olivLaw · US equity research
Phoenix Asia Holdings Ltd PHOE
Construction - Special Trade Contractors · SIC 1700 · Vertical: Construction - Special Trade Contractors (SIC 1700)
Phoenix Asia Holdings operates as a holding company whose subsidiary Winfield Engineering (Hong Kong) carries out foundation and substructure works, mainly as a subcontractor, for public and private clients in Hong Kong. In fiscal 2026 revenue slipped to about 7.2 million USD and gross margin collapsed to 4.6%, so the company's outlook now depends on winning new tenders and on the acquisition transaction announced in May 2026.
At the close of 03 Nov 2026, Phoenix Asia Holdings Ltd (PHOE) stock was 18.60 USD (+11.15% on the day), with market capitalisation 401.7 m USD, beta -2.52, 52-week range 10.03–133.12 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)
- 57.4
- strong (55–70)
- Bollinger (20, 2)
- 14.83 – 18.89
- in the upper half of the band · %B 0.93 · band width 24.1%
- SMA 50 / 200
- 18.71 / 18.46
- mixed trend
- MACD (12, 26, 9)
- -0.56 / -0.84
- 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 | −1.6% | −1.1% | −0.5 pp | — |
| 3 months | −15.5% | −0.5% | −15.0 pp | — |
| 6 months | −60.4% | +4.4% | −64.8 pp | — |
| Year to date | +16.2% | +12.3% | +3.9 pp | — |
| 1 year | −2.1% | +13.5% | −15.6 pp | −55.4% |
| 3 years | unavailable | +76.4% | unavailable | −18.7% |
| 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 | 2026 |
|---|---|---|---|---|
| Revenue | 2.2 m | 5.8 m | 7.4 m | 7.2 m |
| Revenue YoY | unavailable | +158.3% | +28.1% | −2.2% |
| Net income | 351.1 k | 1.1 m | 1.0 m | -1.2 m |
| Net income YoY | unavailable | +201.0% | −2.9% | −217.0% |
| Diluted EPS | 0.02 | 0.07 | 0.06 | -0.06 |
| Diluted EPS YoY | unavailable | +250.0% | −14.3% | −200.0% |
| net % | 15.8% | 18.4% | 13.9% | -16.7% |
| Free cash flow | -79.7 k | unavailable | 1.1 m | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 892.5 k USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 6.2 m USD
- Total assets
- 7.3 m USD
- Debt / equity
- unavailable
- Current ratio
- 5.46x
- ROE
- -25.9%
- ROA
- -18.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 2.2 m | 5.8 m | 7.4 m | 7.2 m | SEC (XBRL)· 14 Aug 2026verified |
| Cost of revenue | 1.7 m | 4.3 m | 5.2 m | 6.9 m | SEC (XBRL)· 14 Aug 2026verified |
| Gross profit | 565.3 k | 1.5 m | 2.2 m | 329.7 k | SEC (XBRL)· 14 Aug 2026verified |
| Operating income | 376.8 k | 1.2 m | 1.3 m | -1.2 m | SEC (XBRL)· 14 Aug 2026verified |
| Depreciation & amortisation | 21.3 k | 18.6 k | 30.8 k | 28.4 k | SEC (XBRL)· 14 Aug 2026verified |
| EBITDA | 398.1 k ≈ | 1.3 m ≈ | 1.3 m ≈ | -1.2 m ≈ | SEC (XBRL)· 14 Aug 2026derived |
| Interest expense | 1.1 k | 820 | 733 | 2.5 k | SEC (XBRL)· 14 Aug 2026verified |
| Pre-tax income | 391.8 k | 1.2 m | 1.3 m | -1.2 m | SEC (XBRL)· 14 Aug 2026verified |
| Income tax | 40.8 k | 183.1 k | 270.7 k | -2.4 k | SEC (XBRL)· 14 Aug 2026verified |
| Net income | 351.1 k | 1.1 m | 1.0 m | -1.2 m | SEC (XBRL)· 14 Aug 2026verified |
| Diluted EPS | 0.02 | 0.07 | 0.06 | -0.06 | SEC (XBRL)· 14 Aug 2026verified |
| Weighted average diluted shares | 16.1 m | 16.1 m | 18.1 m | 21.5 m | SEC (XBRL)· 14 Aug 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | — | 890.6 k | 2.4 m | 892.5 k | SEC (XBRL)· 14 Aug 2026verified |
| Receivables | — | 2.5 m | 1.6 m | 4.6 m | SEC (XBRL)· 14 Aug 2026verified |
| Current assets | — | 3.5 m | 5.0 m | 6.1 m | SEC (XBRL)· 14 Aug 2026verified |
| Property, plant & equipment, net | — | 52.2 k | 62.5 k | 34.1 k | SEC (XBRL)· 14 Aug 2026verified |
| Total assets | — | 3.7 m | 5.4 m | 7.3 m | SEC (XBRL)· 14 Aug 2026verified |
| Accounts payable | — | 1.5 m | 1.4 m | 569.6 k | SEC (XBRL)· 14 Aug 2026verified |
| Current liabilities | — | 2.0 m | 2.2 m | 1.1 m | SEC (XBRL)· 14 Aug 2026verified |
| Total liabilities | — | 2.0 m | 2.3 m | 1.2 m | SEC (XBRL)· 14 Aug 2026verified |
| Equity | 652.0 k † | 1.7 m † | 3.1 m † | 6.2 m † | SEC (XBRL)· 14 Aug 2026verified |
| Shares outstanding at year end | — | — | 20.0 m | 21.6 m | SEC (XBRL)· 14 Aug 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 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -57.1 k | 540.3 k | 1.2 m | -5.7 m | SEC (XBRL)· 14 Aug 2026verified |
| Capex | 22.6 k | — | 41.1 k | — | SEC (XBRL)· 12 Aug 2025verified |
| Free cash flow | -79.7 k ≈ | — | 1.1 m ≈ | — | SEC (XBRL)· 12 Aug 2025derived |
| Investing cash flow | -22.6 k | 6.4 k | -41.1 k | — | SEC (XBRL)· 12 Aug 2025verified |
| Financing cash flow | -8.6 k | -33.9 k | 346.4 k | 4.2 m | SEC (XBRL)· 14 Aug 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
Risk
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 401.7 m USD
Key indicators
Coverage and freshness
Score by group
33% · 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- 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: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -16.7% | 28 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 47.9% | 100 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -487.7x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 5.5x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -1.4% | 0 (on a fixed band) | 25% |
| 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
- Quality· partial28/100 · 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
Phoenix Asia Holdings Limited (PHOE). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 7.2 m USD in 2026; YoY growth -2.2%; net margin -16.7%; ROE -25.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% 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: 47.9%
- Current ratio: 5.5x
What contradicts it
- Net margin: -16.7%
- Interest coverage: -487.7x
- FCF yield: -1.4%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Construction - Special Trade Contractors (SIC 1700) · same industry (4-digit SIC) · compared with 18 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 | |
|---|---|---|---|---|---|---|
| AGXArgan Inc | 4.1 bn | 23.0 | 39.8% | 15.1% | +8.1% | −26% / +523% |
| BBUCBrookfield Business Corporation | 2.7 bn | — | 2.4% | 1.4% | −32.4% | −11% / +70% |
| RUNSunrun Inc. | 2.1 bn | 4.4 | 16.2% | 14.0% | +45.1% | −57% / −32% |
| LMBLimbach Holdings, Inc. | 681.6 m | 22.7 | 16.0% | 4.2% | +24.7% | −18% / +52% |
| BBCPConcrete Pumping Holdings, Inc. | 510.5 m | 59.8 | 3.9% | 2.4% | −7.7% | +61% / +36% |
| PHOEPhoenix Asia Holdings Limited | 401.7 m | — | -25.9% | -16.7% | −2.2% | −2% / unavailable |
| MTRXMatrix Service Company | 258.3 m | — | -1.8% | -0.3% | +13.6% | −22% / −8% |
| MSGYMasonglory Limited | 66.8 m | 7.0 | -135.4% | -34.0% | +1.0% | −82% / unavailable |
| SPWRSunpower Inc. | 50.5 m | — | — | -3.8% | +175.9% | −86% / −79% |
| FGLFounder Group Limited | 24.7 m | — | -31.9% | -5.6% | unavailable | −100% / unavailable |
| SMXTSolarMax Technology, Inc. | 19.5 m | — | — | -7.9% | +295.8% | −63% / unavailable |
| PMAMing Shing Group Holdings Limited | 16.9 m | — | — | -39.4% | −56.8% | −23% / unavailable |
| WXMWF International Limited | 14.4 m | — | -71.9% | -24.5% | −13.7% | −62% / unavailable |
| CETXCemtrex, Inc. | 1.7 m | — | -152.4% | -38.4% | +14.4% | −97% / −100% |
| PBKPOWERBANK Corp | — | — | -174.4% | -74.7% | −28.9% | −90% / unavailable |
| LGNLegence Corp. | — | — | -7.5% | -1.2% | +21.5% | −30% / unavailable |
| ZEOZeo Energy Corp. | 0 | — | — | -15.4% | −5.3% | −83% / −98% |
| KAZRSkyline Builders Group Holding Limited | — | — | 20.6% | 18.1% | +8.9% | −54% / unavailable |
| AMRCAmeresco, Inc. | — | — | 5.5% | 3.3% | +28.8% | −39% / −29% |
1- and 3-year price returns: for PHOE 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.
In brief
Phoenix Asia Holdings operates as a holding company whose subsidiary Winfield Engineering (Hong Kong) carries out foundation and substructure works, mainly as a subcontractor, for public and private clients in Hong Kong. In fiscal 2026 revenue slipped to about 7.2 million USD 1 and gross margin collapsed to 4.6% 1, so the company's outlook now depends on winning new tenders and on the acquisition transaction announced in May 2026 1.
SWOT
Strengths
- The company has a long operating history spanning three decades and official licences in Hong Kong, which build trust in tenders 1.
- Stable relationships with customers and suppliers and an ISO-certified quality system support its ability to win and deliver work 1.
- The management team has long experience in Hong Kong civil engineering and has set out a plan to expand the scale of operations 1.
Weaknesses
Opportunities
- If Winfield wins contracts from rail and urban renewal projects, it could return to higher revenue and better margins 1.
- Planned investment in machinery and digital technology could increase capacity to take on larger and more complex works 1.
- The backlog rose at the end of fiscal 2026, which could support future revenue if it converts 1.
Threats
- An economic downturn or property sector crisis could sharply reduce the number of available tenders 1.
- Trade tensions between the US and China can affect the economic climate and project financing in Hong Kong 1.
- The acquisition announced in May 2026 is subject to regulatory approvals and may not be completed 1.
Risks
- Dependence on non-recurring contractshigh
Revenue comes from projects that are not recurring, and customers can cancel contracts, which makes forecasting difficult 1.
- Pressure on marginshigh
Subcontracting costs and variation orders sharply reduced gross margin, and the company usually bears the risk of cost overruns 1.
- Dependence on subcontractorsmedium
The quality and availability of subcontractors can affect timelines, safety and profitability, and penalties may fall on the company 1.
- Geographic concentrationmedium
Operations are concentrated in Hong Kong and China, so a local political or economic change could directly affect the company 1.
- Announced transaction and dilutionmedium
The planned acquisition and the convertible note issued to the controlling shareholder could significantly dilute existing shareholders if completed 1.
Investment thesis
What would need to be true (bull case)
- If the Hong Kong civil sector keeps growing and the company regains public tenders, revenue could return to earlier levels and margins could normalise 1.
- The backlog rose at the end of fiscal 2026, which could provide a revenue base for the coming period 1.
- Three decades of experience and official certifications could help the company win new tenders, especially for more complex projects 1.
What would break the thesis
- Revenue fell in fiscal 2026 and gross margin dropped sharply, which could signal a weaker competitive position 1.
- The company reported operating and net losses, and dependence on a handful of projects each year makes results volatile 1.
- The acquisition and the convertible note could dilute existing shareholders and add integration risks if completed 1.
What to watch
- Revenue trend from public and private sector projectsFiscal 2027
- Recovery of gross margin after variation orders and subcontracting costsNext annual report
- Completion or failure of the ACEA Pharma acquisition and regulatory approvals2026
- Size of the backlog and number of active customersNext annual report
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 company holds no significant operations of its own and works through Winfield Engineering (Hong Kong) Limited, founded in 1990 and owned indirectly in full 1. Its main activity is substructure work such as site formation, ground investigation and foundation works, with a smaller share of structural steelworks and advisory and supervision services 1. Substructure revenue was about 7.2 million USD in fiscal 2026 against 7.4 million USD in fiscal 2025, and the number of customers contributing revenue fell from 15 to 12 1.
Work is concentrated on public sector projects in Hong Kong, with a smaller share from private projects 1. Winfield is registered as a Specialist Contractor with the Buildings Department and as a Registered Subcontractor under the Construction Industry Council scheme for foundation and piling and general civil works 1. Management aims to become a leading substructure contractor in Hong Kong and to expand scale through machinery purchases and investment in technology such as BIM and smart site safety systems 1.
The business model depends on non-recurring projects won through tender invitations, and customers may cancel or modify contracts in the backlog 1. The company relies heavily on subcontractors, which shifts part of the quality and cost-overrun risk onto it 1.
Market context
According to the Census and Statistics Department as cited in the report, Hong Kong's construction industry grew between 2014 and 2023 at a compounded annual rate of 1.53% 1. Growth is supported by a steady supply of residential units, the urban renewal programme, government funding for new construction methods and rail expansion requiring extensive civil works 1. The company expects Hong Kong civil engineering to keep growing, but demand for substructure work is lumpy and depends on public tenders 1.
The market is small and highly competitive for a contractor of Winfield's size, and revenue depends on a handful of projects each year, so a shift in the portfolio can change the figures quickly 1.
Trends
- Public infrastructure investmenttailwind
Government rail and urban development projects could generate substructure work for the company if Winfield wins tenders 1.
- Urban renewal and housingmixed
The urban renewal programme and steady housing supply support demand for foundation work, but a sudden slowdown in property could reduce private projects 1.
- Digitalisation and BIM technologytailwind
The company plans to invest in BIM and digital safety systems, which could improve technical capability, though it has not yet invested in these technologies 1.
- Sino-US trade tensionsheadwind
Trade conflicts between the US and China can weigh on market sentiment and slow Hong Kong construction, directly affecting company revenue 1.
Competitive position
The report does not explicitly name competitors, but it shows that Winfield competes for tenders with other Hong Kong substructure contractors and subcontractors, and its edge rests on reputation, track record and official licences 1.
Competitive pressure shows in the thin margins of fiscal 2026, when subcontracting costs rose sharply, suggesting that price and execution capacity are decisive in tenders 1.
- Other Hong Kong substructure contractors
Not named in the source; local competitors for public and private foundation tenders.
- Foundation and civil works subcontractors
Can be both partners and competitors, since the company subcontracts a major part of its work to them.
- Main civil construction contractors
Can take substructure contracts and compete indirectly for the projects Winfield seeks as a subcontractor.
- Marine and infrastructure works firms
The source mentions marine grouting and offshore foundation works, an area where competition can be intense.
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
- Annual report (foreign issuer)14 Aug 2026
- Current report (foreign issuer)04 May 2026
- Current report (foreign issuer)31 Mar 2026
- Current report (foreign issuer)03 Nov 2025
- Current report (foreign issuer)02 Sept 2025
- Annual report (foreign issuer)12 Aug 2025
- Current report (foreign issuer)11 Jul 2025
- Current report (foreign issuer)11 Jun 2025
- Current report (foreign issuer)30 Apr 2025
Sources
- [1] Form 20-F, fiscal year ended 2026-03-31 · SEC / Phoenix Asia Holdings Ltd · 14 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.