Ming Shing Group Holdings Ltd
MSW · Construction - Special Trade Contractors · EDGAR filings ↗
Grade
D46Loss-making Hong Kong special-trade contractor with negative gross margin, deeply negative returns and extreme leverage.
Strengths
- Revenue grew ~22.8% (63rd pct)
- Current/quick ratio ~1.08 keeps liquidity marginally adequate
Risks
- Negative gross margin (-3.9%, 4.5th pct) and ROE -5.8x (4.8th pct) signal a model that loses money at the project level
- Debt-to-equity 2.9x (100th pct) — most-levered in sector
- Non-recurrent project revenue, subcontractor dependence and PRC/HK cash-transfer governance risk
Notable findings
- High leverageHigh leverage (debt/equity 2.91)
- Net lossNet loss (net margin -16.9%)
Key metrics
Gross margin
-3.9%
Operating margin
-15.8%
Net margin
-16.9%
Return on equity
-582.4%
Return on assets
-42.7%
ROIC
-109.9%
Revenue growth (QoQ)
22.8%
Net-income growth
-346.3%
Debt / equity
2.9×
Current ratio
1.1×
Tangible book value
$984K
Cash & investments
$250K
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2025-08-15 | 2025-03-31 | 0001641172-25-024398 ↗ |
| 20-F | 2024-08-26 | 2024-03-31 | 0001493152-24-033838 ↗ |