Deep Value: cash covers more than 100% of the stock price

This company holds roughly $4M in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Intercont (Cayman) Limited Ordinary shares

NCT

Marine Shipping · Industrials

Price

$3.50

-0.02 (-0.57%)

Market Cap

$3.7M

Exchange

NASDAQ Global Select

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Based on the IPO prospectus (annual filing). This score will refine automatically once the company reports its first quarters.

Data as of Aug 9, 2026 · filings through Dec 31, 2025

Intercont (Cayman) Limited is a marine shipping company that moves cargo across international waterways. It operates vessels that transport goods — likely dry bulk commodities or general cargo — for commercial customers such as manufacturers, traders, and commodity producers. The company is incorporated in the Cayman Islands, a common structure for international shipping businesses.

The company earns revenue by charging customers to carry cargo on its ships, either through long-term contracts called charters or shorter spot-market agreements. With a gross margin near 29% and an operating margin around 20%, it appears to run a relatively lean operation compared to many shipping peers. Marine shipping is a cyclical industry, meaning profits can swing sharply depending on global trade volumes, fuel costs, and the supply of available vessels — these factors represent the main ongoing risks to the business. Investors should watch freight rate trends and fleet utilization as key indicators of future performance.

Winston Score History

Share count broadly stable

0.0% over 2y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 989K (2022) → 989K (2024)

Score breakdown

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Quality

Gross Margin

28.8%

Modest — 28.8% gross margin

Operating Margin

19.9%

Healthy — 19.9% operating margin

ROCE

32.9%

Exceptional — 32.9% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales YoY

-21.3%

—

Shrinking sales (-21.3% YoY)

EPS YoY

-70.5%

—

Earnings shrinking (-70.5% YoY)

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

EPS Consistency

N/A

—

Data not available

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Cash Flow

Cash Conversion

206%

—

Turns 206% of profit into real cash

FCF Margin

25.4%

Converts sales into free cash efficiently (25.4%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.41

Conservative — low debt load (0.41)

Interest Cover

1.88x

Dangerous — barely covers interest (1.9x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

1.1x

—

Attractive valuation — P/E 1.1

P/E under 10. The price tag is small relative to last year's profit.

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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