Highway Holdings Limited

HIHO

Manufacturing - Metal Fabrication · Industrials

Price

$1.23

+0.30 (+32.29%)

Market Cap

$5.7M

Exchange

NASDAQ Capital Market

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+8.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 4.2M (2022) → 4.6M (2026)

Highway Holdings Limited is a small manufacturing company that makes metal parts and other components used in products like office equipment, electronic devices, and industrial machinery. Its customers are mainly other businesses — companies that need precision-made parts built to their specifications. The company operates in the metal fabrication industry, acting as a contract manufacturer that produces components on behalf of larger brands.

Highway Holdings earns money by taking orders from business customers and charging them for the parts it manufactures. The company is headquartered in Hong Kong and runs its production primarily through facilities in Myanmar, which keeps labor costs low — that cost advantage is its main competitive edge. However, the company is very small, with a market cap near zero, and its operating margin is deeply negative, meaning it is currently spending more than it earns. The biggest risk it faces is staying financially viable while navigating geopolitical uncertainty in Myanmar and competing against other low-cost manufacturers in Asia.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-37.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-235.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

36.2%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$4M cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Highway Holdings Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

26.4%

Modest — 26.4% gross margin

Operating Margin

-109.1%

Losing money on operations — -109.1%

ROCE

-16.1%

Weak — -16.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-35.2%

Shrinking sales (-35.2% YoY)

EPS YoY

-1514.0%

Earnings shrinking (-1514.0% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.29

Conservative — low debt load (0.29)

Interest Cover

N/A

—

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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