Share count
25Mpeak FY2025
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SORA, AsiaStrategy
Our Products Through our Operating Subsidiary in Hong Kong, Top Win International Trading Limited, we are a wholesaler engaged in trading, distribution, and retail of luxury watches of international brands.
As the purveyor of fine watches, we source luxury products directly or indirectly from authorized dealers, distributors, and brand owners, located in Europe, Japan, Singapore, and other locations, and sell them to our customers, comprising independent watch dealers, watch distributors, and retail buyers within the watch industry.
We currently offer a selection of over 30 internationally renowned watch brands, including Blancpain, Breguet, Cartier, Chopard, Hermes, IWC, Jaeger, Rolex, Omega, and Longines.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$11M
−37.7% YoY · −8% 3-yr CAGR
Vital signs · TTM, with 4-yr average
Revenue $11M 4-yr avg $15M
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- Situation
- Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock.
- What moves the needle
- Gross margin has run about 7.3% and operating margin about 1.3% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. On a spread this thin the operating result swings hard on small moves in cost or volume — it has ranged from −14% to 2.8% over the years, so the cost line is where the needle moves. Inventory runs near 12% 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 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 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|
| Income statement | |||||
| $14M | $19M | $18M | $11M | $11M | RevenueRevenue |
| 9% | 7% | 8% | 3% | 3% | Gross marginGross mgn |
| $194K | $527K | $228K | ($2M) | ($2M) | Operating incomeOp. inc. |
| 1.4% | 2.8% | 1.3% | −14.3% | −14.3% | Operating marginOp. mgn |
| $72K | $197K | ($42K) | $12M | $12M | Net incomeNet inc. |
| 5% | 8% | — | 1% | 1% | Effective tax rateTax rate |
| Cash flow & returns | |||||
| ($2M) | $1M | ($463K) | ($4M) | ($4M) | Operating cash flowOp. cash |
| $2K | $2K | $1K | $2K | $2K | DepreciationDeprec. |
| ($2M) | $1M | ($422K) | ($17M) | ($17M) | Working capital & otherWC & other |
| — | — | — | $5K | $5K | CapexCapex |
| — | — | — | 0.0% | 0.0% | Capex / revenueCapex/rev |
| — | — | — | ($4M) | ($4M) | Owner earningsOwner earn. |
| — | — | — | −39.4% | −39.4% | Owner earnings marginOE mgn |
| — | — | — | ($4M) | ($4M) | Free cash flowFCF |
| — | — | — | −39.4% | −39.4% | Free cash flow marginFCF mgn |
| $447K | — | — | — | $447K | Dividends paidDiv. paid |
| — | 10% | — | -6% | -6% | ROICROIC |
| — | — | -3% | 56% | 56% | Return on equityROE |
| Balance sheet | |||||
| — | $310K | $3M | $1M | $1M | Cash & investmentsCash+inv |
| — | $142K | — | $43K | $43K | ReceivablesReceiv. |
| — | $2M | $2M | $7M | $7M | InventoryInvent. |
| — | $278K | $62K | $3M | $3M | Accounts payablePayables |
| — | $2M | $2M | $4M | $4M | Operating working capitalOper. WC |
| — | $5M | $6M | $32M | $32M | Current assetsCur. assets |
| — | $3M | $2M | $5M | $5M | Current liabilitiesCur. liab. |
| — | 1.7× | 2.9× | 6.5× | 6.5× | Current ratioCurr. ratio |
| — | $6M | $7M | $40M | $40M | Total assetsAssets |
| — | $6M | $5M | $4M | $4M | Total debtDebt |
| — | $5M | $3M | $3M | $3M | Net debt / (cash)Net debt |
| 1.1× | 1.6× | 0.8× | -5.3× | -5.3× | Interest coverageInt. cov. |
| ($790K) | ($592K) | $1M | $22M | $22M | Shareholders’ equityEquity |
| Per share | |||||
| 20.0M | 20.0M | 20.6M | 24.7M | 24.9M | Shares out (diluted)Shares |
| $0.71 | $0.94 | $0.85 | $0.45 | $0.44 | Revenue / shareRev/sh |
| $0.00 | $0.01 | $-0.00 | $0.50 | $0.49 | EPS (diluted)EPS |
| — | — | — | $-0.18 | $-0.17 | Owner earnings / shareOE/sh |
| — | — | — | $-0.18 | $-0.17 | Free cash flow / shareFCF/sh |
| $0.02 | — | — | — | $0.02 | Dividends / shareDiv/sh |
| — | — | — | $0.00 | $0.00 | Cap. spending / shareCapex/sh |
| $-0.04 | $-0.03 | $0.07 | $0.88 | $0.88 | Book value / shareBVPS |
Per-share growththe realized rate an owner's share compounded
| 3-yr | 5-yr | |
|---|---|---|
| Revenue / share | −14.4%/yr | −14.4%/yr (3-yr) |
| EPS | +417.4%/yr | +417.4%/yr (3-yr) |
The record, charted
FY2022–2025Each measure over its full record; the current point and the worst year marked.
Gross margin
3%low FY2025
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 reported $12M of profit but ($4M) of owner earnings: $17M less than the profit line, taken out by capital spending and the timing of cash.
| FY2025 | |
|---|---|
| Reported net income | $12M |
| Depreciation & amortizationnon-cash charge added back | +$2K |
| Working capital & othertiming of cash in and out, other non-cash items | −$17M |
| Cash from operations | ($4M) |
| Capital expenditurecash put back in to keep running and to grow | −$5K |
| Owner earnings | ($4M) |
| Owner-earnings marginowner earnings ÷ revenue | -39% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .
Much of fiscal 2025's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.
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?
- Can it pay its interest? -5.3×Does not cover its interestOperating income ($2M) ÷ interest expense $296K
What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
- Net debt against an operating lossCash $1M − debt $4M
What this means
Netting $1M of cash and short-term investments against $4M of debt leaves $3M owed, with no operating profit this year to measure it against — understand that combination before anything else about the company. 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 1 + DIO 245 − DPO 120 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?
- Below averageNOPAT ($2M) ÷ invested capital $24M (debt + equity − cash)Industry peers: median 8%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- Consumes cashOwner earnings ($4M) = operating cash ($4M) − maintenance capex $5KIndustry peers: median 3%
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 -39% of revenue this year.
- Are earnings backed by cash? -0.35×Thinly cash-backedCash from ops ($4M) ÷ net income $12M
In the filing’s words Read against the cash, reported earnings have run ahead of the operating cash the business generated over the record — about 7% of assets a year, among the widest gaps in the catalogue. For an inventory- or content-heavy grower that can be cash tied up in real assets as it expands; elsewhere it can mean the earnings lean on accounting estimates — the cash-flow statement against the income statement is where to tell which.
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?
- No surplus to allocate
What this means
The business didn't generate positive Owner Earnings this year, so any distributions came from the balance sheet or borrowing, not from operations.
- Investing or harvesting? 3.09×ExpandingCapex $5K ÷ depreciation $2K
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 · 2 of 3 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 · $11M
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× · 6.51×
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.
- Conservative debt PassDebt ≤ working capital · $4M vs $27M WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- 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 $0.17/share (latest year $0.49), the averaged base the calculator's gate runs on, and book value is $0.88/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.
Durability & moat, 2022–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 3 of 4
What this means
Lost money in 1 year(s), look at what happened there before trusting the average.
- Return on capital ≥ 15% 0 of 3 yrs
What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
- Operating margin 2% → −7% (2-yr avg ends)
In the filing’s words The words explain the slip: the filing names price competition rather than pricing actions of its own — a business that looks to take its price, not set it.
What this means
Through the cycle the operating margin slipped — about 2% early to −7% lately, median 1% — competition or costs are biting in.
- Reinvestment, incremental ROIC returns capital
What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
- Worst year 2025 · −14.3% op. margin
What this means
Operations went underwater in 2025, understand why before trusting the good years.
- Share count +7.2%/yr
What this means
The share count is rising, dilution works against you on a per-share basis.
- Dividend record paid
What this means
Paid a dividend in 1 of the years on record.
- How management talks about it Promotional
What this means
The returns have faded, yet the filing reaches for a promoter’s vocabulary — world-class, best-in-class, disruptive — more than an owner’s. When the words sell harder than the results deliver, the gap is the thing to weigh.
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.
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, Dec 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$32M
- Cash & short-term investments$1M
- Receivables$43K
- Inventory$7M
- Other current assets$24M
Current liabilities$5M
- Debt due within a year$1M
- Accounts payable$3M
- Other current liabilities$282K
Current ratio6.51×all current assets ÷ what's due · Graham looked for 2×
Quick ratio5.07×stricter: inventory excluded
Cash ratio0.30×strictest: cash alone against what's due
Working capital$27Mthe cushion left after near-term bills
Debt due this year vs. cash$1M due · $1M cash
covered by cash on hand, no refinancing forced · both figures from the Dec 31, 2025 balance sheet
Cash runway0.3 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Deeper floors
Tangible book value$22Mequity stripped of goodwill & intangibles
Net current asset value$14MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$4Mno operating-lease liability tagged this quarter, so debt alone
Deferred revenue$25Kcustomer cash collected before delivery; operating float
From the company's latest filing.
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 |
|---|---|---|---|---|---|
| POOLPool Corporation | $5.3B | 29% | 11.3% | 29% | 7% |
| SCSCScanSource | $3.0B | 12% | 2.8% | 8% | 2% |
| BXCBluelinx Holdings Inc. | $3.0B | 15% | 2.2% | 11% | 2% |
| DSGRDistribution Solutions Group Inc. | $2.0B | 35% | 2.9% | 6% | 3% |
| GICGlobal Industrial Company | $1.4B | 34% | 7.0% | 38% | 5% |
| FSTRL.B. Foster Company | $540M | 20% | 3.9% | 3% | 4% |
| ASPNAspen Aerogels Inc. | $271M | 17% | -21.1% | -22% | -11% |
| SORAAsiaStrategy | $11M | 8% | 1.3% | -6% | -39% |
| Group median | — | 18% | 2.8% | 7% | 2% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the home-market price, not the US ADR quote. AsiaStrategy 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.
AsiaStrategy 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, delivered−8%/yr’22→’25
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today−39%
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, "AsiaStrategy (SORA), the owner's record," https://ownerscorecard.com/c/SORA, data as of 2026-07-09.
Manual order: ← SOPH its page in the Manual SPCB →
Industry order: ← SOFI the Capital Markets & Asset Management chapter STEP →