High-Trend International Group
HTCO · Deep Sea Foreign Transportation of Freight · EDGAR filings ↗
Grade
D45Related-party-dependent dry-bulk shipper (ex-SPAC) with deeply negative returns, razor-thin margins, and recent wholesale management turnover.
Strengths
- Revenue nearly doubled (+98%, 95th pct) and positive free cash flow ($4.6M)
- Current/quick ratio ~1.5 provides modest near-term liquidity
Risks
- ROE -272% and ROA -66% (both ~2nd pct) with negative net margin (-10%, 8th pct)
- Charters vessels from former insider-controlled Topsheen; full management team replaced in 2024
- Cayman/Singapore China-linked governance, delisting and PFIC risks
Notable findings
- Net lossNet loss (net margin -10.0%)
Key metrics
Gross margin
3.2%
Operating margin
-9.3%
Net margin
-10.0%
Return on equity
-272.5%
Return on assets
-66.3%
Revenue growth (QoQ)
98.2%
Current ratio
1.5×
Free cash flow
$5M
Tangible book value
$8M
Cash & investments
$10M
Stock comp / revenue
10.2%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-01-23 | 2025-10-31 | 0001213900-26-007246 ↗ |
| 20-F | 2025-02-27 | 2024-10-31 | 0001213900-25-018123 ↗ |
| 20-F | 2024-09-09 | 2023-10-31 | 0001213900-24-076729 ↗ |
| 20-F | 2023-08-28 | 2022-10-31 | 0001213900-23-071314 ↗ |