Ming Shing Group Holdings Limited (PMA) AI Stock Analysis
PMA AI stock analysis summary
AI ResearchPMA Graphene Technology Group Inc. (PMA), formerly Ming Shing Group Holdings Limited, provides wet trades construction works in Hong Kong and trades wines and spirits. In FY2026, revenue fell 56.8% to $14.6M alongside a net loss of -$5.8M. The company ended FY2026 with negative shareholders' equity of -$4.8M and a current ratio of 0.71.
- Market cap
- $202.1M
- Revenue (TTM)
- $14.6M
- P/E
- —
- 1Y return
- -46.8% S&P 500 16.8%
- Avg. target
- —
Bull case
- The stock generated a positive year-to-date return of 24.0% through October 16, 2026.
- Free cash flow recovered to $783,136 in FY2026 after dropping to -$8.0M in FY2025.
- Revenue registered a five-year compound annual growth rate of 18.9% between FY2021 and FY2026.
Bear case
- Revenue declined 56.8% in FY2026 to $14.6M.
- Net margin was -39.4% in FY2026, resulting in a net loss of -$5.8M.
- Shareholders' equity as of March 31, 2026, was negative at -$4.8M.
What Ming Shing does
PMA Graphene Technology Group Inc., through its subsidiaries, engages in wet trades works in Hong Kong. Its works include plastering, tile laying, brick laying, floor screeding, and marble works, as well as small-scale fitting out services, such as renovation works. The company also trades in wines and spirits. It primarily serves construction contractors in both the public and private sectors. The company was incorporated in 2022 and is based in Cheung Sha Wan, Hong Kong, with 15 employees. Formerly known as Ming Shing Group Holdings Limited, it changed its name in August 2026.
Growth and profitability
Revenue expanded from $14.4M in FY2022 to $21.9M in FY2023, $27.6M in FY2024, and reached a peak of $33.9M in FY2025 before contracting 56.8% to $14.6M in FY2026. Across that five-year span from FY2021 to FY2026, revenue posted a compound annual growth rate of 18.9%. Profitability deteriorated in recent years, shifting from net income of $2.3M in FY2024 to a net loss of -$5.7M in FY2025 and -$5.8M in FY2026. Gross margin fell from 18.5% in FY2024 to -18.4% in FY2026, while operating margin declined to -37.3%. For the latest quarter ended December 31, 2025, revenue fell 62.3% year-over-year, while quarterly earnings grew 42.3%.
Balance sheet and cash flow
As of March 31, 2026, the company held $1.6M in cash and short-term investments against total debt of $4.7M, resulting in net debt of $3.0M. Total assets stood at $5.9M, and the current ratio was 0.71. Shareholders' equity was negative at -$4.8M. For FY2026, both operating cash flow and free cash flow were $783,136, rebounding from operating cash flow of -$8.0M and free cash flow of -$8.0M recorded in FY2025.
Valuation and performance
PMA trades at an enterprise value of $217.4M and a market capitalization of $202.1M. Its price-to-sales multiple is 13.8x, compared to 1.5x for the median of its US-listed Industrials peers. Its EV-to-EBITDA ratio of 24.9x stands above the peer median of 13.9x. The stock closed at $1.24 on October 16, 2026, reflecting a 1-year return of -46.8% compared to a 16.8% gain for the S&P 500 (SPY). Over a year-to-date period, the stock has gained 24.0% and trades 1.1% below its 200-day average.
What analysts expect
The company has had 1 EPS beat over the last 4 quarters. No analyst consensus ratings, price targets, or forward earnings estimates are available for the stock. Its trailing twelve months diluted EPS stands at -$0.44. Insider ownership represents 1.2% of shares, institutional ownership accounts for 0.1%, and short interest sits at 0.1% of the float.
Key risks and what to watch
- Liquidity pressure is indicated by a current ratio of 0.71 and net debt of $3.0M as of March 31, 2026.
- Quarterly revenue fell 62.3% year-over-year in the quarter ended December 31, 2025.
- The company's trailing twelve months return on equity stands at -578.2%.
- PMA's price-to-sales ratio of 13.8x is well above the US-listed Industrials peer median of 1.5x despite operating losses.
AI-generated research summary. Written with AI from Quotelinks data as of October 16, 2026 and checked so every figure matches that data. For information only, not investment advice. Disclaimer
About this PMA AI stock analysis
This page is an AI-written research summary of Ming Shing Group Holdings Limited (PMA). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.
Related: PMA income statement, PMA balance sheet, PMA key metrics, PMA chart. See the PMA stock overview for the latest quote and news.
PMA AI stock analysis FAQ
Does PMA pay a dividend?
PMA does not pay a dividend.
What was PMA's revenue and net income in FY2026?
In FY2026, PMA generated revenue of $14.6M and recorded a net loss of -$5.8M.
What is PMA's debt and cash position?
As of March 31, 2026, PMA held $1.6M in cash and short-term investments alongside total debt of $4.7M, leaving net debt at $3.0M.
How does PMA's valuation compare to its peer group?
PMA trades at a price-to-sales ratio of 13.8x and an EV-to-EBITDA ratio of 24.9x, compared to the median of its US-listed Industrials peers of 1.5x and 13.9x, respectively.