | 491.4 k | 111.6 k | -4.8 m |
| Net income YoY | unavailable | −49.8% | −77.3% | −4,373.8% |
| Diluted EPS | 0.04 | 0.11 | 0.02 | -0.97 |
| Diluted EPS YoY | unavailable | +167.5% | −77.6% | −4,133.3% |
| net % | 19.7% | 8.6% | 2.4% | -64.4% |
| Free cash flow | -292.4 k | 582.7 k | 701.9 k | -2.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.3 m USD
- Financial debt
- 188.7 k USD
- Net debt
- -2.1 m USD
- Equity
- 4.8 m USD
- Total assets
- 11.4 m USD
- Debt / equity
- 0.04x
- Current ratio
- 2.51x
- ROE
- -127.3%
- ROA
- -54.2%
- FCF margin
- -36.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 5.0 m | 5.7 m | 4.6 m | 7.4 m | SEC (XBRL)· 30 Apr 2026verified |
| Cost of revenue | 2.8 m | 3.8 m | 2.7 m | 5.0 m | SEC (XBRL)· 30 Apr 2026verified |
| Gross profit | 2.1 m | 2.0 m | 1.8 m | 2.4 m | SEC (XBRL)· 30 Apr 2026verified |
| Operating income | 1.3 m | 655.5 k | 115.8 k | -1.5 m | SEC (XBRL)· 30 Apr 2026verified |
| Depreciation & amortisation | 97.6 k | 118.3 k | 146.2 k | 160.3 k | SEC (XBRL)· 30 Apr 2026verified |
| EBITDA | 1.4 m ≈ | 773.8 k ≈ | 262.0 k ≈ | -1.4 m ≈ | SEC (XBRL)· 30 Apr 2026derived |
| Interest expense | 22.3 k | 22.3 k | 21.0 k | 16.7 k | SEC (XBRL)· 30 Apr 2026verified |
| Pre-tax income | 1.3 m | 695.6 k | 119.0 k | -4.7 m | SEC (XBRL)· 30 Apr 2026verified |
| Income tax | 306.5 k | 204.2 k | 7.4 k | 85.2 k | SEC (XBRL)· 30 Apr 2026verified |
| Net income | 978.8 k | 491.4 k | 111.6 k | -4.8 m | SEC (XBRL)· 30 Apr 2026verified |
| Diluted EPS | 0.04 | 0.11 | 0.02 | -0.97 | SEC (XBRL)· 30 Apr 2026verified |
| Weighted average diluted shares | 23.0 m | 4.6 m | 4.6 m | 4.9 m | SEC (XBRL)· 30 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 689.8 k | 777.1 k | 1.1 m | 2.3 m | SEC (XBRL)· 30 Apr 2026verified |
| Receivables | — | 2.2 m | 1.8 m | 1.6 m | SEC (XBRL)· 30 Apr 2026verified |
| Inventories | — | 444.8 k | 846.2 k | 558.2 k | SEC (XBRL)· 30 Apr 2026verified |
| Current assets | — | 3.9 m | 4.8 m | 5.1 m | SEC (XBRL)· 30 Apr 2026verified |
| Property, plant & equipment, net | — | 1.1 m | 992.7 k | 1.2 m | SEC (XBRL)· 30 Apr 2026verified |
| Total assets | — | 5.4 m | 6.2 m | 11.4 m | SEC (XBRL)· 30 Apr 2026verified |
| Accounts payable | — | 834.2 k | 435.0 k | 891.4 k | SEC (XBRL)· 30 Apr 2026verified |
| Short-term debt | — | 59.2 k | 60.4 k | 28.9 k | SEC (XBRL)· 30 Apr 2026verified |
| Long-term debt | — | 223.5 k | 171.5 k | 159.8 k | SEC (XBRL)· 30 Apr 2026verified |
| Current liabilities | — | 2.4 m | 3.2 m | 2.0 m | SEC (XBRL)· 30 Apr 2026verified |
| Total liabilities | — | 2.8 m | 3.5 m | 6.6 m | SEC (XBRL)· 30 Apr 2026verified |
| Equity | 2.2 m | 2.6 m | 2.7 m | 4.8 m | SEC (XBRL)· 30 Apr 2026verified |
| Shares outstanding at year end | — | — | 23.0 m | 5.0 m | SEC (XBRL)· 30 Apr 2026verified |
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -166.6 k | 655.8 k | 753.5 k | -2.4 m | SEC (XBRL)· 30 Apr 2026verified |
| Capex | 125.8 k | 73.1 k | 51.5 k | 281.7 k | SEC (XBRL)· 30 Apr 2026verified |
| Free cash flow | -292.4 k ≈ | 582.7 k ≈ | 701.9 k ≈ | -2.7 m ≈ | SEC (XBRL)· 30 Apr 2026derived |
| Investing cash flow | -116.9 k | -73.1 k | -51.5 k | -3.8 m | SEC (XBRL)· 30 Apr 2026verified |
| Financing cash flow | -106.2 k | -442.8 k | -465.6 k | 7.0 m | SEC (XBRL)· 30 Apr 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
- score weight coverage: 43.8% 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: 5.7 m USD
Key indicators
Coverage and freshness
Score by group
44% · 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 · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- 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: 43.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -55.9% | 0 (on a fixed band) | 24% |
| Net margin · Quality | -64.4% | 25 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 14.2% | 100 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -90.8x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 2.5x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -47.3% | 0 (on a fixed band) | 19% |
| 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· partial100/100 · 1/2 factors with a value
- Quality9/100 · 2/3 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
WF Holding Ltd (WFF). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 7.4 m USD in 2025; YoY growth 61.9%; net margin -64.4%; ROE -127.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 43.8% 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
- Revenue CAGR 3Y: 14.2%
- Current ratio: 2.5x
What contradicts it
- ROIC: -55.9%
- Net margin: -64.4%
- Interest coverage: -90.8x
- FCF yield: -47.3%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Miscellaneous Manufacturing Industries (SIC 3990) · same industry (4-digit SIC) · compared with 9 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 | |
|---|---|---|---|---|---|---|
| AMCRAmcor PLC | 21.2 bn | 19.6 | 9.3% | 4.5% | +56.6% | +8% / −3% |
| DAKTDaktronics, Inc. | 925.3 m | 19.6 | 16.2% | 5.7% | +10.9% | +2% / +84% |
| HCAIHuachen AI Parking Management Technology Holding Co., Ltd | 85.8 m | — | -402.1% | -642.6% | −83.9% | −75% / unavailable |
| MWGMulti Ways Holdings Limited | 44.3 m | — | -2.0% | -1.0% | +44.1% | −51% / −53% |
| VTSIVirTra, Inc. | 30.6 m | — | -6.1% | — | unavailable | −46% / −63% |
| DOGZDogness (International) Corporation | 8.7 m | — | -32.0% | -173.9% | −23.3% | −95% / −81% |
| JCSEJe Cleantech Holdings Limited | 8.1 m | 3.2 | 18.3% | 15.9% | +11.8% | +36% / +66% |
| WFFWF Holding Ltd | 5.7 m | — | -127.3% | -64.4% | +61.9% | −66% / unavailable |
| ODCOil-Dri Corporation of America | — | — | 20.5% | 11.5% | +1.7% | +26% / +142% |
| BRCBrady Corp | — | — | 16.1% | 12.4% | +9.8% | +2% / +42% |
1- and 3-year price returns: for WFF 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 Apr 2026; since then the company filed 6-K (28 Oct 2026), 6-K (27 Oct 2026), 6-K (21 Oct 2026), 6-K (15 Oct 2026), 6-K (02 Oct 2026), 6-K (31 Jul 2026).
In brief
WF Holding Ltd manufactures fiberglass reinforced plastic (FRP) tanks, pipes and related products in Malaysia, serving the chemical, water treatment and power generation industries. Revenue rose to 7.4 million USD in fiscal 2025 1, yet the company reported a net loss of 4.75 million USD 1, driven largely by impairment of investments.
SWOT
Strengths
Weaknesses
Opportunities
- Expanding production capacity and acquiring new equipment could open additional product lines 1.
- Water treatment and pollution control markets could grow if environmental regulations tighten 1.
- Geographic diversification and integration of Hong Kong assets could reduce dependence on a few customers 1.
Risks
- Customer concentrationhigh
A small number of customers account for a significant part of revenue, and the lack of long-term contracts makes revenue more volatile 1.
- Investment impairmenthigh
Impairment of investments drove most of the net loss in 2025, showing the risk of acquiring private entities 1.
- Supplier dependencemedium
Raw materials are available, but price and supply fluctuations can affect production and delivery schedules 1.
- Margin pressuremedium
Subcontractor and administrative costs rose faster than revenue, and the gross margin declined 1.
- Related-party transactionslow
Some acquisitions were made from relatives of the management, which raises governance questions 1.
Investment thesis
What would need to be true (bull case)
- If revenue keeps growing and the gross margin recovers toward earlier levels, results could better reflect the quality of core operations 1.
- Over three decades of experience and quality certifications could support new contracts in demanding industries 1.
- Expanding production capacity and geographic diversification could reduce dependence on a few customers 1.
What would break the thesis
- The 2025 net loss and investment impairments show that new acquisitions have not yet produced positive results 1.
- If margins stay below the 2024 level, operating profitability could remain weak 1.
- Dependence on a few customers and the lack of long-term contracts make revenue vulnerable to project delays 1.
What to watch
- Trend in gross margin and subcontractor costs2026
- Integration progress of the Hong Kong and Malaysia investments2026
- Effect of the RBSB cessation on the group structure2026
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 Apr 2026; since then the company filed 6-K (28 Oct 2026), 6-K (27 Oct 2026), 6-K (21 Oct 2026), 6-K (15 Oct 2026), 6-K (02 Oct 2026), 6-K (31 Jul 2026).
The business
Customers are mainly in chemical processing, water and wastewater treatment and power generation, and sales are made on individual purchase orders or per project, without long-term contracts 1. Customer concentration is high: two customers together accounted for a significant part of revenue in 2025 1. No single supplier dominates, but part of the work now relies on subcontractors 1.
The group structure includes the Cayman Islands parent, the Malaysian subsidiary Win-Fung and WF Venture Ltd., formed in 2025 for investments and acquisitions in Hong Kong and Malaysia 1. Operations are led by a chief executive who is also the controlling shareholder 1.
Segments
FRP products
Product sales make up almost all revenue, at 84.32% of revenue in 2025 1. Their growth was the main driver of higher revenue, but cost of sales rose faster because of greater reliance on subcontractors 1.
Market context
The FRP market serves industries with high corrosion requirements, such as chemicals, wastewater treatment and power, where fiberglass tanks and pipes compete with steel and concrete 1. The company sells in regional markets across Asia and Australia, with a varying share of customers in Malaysia, Singapore, Australia and China 1. Demand depends on individual projects, which makes revenue sensitive to delivery timing 1.
The market is competitive, with manufacturers offering broad FRP ranges and suppliers distributing other materials as well 1. A high share from a few customers and one-off projects means results can vary sharply from year to year 1.
Trends
- Infrastructure projects in the regiontailwind
Demand for water treatment and pollution control equipment could support volumes if environmental projects continue in the region 1.
- Diversification through acquisitionsmixed
Investments in Hong Kong and Malaysia could diversify revenue, but they also brought impairment of 3.28 million USD and losses from equity investees 1. The final effect depends on integrating these assets 1.
- Customer concentrationheadwind
Dependence on a few large customers means losing a single contract could significantly affect results 1. The absence of long-term contracts adds to this vulnerability 1.
Competitive position
Competitive strengths are the broad product and service range and the ability to offer customized solutions, but pricing pressure from competitors could limit margins if costs rise 1.
- Cradotex (M) Sdn Bhd
Malaysian FRP manufacturer producing tanks and pipes, with a range close to the company's 1.
- Heng Lee Composite Engineering Sdn Bhd
Malaysian FRP manufacturer in the same product category, active in the regional market 1.
- Berjaya Bintang Timur Sdn Bhd
Supplier that distributes and installs FRP products made by other manufacturers 1.
- WT TankPro Sdn Bhd
Supplier that distributes FRP products and consults with clients, including products made of other materials 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)28 Oct 2026
- Current report (foreign issuer)27 Oct 2026
- Current report (foreign issuer)21 Oct 2026
- Current report (foreign issuer)15 Oct 2026
- Current report (foreign issuer)02 Oct 2026
- Current report (foreign issuer)31 Jul 2026
- Current report (foreign issuer)16 Jul 2026
- Current report (foreign issuer)30 Jun 2026
- Current report (foreign issuer)11 Jun 2026
- Current report (foreign issuer)28 May 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / WF Holding Ltd · 30 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.