olivLaw · European equity research
Det Østasiatiske Kompagni A/S OKEAC.CO
Denmark · Nasdaq Copenhagen · ISIN DK0061277894 · Vertical: Listed companies from Denmark
Det Østasiatiske Kompagni A/S is a Nasdaq Copenhagen-listed holding company whose activity consists almost entirely of minority stakes in Asia, notably Thai Poly Acrylics and East Lake Villas in Beijing. Its operating result for 2025 remained negative at DKK -2,5 mio., and the company currently focuses on optimising dividends and reviewing possible disposals, with no disposals announced for 2026.
At the close of 05 Nov 2026, Det Østasiatiske Kompagni A/S (OKEAC.CO) stock was 6,100.00 DKK (+1.67% on the day), with market capitalisation 60.7 m DKK, beta 0.11, 52-week range 5,600.00–8,650.00 DKK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 48.9
- neutral
- Bollinger (20, 2)
- 5,415.23 – 6,384.77
- in the upper half of the band · %B 0.71 · band width 16.4%
- SMA 50 / 200
- 6,615.00 / 7,682.00
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -181.22 / -267.32
- 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 | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −5.4% | +0.4% | −5.8 pp | — |
| 3 months | −14.7% | −3.3% | −11.4 pp | — |
| 6 months | −21.8% | +4.0% | −25.8 pp | — |
| Year to date | −12.2% | +8.1% | −20.3 pp | — |
| 1 year | −26.9% | +10.7% | −37.6 pp | −6.5% |
| 3 years | −48.3% | +50.1% | −98.4 pp | +1.4% |
| 5 years | −48.7% | +43.6% | −92.3 pp | — |
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 | 2024 | 2025 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | -2.9 m | -2.2 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -291.40 | -221.10 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | unavailable | unavailable |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 7.8 m DKK
- Financial debt
- unavailable DKK
- Net debt
- unavailable DKK
- Equity
- 32.6 m DKK
- Total assets
- 32.7 m DKK
- Debt / equity
- unavailable
- Current ratio
- 89.00x
- ROE
- -6.4%
- ROA
- -6.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (DKK)
Income statement · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating income | -2.7 m | -2.5 m | esef· 27 May 2026verified |
| Interest expense | 0 | 100.0 k | esef· 27 May 2026verified |
| Pre-tax income | -2.8 m | -2.1 m | esef· 27 May 2026verified |
| Income tax | 100.0 k | 100.0 k | esef· 27 May 2026verified |
| Net income | -2.9 m | -2.2 m | esef· 27 May 2026verified |
| Diluted EPS | -291.40 | -221.10 | esef· 27 May 2026verified |
Balance sheet · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 9.4 m | 7.8 m | esef· 27 May 2026verified |
| Current assets | 10.8 m | 8.9 m | esef· 27 May 2026verified |
| Total assets | 36.5 m | 32.7 m | esef· 27 May 2026verified |
| Current liabilities | 100.0 k | 100.0 k | esef· 27 May 2026verified |
| Total liabilities | 100.0 k | 100.0 k | esef· 27 May 2026verified |
| Equity | 36.4 m | 32.6 m | esef· 27 May 2026verified |
| Shares outstanding at year end | 10.0 k | 10.0 k | esef· 27 May 2026derived |
Cash flow · DKK
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: 2 of at least 6
- score weight coverage: 10.4% 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: 60.7 m DKK
Key indicators
Coverage and freshness
Score by group
10% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| 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 | -25.0x | 0 (on a fixed band) | 60% |
| Current ratio · Balance sheet | 89.0x | 100 (on a fixed band) | 40% |
| 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· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 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
Det Østasiatiske Kompagni A/S (OKEAC.CO). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE -6.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% 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: 89.0x
What contradicts it
- Interest coverage: -25.0x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Denmark · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DEMANT.CODemant A | 79.7 bn | 51.6 | 15.0% | 6.7% | +2.5% | +72% / +30% |
| PNDORA.COPandora A | 68.8 bn | 13.2 | 133.4% | 16.1% | unavailable | +16% / −3% |
| NEWCAP.CONewcap Holding A | 65.3 bn | 13,125.0 | 29.1% | 41.6% | −99.9% | +121% / +62% |
| ISS.COIss A | 50.8 bn | 19.8 | 27.7% | 3.1% | +1.1% | +43% / +158% |
| BAVA.COBavarian Nordic A | 19.2 bn | 13.9 | 10.9% | 22.0% | unavailable | +33% / +47% |
| GN.COGn Store Nord A | 18.1 bn | 27.7 | 6.3% | 6.8% | unavailable | +20% / −23% |
| NETC.CONetcompany Group A | 16.8 bn | 66.2 | 7.2% | 3.3% | unavailable | +11% / +64% |
| BIOMAR.COBiomar Group A | 12.1 bn | 16.9 | 28.3% | 4.3% | −0.5% | unavailable / unavailable |
| JDAN.COJeudan A | 11.1 bn | 11.1 | 7.7% | 57.1% | unavailable | +2% / −7% |
| DFDS.CODfds A | 8.7 bn | — | -0.2% | -0.1% | +1.9% | +73% / −25% |
| GUBRA.COGubra A | 4.8 bn | 2.9 | 149.6% | 64.1% | +892.2% | −40% / +157% |
| MATAS.COMatas A | 3.1 bn | 12.9 | 6.6% | 2.8% | +4.7% | −31% / −21% |
| CBRAIN.COCbrain A | 2.4 bn | 54.7 | 13.8% | 17.2% | −6.2% | −21% / −52% |
| BO.COBang & Olufsen A | 1.7 bn | — | -10.0% | -4.3% | −3.3% | −24% / +12% |
| COLUM.COColumbus A | 1.2 bn | 84.0 | 2.0% | 0.9% | unavailable | −5% / +30% |
| NNIT.CONnit A | 1.0 bn | — | -3.0% | -1.3% | −3.4% | −16% / −54% |
| NORTHM.CONorth Media A | 873.1 m | 13.2 | 5.5% | 5.1% | −0.4% | +11% / −16% |
| FFARMS.COFirstfarms A | 789.8 m | — | -2.3% | -5.4% | −16.5% | −9% / −1% |
| HUSCO.COHusCompagniet A | 507.2 m | — | -1.3% | -0.9% | +28.7% | −41% / −46% |
| BIOPOR.COBioporto A | 456.2 m | — | -117.6% | -203.8% | +11.2% | −8% / −53% |
| GABR.COGabriel Holding A | 429.4 m | 57.5 | 2.8% | 1.4% | +6.7% | −10% / −29% |
| GREENM.COGreenMobility A | 392.5 m | 11.9 | 74.3% | 21.5% | +20.0% | −19% / +91% |
| EGNETY.COEgnsinvest Ejendomme Tyskland A | 320.0 m | 13.0 | 4.0% | 40.9% | −2.6% | −21% / +11% |
| PFINV.COPapirfabrikken Invest A | 300.9 m | 13.5 | 5.4% | 29.7% | +0.9% | −3% / +36% |
| CEMAT.COCemat A | 213.9 m | 3.5 | 28.7% | 37.5% | +318.0% | −9% / +3% |
1- and 3-year price returns: for OKEAC.CO 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.
In brief
Det Østasiatiske Kompagni A/S is a Nasdaq Copenhagen-listed holding company whose activity consists almost entirely of minority stakes in Asia, notably Thai Poly Acrylics and East Lake Villas in Beijing. Its operating result for 2025 remained negative at DKK -2,5 mio., and the company currently focuses on optimising dividends and reviewing possible disposals, with no disposals announced for 2026.
SWOT
Strengths
- High financial solidity, with a very high equity ratio and no significant debt, offering flexibility in a difficult environment.
- Stakes in Asian assets with rising dividends, such as East Lake Villas, which could generate steadier income.
- Simple administrative structure with a single employee, which limits fixed costs.
Weaknesses
- The operating result is persistently negative, and income depends on dividends and associate results rather than on an own business.
- Minority stakes give no protection to minority shareholders, and value realisation depends on negotiations with majority holders.
- A significant part of the liquidity is locked in China due to currency restrictions.
Opportunities
- The transfer of the ELV stake to Denmark could simplify dividend flows and reduce the costs of Chinese entities.
- A possible agreement with the East Lake Villas majority shareholder on a development plan could raise the value of the investment.
- Selling some stakes at the right time could generate additional liquidity, if the market offers acceptable prices.
Threats
- Competitive pressure in the Asian acrylics industry could further reduce dividends from Thai Poly Acrylics.
- Currency fluctuations and capital restrictions in China could limit access to liquidity.
- The costs of maintaining a listed company, combined with modest dividends, could make the structure unprofitable over the long term.
Risks
- Realising the value of Asian investmentshigh
The value of the Asian stakes is subject to high uncertainty, and agreements with majority shareholders offer no minority protection, requiring lengthy negotiations.
- Dependence on Thai Poly Acrylicshigh
Dividends from Thailand are uncertain because of difficult market conditions, and management says these continue to weigh on operations.
- Currency restrictions and trapped liquiditymedium
Part of the company's liquidity is located in China and is not immediately available to the group, which could limit its payment capacity.
- Listing costs relative to incomemedium
The report acknowledges that relatively modest dividends must be weighed against the costs of maintaining a listed company in Denmark.
- Tax disputeslow
Although an interest claim was withdrawn in March 2026, the history of tax disputes remains a point of attention for shareholders.
Investment thesis
What would need to be true (bull case)
- If dividends from East Lake Villas keep rising and the transfer of the stake to Denmark produces savings, the company could obtain steadier income.
- Very high financial solidity provides a solid base to wait for better conditions when disposing of some stakes.
- The withdrawal of the tax claim in 2026 removes an uncertainty from the past and could clarify the outlook for shareholders.
What would break the thesis
- If price pressure in Thailand persists, dividends from Thai Poly Acrylics could fall further, and the negative result could become structural.
- Cash locked in China and currency restrictions could limit the company's ability to distribute capital to shareholders.
- The lack of an own operating business and listing costs could leave the structure unprofitable, with realisable value depending on majority shareholders.
What to watch
- Development of dividends from Thai Poly Acrylics and of associate results2026
- Actual dividend received from East Lake Villas and use of the transferred stake2026
- Cash level at 31 December 2026 and reduction of loans to the Chinese subsidiary2026
- Any decisions on disposing of stakes, per the half-year report announcements27 August 2026
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
The report also describes a governance model in which the company relies on minority stakes, and most strategic decisions depend on the majority shareholders of those investments. Management states that its 2026 strategy is to support existing operations and examine disposal opportunities at the right time, without anticipating sales this year 1.
Part of the cash is located in China and is subject to currency restrictions, limiting its availability to the parent company. The report notes that the company aims to reduce loans to its Chinese subsidiary to an absolute minimum, and in March 2026 the 5% stake in East Lake Villas was transferred to Denmark 1.
Segments
Thai Poly Acrylics (minority stake)
The 17,4% stake in Thai Poly Acrylics, held via the associate Asiatic Acrylics, produced a loss from associates in 2025. The report points to strong price pressure from Chinese competition and lower sales volumes, and for 2026 management considers that these conditions still weigh negatively on operations and create uncertainty over dividends 1.
East Lake Villas (Beijing)
The 5% stake in the East Lake Villas property complex is the only growing dividend source mentioned in the report. The property, with a site of 44.000 m² and an association agreement running to December 2031, has an estimated 2026 dividend of DKK 1,1 mio., and the company is working with the majority shareholder on a development plan 1.
Market context
The relevant market for Ø K is that of minority investments in Asian equities and real estate, particularly in Thailand and China. The report does not quantify the size of this market, but stresses that the value of the investments depends on conditions in the industries where associates operate, such as Thai acrylics prices, which have fallen under Chinese competition 1.
The Nasdaq Copenhagen-listed company closed 2025 with a negative share performance, and its market capitalisation depends on the trading price, which the report presents only as historical data. Liquidity is low, with average daily trading of DKK 30.307 in 2025 1.
Trends
- Price pressure in the Thai acrylics industryheadwind
The report indicates that Thai Poly Acrylics faced falling prices in 2025 due to intense Chinese competition, reducing the associate's results. If these conditions persist, dividends from the minority stake could remain uncertain 1.
- Rising dividends from East Lake Villastailwind
The report notes that the ELV dividend is rising and that the Beijing property complex has improved its returns, which could support the company's financial income in the coming years 1.
- Currency restrictions on Chinese cashheadwind
Movements in the CNY and THB against the Danish krone reduced the value of cash by about DKK 0,3 mio. in 2025, and currency restrictions limit the use of funds in China. This could affect the capital available to shareholders 1.
- Transfer of the ELV stake and possible cost savingsmixed
The approval in March 2026 of the transfer of the 5% ELV stake to the Danish parent could direct dividends straight to Denmark and could allow a Chinese entity to be liquidated, with cost savings, according to the report 1.
Competitive position
The report does not describe competitors in the classic sense, since the company has no comparable operating business. However, competition in the Asian acrylics industry, particularly from China, directly influences the value of the Thai Poly Acrylics stake and therefore the dividends received by Ø K 1.
Regarding real estate investments, East Lake Villas operates in a context of residential and office properties in Beijing, and the report identifies no direct rivals. The company aims to cooperate with the majority shareholder to maximise investment value, without naming other competing groups 1.
- Thai Poly Acrylic Company Ltd.
Thailand-listed company in which Ø K holds a 17,4% minority stake; the report cites falling prices from Chinese competition.
- Chinese acrylics producers
Asian competitors that put pressure on prices and volumes in the industry where the Thai associate operates.
- Shougang Group
Majority shareholder of East Lake Villas with 95% of the company's capital; its interests do not always coincide with those of the minority holder Ø K.
- Other Beijing property developers
Competing residential and commercial properties in the East Lake Villas area, not explicitly identified in the report.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202527 May 2026
- Annual report 202517 Sept 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Det Østasiatiske Kompagni A/S · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.