olivLaw · US equity research
AsiaStrategy SORA
Wholesale-Jewelry, Watches, Precious Stones & Metals · SIC 5094 · Vertical: Wholesale — durable goods (SIC 509x)
AsiaStrategy (SORA) is a Hong Kong-based company trading luxury watches of international brands, with revenue of 11.0 million USD in fiscal 2025. The company is expanding into the Web3 ecosystem, so the performance of digital assets matters more and more for its results.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, AsiaStrategy (SORA) stock was 2.33 USD (−4.12% on the day), with market capitalisation 57.9 m USD, P/E 4.6 on diluted EPS of 0.50 USD over the last 12 months, beta 1.83, 52-week range 1.60–4.41 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)
- 49.3
- neutral
- Bollinger (20, 2)
- 2.25 – 2.53
- in the lower half of the band · %B 0.28 · band width 11.8%
- SMA 50 / 200
- 2.26 / 2.22
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.04 / 0.04
- MACD below 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 | +13.1% | −1.1% | +14.2 pp | — |
| 3 months | +1.1% | −0.5% | +1.5 pp | — |
| 6 months | −14.7% | +4.4% | −19.0 pp | — |
| Year to date | −23.6% | +12.3% | −35.9 pp | — |
| 1 year | −47.3% | +13.5% | −60.9 pp | −36.6% |
| 3 years | unavailable | +76.4% | unavailable | −3.4% |
| 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.
Today's P/E sits at the 0 percentile of its own 1-quarter history (min 6.1, median 6.1, max 6.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 14.2 m | 18.8 m | 17.6 m | 11.0 m |
| Revenue YoY | unavailable | +32.3% | −6.4% | −37.7% |
| Net income | 72.0 k | 196.7 k | -42.2 k | 12.3 m |
| Net income YoY | unavailable | +173.3% | −121.5% | unavailable |
| Diluted EPS | 0.00 | 0.01 | -0.00 | 0.50 |
| Diluted EPS YoY | unavailable | +172.2% | −120.4% | unavailable |
| net % | 0.5% | 1.0% | -0.2% | 111.9% |
| Free cash flow | unavailable | unavailable | unavailable | -4.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.5 m USD
- Financial debt
- 4.2 m USD
- Net debt
- 2.7 m USD
- Equity
- 21.8 m USD
- Total assets
- 39.7 m USD
- Debt / equity
- 0.19x
- Current ratio
- 6.51x
- ROE
- 106.1%
- ROA
- 53.0%
- FCF margin
- -39.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 14.2 m | 18.8 m | 17.6 m | 11.0 m | SEC (XBRL)· 30 Apr 2026verified |
| Cost of revenue | 13.0 m | 17.4 m | 16.2 m | 10.6 m | SEC (XBRL)· 30 Apr 2026verified |
| Gross profit | 1.3 m | 1.4 m | 1.4 m | 381.7 k | SEC (XBRL)· 30 Apr 2026verified |
| Operating income | 193.5 k | 526.8 k | 228.4 k | -1.6 m | SEC (XBRL)· 30 Apr 2026verified |
| Interest expense | 170.5 k | 336.8 k | 283.0 k | 296.2 k | SEC (XBRL)· 30 Apr 2026verified |
| Pre-tax income | 76.1 k | 212.9 k | -50.8 k | 12.5 m | SEC (XBRL)· 30 Apr 2026verified |
| Income tax | 4.1 k | 16.1 k | -8.6 k | 159.1 k | SEC (XBRL)· 30 Apr 2026verified |
| Net income | 72.0 k | 196.7 k | -42.2 k | 12.3 m | SEC (XBRL)· 30 Apr 2026verified |
| Diluted EPS | 0.00 | 0.01 | -0.00 | 0.50 | SEC (XBRL)· 30 Apr 2026verified |
| Weighted average diluted shares | 20.0 m | 20.0 m | 20.6 m | 24.7 m | SEC (XBRL)· 30 Apr 2026verified |
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 1.2 m | 1.5 m | 2.6 m | 1.5 m | SEC (XBRL)· 30 Apr 2026verified |
| Receivables | — | 142.5 k | — | 42.9 k | SEC (XBRL)· 30 Apr 2026verified |
| Inventories | — | 2.0 m | 2.2 m | 7.1 m | SEC (XBRL)· 30 Apr 2026verified |
| Current assets | — | 4.6 m | 5.8 m | 32.1 m | SEC (XBRL)· 30 Apr 2026verified |
| Property, plant & equipment, net | — | 2.2 k | 1.0 k | 4.3 k | SEC (XBRL)· 30 Apr 2026verified |
| Total assets | — | 5.6 m | 6.6 m | 39.7 m | SEC (XBRL)· 30 Apr 2026verified |
| Accounts payable | — | 277.5 k | 61.8 k | 3.5 m | SEC (XBRL)· 30 Apr 2026verified |
| Short-term debt | — | 5.8 m | 5.2 m | 1.2 m | SEC (XBRL)· 30 Apr 2026verified |
| Long-term debt | — | 3.4 m | 3.2 m | 3.0 m | SEC (XBRL)· 30 Apr 2026verified |
| Current liabilities | — | 2.7 m | 2.0 m | 4.9 m | SEC (XBRL)· 30 Apr 2026verified |
| Total liabilities | — | 6.2 m | 5.3 m | 17.9 m | SEC (XBRL)· 30 Apr 2026verified |
| Equity | -789.7 k † | -591.5 k † | 1.4 m † | 21.8 m † | SEC (XBRL)· 30 Apr 2026verified |
| Shares outstanding at year end | — | — | 22.2 m | 24.9 m | SEC (XBRL)· 30 Apr 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 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -2.2 m | 1.4 m | -463.0 k | -4.3 m | SEC (XBRL)· 30 Apr 2026verified |
| Capex | — | — | — | 4.8 k | SEC (XBRL)· 30 Apr 2026verified |
| Free cash flow | — | — | — | -4.3 m ≈ | SEC (XBRL)· 30 Apr 2026derived |
| Investing cash flow | — | — | — | -15.0 m | SEC (XBRL)· 30 Apr 2026verified |
| Financing cash flow | 2.0 m | -1.0 m | 2.0 m | 17.8 m | SEC (XBRL)· 30 Apr 2026verified |
| Dividends paid | 447.0 k | — | — | — | SEC (XBRL)· 12 May 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
Risk
Valuation
olivLaw classification
Score: 38 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 57.9 m USD
Key indicators
Coverage and freshness
Score by group
- Quality23
- Growth50
- Balance sheet40
- Valuation44
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: 6.22 – 9.74 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 · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E6.22 – 9.74 (Mid 8.19)5 companies used · median multiple 16.3x · quartiles 12.4x – 19.4xAENT, CNM, GOLD, POOL, YDDL
- Dividend discount (DDM)unavailable · input data missing
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
Unattractive profile · Score 38/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -9.8% | 0 (on a fixed band) | 15% |
| Net margin · Quality | 111.9% | 86 (vs peers) | 9% |
| FCF conversion · Quality | -35.2% | 0 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | -8.3% | 0 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | 418.3% | 100 (on a fixed band) | 12% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -5.3x | 0 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 6.5x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 4.6x | 80 (vs peers) | 15% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -7.5% | 0 (on a fixed band) | 12% |
| 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
- Growth50/100 · 2/2 factors with a value
- Quality23/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation44/100 · 2/3 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
AsiaStrategy (SORA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 11.0 m USD in 2025; YoY growth -37.7%; net margin 111.9%; ROE 106.1%.
The estimated value range is 6.22–9.74 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 8.19 USD, the price of 2.33 USD leaves a potential of 251.5% (value / price − 1) and a margin of safety of 71.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 38/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 111.9%
- EPS CAGR 3Y: 418.3%
- Current ratio: 6.5x
- P/E (TTM): 4.6x
- The price is below the estimated value range
What contradicts it
- ROIC: -9.8%
- FCF conversion: -35.2%
- Revenue CAGR 3Y: -8.3%
- Interest coverage: -5.3x
- FCF yield: -7.5%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Wholesale — durable goods (SIC 509x) · same industry group (3-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 | |
|---|---|---|---|---|---|---|
| POOLPool Corporation | 7.7 bn | 19.9 | 30.4% | 7.3% | −0.4% | −11% / −38% |
| GOLDGold.com, Inc. | 1.1 bn | 12.4 | 10.8% | 0.3% | +132.4% | +31% / +31% |
| AENTAlliance Entertainment Holding Corporation | 216.5 m | 16.3 | 11.9% | 483.6% | 0.0% | −37% / +347% |
| SORAAsiaStrategy | 57.9 m | 4.6 | 106.1% | 111.9% | −37.7% | −47% / unavailable |
| BGMSBio Green Med Solution, Inc. | 5.7 m | — | -40.8% | -204.0% | −100.0% | −43% / −100% |
| GNLNGreenlane Holdings, Inc. | 847.3 k | — | -534.0% | -4,630.6% | −67.2% | −95% / −100% |
| YDDLOne and one Green Technologies. INC | — | 4.5 | 37.8% | 17.9% | +23.1% | −80% / unavailable |
| CNMCore & Main, Inc. | — | 19.4 | 23.4% | 6.0% | +2.8% | −3% / +34% |
1- and 3-year price returns: for SORA 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 | 1.23 Total return -47% · Per year -47% | 2.18 Total return -6% · Per year -6% | 3.30 Total return 42% · Per year 42% |
| 3 years | 0.98 Total return -58% · Per year -25% | 1.97 Total return -15% · Per year -5% | 3.30 Total return 42% · Per year 12% |
| 5 years | 0.77 Total return -67% · Per year -20% | 1.78 Total return -24% · Per year -5% | 3.30 Total return 42% · Per year 7% |
- Exit P/E± 0.49
- Net margin± 0.34
- Annual revenue growth± 0.31
- Annual dilution± 0.03
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 (06 Oct 2026), 6-K (01 Oct 2026), 6-K (08 Sept 2026), 6-K (17 Aug 2026).
In brief
AsiaStrategy (SORA) is a Hong Kong-based company trading luxury watches of international brands, with revenue of 11.0 million USD in fiscal 2025. The company is expanding into the Web3 ecosystem, so the performance of digital assets matters more and more for its results.
SWOT
Strengths
- The company has established relationships with distributors and dealers in the watch industry and a broad range of well-known brands.
- Its location in Hong Kong and access to several purchasing markets give operational flexibility.
- Its funding structure includes listing proceeds and convertible notes with a fixed interest rate.
Weaknesses
- Sales depend heavily on a single brand, and revenue has declined in recent years.
- Gross margin is very thin, as cost of sales absorbs nearly all revenue.
- Net result depends strongly on unrealized valuations of digital assets and securities, which are volatile.
Opportunities
- Expansion into the Web3 ecosystem could create new income streams for the company.
- Diversifying suppliers and the product range could reduce dependence on a single product.
- Growing luxury demand in Asia-Pacific could support a wider customer base.
Threats
- Volatility in digital asset markets can generate significant unrealized losses.
- Changes in digital asset regulation could raise costs or limit activity.
- Geopolitical conflicts and sanctions could disrupt supply chains and financial markets.
Risks
- Dependence on a single brandhigh
A large share of sales comes from one brand, so a change in that relationship could sharply affect revenue 1.
- Exposure to digital asset marketshigh
Valuations of digital assets and equity securities can fluctuate significantly, influencing net income 1.
- Thin profit marginsmedium
Cost of sales absorbs nearly all revenue, so any rise in purchase costs could erode profitability 1.
- Currency riskmedium
Purchases in foreign currencies and sales in Hong Kong dollars expose the company to exchange rate movements 1.
- Geopolitical riskmedium
Military conflicts and sanctions could have effects that are hard to predict on the global economy and the business 1.
Investment thesis
What would need to be true (bull case)
- If demand for luxury watches in Asia-Pacific keeps growing, the company could recover sales and strengthen its position with a broad range of brands.
- Expansion into Web3 could open new income streams if the activity develops as planned.
- Financing through convertible notes with a fixed interest rate could provide cost stability over the medium term.
What would break the thesis
- If sales remain concentrated on one brand, a decline in that brand could quickly affect the company's revenue.
- Volatility in digital assets could produce unrealized losses that offset gains from operating activity.
- Very small margins leave little room to absorb higher costs or interest expense.
What to watch
- Development of revenue and gross margin in the next annual report2026
- Contribution of digital assets to net income and how they are valuednext 20-F
- Progress of the Web3 expansion and new income streams2026
- Dependence on Omega and diversification of the brand rangenext 20-F
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 (06 Oct 2026), 6-K (01 Oct 2026), 6-K (08 Sept 2026), 6-K (17 Aug 2026).
The business
AsiaStrategy is a holding company that operates through its main subsidiary Top Win International Trading Limited in Hong Kong, a wholesaler of luxury watches. The company buys products from authorized dealers, distributors and brand owners in Europe, Japan, Singapore and other locations, and sells them to independent watch dealers, distributors and retail buyers in the watch industry 1.
The company has stated its intention to expand into the Web3 ecosystem, and at 31 December 2025 it held digital assets worth 2702943 USD, with an unrealized loss of 796529 USD for fiscal 2025 1. It aims to create new income streams from this direction 1.
Segments
Luxury watches
Trading luxury watches is the main revenue stream. The segment accounted for 53.0% of total sales in 2025, and Omega alone generated 50.2% of sales revenue in the same year 1.
Digital assets and securities
The company holds digital assets (Bitcoin and Tether USD) and equity securities measured at fair value, so its net result depends on the volatility of these markets. Unrealized gains on equity securities were 15143639 USD in 2025 1.
Market context
The company operates in the Asia-Pacific luxury market, where demand has grown with rising disposable incomes and appreciation for branded products 1. Hong Kong is the centre of operations, and purchases come from several countries, especially South America and Europe 1.
The luxury watch trading market is highly competitive, with many local and international players competing for share 1. The company seeks to differentiate itself through service, exclusive offerings and competitive pricing 1.
Trends
- Rising luxury demand in Asiatailwind
Growing disposable incomes and appreciation for branded products in the region could support the company's sales 1.
- Volatility of digital assetsmixed
The value of digital assets and equity securities directly affects results, and the company expects this volatility to persist 1.
- Cost of bank financingheadwind
Bank borrowing interest has been a significant part of expenses, so changes in interest rates could materially affect net income 1.
- Regulatory framework for digital assetsheadwind
Changes in digital asset rules in Hong Kong and other jurisdictions could raise compliance costs or limit holding or trading of certain assets 1.
Competitive position
The company competes with other luxury watch traders, both local and international, in a market where service differentiation and product offering are essential 1. The sources do not explicitly identify competitors listed on US exchanges 1.
Dependence on supplier relations remains an important factor, since purchasing terms directly influence cost of revenue and gross margin 1.
- Other local and international luxury watch traders
Competitors named generically in the source, without specific identification.
- Authorized watch distributors
Supply partners that could also become indirect competitors for customers.
- Independent watch dealers
Main customers of the company, which may also buy from other suppliers.
- Luxury goods retailers in Asia-Pacific
Regional competitors mentioned in the context of the luxury market, without precise identification 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.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)06 Oct 2026
- Current report (foreign issuer)01 Oct 2026
- Current report (foreign issuer)08 Sept 2026
- Current report (foreign issuer)17 Aug 2026
- Annual report (foreign issuer)30 Apr 2026
- Current report (foreign issuer)21 Apr 2026
- Current report (foreign issuer)05 Mar 2026
- Current report (foreign issuer)15 Dec 2025
- Current report (foreign issuer)10 Nov 2025
- Current report (foreign issuer)10 Nov 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / AsiaStrategy · 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.