olivLaw · US equity research
Creative Global Technology Holdings Limited CGTL
Wholesale-Computers & Peripheral Equipment & Software · SIC 5045 · Vertical: Wholesale-Computers & Peripheral Equipment & Software (SIC 5045)
Creative Global Technology Holdings (CGTL) is a Hong Kong-based wholesaler that sources recycled smartphones, tablets and laptops mainly from the U.S. and Japan and resells them to wholesalers in Southeast Asia. The company reported revenue of 21.1 million USD in fiscal 2025, down from 35.6 million USD a year earlier, which puts the durability of its model in question as the market shifts.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Creative Global Technology Holdings Limited (CGTL) stock was 2.62 USD (−2.96% on the day), with market capitalisation 56.2 m USD, beta 0.20, 52-week range 2.28–78.00 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)
- 39.9
- weak (30–45)
- Bollinger (20, 2)
- 2.18 – 3.48
- in the lower half of the band · %B 0.34 · band width 45.9%
- SMA 50 / 200
- 3.54 / 14.38
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.30 / -0.33
- 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 | −30.1% | −1.1% | −29.0 pp | — |
| 3 months | −34.0% | −0.5% | −33.6 pp | — |
| 6 months | −85.4% | +4.4% | −89.8 pp | — |
| Year to date | −85.3% | +12.3% | −97.6 pp | — |
| 1 year | −67.7% | +13.5% | −81.3 pp | +38.6% |
| 3 years | unavailable | +76.4% | unavailable | +70.4% |
| 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 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 27.9 m | 50.3 m | 35.6 m | 21.2 m |
| Revenue YoY | unavailable | +80.5% | −29.2% | −40.6% |
| Net income | 3.4 m | 3.2 m | 4.3 m | -13.4 m |
| Net income YoY | unavailable | −7.4% | +35.7% | −412.2% |
| Diluted EPS | 0.17 | 0.16 | 0.21 | -0.57 |
| Diluted EPS YoY | unavailable | −5.9% | +31.3% | −371.4% |
| net % | 12.2% | 6.3% | 12.0% | -63.2% |
| Free cash flow | 637.3 k | 4.9 m | -3.5 m | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 185.2 k USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 18.0 m USD
- Total assets
- 18.3 m USD
- Debt / equity
- unavailable
- Current ratio
- 72.54x
- ROE
- -84.9%
- ROA
- -77.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 27.9 m | 50.3 m | 35.6 m | 21.2 m | SEC (XBRL)· 30 Jan 2026verified |
| Cost of revenue | 23.4 m | 45.3 m | 29.3 m | 18.9 m | SEC (XBRL)· 30 Jan 2026verified |
| Gross profit | 4.4 m | 5.0 m | 6.3 m | 2.3 m | SEC (XBRL)· 30 Jan 2026verified |
| Operating income | 4.0 m | 3.8 m | 5.2 m | -13.2 m | SEC (XBRL)· 30 Jan 2026verified |
| Pre-tax income | 4.0 m | 3.8 m | 5.2 m | -13.2 m | SEC (XBRL)· 30 Jan 2026verified |
| Income tax | 642.5 k | 679.8 k | 903.3 k | 212.1 k | SEC (XBRL)· 30 Jan 2026verified |
| Net income | 3.4 m | 3.2 m | 4.3 m | -13.4 m | SEC (XBRL)· 30 Jan 2026verified |
| Diluted EPS | 0.17 | 0.16 | 0.21 | -0.57 | SEC (XBRL)· 30 Jan 2026verified |
| Weighted average diluted shares | 20.0 m | 20.0 m | 20.0 m | 23.6 m | SEC (XBRL)· 30 Jan 2026verified |
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 959.3 k | 4.3 m | 443.3 k | 185.2 k | SEC (XBRL)· 30 Jan 2026verified |
| Receivables | — | — | 10.5 m | — | SEC (XBRL)· 30 Jan 2025verified |
| Inventories | — | 5.8 m | 3.8 m | 14.7 m | SEC (XBRL)· 30 Jan 2026verified |
| Current assets | — | 10.8 m | 15.3 m | 18.2 m | SEC (XBRL)· 30 Jan 2026verified |
| Property, plant & equipment, net | — | 15.9 k | 26.6 k | 9.8 k | SEC (XBRL)· 30 Jan 2026verified |
| Total assets | — | 11.4 m | 16.3 m | 18.3 m | SEC (XBRL)· 30 Jan 2026verified |
| Accounts payable | — | — | — | 209 | SEC (XBRL)· 30 Jan 2026verified |
| Current liabilities | — | 2.2 m | 2.8 m | 251.5 k | SEC (XBRL)· 30 Jan 2026verified |
| Total liabilities | — | 2.2 m | 2.9 m | 251.5 k | SEC (XBRL)· 30 Jan 2026verified |
| Equity | 6.0 m † | 9.2 m † | 13.5 m † | 18.0 m † | SEC (XBRL)· 30 Jan 2026verified |
| Shares outstanding at year end | — | — | 21.4 m | — | SEC (XBRL)· 30 Jan 2025verified |
† 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 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 654.5 k | 4.9 m | -3.5 m | -4.8 m | SEC (XBRL)· 30 Jan 2026verified |
| Capex | 17.1 k | 3.8 k | 18.6 k | — | SEC (XBRL)· 30 Jan 2025verified |
| Free cash flow | 637.3 k ≈ | 4.9 m ≈ | -3.5 m ≈ | — | SEC (XBRL)· 30 Jan 2025derived |
| Investing cash flow | -17.1 k | -3.8 k | -18.6 k | — | SEC (XBRL)· 30 Jan 2025verified |
| Financing cash flow | 44.5 k | -1.5 m | -299.3 k | 4.6 m | SEC (XBRL)· 30 Jan 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: 4 of at least 6
- score weight coverage: 27.1% 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: 56.2 m USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · 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: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -63.2% | 0 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -8.8% | 0 (on a fixed band) | 31% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 72.5x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -8.6% | 0 (on a fixed band) | 31% |
| 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· partial0/100 · 1/2 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
Creative Global Technology Holdings Limited (CGTL). Latest full fiscal year: 2025; data up to 2025-09-30.
Figures computed from the financial statements: revenue 21.2 m USD in 2025; YoY growth -40.6%; net margin -63.2%; ROE -84.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% 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: 72.5x
What contradicts it
- Net margin: -63.2%
- Revenue CAGR 3Y: -8.8%
- FCF yield: -8.6%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Wholesale-Computers & Peripheral Equipment & Software (SIC 5045) · same industry (4-digit SIC) · compared with 7 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 | |
|---|---|---|---|---|---|---|
| SNXTd Synnex Corporation | 18.4 bn | 14.0 | 14.9% | 1.8% | +6.9% | +51% / +134% |
| INGMIngram Micro Holding Corp | 6.0 bn | 13.2 | 10.9% | 0.8% | +9.5% | +22% / unavailable |
| PLUSePlus inc. | 2.4 bn | 19.0 | 12.0% | 5.1% | +22.1% | +1% / +43% |
| CNXNPc Connection, Inc. | 2.2 bn | 21.7 | 10.9% | 3.3% | +2.5% | +51% / +47% |
| SCSCScanSource, Inc. | 1.1 bn | 15.7 | 8.7% | 2.4% | +6.1% | +39% / +70% |
| CLMBClimb Global Solutions, Inc. | 803.2 m | 33.8 | 19.5% | 3.1% | +40.1% | +70% / +261% |
| CGTLCreative Global Technology Holdings Limited | 56.2 m | — | -84.9% | -63.2% | −40.6% | −68% / unavailable |
| PNSkycorp Solar Group Limited | — | — | -14.9% | -4.3% | +27.0% | −85% / unavailable |
1- and 3-year price returns: for CGTL 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 Jan 2026; since then the company filed 6-K (10 Sept 2026), 6-K (03 Sept 2026), 6-K (25 Aug 2026), 6-K (24 Aug 2026), 6-K (01 Jul 2026), 6-K (29 Jun 2026).
In brief
Creative Global Technology Holdings (CGTL) is a Hong Kong-based wholesaler that sources recycled smartphones, tablets and laptops mainly from the U.S. and Japan and resells them to wholesalers in Southeast Asia. The company reported revenue of 21.1 million USD in fiscal 2025, down from 35.6 million USD a year earlier, which puts the durability of its model in question as the market shifts. 1
SWOT
Strengths
- The company has a long-term supplier network and an order-driven model that limits inventory. Its in-house testing, grading and pricing system is a stated advantage over competitors.
- It runs lean inventory with fast air-freight delivery, which reduces the time devices sit unused.
- It has an established wholesale client base and referrals from existing customers, which help attract new buyers.
Weaknesses
- Dependence on a small number of large clients means losing one of them would have a major effect on revenue.
- Gross margin fell in fiscal 2025 and the company reported a net loss, showing sensitivity to changes in volume and pricing.
- The retail and rental segments are still small and have not yet made a significant contribution to results.
Opportunities
- Expanding the supplier and client network across more Southeast Asian countries could reduce dependence on the current market.
- Developing the rental and retail segments could diversify revenue sources.
- Investment in testing and valuation technology could improve accuracy and costs if carried out successfully.
Threats
- Uncertainty over eSIM policy may continue to reduce demand for certain refurbished phone models.
- Competition from local suppliers and online platforms could pressure margins.
- Geopolitical and trade risks between the U.S. and China could affect transport costs and supply.
Risks
- Customer concentrationhigh
A large share of revenue comes from a few clients. If the relationship with one of them deteriorates, revenue could fall quickly.
- Margin compressionhigh
Gross margin declined from the prior year. If the trend continues, profitability could be affected further.
- Unproven business modelmedium
The company says it operates in a rapidly evolving industry without established standards. If the model does not gain the expected acceptance, results could be affected.
- Counterfeit product exposuremedium
The company could face legal claims or administrative penalties if counterfeit or stolen products are sold, even unintentionally.
- Reliance on air freightlow
Most orders are shipped by air, and a disruption in global supply chains could delay deliveries and raise costs.
Investment thesis
What would need to be true (bull case)
- If demand for refurbished devices recovers after eSIM policy becomes clearer, revenue could return to earlier levels. The company already has an established supplier network and client base that could support such a recovery.
- Rising sales of laptops and PC products show that product diversification is working. If this trend holds, it could offset the decline in smartphones.
- An order-driven model with lean inventory could protect the company from inventory write-down risk, which could support financial stability over the medium term.
What would break the thesis
- Revenue has fallen steadily in recent years, and if demand for smartphones does not recover, the company could continue to lose volume.
- Concentration of clients and suppliers means results depend on a few relationships. If one of them breaks down, the impact could be severe.
- The company reported a net loss in fiscal 2025, and if margins remain under pressure, its financial position could become more fragile.
What to watch
- Trend in wholesale revenue and in the number of major clientsQ1 2027
- Gross margin and how the company explains pricing changesQ1 2027
- Progress in expanding the retail and rental segments2027
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 Jan 2026; since then the company filed 6-K (10 Sept 2026), 6-K (03 Sept 2026), 6-K (25 Aug 2026), 6-K (24 Aug 2026), 6-K (01 Jul 2026), 6-K (29 Jun 2026).
The business
Through its operating subsidiary CGTHK, the company sells recycled consumer electronic devices, mainly smartphones, tablets and laptops, sourced from suppliers in the U.S., Japan and other developed countries. The wholesale business is the core activity and makes up almost all revenue, while retail sales and rentals remain very small. 1
The operating model is order-driven: CGTHK accepts a client order only after securing the supply of devices, which allows it to keep a lean inventory. Devices are inspected, tested and sorted into five grades, and prices are set based on grade, historical data and a proprietary algorithm. 1
The company was founded in Hong Kong in 2016 and became a Cayman Islands company listed on Nasdaq after its initial public offering in November 2024. Sourcing, testing and sales are supported by a long-term supplier network and an in-house pricing system. 1
Segments
Wholesale
The wholesale segment, which sells recycled devices to resellers in Southeast Asia, generated almost all revenue in fiscal 2023 to 2025, with 21.1 million USD in 2025. Clients are concentrated, with the five largest accounting for 88.6% of sales in 2025. 1
Retail
Retail sales to consumers in Hong Kong are still at an early stage and make up a very small share of revenue. The company plans to expand the number and types of devices offered, but the segment does not yet have a significant impact on results. 1
Rentals
The rental of refurbished laptops, launched in 2022, is in an experimental stage and generated no revenue in fiscal 2025. The company sees room to expand it, but its role in financial results is not yet defined. 1
Market context
The market for recycled electronic devices is fragmented and lacks uniform standards for inspection, grading and pricing, and the company says it has built its own procedures. Its main supply comes from U.S. telecom trade-in programs, which provide recent devices in relatively good condition. 1
Demand for refurbished phones in Southeast Asia depends on consumer spending and on policies around SIM cards, and the company links the fiscal 2025 decline to uncertainty over eSIM rollout. If those policies become clearer, demand could recover, but there is no assurance of this. 1
Trends
- Shift from physical SIM cards to eSIMmixed
The move to eSIM weighed on demand for certain used phones in fiscal 2025 and led to lower sales volume than the company expected. If regulations become clearer, customer uncertainty could ease.
- Rising demand for laptop-type devicestailwind
Sales of laptops and PC products grew in fiscal 2025, partly offsetting the decline in smartphones. This trend could support revenue if it holds.
- Volatility in global supply chainsheadwind
The company relies on air freight for most orders, and geopolitical tensions could raise costs and logistics risk. So far the relevant flights have not been significantly affected, but this could change.
- Slowing consumption in the regionheadwind
Lower consumer confidence and discretionary spending may reduce demand for refurbished devices. If the regional economy weakens, pressure on volumes could increase.
Competitive position
The company competes with several suppliers in Hong Kong, and competition could be intense if they have comparable sourcing, expertise and sales capabilities. The company notes that Apple's Certified Refurbished program mainly targets retail consumers rather than wholesale clients, but it remains a reference point for pricing. 1
Stated competitive strengths include a diversified supply network, a one-stop offer for resellers and an in-house testing and grading system. These advantages could be eroded if competitors replicate them. 1
- Other refurbished device wholesalers in Hong Kong
Local suppliers with sourcing and commercial capabilities that may be comparable, according to the risks the company describes.
- Apple Certified Refurbished program
Sells refurbished iPhones and other Apple products to retail consumers, with a narrower model range than the company's.
- U.S. telecom trade-in programs
Not direct competitors but the main source of devices, so they influence supply costs.
- Online resale platforms
Compete for consumer attention in the region and may offer prices that are easier to compare, which could compress the company's margin.
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)10 Sept 2026
- Current report (foreign issuer)03 Sept 2026
- Current report (foreign issuer)25 Aug 2026
- Current report (foreign issuer)24 Aug 2026
- Current report (foreign issuer)01 Jul 2026
- Current report (foreign issuer)29 Jun 2026
- Current report (foreign issuer)15 Jun 2026
- Current report (foreign issuer)29 May 2026
- Current report (foreign issuer)29 May 2026
- Annual report (foreign issuer)30 Jan 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-09-30 · SEC / Creative Global Technology Holdings Limited · 30 Jan 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.