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Ming Shing Group Holdings Limited

MSW

Ming Shing Group Holdings Limited • NASDAQ
$1.68 ▲ 9.87% (+0.15)
Market Cap $21.80 M
52w High $10.58
52w Low $1.18
Dividend Yield 0%
P/E -3.5
Volume 3.00K
Outstanding Shares 12.97M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2024 $1.081M ▲ $11.889M ▲ $10.891M ▲ $998.262K ▲
Q2-2024 $417.876K ▲ $8.374M ▲ $8.096M ▲ $278.05K ▼
Q4-2023 $323.958K ▼ $8.282M ▲ $7.9M ▲ $382.89K ▼
Q2-2023 $407.086K ▲ $6.675M ▲ $5.934M ▲ $741.145K ▲
Q4-2022 $217.792K $5.599M $5.439M $159.757K

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow

Five-Year Company Overview

Income Statement

Income Statement Ming Shing’s revenue base is very small but has been edging up over the past few years. Profitability, however, looks fragile. Earlier years show the company roughly breaking even or making only modest profits, while the most recent year flips back into a clear loss. That suggests the business is sensitive to small changes in demand, pricing, or costs. Overall, this is a thin-margin, early‑stage or small‑scale profile where one weak year can quickly erase prior gains.

Balance Sheet

Balance Sheet The balance sheet appears very light. Total assets are small, cash on hand is minimal, and debt is present, while reported equity is close to zero. That combination points to a very thin capital cushion and limited financial flexibility. It also means the company is more exposed if projects are delayed, customers pay late, or markets turn against its digital asset positions. Any adverse change could have an outsized impact given the narrow asset and equity base.

Cash Flow

Cash Flow Recent cash flow from operations has turned negative, and free cash flow has moved in the same direction, with no meaningful investment in physical assets. This indicates that day‑to‑day operations are not currently self‑funding and are consuming cash rather than generating it. With little reported cash on the balance sheet, sustaining operations likely depends on tight working capital management, access to financing, or gains from non‑core activities such as digital assets. This adds another layer of execution risk.

Competitive Edge

Competitive Edge In its core business, Ming Shing operates as a specialist in “wet trades” subcontracting, mainly in Hong Kong. Its registration as a specialist trade contractor and its experience in this niche offer some credibility and help it win work from main contractors. However, the construction market it serves is competitive and fragmented, with many players offering similar services and limited clear technological differentiation. The company’s small scale and narrow focus mean its bargaining power is likely limited, and its position depends heavily on reputation, relationships, and consistent project delivery.

Innovation and R&D

Innovation and R&D The most distinctive “innovation” is strategic rather than technical: a deliberate shift to holding Bitcoin and other digital assets as part of its corporate treasury. This is unconventional for a construction subcontractor and may offer upside if crypto assets perform well, but it also adds meaningful financial volatility and risk. In terms of construction technology or formal R&D, there is little evidence of unique methods, patented processes, or proprietary tools. Future innovation seems more likely to come from financial strategy, market expansion, or incremental process improvements than from breakthrough construction technology at this stage.

Summary

Ming Shing combines a small, niche construction business with an aggressive digital asset strategy, creating a mixed profile of steady but modest core operations and high financial volatility. The income statement shows a shift back into losses, the balance sheet is very thin, and cash flows recently turned negative, all of which point to limited resilience if conditions worsen. Competitively, the company relies on its specialist wet trades niche and regulatory registrations rather than on clear technological advantages. The bold move into Bitcoin is a differentiator but also a key uncertainty: it can amplify both upside and downside. Overall, the company appears to be in a delicate position where execution, risk management, and market conditions—both in construction and in crypto—will be crucial to its future trajectory.

NEWS

November 6, 2025 · 11:50 AM UTC

Ming Shing Group Holdings Limited Announces Resignation of Director and Addition to Board of Directors

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September 24, 2025 · 7:05 AM UTC

Ming Shing Group Holdings Limited Announces Addition to Board of Directors

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