Caravelle International (HTCO) AI Stock Analysis

• Market Cap: $71.34M
• Dividend Yield: N/A
• Average Volume (3M): 37.84K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.79
• Revenue Growth: 103.19%
• EPS Growth: -138.25%
• Country: US
• Employees: 31
• Sector: Industrials
• Sector Strength: 72
• Industry: Marine Shipping
• EPS (TTM): N/A
• Shares Outstanding: 7,285,324
• 10 Day Avg. Volume: 33,358
• 30 Day Avg. Volume: 37,845
• PEG Ratio: 0.13
• Price to Book (P/B): 7.63
• Price to Sales (P/S): 0.28
• P/FCF Ratio: 12.98
• Enterprise Value/Market Cap: 0.58
• Enterprise Value/Revenue: 0.19
• Enterprise Value/Gross Profit: 6.12
• Enterprise Value/Ebitda: -2.06
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: $8.50 ▼(-6.59% Downside)
• Action: Reiterated Date: 02/06/26
• Date: Action: Reiterated 02/06/26

The score is held back primarily by weak profitability and inconsistent earnings despite improved leverage and a return to positive cash flow. Technical indicators also point to a weak trend and bearish momentum, while valuation lacks support due to losses (negative P/E) and no provided dividend yield.

Positive Factors

Improved leverage

A materially cleaner capital structure reduces solvency risk and increases financial flexibility over the medium term. Low debt and rebuilt equity support capacity to finance fleet investments or weather shipping cycles without immediate refinancing pressure, improving long-term resilience.

Positive cash generation

Return to positive operating and free cash flow demonstrates the business can generate internal funding for operations and limited investment. Sustained cash generation supports deleveraging, capex and working capital needs over 2–6 months, lowering reliance on external financing.

Strengthened capital markets leadership

Hiring a dedicated capital-markets chief is a structural improvement in management capability. It should materially enhance access to long-term funding, institutional investor relations and execution of fleet/infrastructure strategy, improving ability to finance growth and strategic shifts.

Negative Factors

Large 2025 losses

Substantial operating and net losses undermine retained earnings and limit internal resources for reinvestment. If such losses persist, they can erode equity, constrain strategic options and raise the ongoing cost of capital, threatening sustainability over multiple quarters.

Earnings volatility

Recurrent multi-year swings in profitability reduce forecastability of cash flows and complicate capital allocation. Persistent volatility makes long-term planning harder, increases lender and investor scrutiny, and raises the likelihood of needing external recapitalization during downturns.

Unstable cash-flow pattern

Even with 2025 positive flows, the steep year-over-year decline and prior outflows signal weak cash-flow durability. Irregular FCF hampers consistent maintenance capex and fleet investments, forcing episodic financing and increasing operational risk during shipping-cycle downturns.

Caravelle International Business Overview & Revenue Model

Company Description

High-Trend International Group provides ocean transportation services in Hong Kong, Singapore, and internationally. The company provides solutions for marine decarbonization and digital carbon assets management for the shipping industry. It offers seaborne transportation services under the voyage contracts. In addition, the company provides vessel services on behalf of ship owners. The company was formerly known as Caravelle International Group and changed its name to High-Trend International Group in January 2025. The company was founded in 2022 and is headquartered in Singapore.

How the Company Makes Money

Caravelle International (HTCO) makes money primarily through its maritime shipping and logistics services. The company's revenue model is centered around transporting goods across international waters, where it charges clients for freight services based on cargo volume, distance, and shipping routes. Another significant revenue stream comes from its logistics operations, which include warehousing, distribution, and supply chain management services. Caravelle may also have strategic partnerships with other shipping companies, ports, and logistics providers to enhance its service offerings and expand its market reach. These partnerships, along with its established network of shipping routes and logistic centers, contribute significantly to its earnings by providing integrated and efficient service solutions to its clients.

Caravelle International Financial Statement Overview

Summary

Revenue rebounded strongly in 2025, and the balance sheet and cash flow improved (deleveraging and positive operating/free cash flow). However, profitability deteriorated materially with a sizable operating loss and net loss in 2025, and earnings have been volatile with multiple recent loss years, which meaningfully drags the financial performance score.

Income Statement

Revenue rebounded strongly in 2025 (annual revenue up ~24%) after a weak 2023, but profitability deteriorated materially: 2025 reported a sizable operating loss (EBIT about -$19.9M) and a net loss of about -$21.5M. The company showed it can be profitable (notably 2021–2022 with positive net income), but results have been volatile with multiple loss years (2020, 2023–2025), which weighs on earnings quality and consistency.

Balance Sheet

Balance sheet leverage improved meaningfully in 2025, with total debt falling to roughly $0.13M while equity rose to about $7.9M on $32.4M of assets, indicating a much cleaner capital structure versus prior years when leverage was elevated and equity was even negative (e.g., 2020 and 2023). The key offset is that despite stronger capitalization today, recent losses raise the risk of equity erosion if weak profitability persists.

Cash Flow

Cash generation improved sharply in 2025, with positive operating cash flow (~$4.6M) and similarly positive free cash flow (~$4.6M), reversing the negative cash flow in 2023–2024. However, free cash flow declined versus the prior year (about -31% growth in 2025), and the multi-year pattern is uneven (very strong cash flow in 2022, then significant outflows in 2023–2024), suggesting cash flow stability remains a watch item.

Breakdown	Oct 2025	Oct 2024	Oct 2023	Oct 2022	Oct 2021
Income Statement
Total Revenue	214.42M	108.18M	95.26M	185.35M	121.96M
Gross Profit	6.73M	8.10M	-11.89M	26.85M	12.95M
EBITDA	-19.98M	-21.01M	-15.58M	23.75M	10.42M
Net Income	-21.46M	-23.60M	-9.33M	12.23M	5.31M
Balance Sheet
Total Assets	32.36M	29.21M	8.43M	35.57M	27.19M
Cash, Cash Equivalents and Short-Term Investments	10.14M	6.86M	2.22M	21.57M	10.35M
Total Debt	130.66K	7.01M	5.83M	5.62M	10.81M
Total Liabilities	19.76M	20.47M	15.70M	25.55M	23.81M
Stockholders Equity	7.88M	5.36M	-5.41M	4.53M	583.91K
Cash Flow
Free Cash Flow	4.63M	-3.33M	-17.77M	33.13M	632.49K
Operating Cash Flow	4.63M	-3.33M	-17.77M	33.13M	632.49K
Investing Cash Flow	-5.07K	0.00	0.00	7.42K	300.00K
Financing Cash Flow	-1.35M	7.97M	-1.58M	-21.91M	1.31M

Caravelle International Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 9.10
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HTCO, the sentiment is Neutral. The current price of 9.1 is below the 20-day moving average (MA) of 9.48, below the 50-day MA of 9.88, and below the 200-day MA of 9.26, indicating a neutral trend. The MACD of -0.07 indicates Negative momentum. The RSI at 50.13 is Neutral, neither overbought nor oversold. The STOCH value of 53.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HTCO.

Caravelle International Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PSHG	74 Outperform	$26.60M	1.17	17.90%	―	-11.07%	-13.39%
TOPS	65 Neutral	$23.36M	2.07	7.94%	―	4.77%	―
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
TORO	56 Neutral	$103.29M	714.00	1.57%	―	-30.68%	-98.19%
EDRY	55 Neutral	$57.55M	-13.21	-11.12%	―	-20.95%	-77.49%
PXS	52 Neutral	$40.79M	-16.72	0.28%	―	-23.25%	-107.24%
HTCO	47 Neutral	$71.34M	-2.39	-456.31%	―	103.19%	-138.25%

Caravelle International Corporate Events

High-Trend International Adds Former Singapore Navy Chief Chew Men Leong to Board to Drive Global Maritime Strategy

On January 26, 2026, High-Trend International Group appointed Mr. Chew Men Leong, former Chief of Navy of the Republic of Singapore Navy and an experienced infrastructure and global business leader, to its board of directors, a move disclosed in a press release issued on January 28, 2026. Chew brings extensive maritime command experience, a strong capital markets and M&A track record including leading ST Engineering’s US$2.68 billion acquisition of TransCore, and leadership of large-scale urban solutions and national infrastructure agencies in Singapore, positioning him to bolster HTCO’s global maritime strategy, cross-border capital capabilities and Singapore market engagement, with potential strategic benefits for the company’s growth ambitions and governance profile.

The most recent analyst rating on (HTCO) stock is a Hold with a $11.00 price target. To see the full list of analyst forecasts on Caravelle International stock, see the HTCO Stock Forecast page.

High-Trend International Names Capital Markets Chief to Drive Maritime Transformation

On January 9, 2026, High-Trend International Group appointed veteran entrepreneur and private equity specialist Shahryar Oveissi as Chief Capital Markets Officer, a move announced publicly on January 12, 2026. Reporting directly to Chairman Christopher Nixon Cox, Oveissi is tasked with structuring long-term financing for fleet expansion and maritime infrastructure investments, strengthening institutional investor relations, and leveraging his extensive network across the Middle East, Europe and North America to attract sovereign and other long-term capital. The appointment marks a key step in executing HTCO’s 2026–2030 strategic plan to bolster its capital markets capabilities and accelerate its transition toward a global maritime infrastructure and digital shipping platform, signaling an intensified focus on green shipping, digital finance and innovative asset structures for shareholders and other stakeholders.