Share count
16Mpeak FY2025
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GSIW, Garden Stage Limited
We, through our Operating Subsidiaries, are a Hong Kong-based financial services provider principally engaged in the provision of placing and underwriting services; securities dealing and brokerage services; asset management services; investment advisory services; due diligence services; and introduction and referral services.
I Win Securities also charges investors a brokerage commission when they subscribe for or acquire securities in respect of offerings of listed issuers who engaged I Win Securities to provide placing and underwriting services in respect of the relevant securities.
I Win Securities provides securities dealing and brokerage services for trading in securities on the Hong Kong Stock Exchange and in other overseas markets.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$5M
+288.1% YoY · 33% 3-yr CAGR
Vital signs · TTM, with 4-yr average
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- Situation
- Unprofitable. No meaningful revenue yet; the record is the cash on hand against the burn.
- What moves the needle
- Trading volume and the data franchise. What decides it: volumes across its markets, which spike when volatility does; the network economics of a deep liquidity pool rivals cannot easily replicate; and the recurring, high-margin market-data and listing fees layered on top. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2022–2025
realized figures from each filing · older years to the left| 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2025 | |
|---|---|---|---|---|---|
| Income statement | |||||
| $2M | $3M | $1M | $5M | $5M | RevenueRevenue |
| −22.2% | −6.4% | −325.8% | −79.0% | −79.0% | Net marginNet mgn |
| ($511K) | ($207K) | ($5M) | ($4M) | ($4M) | Net incomeNet inc. |
| Cash flow & returns | |||||
| ($7M) | ($2M) | ($7M) | ($1M) | ($1M) | Owner earningsOwner earn. |
| -397% | -11% | -49% | -64% | -64% | Return on equityROE |
| −397% | −11% | −49% | −64% | −64% | Retained to equityRetained/eq |
| Balance sheet | |||||
| — | $13M | $17M | $16M | $16M | Total assetsAssets |
| $129K | $2M | $9M | $7M | $7M | Shareholders’ equityEquity |
| Per share | |||||
| 9.2M | 11.5M | 13.6M | 15.6M | 15.6M | Shares out (diluted)Shares |
| $0.25 | $0.28 | $0.10 | $0.35 | $0.35 | Revenue / shareRev/sh |
| $-0.06 | $-0.02 | $-0.34 | $-0.28 | $-0.28 | EPS (diluted)EPS |
| $-0.75 | $-0.16 | $-0.52 | $-0.08 | $-0.08 | Owner earnings / shareOE/sh |
| $0.01 | $0.17 | $0.68 | $0.43 | $0.43 | Book value / shareBVPS |
Per-share growththe realized rate an owner's share compounded
| 3-yr | 5-yr | |
|---|---|---|
| Revenue / share | +11.8%/yr | +11.8%/yr (3-yr) |
| Capital spending / share | +91.5%/yr | +91.5%/yr (3-yr) |
| Book value / share | +213.0%/yr | +213.0%/yr (3-yr) |
The record, charted
FY2022–2025Each measure over its full record; the current point and the worst year marked.
Revenue
$5Mlow FY2024
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Material weakness in financial controls
“To remediate our identified material weaknesses, we have implemented several measures to improve our internal control over financial reporting, including engaging qualified financial and accounting advisory team and relevant staff with working experience in…”
The figures below are only as sound as the controls that produced them. read the note →
Is it a good business?
- Not enough dataIndustry peers: median 18%
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
Operating income or revenue wasn't found in the filing data.
- Net margin −79.0%SlimNet income ($4M) ÷ revenue $5M
What this means
What reaches the owner after tax and interest. For a capital-light fee business this should be a wide share of revenue; when it is thin despite a high operating margin, debt taken on for acquisitions is usually the reason, so read it next to the balance sheet.
- Return on equity −64%Below the cost of equityNet income ($4M) ÷ equity $7MIndustry peers: median 5%
What this means
Because the business ties up little capital, a healthy fee stream throws off a high return on the equity behind it. Read it with the buyback record: returning capital lifts this ratio honestly, but heavy debt taken to do so can flatter it.
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 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.
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, Mar 31, 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$14M
- Other current assets$14M
Current liabilities$9M
- Other current liabilities$9M
Current ratio1.51×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.51×stricter: inventory excluded
Cash ratio0.00×strictest: cash alone against what's due
Working capital$5Mthe cushion left after near-term bills
Deeper floors
Tangible book value$7Mequity stripped of goodwill & intangibles
Net current asset value$5MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$118K$118K of it operating leases
From the company's latest filing.
Peers, Capital Markets & Asset Management
The same industry, side by side on fee margins. 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 | Op. margin | Net margin | ROE |
|---|---|---|---|---|
| RPCRidgepost Capital Inc. | $297M | 21.9% | 6.6% | 5% |
| JSMNavient Corp | $271M | 882.2% | 110.0% | 17% |
| ALTIAlTi Global Inc. | $255M | -21.8% | -46.9% | -27% |
| ABXAbacus Global Management Inc. | $235M | 37.0% | 14.9% | 6% |
| DBRGDigitalBridge Group Inc. | $94M | -16.2% | -26.0% | -5% |
| VALUValue Line Inc. | $35M | 18.1% | 43.3% | 26% |
| GSIWGarden Stage Limited | $5M | — | -50.6% | -57% |
| TOPTOP Financial Group Limited | $5M | -24.9% | -24.8% | -3% |
| Group median | — | — | -9.1% | 1% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the home-market price, not the US ADR quote. Garden Stage Limited reports in USD, and every figure here (owner earnings, book value, the share count) is on that ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share. A US ADR price in dollars bundles the ADR-to-ordinary ratio, so it will not reconcile with these figures and would throw the multiple off.
Garden Stage Limited is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state 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.
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The assumptions
Revenue, delivered19%/yr’22→’25
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today−25%
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, "Garden Stage Limited (GSIW), the owner's record," https://ownerscorecard.com/c/GSIW, data as of 2026-07-09.
Manual order: ← GRVY its page in the Manual GSK →
Industry order: ← GS the Capital Markets & Asset Management chapter HIVE →