olivLaw · US equity research
PS International Group Ltd. PSIG
Arrangement of Transportation of Freight & Cargo · SIC 4731 · Vertical: Arrangement of Transportation of Freight & Cargo (SIC 4731)
PS International Group Ltd. is a freight forwarding and logistics provider based in Hong Kong, mainly active in air export shipping. The company fell sharply in 2025 as US tariffs reduced volumes, and revenue reached 53.2 million USD, down 39.0%.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, PS International Group Ltd. (PSIG) stock was 5.21 USD (+3.78% on the day), with market capitalisation 80.1 m USD, beta 0.34, 52-week range 1.08–11.85 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)
- 65.3
- strong (55–70)
- Bollinger (20, 2)
- 3.98 – 5.30
- in the upper half of the band · %B 0.93 · band width 28.4%
- SMA 50 / 200
- 3.82 / 4.95
- mixed trend
- MACD (12, 26, 9)
- 0.30 / 0.29
- 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 | +13.3% | −2.0% | +15.3 pp | — |
| 3 months | +337.8% | −2.2% | +340.0 pp | — |
| 6 months | −18.8% | +4.3% | −23.1 pp | — |
| Year to date | +6.8% | +10.6% | −3.8 pp | — |
| 1 year | +40.8% | +10.5% | +30.3 pp | −52.6% |
| 3 years | unavailable | +73.7% | unavailable | −70.0% |
| 5 years | unavailable | +61.7% | 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 | 97.3 m | 140.0 m | 87.2 m | 53.2 m |
| Revenue YoY | unavailable | +43.9% | −37.7% | −39.0% |
| Net income | 2.4 m | 4.6 m | -4.8 m | -15.2 m |
| Net income YoY | unavailable | +88.7% | −205.4% | unavailable |
| Diluted EPS | 0.12 | 1.83 | -1.73 | -3.81 |
| Diluted EPS YoY | unavailable | +1,425.0% | −194.5% | unavailable |
| net % | 2.5% | 3.3% | -5.5% | -28.6% |
| Free cash flow | 935.1 k | 7.3 m | unavailable | -5.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 8.9 m USD
- Financial debt
- 7.5 m USD
- Net debt
- -1.5 m USD
- Equity
- -3.6 m USD
- Total assets
- 34.5 m USD
- Debt / equity
- unavailable
- Current ratio
- 0.79x
- ROE
- unavailable
- ROA
- -51.4%
- FCF margin
- -10.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 97.3 m | 140.0 m | 87.2 m | 53.2 m | SEC (XBRL)· 30 Apr 2026verified |
| Cost of revenue | 89.0 m | 127.3 m | 83.6 m | 52.1 m | SEC (XBRL)· 30 Apr 2026verified |
| Gross profit | 8.3 m | 12.8 m | 3.5 m | 1.0 m | SEC (XBRL)· 30 Apr 2026verified |
| Operating income | 2.9 m | 6.0 m | -5.3 m | -1.5 m | SEC (XBRL)· 30 Apr 2026verified |
| Interest expense | 7.7 k | 1.3 k | — | 35.1 k | SEC (XBRL)· 30 Apr 2026verified |
| Pre-tax income | 3.1 m | 6.0 m | -5.2 m | -15.2 m | SEC (XBRL)· 30 Apr 2026verified |
| Income tax | 688.3 k | 1.4 m | -358.7 k | 1.7 k | SEC (XBRL)· 30 Apr 2026verified |
| Net income | 2.4 m | 4.6 m | -4.8 m | -15.2 m | SEC (XBRL)· 30 Apr 2026verified |
| Diluted EPS | 0.12 | 1.83 | -1.73 | -3.81 | SEC (XBRL)· 30 Apr 2026verified |
| Weighted average diluted shares | 20.0 m | 2.5 m | 2.8 m | 4.0 m | SEC (XBRL)· 30 Apr 2026verified |
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 7.4 m | 10.8 m | 8.2 m | 8.9 m | SEC (XBRL)· 30 Apr 2026verified |
| Receivables | — | 20.1 m | 12.8 m | 9.5 m | SEC (XBRL)· 30 Apr 2026verified |
| Current assets | — | 35.0 m | 24.4 m | 30.1 m | SEC (XBRL)· 30 Apr 2026verified |
| Property, plant & equipment, net | — | 184.9 k | 127.4 k | 4.3 m | SEC (XBRL)· 30 Apr 2026verified |
| Total assets | — | 35.3 m | 24.7 m | 34.5 m | SEC (XBRL)· 30 Apr 2026verified |
| Accounts payable | — | 18.2 m | 11.3 m | 10.3 m | SEC (XBRL)· 30 Apr 2026verified |
| Short-term debt | — | — | — | 4.7 m | SEC (XBRL)· 30 Apr 2026verified |
| Long-term debt | — | — | 2.7 m | 2.7 m | SEC (XBRL)· 30 Apr 2026verified |
| Current liabilities | — | 22.4 m | 13.8 m | 38.1 m | SEC (XBRL)· 30 Apr 2026verified |
| Total liabilities | — | 22.4 m | 13.9 m | 38.2 m | SEC (XBRL)· 30 Apr 2026verified |
| Equity | 12.3 m | 12.9 m | 10.8 m | -3.6 m | SEC (XBRL)· 30 Apr 2026verified |
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 951.4 k | 7.3 m | -1.8 m | -1.3 m | SEC (XBRL)· 30 Apr 2026verified |
| Capex | 16.3 k | 1.5 k | — | 4.2 m | SEC (XBRL)· 30 Apr 2026verified |
| Free cash flow | 935.1 k ≈ | 7.3 m ≈ | — | -5.6 m ≈ | SEC (XBRL)· 30 Apr 2026derived |
| Investing cash flow | -2.9 m | 2.2 m | 718.8 k | -11.2 m | SEC (XBRL)· 30 Apr 2026verified |
| Financing cash flow | -1.2 m | -4.1 m | -1.5 m | 13.3 m | SEC (XBRL)· 30 Apr 2026verified |
| Dividends paid | 117.4 k | 4.0 m | — | — | SEC (XBRL)· 30 Apr 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
- 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
04 Nov 2026Source: olivLaw, closing series
Market cap: 80.1 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 · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
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 | -28.6% | 31 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -18.3% | 0 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -43.6x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 0.8x | 0 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -6.9% | 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 sheet0/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial31/100 · 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
PS International Group Ltd. (PSIG). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 53.2 m USD in 2025; YoY growth -39.0%; net margin -28.6%; ROE -440.7%.
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
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
- Revenue CAGR 3Y: -18.3%
- Interest coverage: -43.6x
- Current ratio: 0.8x
- FCF yield: -6.9%
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
Arrangement of Transportation of Freight & Cargo (SIC 4731) · same industry (4-digit SIC) · compared with 16 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 | |
|---|---|---|---|---|---|---|
| EXPDExpeditors International Of Washington, Inc. | 26.6 bn | 29.7 | 42.6% | 7.6% | +4.4% | +39% / +70% |
| CHRWC.h. Robinson Worldwide, Inc. | 15.5 bn | 24.0 | 38.9% | 3.7% | −8.4% | −16% / +63% |
| BCOBrink’s Co | 4.7 bn | 26.1 | 64.0% | 3.3% | +5.0% | +1% / +43% |
| FWRDForward Air Corporation | 644.5 m | — | -1,574.1% | -11.4% | +0.8% | −17% / −70% |
| RLGTRadiant Logistics, Inc. | 450.2 m | 24.6 | 8.0% | 2.0% | +3.5% | +54% / +60% |
| NCEWNew Century Logistics (bvi) Limited | 422.8 m | — | -185.6% | -24.2% | −15.5% | +311% / unavailable |
| PSIGPS International Group Ltd. | 80.1 m | — | -440.7% | -28.6% | −39.0% | +41% / unavailable |
| CRGOFreightos Ltd | 32.8 m | — | -35.8% | -59.5% | +23.9% | −79% / −79% |
| VNTGVantage Corp | 14.3 m | — | -31.1% | -7.4% | −4.4% | −50% / unavailable |
| QNMEQuanome Technologies, Inc. | 13.4 m | — | -192.5% | -162.1% | +111.8% | −55% / unavailable |
| SLGBSmart Logistics Global Limited | 9.5 m | — | -13.4% | -2.9% | unavailable | −87% / unavailable |
| ELOGEastern International Ltd. | 9.2 m | — | -8.6% | -454.0% | −24.4% | −65% / unavailable |
| JYDJayud Global Logistics Limited | 9.0 m | — | -36.8% | -5.9% | +8.7% | −65% / −99% |
| SGLYSingularity Future Technology Ltd. | 2.6 m | — | -55.6% | -347.5% | −6.6% | −95% / −99% |
| FRGTFreight Technologies, Inc. | 1.6 m | — | -338.3% | -60.5% | −4.9% | −95% / −100% |
| GVHGlobavend Holdings Limited | 1.4 m | 0.6 | 9.0% | 2.9% | +42.5% | −76% / −100% |
| HUBGHub Group, Inc. | — | 0.1 | 6.3% | 2.8% | −6.1% | −30% / −29% |
1- and 3-year price returns: for PSIG 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 Apr 2026; since then the company filed 6-K (03 Nov 2026), 6-K (19 Aug 2026), 6-K (14 Aug 2026), 6-K (22 Jul 2026).
In brief
PS International Group Ltd. is a freight forwarding and logistics provider based in Hong Kong, mainly active in air export shipping. The company fell sharply in 2025 as US tariffs reduced volumes, and revenue reached 53.2 million USD, down 39.0%.
SWOT
Strengths
- The company has over thirty years of experience in Hong Kong and a network of shipping and port handling services.
- Its client base is concentrated on professional forwarders, which brings stable commercial relationships.
- Access to capital through the November 2025 private placement provides a safety margin for working capital.
Weaknesses
- Near-total dependence on air freight makes results vulnerable to a decline in a single segment.
- Gross margin fell sharply in 2025 and the net loss grew significantly, pointing to the weakness of a thin-margin model.
- Geographic concentration on exports to the United States exposes the company to changes in trade policy.
Opportunities
- A shift of sourcing to other Asian countries could create new shipping routes for the company.
- Developing a Singapore subsidiary could expand activity in Southeast Asia.
- If carriers and forwarders stabilise rates, margins could recover to healthier levels.
Threats
- Unstable tariffs can cancel or postpone orders, reducing volume for the whole sector.
- Fierce competition and direct selling by carriers may force companies to accept ever thinner margins.
- Exercise of warrants from the private placement could dilute existing shareholders, depending on price developments.
Risks
- Concentration in air freighthigh
Almost all revenue comes from air transport, so any decline in this segment flows directly into results.
- Very thin gross marginshigh
Gross margin fell to a very low level in 2025, leaving little room for unexpected costs.
- Shareholder dilutionmedium
Warrants issued in the private placement can be exercised and would add a large number of shares, diluting existing shareholders 1.
- Exposure to US trade policymedium
Dependence on exports to the United States makes the company sensitive to new tariffs or restrictions.
- Compliance and customs costslow
Heavier documentation and port delays raise costs that the company partly absorbs.
Investment thesis
What would need to be true (bull case)
- If export volumes stabilise, low fixed costs and long operating experience could support a recovery in results.
- Capital from the private placement offers a funding path for working capital through a difficult period.
- A shift in sourcing could open new routes that the company can serve from Hong Kong and Singapore.
What would break the thesis
- If tariffs remain high, demand for shipping from China could stay weak, keeping revenue below historical levels.
- Thin margins and direct competition from carriers could prevent a return to profitability.
- Exercise of warrants could significantly dilute existing shareholders, and resale of prospectus shares could weigh on the share price.
What to watch
- Trend in air freight volume from Asia to the USQ1 2027
- Gross margin level after fiscal 20252027
- Exercise of warrants from the private placementnext 10-K
- Development of the Singapore subsidiary and Southeast Asia activity2027
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 Apr 2026; since then the company filed 6-K (03 Nov 2026), 6-K (19 Aug 2026), 6-K (14 Aug 2026), 6-K (22 Jul 2026).
The business
The company provides freight forwarding services by air and sea, including booking cargo space, picking up goods, preparing documents, arranging customs clearance and handling at ports. Operations run through PSIHK, established in Hong Kong in 1993, and BGG, acquired in March 2022, while PS International Group Ltd. was incorporated in the Cayman Islands and listed on Nasdaq after its merger with AIB in July 2024 1. Its customers are almost entirely other freight forwarders rather than direct shippers.
The legal structure includes a Cayman Islands holding company, intermediate British Virgin Islands subsidiaries and Hong Kong operating entities, and a Singapore subsidiary was being set up for services in Southeast Asia 1. The company describes itself as a foreign private issuer, which gives it lighter reporting obligations than typical US domestic companies 1.
In November 2025 the company completed a private placement of units with gross proceeds of about 9.6 million USD, intended mainly for working capital and general corporate purposes 1. The funds are significant in a year when profitability eroded severely.
Segments
Air export freight forwarding
Air freight forwarding accounts for the vast majority of revenue, about 52.2 million USD in 2025, or 98.3% of the total 1. The segment depends on the volume of export shipments from Asia, especially to the United States.
Ocean freight and ancillary services
Ocean freight is a small segment, with revenue of about 0.8 million USD in 2025, and ancillary logistics services such as handling and warehousing brought only 72 thousand USD 1. Their small share means results depend almost entirely on air transport.
Market context
The company operates in the market for export freight from Asia, which is sensitive to trade policy and importer demand. In 2025 US tariffs led to cancelled or paused orders, and sourcing shifted to Vietnam, Mexico and Malaysia, weighing on volumes from China 1. Competitive pressure intensified as the number of shipments fell.
Margins for freight forwarders were squeezed, because carriers sold directly to shippers at rates below those contracted by intermediaries, while compliance, labour and fee costs rose 1. Under these conditions profitability depends on the ability to keep clients in the face of aggressive competition.
Trends
- US trade tariffsheadwind
Tariffs reduced import volumes and moved sourcing to other countries, directly affecting shipments from China 1. If tariff policy remains unstable, demand for services from Hong Kong could stay weak.
- Pressure on marginsheadwind
Carriers offered lower direct prices, and shippers had to accept thin margins or lose business 1. If this dynamic persists, profitability could remain low.
- Rising compliance costsheadwind
Extra documentation, port delays and demurrage fees raised operating costs that the company partly had to absorb 1.
Competitive position
The company competes with other freight forwarders offering similar air and sea transport services. The official source notes that in 2025 weak demand led to fierce competition among forwarders, and carriers could sell space directly at lower prices than forwarders' contracted rates 1.
The company cannot secure favourable prices over the long term if carriers prefer direct clients, and competitive pressure could continue if volumes remain low 1. Losing clients to competitors is an ongoing risk.
- Other Asian freight forwarders
Competitors named in the source, operating on the same air export routes and offering consolidation and customs services.
- Air and ocean carriers
Transport companies that sell directly to forwarders at lower rates, making them indirect competitors to intermediaries.
- Logistics intermediaries in Vietnam and Malaysia
Providers in the countries to which sourcing has shifted, which can take over volume lost from China.
- US-listed freight forwarders
Companies in the same sector competing for international clients, not identified by name in the source.
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)03 Nov 2026
- Current report (foreign issuer)19 Aug 2026
- Current report (foreign issuer)14 Aug 2026
- Current report (foreign issuer)22 Jul 2026
- Annual report (foreign issuer)30 Apr 2026
- Current report (foreign issuer)26 Nov 2025
- Current report (foreign issuer)13 Nov 2025
- Current report (foreign issuer)07 Nov 2025
- Current report (foreign issuer)03 Nov 2025
- Current report (foreign issuer)09 Oct 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / PS International Group Ltd. · 30 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.