Ming Shing Group Holdings Limited (MSW)
NASDAQ:MSW
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Ming Shing Group Holdings Limited
(NASDAQ:MSW)
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Rating:41Neutral
Price Target:
$1.00
▲(3.09% Upside)
Action:ReiteratedDate:03/31/26
The score is driven primarily by weak financial performance—negative margins, high leverage, and negative operating/free cash flow. Technicals add downside pressure with the stock trading below key moving averages and a negative MACD. Valuation does not offset these risks because the negative P/E reflects current losses and no dividend yield is provided.
Positive Factors
Specialist subcontracting business model
A focused wet-trades subcontracting model targets repeat work from main contractors and developers. Specialization in plastering/tiling supports scalable labor deployment and client relationships, providing a durable revenue base tied to construction activity and long-term contracts.
Negative Factors
Negative margins across income statement
Widespread margin deterioration—gross through net—shows the company is failing to turn revenue into profit. Persistent unprofitable operations hinder reinvestment, weaken competitiveness on tenders, and pose sustained risk to long-term viability if cost structures are not fixed.
Read all positive and negative factors
Positive Factors
Negative Factors
Specialist subcontracting business model
A focused wet-trades subcontracting model targets repeat work from main contractors and developers. Specialization in plastering/tiling supports scalable labor deployment and client relationships, providing a durable revenue base tied to construction activity and long-term contracts.
Read all positive factors
Ming Shing Group Holdings Limited (MSW) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$14.01M
Dividend YieldN/A
Average Volume (3M)29.55K
Price to Earnings (P/E)―
Beta (1Y)0.53
Revenue Growth23.25%
EPS Growth-343.35%
CountryUS
Employees32
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)N/A
Shares Outstanding12,975,000
10 Day Avg. Volume36,082
30 Day Avg. Volume29,552
Financial Highlights & Ratios
PEG Ratio-1.32
Price to Book (P/B)84.00
Price to Sales (P/S)3.04
P/FCF Ratio64.01
Enterprise Value/Market Cap6.41
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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 ...
How the Company Makes Money
MSW primarily makes money by providing subcontracted wet trades construction services on a project-by-project basis. Revenue is generated from contracts awarded by main contractors and other project principals, with billings typically tied to meas...
Ming Shing Group Holdings Limited Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
30
Negative
Cash Flow
40
Negative
| Breakdown | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|
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
Positive
0.97
Price Trends
1.08
Positive
1.19
Negative
1.92
Negative
Market Momentum
-0.05
Positive
53.46
Neutral
52.72
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MSW, the sentiment is Positive. The current price of 0.97 is below the 20-day moving average (MA) of 1.05, below the 50-day MA of 1.08, and below the 200-day MA of 1.92, indicating a neutral trend. The MACD of -0.05 indicates Positive momentum. The RSI at 53.46 is Neutral, neither overbought nor oversold. The STOCH value of 52.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MSW.
Ming Shing Group Holdings Limited Risk Analysis
Ming Shing Group Holdings Limited disclosed 63 risk factors in its most recent earnings report. Ming Shing Group Holdings Limited reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Ming Shing Group Holdings Limited Peers Comparison
UnderperformOutperform
Sector (63)
MSW
Ming Shing Group Holdings Limited
1.08
-2.37
-68.70%
SKK
SKK Holdings Limited
2.32
-5.08
-68.65%
FGL
Founder Group Ltd.
2.05
-123.95
-98.37%
ONEG
OneConstruction Group Limited
2.93
1.17
66.48%
MIMI
Mint Incorporation Limited Class A
0.25
-3.94
-93.99%
OFAL
OFA Group
0.57
-4.11
-87.82%
Ming Shing Group Holdings Limited Corporate Events
Ming Shing Group Swings to Loss as First-Half 2025 Revenue Halves
Mar 20, 2026
Ming Shing Group Holdings Limited, a Hong Kong-based subcontractor focused on wet trades works such as plastering, tiling and related services, conducts its business via two wholly owned subsidiaries that serve both public and private sector const...
Ming Shing Group Reshapes Finance Leadership With New CFO After Senior Departures
Mar 2, 2026
On March 1, 2026, Ming Shing Group Holdings Limited saw the resignation of Chief Financial Officer Pik Chun Lin and Chief Accounting Officer Chi Hei Tsoi, who both stepped down for personal reasons and not due to disagreements with the company. Th...
Ming Shing Group Appoints FundCertify as New Independent Auditor
Feb 26, 2026
On February 26, 2026, Ming Shing Group Holdings Limited’s audit committee approved the appointment of FundCertify CPA Professional Corporation as the company’s new independent registered public accounting firm, effective immediately. T...
Ming Shing Group Unwinds Major Bitcoin and Convertible Note Deals
Feb 9, 2026
Ming Shing Group Holdings Limited said that on February 9, 2026, it signed a series of deeds of termination with counterparties to unwind previously announced cryptocurrency and financing transactions. The move cancels planned purchases of a total...
Ming Shing Group Signs LOI for US$130 Million AI Acquisition
Jan 14, 2026
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 inte...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.