Ming Shing Group Holdings Limited (MSW) AI Stock Analysis

• Market Cap: $14.40M
• Dividend Yield: N/A
• Average Volume (3M): 29.55K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.51
• Revenue Growth: 23.25%
• EPS Growth: -343.35%
• Country: US
• Employees: 32
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): 0.02
• Shares Outstanding: 12,975,000
• 10 Day Avg. Volume: 36,082
• 30 Day Avg. Volume: 29,552
• PEG Ratio: -1.32
• Price to Book (P/B): 84.00
• Price to Sales (P/S): 3.04
• P/FCF Ratio: 64.01
• Enterprise Value/Market Cap: 6.24
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 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: 41 Neutral
• Price Target: $1.00 ▲(3.09% Upside)

The score is primarily weighed down by weak financial performance: negative profitability, high leverage, and negative operating/free cash flow. Technicals also remain unfavorable with the stock below major moving averages and a negative MACD, while valuation is constrained by a negative P/E and lack of dividend data.

Positive Factors

Revenue Growth

Sustained revenue growth (~22.8% year) shows the company’s ability to win and execute more subcontracting projects in Hong Kong. Over the medium term this supports potential scale benefits and bargaining leverage with suppliers and contractors if margins can be stabilized.

Niche Wet-Trades Focus

A focused wet-trades subcontracting model builds specialized skills, repeat relationships with main contractors and predictable project pipelines. This structural niche creates barriers to entry and steady demand exposure to Hong Kong construction activity over the next several months.

Board and Governance Strengthening

Recent appointments, including a new audit committee chair and independent director additions, bolster independent oversight and governance. Stronger board oversight can improve financial controls, risk management and execution discipline over the medium term.

Negative Factors

High Leverage

Very high debt-to-equity indicates heavy reliance on borrowed funds. This materially limits financial flexibility, increases refinancing and interest risks, and raises vulnerability to construction cycle slowdowns, constraining operational investment and resilience over coming months.

Negative Cash Flow & Profitability

Negative gross, operating and net margins alongside negative operating and free cash flows show the business cannot convert revenue into sustainable cash or profits. Persistent cash deficits erode equity and force reliance on external financing, threatening medium-term viability.

Large Proposed AI Acquisition

A US$130M LOI to buy an AI business represents a major strategic pivot and potential funding burden. If pursued, integration, execution and financing risks could divert management focus from core construction operations and further strain an already weak balance sheet and liquidity profile.

Ming Shing Group Holdings Limited Business Overview & Revenue Model

Company Description

Ming Shing Group Holdings Limited, through its subsidiaries, engages in wet trades works. The company's works include plastering, tile laying, brick laying, floor screeding, and marble works in Hong Kong. It serves public and private sectors. The company was incorporated in 2022 and is based in San Po Kong, Hong Kong.

How the Company Makes Money

Ming Shing Group Holdings Limited generates revenue through multiple key streams, including the sale of electronic components and consumer products, logistics services, and supply chain solutions. By manufacturing and trading high-demand electronic parts, the company capitalizes on the growing market for consumer electronics and automotive industries. Additionally, MSW offers logistics services that enhance operational efficiency for clients, which further contributes to its revenue. Strategic partnerships with key players in the electronics and logistics sectors enable MSW to expand its market reach and optimize its supply chain, thereby improving its earnings. The company also benefits from economies of scale and cost efficiencies in its manufacturing processes, enhancing its overall profitability.

Ming Shing Group Holdings Limited Financial Statement Overview

Summary

Profitability has deteriorated with negative gross, EBIT/EBITDA, and net margins despite strong revenue growth. The balance sheet is highly leveraged (debt-to-equity 7.87) with negative ROE, and cash flows are negative (operating and free cash flow), pressuring liquidity and stability.

Income Statement

The income statement reveals a concerning trend with negative margins across the board in the latest year. Gross profit margin, net profit margin, EBIT margin, and EBITDA margin have all turned negative, indicating significant profitability challenges. Despite a notable revenue growth rate of 22.77% in the latest year, the company is struggling to convert this into profit, as evidenced by the negative net income.

Balance Sheet

The balance sheet shows high leverage with a debt-to-equity ratio of 7.87, which is a potential risk factor. The return on equity is negative, reflecting the company's inability to generate profit from shareholders' equity. The equity ratio is low, indicating a heavy reliance on debt financing, which could pose financial stability risks.

Cash Flow

Cash flow analysis indicates negative operating and free cash flows, which is concerning for liquidity. The free cash flow to net income ratio is 1.0, suggesting that the company is not generating sufficient cash from its operations. The negative free cash flow growth rate further highlights the cash flow challenges.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	33.85M	27.57M	21.87M	14.38M	6.15M
Gross Profit	-1.31M	5.09M	3.49M	2.63M	1.12M
EBITDA	-5.15M	3.37M	3.52M	2.25M	1.50M
Net Income	-5.73M	2.33M	2.79M	1.80M	1.27M
Balance Sheet
Total Assets	13.42M	11.89M	8.28M	5.60M	2.42M
Cash, Cash Equivalents and Short-Term Investments	249.92K	1.08M	323.96K	217.79K	314.54K
Total Debt	7.74M	7.03M	5.62M	3.15M	1.21M
Total Liabilities	12.44M	10.89M	7.90M	5.44M	1.96M
Stockholders Equity	983.98K	998.26K	382.89K	159.76K	458.31K
Cash Flow
Free Cash Flow	-7.97M	1.31M	779.94K	-151.56K	636.06K
Operating Cash Flow	-7.97M	2.46M	795.33K	-151.56K	636.06K
Investing Cash Flow	10.26K	-1.15M	35.90K	56.39K	3.34K
Financing Cash Flow	7.13M	-553.37K	-725.06K	-1.58K	-349.55K

Ming Shing Group Holdings Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.97
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MSW, the sentiment is Negative. The current price of 0.97 is below the 20-day moving average (MA) of 1.07, below the 50-day MA of 1.24, and below the 200-day MA of 2.62, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 48.22 is Neutral, neither overbought nor oversold. The STOCH value of 31.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MSW.

Ming Shing Group Holdings Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
ONEG	42 Neutral	$84.32M	―	―	―	―	―
MSW	41 Neutral	$14.40M	-19.58	-578.91%	―	23.25%	-343.35%

Ming Shing Group Holdings Limited Corporate Events

Ming Shing Group Signs LOI for US$130 Million AI Acquisition

On January 14, 2026, Ming Shing Group Holdings Limited signed a non-binding letter of intent to acquire the entire issued share capital of StoryFlow Technology Limited, a British Virgin Islands-incorporated company operating in the artificial intelligence sector. StoryFlow develops AI infrastructure and knowledge retrieval and reasoning capabilities, with products such as Viva Flow that integrate into various application scenarios via KaaS, APIs and SDKs, supporting commercialization in AI content and advertising systems, AI creative and material generation, and AI knowledge middleware. The proposed consideration for the deal is US$130 million, subject to due diligence, valuation, compliance checks and definitive terms, and may be settled in cash or other forms to be negotiated. Ming Shing plans to conduct detailed due diligence and commercial negotiations with the vendors and aims to finalize a binding agreement within twelve months, signaling a potential strategic move to deepen its involvement in AI and related digital solutions, which could broaden its technology capabilities and future revenue streams if the transaction proceeds.

The most recent analyst rating on (MSW) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Ming Shing Group Holdings Limited stock, see the MSW Stock Forecast page.

Ming Shing Group Announces Resignation of Auditor SRCO and Begins Search for Successor

On December 30, 2025, Ming Shing Group Holdings Limited’s audit committee accepted the resignation of SRCO Professional Corporation as the company’s independent registered public accounting firm, ending an engagement that began on April 11, 2025. SRCO’s audit report on the company’s financial statements for the year ended March 31, 2025 contained no adverse or qualified opinions, and the company reported no disagreements or reportable events with the auditor through December 30, 2025, with SRCO subsequently confirming its agreement with these disclosures in a letter to the U.S. Securities and Exchange Commission. The audit committee has started the process of evaluating and appointing a new independent registered public accounting firm, a transition that signals a change in Ming Shing’s external audit relationship but, based on the absence of disputes or negative findings, does not appear to stem from accounting or disclosure concerns, limiting immediate implications for investors’ confidence in the company’s financial reporting.

The most recent analyst rating on (MSW) stock is a Hold with a $0.86 price target. To see the full list of analyst forecasts on Ming Shing Group Holdings Limited stock, see the MSW Stock Forecast page.

Ming Shing Group Announces Board Changes with New Appointments

On December 3, 2025, Ming Shing Group Holdings Limited announced the resignation of Wai Chun Chik from her roles as an independent director and chairman of the audit committee, citing personal reasons. Subsequently, the company appointed Qiuxian Qiao as the new chairman of the audit committee and Tianhang Zhao as an independent non-executive director. Zhao, with over eight years of business management experience, is expected to enhance the company’s corporate governance and oversight. These changes are seen as strategic moves to strengthen the company’s board and support its mission to lead in the wet trades works industry.

The most recent analyst rating on (MSW) stock is a Sell with a $1.50 price target. To see the full list of analyst forecasts on Ming Shing Group Holdings Limited stock, see the MSW Stock Forecast page.

Ming Shing Group Holdings Limited Announces Board Changes

On November 6, 2025, Ming Shing Group Holdings Limited announced the resignation of Yu Yuan as an independent director for personal reasons, with no disagreements with the company. Concurrently, the company appointed Wan-Jung Sun as an independent non-executive director, who will also serve as chairman of the nominating and corporate governance committee, and as a member of both the audit and compensation committees. Ms. Sun’s extensive experience in business administration is expected to enhance the company’s corporate governance and oversight.

The most recent analyst rating on (MSW) stock is a Sell with a $2.00 price target. To see the full list of analyst forecasts on Ming Shing Group Holdings Limited stock, see the MSW Stock Forecast page.

Ming Shing Group’s Director Secures $1.6M Note with Share Pledge

On October 30, 2025, Ming Shing Group Holdings Limited announced that Mr. Chi Ming Lam, a non-independent director of the company, executed a secured promissory note with Relaxandrinks Limited, a UK-based company. The note involves a principal sum of $1.6 million, secured by a pledge of 5,400,000 ordinary shares of Ming Shing Group Holdings. This agreement includes a stock pledge agreement, allowing the note holder to potentially gain control of the pledged shares if Mr. Lam defaults on payment. This could lead to a change in control of the company, impacting its operations and shareholder structure.

The most recent analyst rating on (MSW) stock is a Sell with a $2.00 price target. To see the full list of analyst forecasts on Ming Shing Group Holdings Limited stock, see the MSW Stock Forecast page.