Majestic Dragon AeroTech Holdings Limited

0918.HK · Consumer Cyclical · Apparel Manufacturing · Valued as of 2026-11-03 · Statements 2026-03-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

33.57M USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

33.57M USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

33.57M USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

33.57M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

254.57M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.13×

the ratio the screener ranks by

Margin of Safety

-658.3%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 33.57M USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).

The earnings power value was not computed (a normalized NOPAT at or below zero), so the value is the book value today, 33.57M USD.

Market value

Market Cap254.57M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-658.3%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 33.57M USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.

The projection was not made (a profit at or below zero in the latest three years), so the value is the book value today, 33.57M USD, as the screener leaves it.

①Present Value of the 15 Years of FCFE

Not in the value

②Equity at Year 15, Today

Not in the value

Market value

Market Cap254.57M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-658.3%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 33.57M USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (a change in working capital above half the operating profit in the latest three years), so the value is the book value today, 33.57M USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Debt Today

Not in the value

Market value

Market Cap254.57M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-658.3%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 6.80%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.39×Market Risk Premium 6.00%= 6.83%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC 25.00% (default): the statements print a tax provision of -111.14K USD on a pretax income of -818.23K USD, which gives no rate between 0 and the profit before tax, so the 25% default stands for the tax the interest saves.

Interest Expense =EBIT -793.06K USD−Pretax Income -818.23K USD= 25.17K USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 25.17K USDTotal Debt 1.22M USD×(1 − Tax Rate for WACC 25.00%)= 1.55%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 1.22M USDMarket Cap + Total Debt 254.57M USD + 1.22M USD= 0.48%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 99.52%×Cost of Equity 6.83%+Debt Weight 0.48%×Cost of Debt 1.55%= 6.80%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-03-31.

Total Assets 44.40M USD − Total Liabilities 10.83M USD = Book Value Today 33.57M USD

Total Debt 1.22M USD − Cash and Short-Term Investments 1.04M USD = Net Debt Today 176.29K USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 10.0%at most 5%passes1,114,069,159 / 1,114,069,159
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets-6.7%at least -10.0%passes(-3.68M USD − -707.86K USD) ÷ 44.40M USD
Price to bookMarket Cap ÷ Book Value Today7.58×at most 3×does not pass254.57M USD ÷ 33.57M USD
Operating marginOperating Income ÷ Revenue0.6%above 10.0%does not pass83.16K USD ÷ 13.34M USD
Revenue growthRevenue ÷ Revenue a Year Before − 1-12.7%above 10.0%does not pass13.34M USD / 15.29M USD
Net cash(Cash − Total Debt) ÷ Market Cap-0.1%above -30%passes(969.36K USD − 1.22M USD) ÷ 254.57M USD
Operating efficiencyOperating Income ÷ Gross Profit1.9%above 25.0%does not pass83.16K USD ÷ 4.38M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

1.79 HKD

Enterprise value

2.10B HKD

the provider's own figure

EV / EBITDA

473.96×

Price / book

7.62×

the provider's book

Price / earnings

—

Return on equity

-2.1%

the provider's figure, not this page's

Profit margin

-5.3%

Revenue growth

-71.5%

Analyst target, mean

—

Analysts

—

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

USD2023202420252026
Income statement

Revenue

26.34M31.46M15.29M13.34M

Gross profit

4.82M7.08M3.28M4.38M

Operating income

1.56M1.23M-2.62M83.16K

EBITDA

operating income before depreciation and amortisation

-85.31K-7.29M-1.51M194.82K

Pretax income

-748.43K-8.60M-2.92M-818.23K

Net income

-3.14M-7.47M-2.74M-707.86K

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

101.54K302.79K-2.81M-423.36K

R&D

————
Balance sheet, year end

Total assets

62.82M52.18M44.65M44.40M

Total liabilities

27.60M15.82M10.97M10.83M

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

35.22M36.36M33.68M33.43M

Total debt

5.24M5.40M93.68K1.22M

Cash and equivalents

1.98M3.76M4.25M969.36K

Net PP&E

fixed assets after depreciation

4.09M4.16M4.56M4.70M

Working capital

current assets less current liabilities

17.05M12.20M13.01M13.12M
Cash flow

Operating cash flow

-9.75M-4.45M4.53M-3.68M

Capital expenditure

paid out, so below zero

-3.06K-138.66K-700.05K-604.00K

Depreciation and amortisation

482.55K924.04K1.16M987.88K

Free cash flow

operating cash flow plus capital expenditure

-9.75M-4.59M3.83M-4.28M