Share count
12Mpeak FY2025
← All companies ← ANGH Manual ANTA → ← ACCL Professional Services BAH →
ANPA, Rich Sparkle Holdings Limited
Professional Services capital-intensive
We are a financial printing and corporate services provider which specializes in designing and printing high quality financial print materials in Hong Kong.
Our service portfolio covers a myriad of deliverables, mainly including listing documents, financial reports, fund documents, circulars and announcements.
We offer to our customers a wide range of convenient and quality financial printing services, from typesetting, proofreading, translation, design and printing.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$6M
+6.2% YoY
Vital signs · TTM, with 3-yr average
Revenue $6M 3-yr avg $6M
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is Financial printing services (71%), Advisory services (19%) and Other (10%).
- What moves the needle
- Gross margin has run about 45% and operating margin about 15% through the cycle, a solid spread between what it charges and what the product costs to make. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has run high across the record (median 31%, above 15% in 2 of 3 years), though buybacks and expensed R&D and brands shrink the capital base, so the figure overstates the underlying economics. Owner earnings, the cash-based check, have been thin too. Whether these returns reflect real pricing power or an accounting artifact is the judgment the 10-K is for.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 20-F →Financial printing services is 71% of revenue, with Advisory services the other meaningful line at 19%.
Revenue by product line, FY2025
- Financial printing services71%$4M
- Advisory services19%$1M
- Other10%$629K
From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2023–2025
realized figures from each filing · older years to the left| 2023’23 | 2024’24 | 2025’25 | TTMTTMSep 2025 | |
|---|---|---|---|---|
| Income statement | ||||
| $6M | $6M | $6M | $6M | RevenueRevenue |
| 45% | 44% | 46% | 46% | Gross marginGross mgn |
| $995K | $912K | $97K | $97K | Operating incomeOp. inc. |
| 15.9% | 15.5% | 1.6% | 1.6% | Operating marginOp. mgn |
| $806K | $820K | $133K | $133K | Net incomeNet inc. |
| 16% | 14% | 29% | 29% | Effective tax rateTax rate |
| Cash flow & returns | ||||
| ($331K) | $804K | $372K | $372K | Operating cash flowOp. cash |
| $7K | $13K | $43K | $43K | DepreciationDeprec. |
| ($1M) | ($29K) | $196K | $196K | Working capital & otherWC & other |
| $38K | — | $552K | $552K | CapexCapex |
| 0.6% | — | 8.8% | 8.8% | Capex / revenueCapex/rev |
| ($338K) | — | $329K | $329K | Owner earningsOwner earn. |
| −5.4% | — | 5.3% | 5.3% | Owner earnings marginOE mgn |
| ($368K) | — | ($179K) | ($179K) | Free cash flowFCF |
| −5.9% | — | −2.9% | −2.9% | Free cash flow marginFCF mgn |
| 49% | 31% | 1% | 1% | ROICROIC |
| 47% | 32% | 2% | 2% | Return on equityROE |
| 47% | 32% | 2% | 2% | Retained to equityRetained/eq |
| Balance sheet | ||||
| — | $4M | $3M | $3M | ReceivablesReceiv. |
| — | $667K | $529K | $529K | Accounts payablePayables |
| — | $3M | $2M | $2M | Operating working capitalOper. WC |
| — | $4M | $7M | $7M | Current assetsCur. assets |
| — | $3M | $3M | $3M | Current liabilitiesCur. liab. |
| — | 1.3× | 2.7× | 2.7× | Current ratioCurr. ratio |
| — | $6M | $8M | $8M | Total assetsAssets |
| 23.7× | 20.7× | 1.7× | 1.7× | Interest coverageInt. cov. |
| $2M | $3M | $6M | $6M | Shareholders’ equityEquity |
| Per share | ||||
| 11.3M | 11.3M | 11.5M | 12.5M | Shares out (diluted)Shares |
| $0.56 | $0.52 | $0.54 | $0.50 | Revenue / shareRev/sh |
| $0.07 | $0.07 | $0.01 | $0.01 | EPS (diluted)EPS |
| $-0.03 | — | $0.03 | $0.03 | Owner earnings / shareOE/sh |
| $-0.03 | — | $-0.02 | $-0.01 | Free cash flow / shareFCF/sh |
| $0.00 | — | $0.05 | $0.04 | Cap. spending / shareCapex/sh |
| $0.15 | $0.23 | $0.49 | $0.45 | Book value / shareBVPS |
The record, charted
FY2023–2025Each measure over its full record; the current point and the worst year marked.
ROIC
1%low FY2025
Gross margin
46%low FY2024
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business earned $329K of owner earnings, the operating cash left after the $43K it takes just to hold its position. It put $508K more into growth; free cash flow, after that spending, was ($179K).
| FY2025 | FY2023 | |
|---|---|---|
| Reported net income | $133K | $806K |
| Depreciation & amortizationnon-cash charge added back | +$43K | +$7K |
| Working capital & othertiming of cash in and out, other non-cash items | +$196K | −$1M |
| Cash from operations | $372K | ($331K) |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −$43K | −$7K |
| Owner earnings | $329K | ($338K) |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | −$508K | −$30K |
| Free cash flow | ($179K) | ($368K) |
| Owner-earnings marginowner earnings ÷ revenue | 5% | -5% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $43K, roughly its depreciation, the rate its assets wear out). The other $508K of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows.
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Will it survive?
- ThinOperating income $97K ÷ interest expense $56K
What this means
Operating profit covers interest, but with little room. A bad year, a refinancing at higher rates, or a revenue wobble closes the gap fast.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Long (60+ days)DSO 149 + DIO 0 − DPO 57 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash. (Little or no inventory, a services / asset-light model, so the inventory leg is ~0.)
Is it a good business?
- Not enough dataIndustry peers: median 6%
What this means
The filing data didn't include the inputs for this check.
- SolidOwner earnings $329K = operating cash $372K − maintenance capex $43KIndustry peers: median 21%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 5% of revenue this year. It chose to put $508K more into growth, so free cash flow this year was ($179K) — the gap is investment, not weakness.
- Cash-backedCash from ops $372K ÷ net income $133K
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 12.74×ExpandingCapex $552K ÷ depreciation $43K
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 1 of 2 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $6M
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity PassCurrent ratio ≥ 2× · 2.68×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.05/share (latest year $0.01), the averaged base the calculator's gate runs on, and book value is $0.45/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Does AI threaten the moat?
Moderate contestabilityAI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.
In its own filing Named as a competitive risk
Its FY2025 10-K names artificial intelligence as a competitive threat.
“We may need to implement a robust internal review process and continuously monitoring our AI systems, ensuring that AI serves to enhance, rather than replace, the human expertise that is central to our services. 13 Some of our systems and services are developed by third parties or supported by third-party hardware and …”
The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Sep 30, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$7M
- Receivables$3M
- Other current assets$4M
Current liabilities$3M
- Accounts payable$529K
- Other current liabilities$2M
Current ratio2.68×all current assets ÷ what's due · Graham looked for 2×
Quick ratio2.68×stricter: inventory excluded
Cash ratio0.00×strictest: cash alone against what's due
Working capital$4Mthe cushion left after near-term bills
Deeper floors
Tangible book value$6Mequity stripped of goodwill & intangibles
Net current asset value$4MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$470K$470K of it operating leases
Deferred revenue$16Kcustomer cash collected before delivery; operating float
From the company's latest filing.
Peers, Professional Services
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| AKAMAkamai | $4.2B | 64% | 17.7% | 9% | 26% |
| CSGPCoStar Group Inc. | $3.2B | 79% | 17.7% | 9% | 21% |
| CTOSCustom Truck One Source Inc. | $1.9B | 24% | 7.0% | 4% | 11% |
| CCOClear Channel Outdoor Holdings Inc. | $1.6B | — | 12.3% | 11% | -3% |
| CTEVClaritev Corporation | $965M | — | 9.9% | -1% | 22% |
| HRIHerc Holdings Inc. Common Stock | $862M | 95% | 11.2% | 6% | 31% |
| NPKINPK International Inc. | $277M | 19% | 3.8% | 3% | 1% |
| ANPARich Sparkle Holdings Limited | $6M | 45% | 15.5% | 31% | 5% |
| Group median | — | 54% | 11.7% | 8% | 16% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. Rich Sparkle Holdings Limited's US listing is the ordinary share itself. The record tables elsewhere on this page remain as filed.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Rich Sparkle Holdings Limited has delivered.
Rich Sparkle Holdings Limited’s latest year shows negative owner earnings, the mark of a build-out: total capital spending outruns the cash the business throws off today. So the tool opens on the steady-state base (maintenance capex in place of the build-out spend), the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.
$
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth, delivered—
Owner-earnings growth, delivered—
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Free cash flow ($179K) on 13M shares outstanding, per the 20-F cover, as of 2025-09-30; net debt $0. The base opens on the steady-state figure (the latest year is negative on total capex mid-build-out); clear Steady-state to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($552K) runs well above depreciation ($43K), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $329K, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Rich Sparkle Holdings Limited (ANPA), the owner's record," https://ownerscorecard.com/c/ANPA, data as of 2026-07-09.
Manual order: ← ANGH its page in the Manual ANTA →
Industry order: ← ACCL the Professional Services chapter BAH →