Ming Shing Group Holdings Limited

MSW

Engineering & Construction · Industrials

Price

$1.25

+0.00 (+0.00%)

Market Cap

$16.2M

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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

Share count falling — buybacks

−21.0% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 15.0M (2021) → 11.8M (2025)

Ming Shing Group Holdings Limited is a small construction and engineering company based in Hong Kong. It provides fitting-out and renovation works, mainly for commercial and residential buildings. Its customers include property developers, contractors, and building owners in Hong Kong's construction market.

The company earns money by winning contracts for interior fitting-out projects and completing that work for a fee. It operates almost entirely in Hong Kong, making it heavily dependent on a single, relatively small market. The financial figures tell a difficult story — negative gross and operating margins mean the company is currently spending more than it earns on its projects, which is a serious concern. The main risks include intense competition from other small contractors, rising labor and material costs in Hong Kong, and a slowdown in the local property market, which directly reduces demand for renovation and fitting-out work.

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

Revenue data limited

EPS Growth

EPS data limited

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

84.2%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$590,918 cash & investments

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

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

-3.9%

Thin — -3.9% gross margin

Operating Margin

-15.8%

Losing money on operations — -15.8%

ROCE

-62.2%

Weak — -62.2% return on capital

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

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Growth

Sales YoY

+22.8%

—

Fast-growing sales (22.8% YoY)

EPS YoY

-400.0%

—

Earnings shrinking (-400.0% 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

N/A

—

Data not available

FCF Margin

-23.5%

Burning cash (-23.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

7.75

—

Heavy debt load (7.75)

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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