olivLaw · US equity research
Kandal M Venture Ltd FMFC
Leather & Leather Products · SIC 3100 · Vertical: Leather products (SIC 31xx)
Kandal M Venture Ltd is a contract manufacturer of affordable luxury leather goods, producing mainly handbags and small leather items at its factory in Cambodia for global brands headquartered in the United States. The company matters now because nearly three quarters of revenue comes from a single customer, and US trade tariffs and Cambodian labor costs directly influence demand and margins. The company listed its shares on Nasdaq in June 2025.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Kandal M Venture Ltd (FMFC) stock was 3.66 USD (−0.27% on the day), with P/E 366.0 on diluted EPS of 0.01 USD over the last 12 months, beta 0.99, 52-week range 3.38–42.40 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)
- 32.4
- weak (30–45)
- Bollinger (20, 2)
- 2.74 – 6.07
- in the lower half of the band · %B 0.28 · band width 75.5%
- SMA 50 / 200
- 6.58 / 12.39
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.92 / -0.98
- 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 | −42.8% | −1.1% | −41.7 pp | — |
| 3 months | −70.2% | −0.5% | −69.7 pp | — |
| 6 months | −76.7% | +4.4% | −81.1 pp | — |
| Year to date | −66.1% | +12.3% | −78.4 pp | — |
| 1 year | −91.4% | +13.5% | −105.0 pp | +14.7% |
| 3 years | unavailable | +76.4% | unavailable | +0.3% |
| 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 | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 13.5 m | 14.0 m | 17.2 m |
| Revenue YoY | unavailable | +3.7% | +23.0% |
| Net income | 744.5 k | 1.1 m | 209.7 k |
| Net income YoY | unavailable | +50.4% | −81.3% |
| Diluted EPS | 0.05 | 0.07 | 0.01 |
| Diluted EPS YoY | unavailable | +40.0% | −85.7% |
| net % | 5.5% | 8.0% | 1.2% |
| Free cash flow | 2.2 m | 3.1 m | 2.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Mar 2025
- Cash
- 102.7 k USD
- Financial debt
- 5.1 m USD
- Net debt
- 5.0 m USD
- Equity
- 378.1 k USD
- Total assets
- 10.1 m USD
- Debt / equity
- 13.46x
- Current ratio
- 0.98x
- ROE
- 76.7%
- ROA
- 2.1%
- FCF margin
- 12.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 13.5 m | 14.0 m | 17.2 m | SEC (XBRL)· 30 Jul 2025verified |
| Cost of revenue | 10.7 m | 10.6 m | 13.8 m | SEC (XBRL)· 30 Jul 2025verified |
| Gross profit | 2.8 m | 3.4 m | 3.4 m | SEC (XBRL)· 30 Jul 2025verified |
| Operating income | 989.3 k | 1.5 m | 374.9 k | SEC (XBRL)· 30 Jul 2025verified |
| Depreciation & amortisation | — | 122.0 k | 116.1 k | SEC (XBRL)· 30 Jul 2025verified |
| EBITDA | — | 1.6 m ≈ | 491.0 k ≈ | SEC (XBRL)· 30 Jul 2025derived |
| Pre-tax income | 855.3 k | 1.3 m | 229.0 k | SEC (XBRL)· 30 Jul 2025verified |
| Income tax | 110.8 k | 178.1 k | 19.3 k | SEC (XBRL)· 30 Jul 2025verified |
| Net income | 744.5 k | 1.1 m | 209.7 k | SEC (XBRL)· 30 Jul 2025verified |
| Diluted EPS | 0.05 | 0.07 | 0.01 | SEC (XBRL)· 30 Jul 2025verified |
| Weighted average diluted shares | 16.0 m | 16.0 m | 16.0 m | SEC (XBRL)· 30 Jul 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 361.5 k | 235.3 k | 102.7 k | SEC (XBRL)· 30 Jul 2025verified |
| Receivables | — | 945.0 k | 1.5 m | SEC (XBRL)· 30 Jul 2025verified |
| Inventories | — | 1.8 m | 1.6 m | SEC (XBRL)· 30 Jul 2025verified |
| Current assets | — | 9.3 m | 9.4 m | SEC (XBRL)· 30 Jul 2025verified |
| Property, plant & equipment, net | 689.5 k | 689.5 k | 512.6 k | SEC (XBRL)· 30 Jul 2025verified |
| Total assets | — | 10.2 m | 10.1 m | SEC (XBRL)· 30 Jul 2025verified |
| Accounts payable | — | 2.5 m | 4.4 m | SEC (XBRL)· 30 Jul 2025verified |
| Short-term debt | — | 2.8 m | 5.1 m | SEC (XBRL)· 30 Jul 2025verified |
| Long-term debt | — | 4.4 m | — | SEC (XBRL)· 30 Jul 2025verified |
| Current liabilities | — | 5.5 m | 9.6 m | SEC (XBRL)· 30 Jul 2025verified |
| Total liabilities | — | 10.0 m | 9.7 m | SEC (XBRL)· 30 Jul 2025verified |
| Equity | -950.8 k | 168.4 k | 378.1 k | SEC (XBRL)· 30 Jul 2025verified |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 2.2 m | 3.1 m | 2.1 m | SEC (XBRL)· 30 Jul 2025verified |
| Capex | 10.0 k | 23.0 k | 16.7 k | SEC (XBRL)· 30 Jul 2025verified |
| Free cash flow | 2.2 m ≈ | 3.1 m ≈ | 2.1 m ≈ | SEC (XBRL)· 30 Jul 2025derived |
| Investing cash flow | -10.0 k | -253.6 k | -581.8 k | SEC (XBRL)· 30 Jul 2025verified |
| Financing cash flow | -1.9 m | -3.0 m | -1.7 m | SEC (XBRL)· 30 Jul 2025verified |
≈ 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: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
48% · 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: 0.12 – 0.18 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 · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E0.12 – 0.18 (Mid 0.15)6 companies used · median multiple 14.6x · quartiles 12.0x – 17.9xCAL, CPRI, RCKY, SHOO, TPR, WWW
- 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: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.5% | 20 (vs peers) | 22% |
| Net margin · Quality | 1.2% | 22 (vs peers) | 13% |
| FCF conversion · Quality | 1,010.1% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 10.2x | 0 (vs peers) | 22% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.0x | 15 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 366.0x | 0 (vs peers) | 22% |
| 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 sheet4/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality42/100 · 3/3 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
Kandal M Venture Limited (FMFC). Latest full fiscal year: 2025; data up to 2025-03-31.
Figures computed from the financial statements: revenue 17.2 m USD in 2025; YoY growth 23.0%; net margin 1.2%; ROE 76.7%; net debt/EBITDA 10.2x.
The estimated value range is 0.12–0.18 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.15 USD, the price of 3.66 USD leaves a potential of -96.0% (value / price − 1) and a margin of safety of -2,403.3% (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: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 1,010.1%
What contradicts it
- ROIC: 5.5%
- Net margin: 1.2%
- Net debt / EBITDA: 10.2x
- Current ratio: 1.0x
- P/E (TTM): 366.0x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Interest coverage, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Leather products (SIC 31xx) · same major group (2-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 | |
|---|---|---|---|---|---|---|
| TPRTapestry, Inc. | 25.0 bn | 17.2 | 197.1% | 19.1% | +14.2% | +15% / +296% |
| SHOOSteven Madden, Ltd. | 3.4 bn | 22.9 | 16.7% | 5.4% | +11.0% | +12% / +24% |
| CPRICapri Holdings Limited | 2.2 bn | 12.0 | — | 6.1% | −4.1% | −16% / −56% |
| WWWWolverine World Wide, Inc. | 1.9 bn | 18.2 | 27.1% | 5.5% | unavailable | +45% / +174% |
| CALCaleres, Inc | 507.6 m | 9.9 | 8.2% | 1.8% | +1.3% | +26% / −52% |
| RCKYRocky Brands, Inc. | 411.2 m | 12.0 | 13.2% | 6.6% | +6.2% | +80% / +89% |
| VRAVera Bradley, Inc. | 216.0 m | — | -7.4% | -3.7% | −15.4% | +165% / +0% |
| TLFTandy Leather Factory, Inc | 18.6 m | — | -3.2% | -2.1% | +2.6% | −17% / −45% |
| FMFCKandal M Venture Limited | — | 366.0 | 76.7% | 1.2% | +23.0% | −91% / unavailable |
| BIRKBirkenstock Holding plc | — | — | 13.0% | 16.6% | +16.2% | −14% / −19% |
1- and 3-year price returns: for FMFC 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.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 6-K (20 Oct 2026), 6-K (15 Oct 2026), 6-K (02 Oct 2026), 6-K (28 Sept 2026), 6-K (25 Sept 2026), 6-K (04 Sept 2026).
In brief
Kandal M Venture Ltd is a contract manufacturer of affordable luxury leather goods, producing mainly handbags and small leather items at its factory in Cambodia for global brands headquartered in the United States. The company matters now because nearly three quarters of revenue comes from a single customer, and US trade tariffs and Cambodian labor costs directly influence demand and margins. The company listed its shares on Nasdaq in June 2025.
SWOT
Strengths
- The company has solid experience in leather goods manufacturing and relationships with established global brands.
- Customers visit the factory frequently for inspections, which signals a high level of confidence in production capability.
- Made-to-order production limits the risk of holding finished goods inventory.
Weaknesses
- Dependence on a single customer for most revenue exposes the company to changes in orders.
- The company has no long-term contracts with customers and holds no international quality certifications.
- Labor cost is a large share of costs, and rising wages could reduce margins.
Opportunities
- Expansion into new markets such as Europe could reduce dependence on the main customer.
- Winning new customers could offset possible order reductions from existing ones.
- Capital raised from the Nasdaq listing could support investment in capacity and diversification.
Threats
- Changes to US tariffs or trade preferences could reduce product competitiveness.
- A decline in US consumer spending could lead to smaller or cancelled orders.
- New entrants or expansion by existing rivals could put pressure on prices.
Risks
- Customer concentrationhigh
A single customer generates most of the revenue, and losing or reducing orders from it would have a major impact on results.
- Tariff uncertaintyhigh
Changes in US trade policy could affect orders and prices, and customers have already become more cautious.
- Labor costsmedium
Rising minimum wages and competition for skilled staff could compress margins if they cannot be passed on to customers.
- No long-term contractsmedium
Without long-term commitments, volumes may fluctuate from season to season, with hard-to-predict effects.
- Main lease expirylow
The lease on the main factory expires in March 2027, and renewal terms could influence operating costs.
Investment thesis
What would need to be true (bull case)
- If diversification into new customers and markets succeeds, the company could reduce concentration risk and stabilize revenue.
- Long-standing relationships with global brands and frequent customer visits point to a strong reputation for quality.
- Funds raised from the Nasdaq listing could finance investments that expand capacity and the product offering.
What would break the thesis
- If one customer reduces orders, revenue could fall quickly given the high level of concentration.
- US tariffs and cautious order placement could weigh on volumes and profitability in the short term.
- Rising labor costs could compress margins, especially if they cannot be passed on to customers.
What to watch
- Changes in US tariff policy and Cambodia's preferential trade status2027
- Renewal or terms of the lease on the main factory2027
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 (20 Oct 2026), 6-K (15 Oct 2026), 6-K (02 Oct 2026), 6-K (28 Sept 2026), 6-K (25 Sept 2026), 6-K (04 Sept 2026).
The business
The holding company Kandal M Venture Ltd is registered in the Cayman Islands and conducts its operations through its operating subsidiary FMF Manufacturing Co., Ltd., established in Cambodia in April 2017. The company produces handbags, shoulder bags, crossbody bags, backpacks and wallets under letters of authorization from customers that allow them to use their trademarks. The business rests on product engineering with customers and on pre-production samples and made-to-order production without long-term contracts.
Main raw materials are leather, fabric and hardware, mostly sourced from Italy, South Korea, Vietnam and mainland China, often designated by customers. The company does not hold significant finished goods inventory because production is made to order, and delivery is handled largely by third-party logistics companies. The main factory is leased in Kandal Province under a lease running to March 2027.
As of March 31 2026 the company had 1,264 full-time employees, of which 1,258 were in Cambodia and 6 in Hong Kong. Factory workers are represented by labor unions, and the company reports no material labor disputes in the past. Its historical business has not been subject to seasonal fluctuations.
Segments
Leather goods manufacturing in Cambodia
The main segment is the production of handbags, crossbody bags, backpacks and small leather goods, made entirely at the Kandal factory through FMF. It represents the company's entire operating activity.
Trading and invoicing through Hong Kong
Prospect Focus Limited, based in Hong Kong, acts as the trading company for material procurement and customer invoicing. It is a support structure without its own industrial operations.
Market context
The leather goods manufacturing market in Cambodia is competitive, with several contract manufacturers authorized by the same global customers. The company sells almost entirely to international markets, with most revenue coming from the US consumer market for leather products. Management aims to expand into Europe to reduce reliance on a single customer.
Demand depends on discretionary spending by end consumers, which is sensitive to general economic conditions, employment and consumer confidence. If the slowdown in the US economy persisted, orders for the company's products could decline.
Trends
- US tariffs and more cautious ordersheadwind
Changes in US tariff regimes have created uncertainty for trade flows. US customers have shown more cautious ordering and longer decision cycles, which could lead to order reductions, delays or cancellations.
- Cambodia's preferential status in the US marketmixed
Cambodia currently benefits from preferential trade treatment under certain US programs. A change or suspension of these preferences could reduce the pricing competitiveness of products in the US market.
- Rising labor costsheadwind
Competition for skilled labor in Cambodia has intensified, and the sector minimum wage was raised in 2026. Direct labor represents a significant share of cost of sales, and increases cannot be fully passed on to customers.
- Customer and market diversificationtailwind
The company aims to diversify its customer base and expand into markets such as Europe. If these efforts succeed, dependence on a single customer could decline over time.
Competitive position
The company faces intense competition from other contract manufacturers in Cambodia that are also authorized by its customers. Its main competitive criteria are product functionality, quality and reliability, technical and manufacturing capability, and price.
The company relies on stable relationships with existing customers and strict quality control, although it holds no international quality management certifications. If competitors offered better terms or greater capacity, its market position could be affected.
- Other leather goods contract manufacturers in Cambodia
Authorized suppliers of the same global customers, competing directly on quality, capacity and price.
- Contract manufacturers in Southeast Asia
Players that could enter the market or expand capacity, depending on labor costs and trade treatment.
- New market entrants
New companies that could compete for the same orders, according to the company's assessment of future competition.
- Manufacturers in Vietnam and China
Regional competitors in areas with a tradition in leather and leather goods production, relevant to the same brands.
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)20 Oct 2026
- Current report (foreign issuer)15 Oct 2026
- Current report (foreign issuer)02 Oct 2026
- Current report (foreign issuer)28 Sept 2026
- Current report (foreign issuer)25 Sept 2026
- Current report (foreign issuer)04 Sept 2026
- Current report (foreign issuer)01 Sept 2026
- Current report (foreign issuer)30 Jul 2026
- Annual report (foreign issuer)30 Jul 2026
- Current report (foreign issuer)07 Jul 2026
Sources
- [1] Form 20-F, fiscal year ended 2026-03-31 · SEC / Kandal M Venture 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.