ROIC
32%low FY2023
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BMHL, Bluemount Holdings Limited
Capital Markets & Asset Management capital-intensive
Limited, a company which manufactures security alarm, buzzer, fire alarm, massage toner, fishing indicator, and communicator, as well as offers verification, procurement, assembling, inspection, packaging, and after-sales services.
Our critical accounting policies and practices include the following: (i) revenue recognition, (ii) receivables from customers, and (iii) impairment assessment.
Pan obtained a diploma from Jiangxi Vocational College of Science and Technology in 2015. 50 Lui Tung Mui is our Chief Financial Officer.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
HK$54K
+63.7% YoY
Vital signs · TTM, with 3-yr average
Revenue HK$54K 3-yr avg HK$42K
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 Tradingoftimepieces (61%) and Security Related Service (39%).
- What moves the needle
- Gross margin has run about 54% and operating margin about 25% through the cycle, a wide spread between price and the cost of what it sells — whether that advantage is durable pricing power or a margin that can erode is the question the record is for. Inventory runs near 57% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. 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 32%, above 15% in 3 of 3 years), though buybacks and expensed R&D and brands shrink the capital base, so the figure overstates the underlying economics. 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 →Tradingoftimepieces is 61% of revenue, with Security Related Service the other meaningful segment at 39%.
Revenue by reportable segment, FY2025
- Tradingoftimepieces61%HK$33K
- Security Related Service39%HK$21K
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 | TTMTTMMar 2025 | |
|---|---|---|---|---|
| Income statement | ||||
| HK$38K | HK$33K | HK$54K | HK$54K | RevenueRevenue |
| 75% | 54% | 37% | 37% | Gross marginGross mgn |
| HK$6K | HK$12K | HK$14K | HK$14K | Operating incomeOp. inc. |
| 15.3% | 36.3% | 25.2% | 25.2% | Operating marginOp. mgn |
| HK$874 | HK$9K | HK$10K | HK$10K | Net incomeNet inc. |
| — | 18% | 24% | 24% | Effective tax rateTax rate |
| Cash flow & returns | ||||
| HK$3K | (HK$4K) | HK$11K | HK$11K | Operating cash flowOp. cash |
| HK$2K | (HK$13K) | HK$432 | HK$432 | Working capital & otherWC & other |
| — | — | HK$50M | HK$50M | Dividends paidDiv. paid |
| 30% | 41% | 32% | 32% | ROICROIC |
| 5% | 33% | 26% | 26% | Return on equityROE |
| — | — | n/m | n/m | Retained to equityRetained/eq |
| Balance sheet | ||||
| HK$9K | HK$4K | HK$6K | HK$6K | Cash & investmentsCash+inv |
| — | HK$54K | HK$39K | HK$39K | ReceivablesReceiv. |
| — | HK$19K | HK$35K | HK$35K | InventoryInvent. |
| — | HK$2K | HK$3K | HK$3K | Accounts payablePayables |
| — | HK$71K | HK$71K | HK$71K | Operating working capitalOper. WC |
| — | HK$109K | HK$111K | HK$111K | Current assetsCur. assets |
| — | HK$110K | HK$112K | HK$112K | Total assetsAssets |
| (HK$9K) | (HK$4K) | (HK$6K) | (HK$6K) | Net debt / (cash)Net debt |
| 8.9× | 18.7× | 48.0× | 48.0× | Interest coverageInt. cov. |
| HK$19K | HK$28K | HK$39K | HK$39K | Shareholders’ equityEquity |
The record, charted
FY2023–2025Each measure over its full record; the current point and the worst year marked.
Gross margin
37%low FY2025
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F/A · source on SEC EDGAR →
Material weakness in financial controls
“Risk Factors — Risks Relating to our Business and Operation — We have identified a material weakness in our internal control over financial reporting.”
The figures below are only as sound as the controls that produced them. read the note →
Will it survive?
- Can it pay its interest? 48.0×ComfortableOperating income HK$14K ÷ interest expense HK$283
What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
- Net cash, debt-freeCash HK$6K − debt HK$0
What this means
Cash and short-term investments exceed every dollar of debt by HK$6K, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Long (60+ days)DSO 264 + DIO 374 − DPO 33 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.
Is it a good business?
- Not enough dataIndustry peers: median -23%
What this means
The filing data didn't include the inputs for this check.
- Not enough dataIndustry peers: median -139%
What this means
The filing data didn't include the inputs for this check.
- Cash-backedCash from ops HK$11K ÷ net income HK$10K
In the filing’s words The filing discloses a material weakness in its financial controls — the reported numbers here, and the record built on them, are only as reliable as the controls that produced them.
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? —Not enough data
What this means
The filing data didn't include the inputs for this check.
Graham’s defensive tests
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 —Revenue ≥ $2B (a dollar floor) · HK$54K
What this means
Big enough to weather a storm. Graham's floor is a dollar figure — about $2B of revenue as a conservative modern stand-in. This company reports in its home currency and we carry no exchange rate, so we show the figure and leave the size bar for you to apply rather than convert it with a number we don't have.
- Strong liquidity —Current ratio ≥ 2× · —
What this means
Current assets / liabilities not in the data yet.
- 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 HK$0.00/share (latest year HK$0.00), the averaged base the calculator's gate runs on, and book value is HK$0.00/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?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing Raised, but not as a competitor
The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product; it frames AI mainly as a capability.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.
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.
Peers, Capital Markets & Asset Management
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 |
|---|---|---|---|---|---|
| WYFIWhiteFiber Inc. | $79M | — | -33.9% | -6% | 28% |
| MARAMARA Holdings Inc. | $59M | — | -291.5% | -15% | -625% |
| DGXXDigi Power X Inc. | $34M | — | — | — | -95% |
| SLNHPSoluna Holdings, Inc. | $30M | 23% | -113.3% | -33% | -55% |
| PFSIPennyMac Financial Services Inc. | $20M | — | 6967.8% | 12% | -14347% |
| BMNPBitmine Immersion Technologies, Inc. | $6M | — | -224.0% | -32% | -139% |
| AVXAvax One Technology Ltd. | $2M | 96% | -37998.5% | -55% | -670% |
| BMHLBluemount Holdings Limited | HK$54K | 54% | 25.2% | 32% | — |
| Group median | — | 54% | -113.3% | -15% | — |
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. Bluemount Holdings Limited's US listing is the ordinary share itself; figures in this tool are translated at HKD 1 = $0.128 (2026-07-17, reference rate); the dollar quote then reconciles exactly. The record tables elsewhere on this page remain as filed, in HKD.
Bluemount Holdings Limited is profitable, but its owner-earnings base could not be formed from this filing’s tagged data (operating cash flow or capital spending is missing), so the owner-earnings reverse-DCF has no base to grow. We read the price from both ends instead: type a price to see the profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
$
The assumptions
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today—
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.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Cite: Owner Scorecard, "Bluemount Holdings Limited (BMHL), the owner's record," https://ownerscorecard.com/c/BMHL, data as of 2026-07-09.
Manual order: ← BMA its page in the Manual BMO →
Industry order: ← BLSH the Capital Markets & Asset Management chapter BMNP →