PN Smart Energy Limited

Solar · Energy

Price

$7.92

-1.43 (-15.26%)

Market Cap

$10.4M

Exchange

NASDAQ Global Select

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

−8.7% over 4y

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

Diluted shares outstanding: 1.4M (2021) → 1.3M (2025)

PN Smart Energy Limited is a small energy company focused on solar power solutions. It provides solar panels, installation services, and related energy products to residential and commercial customers. The company operates in the renewable energy industry, helping homes and businesses switch from traditional electricity to solar power.

PN Smart Energy earns money primarily by selling solar equipment and charging for installation and maintenance services. The company appears to operate in Asian markets and is very small, with a market cap close to zero, meaning it competes against much larger solar manufacturers and installers with greater resources and lower costs. Its thin gross margin of around 12.6% and negative operating margin signal that the company currently spends more than it earns from operations, which is a significant financial risk. The key challenge ahead is reaching a scale large enough to cover costs and compete effectively in a crowded solar market where prices keep falling.

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

$2M/ year

↓ Declining (-10% vs prior year)

2.7% of revenue

2.7x the sector average (1%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

2.6%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$16M cash & investments

Quarterly Free Cash Flow

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

10.0%

Thin — 10.0% gross margin

Operating Margin

-4.0%

Losing money on operations — -4.0%

ROCE

-10.6%

Weak — -10.6% return on capital

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

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Growth

Sales YoY

+27.0%

—

Fast-growing sales (27.0% YoY)

EPS YoY

-747.1%

—

Earnings shrinking (-747.1% 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

3.7%

Thin free cash flow (3.7%)

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

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Stability

Debt / Equity

0.21

Conservative — low debt load (0.21)

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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