olivLaw · US equity research
PMA Graphene Technology Group Inc. PMA
Construction - Special Trade Contractors · SIC 1700 · Vertical: Construction - Special Trade Contractors (SIC 1700)
PMA Graphene Technology Group Inc. is a Cayman Islands holding company with subcontracting and project management operations in construction, mainly in Hong Kong. Its report for the year ended March 31, 2026 contains an explanatory paragraph on substantial doubt about the company's ability to continue as a going concern, which puts its financial position under close watch. For investors, the sustainability of financing is the key point to follow.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, PMA Graphene Technology Group Inc. (PMA) stock was 1.30 USD (−0.76% on the day), with market capitalisation 16.9 m USD, beta 0.37, 52-week range 0.73–2.12 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)
- 52.3
- neutral
- Bollinger (20, 2)
- 1.19 – 1.34
- in the upper half of the band · %B 0.70 · band width 11.9%
- SMA 50 / 200
- 1.27 / 1.27
- mixed trend
- MACD (12, 26, 9)
- 0.01 / 0.00
- 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 | +8.3% | −1.1% | +9.4 pp | — |
| 3 months | −4.4% | −0.5% | −4.0 pp | — |
| 6 months | −13.9% | +4.4% | −18.3 pp | — |
| Year to date | +30.0% | +12.3% | +17.7 pp | — |
| 1 year | −39.3% | +13.5% | −52.8 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 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Revenue | 14.4 m | 21.9 m | 27.6 m | 33.9 m | 14.6 m |
| Revenue YoY | unavailable | +52.0% | +26.1% | +22.8% | −56.8% |
| Net income | 1.8 m | 2.8 m | 2.3 m | -5.7 m | -5.8 m |
| Net income YoY | unavailable | +54.5% | −16.5% | −346.3% | unavailable |
| Diluted EPS | 0.22 | 0.25 | 0.21 | -0.48 | -0.44 |
| Diluted EPS YoY | unavailable | +13.6% | −16.0% | −328.6% | unavailable |
| net % | 12.5% | 12.7% | 8.4% | -16.9% | -39.4% |
| Free cash flow | unavailable | 779.9 k | 1.3 m | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 1.6 m USD
- Financial debt
- 7.1 m USD
- Net debt
- 5.4 m USD
- Equity
- -4.8 m USD
- Total assets
- 5.9 m USD
- Debt / equity
- unavailable
- Current ratio
- 0.71x
- ROE
- unavailable
- ROA
- -59.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | 14.4 m | 21.9 m | 27.6 m | 33.9 m | 14.6 m | SEC (XBRL)· 17 Aug 2026verified |
| Cost of revenue | 11.8 m | 18.4 m | 22.5 m | 35.2 m | 17.3 m | SEC (XBRL)· 17 Aug 2026verified |
| Gross profit | 2.6 m | 3.5 m | 5.1 m | -1.3 m | -2.7 m | SEC (XBRL)· 17 Aug 2026verified |
| Operating income | 2.1 m | 2.6 m | 3.2 m | -5.4 m | -5.5 m | SEC (XBRL)· 17 Aug 2026verified |
| Interest expense | 74.6 k | 180.0 k | 286.1 k | 508.8 k | 346.7 k | SEC (XBRL)· 17 Aug 2026verified |
| Pre-tax income | 2.1 m | 3.3 m | 3.0 m | -5.8 m | -5.7 m | SEC (XBRL)· 17 Aug 2026verified |
| Income tax | 317.1 k | 468.9 k | 648.9 k | -80.2 k | 13.8 k | SEC (XBRL)· 17 Aug 2026verified |
| Net income | 1.8 m | 2.8 m | 2.3 m | -5.7 m | -5.8 m | SEC (XBRL)· 17 Aug 2026verified |
| Diluted EPS | 0.22 | 0.25 | 0.21 | -0.48 | -0.44 | SEC (XBRL)· 17 Aug 2026verified |
| Weighted average diluted shares | 8.1 m | 11.3 m | 11.3 m | 11.8 m | 13.0 m | SEC (XBRL)· 17 Aug 2026verified |
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | — | 324.0 k | 1.1 m | 249.9 k | 1.6 m | SEC (XBRL)· 17 Aug 2026verified |
| Receivables | — | 3.3 m | 1.6 m | 4.2 m | 834.6 k | SEC (XBRL)· 17 Aug 2026verified |
| Current assets | — | 6.9 m | 8.8 m | 10.3 m | 4.2 m | SEC (XBRL)· 17 Aug 2026verified |
| Property, plant & equipment, net | — | 11.9 k | 1.2 m | 1.1 m | 1.1 m | SEC (XBRL)· 17 Aug 2026verified |
| Total assets | — | 8.3 m | 11.9 m | 13.4 m | 5.9 m | SEC (XBRL)· 17 Aug 2026verified |
| Accounts payable | — | 1.9 m | 3.2 m | 4.0 m | 1.0 m | SEC (XBRL)· 17 Aug 2026verified |
| Short-term debt | — | 3.8 m | 3.8 m | 4.8 m | 2.4 m | SEC (XBRL)· 17 Aug 2026verified |
| Long-term debt | — | 1.5 m | 3.0 m | 2.9 m | 4.7 m | SEC (XBRL)· 17 Aug 2026verified |
| Current liabilities | — | 6.2 m | 7.7 m | 9.5 m | 6.0 m | SEC (XBRL)· 17 Aug 2026verified |
| Total liabilities | — | 7.9 m | 10.9 m | 12.4 m | 10.7 m | SEC (XBRL)· 17 Aug 2026verified |
| Equity | 159.8 k † | 382.9 k † | 998.3 k † | 984.0 k † | -4.8 m † | SEC (XBRL)· 17 Aug 2026verified |
| Shares outstanding at year end | — | — | 11.3 m | 13.0 m | 13.0 m | SEC (XBRL)· 17 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 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | -151.6 k | 795.3 k | 2.5 m | -8.0 m | 783.1 k | SEC (XBRL)· 17 Aug 2026verified |
| Capex | — | 15.4 k | 1.1 m | — | — | SEC (XBRL)· 26 Aug 2024verified |
| Free cash flow | — | 779.9 k ≈ | 1.3 m ≈ | — | — | SEC (XBRL)· 26 Aug 2024derived |
| Investing cash flow | 56.4 k | 35.9 k | -1.1 m | 10.3 k | — | SEC (XBRL)· 15 Aug 2025verified |
| Financing cash flow | -1.6 k | -725.1 k | -553.4 k | 7.1 m | 614.7 k | SEC (XBRL)· 17 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: 4 of at least 6
- score weight coverage: 25.0% 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: 16.9 m USD
Key indicators
Coverage and freshness
Score by group
25% · 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 input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · input data missing
- 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: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -39.4% | 6 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -12.5% | 0 (on a fixed band) | 33% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -15.8x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 17% |
| 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 sheet0/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial6/100 · 1/3 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
Ming Shing Group Holdings Limited (PMA). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 14.6 m USD in 2026; YoY growth -56.8%; net margin -39.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% 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
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -39.4%
- Revenue CAGR 3Y: -12.5%
- Interest coverage: -15.8x
- Current ratio: 0.7x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, 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% | +32% / 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% | −39% / 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% |
| KAZRSkyline Builders Group Holding Limited | — | — | 20.6% | 18.1% | +8.9% | −54% / unavailable |
| LGNLegence Corp. | — | — | -7.5% | -1.2% | +21.5% | −30% / unavailable |
| ZEOZeo Energy Corp. | 0 | — | — | -15.4% | −5.3% | −83% / −98% |
| AMRCAmeresco, Inc. | — | — | 5.5% | 3.3% | +28.8% | −39% / −29% |
| PBKPOWERBANK Corp | — | — | -174.4% | -74.7% | −28.9% | −90% / unavailable |
1- and 3-year price returns: for PMA 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 17 Aug 2026; since then the company filed 6-K (16 Sept 2026), 6-K (09 Sept 2026), 6-K (03 Sept 2026), 6-K (26 Aug 2026), 6-K (18 Aug 2026).
In brief
PMA Graphene Technology Group Inc. is a Cayman Islands holding company with subcontracting and project management operations in construction, mainly in Hong Kong. Its report for the year ended March 31, 2026 contains an explanatory paragraph on substantial doubt about the company's ability to continue as a going concern, which puts its financial position under close watch. For investors, the sustainability of financing is the key point to follow.
SWOT
Strengths
- The company has a project management structure that allows it to coordinate subcontractors and control the quality of works, a core competence in tenders.
- Activity is concentrated in Hong Kong, where the company has operating subsidiaries with construction experience and established relationships with local customers.
- Diversification into wines and spirits trading offers an additional revenue source partly independent of the construction cycle.
Weaknesses
- The report contains a going concern paragraph citing substantial doubt, which signals liquidity and financing issues that need monitoring.
- Revenue depends on non-recurrent projects and tender invitations, which makes business volume difficult to forecast.
- The company generally bears the risk of delays and cost overruns and is typically unable to pass these costs on to customers.
Opportunities
- If construction projects in Hong Kong expand, the company could win new contracts through tenders and strengthen its project management position.
- Expanding the wines and spirits trading activity could diversify revenue sources, if it becomes profitable.
- Improving cost estimation and subcontractor control could reduce losses on future projects.
Threats
- A prolonged slowdown in the real estate and construction sector could reduce the number of available projects and affect profitability.
- Changes in regulation or new interpretations of Chinese law could impose additional compliance costs or operating restrictions.
- International trade tensions can influence investor sentiment and the financing conditions available to the company.
Risks
- Going concern doubthigh
The auditors included a paragraph of substantial doubt, and the company acknowledges net losses and negative cash flows, which could limit its access to financing.
- Dependence on subsidiary dividendshigh
The holding company relies on distributions from operating subsidiaries to meet its cash needs, and legal or contractual restrictions could block these flows.
- Non-recurrent projects and tendersmedium
The lack of a recurring flow of contracts makes revenue fluctuate significantly, and losing tenders could seriously affect financial performance.
- Cost estimates and delaysmedium
Errors in estimating time and costs, along with subcontractor non-performance, can cause cost overruns that the company largely bears itself.
- Legal uncertainty from Chinamedium
Regulatory changes or new interpretations of Chinese law could affect operations and the value of the shares, and the effects cannot be predicted with certainty.
Investment thesis
What would need to be true (bull case)
- If the company wins new tender-based contracts and keeps costs under control, its project management business could generate more stable revenue.
- Diversification into wines and spirits trading could provide an additional revenue source and reduce dependence on the construction cycle.
- If market sentiment in Hong Kong improves, demand for construction works could recover and support the company's growth.
What would break the thesis
- The going concern paragraph could make it harder to obtain financing on reasonable terms, which could limit the company's ability to operate normally.
- If revenue stays dependent on non-recurrent projects, volatility in results could persist and make the business difficult to forecast.
- If Chinese regulation or trade tensions worsen, the company could face additional costs and restrictions that would weaken its outlook.
What to watch
- Number and value of new contracts won through tenders2027
- Ability of subsidiaries to distribute funds to the holding company2027
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 17 Aug 2026; since then the company filed 6-K (16 Sept 2026), 6-K (09 Sept 2026), 6-K (03 Sept 2026), 6-K (26 Aug 2026), 6-K (18 Aug 2026).
The business
The company operates as a holding company, with operations run through its Hong Kong subsidiaries, where it mainly manages projects and supervises construction works. According to the report, the company focuses on project management and supervision and subcontracts part of the site works under its oversight. It also generates revenue from trading wines and spirits.
Revenue comes from projects that are generally non-recurrent, and customers have no obligation to award projects to the company. For the fiscal years ended March 31, 2026 and 2025, new business was secured mainly through invitations for tender from customers. This model means that the number and scale of projects can vary significantly from one period to another.
The company runs through separate legal entities, with subsidiaries in the British Virgin Islands and Hong Kong. Funds for holding company expenses and obligations depend on dividends and distributions received from the operating subsidiaries, which makes cash flow from Hong Kong essential.
Segments
Wet trades construction works
This activity is the main revenue generator and is recognized over time as performance obligations are satisfied. The company uses an output method based on works delivered and adjusts revenue and cost estimates as contracts progress, which can affect reported profit in future periods.
Trading of wines and spirits
The company sells wines and spirits to customers, and revenue is recognized when control transfers, either at shipment or delivery depending on shipping terms. According to the report, payment terms are less than one year, and the company does not consider there to be significant financing components.
Market context
The company operates in the Hong Kong construction market and the wider region, where demand depends on local and global economic and political conditions. The report highlights that if real estate and construction markets slow for extended periods, revenue and profitability could be affected.
The business environment is also shaped by uncertainties around Sino-U.S. trade conflicts, which can shift financial market sentiment. The company works through a tender-based model, so access to new contracts depends on competition and project availability.
Trends
- Economic uncertainty in Hong Kong and Chinaheadwind
Economic downturns or political changes could weaken market sentiment and prolong slowdowns in construction, which could reduce the volume of available projects.
- Sino-U.S. trade tensionsheadwind
Trade conflicts between China and the United States create uncertainty for the economic environment in which the company operates, which could affect demand and investment.
- Tenders as a source of contractsmixed
Reliance on tender invitations can create opportunities for companies with proven project management skills, but it does not guarantee a stable flow of contracts.
- Regulation affecting the listing structuremixed
The company states that it is currently not required to obtain additional approvals from Hong Kong or Chinese authorities, but regulatory changes could impose compliance costs and restrictions on operations.
Competitive position
The company's report does not explicitly name competitors, but given the nature of its subcontracting and construction project management business, it competes with other Hong Kong contractors for tender-awarded contracts. Its competitive position depends on subcontractor quality, accuracy of cost estimates and reputation with customers.
Competitive pressure is felt mainly in the bidding process, where misjudged time and cost estimates can lead to budget overruns that the company generally bears without the ability to pass them on to customers. This makes disciplined estimating a critical competitive factor.
- Hong Kong general and specialist contractors
Local construction companies competing for the same tenders, not named individually in the report.
- Specialist subcontractors
Firms the company may engage or that could compete directly for site works, with influence on costs and quality.
- Other internationally listed construction companies
Indirect competitors for investors and large projects, whose identity is not specified in the source.
- Wine and spirits suppliers
Players in the alcoholic beverage trade market, where the company operates as a distributor.
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.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)16 Sept 2026
- Current report (foreign issuer)09 Sept 2026
- Current report (foreign issuer)03 Sept 2026
- Current report (foreign issuer)26 Aug 2026
- Current report (foreign issuer)18 Aug 2026
- Annual report (foreign issuer)17 Aug 2026
- Current report (foreign issuer)12 Aug 2026
- Current report (foreign issuer)30 Jul 2026
- Current report (foreign issuer)22 Jul 2026
- Current report (foreign issuer)02 Jul 2026
Sources
- [1] Form 20-F, fiscal year ended 2026-03-31 · SEC / PMA Graphene Technology Group Inc. · 17 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.