1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Metrics vs Peers
3. Price Chart
4. Valuation
5. Offer Terms
6. Financial Statements
Discussion
Research report, target price, DCF and forensic scores are for subscribers. View plans
Symbol
PMAX
Listed on
2024-09-05
Sector
Industrials
Subsector
Commercial Services & Supplies
Offer Price
$4.00
first filed $4.00–$6.00Shares Offered
1.43M
14.52M
$58.1M
9.8%
Implied Upside vs Midpoint
Description
We are a holding company incorporated in the BVI with operations conducted by our Hong Kong subsidiary, JAN Financial. Founded in 2019, we engage in the provision of financial communications services that support capital market compliance and transaction needs for corporate clients and their advisors in Hong Kong. Our financial communications services cover a full range of financial printing, corporate reporting, communications and language support services from inception to completion, including typesetting, proofreading, translation, design, printing, electronic reporting, newspaper placement and distribution. We provide comprehensive services to help our clients to comply with their disclosure and reporting obligations, create, manage and deliver accurate and timely financial communications and manage transaction processes. Our clients consist of domestic and international companies listed on the Stock Exchange of Hong Kong (the “HK Stock Exchange”) that are subject to the filing and reporting requirements under The Rules Governing the Listing of Securities on the HK Stock Exchange, the GEM Listing Rules on the HK Stock Exchange (collectively, the “HK Listing Rules”) and the Securities and Futures Ordinance of Hong Kong (Chapter 571 of the Laws of Hong Kong) (the “HKSFO”), together with companies who are seeking to list on the HK Stock Exchange, as well as their advisors in Hong Kong. In addition, we also provide ancillary financial support services, such as the rental of conference room facilities, for our customers to fulfill their compliance needs. --- Our principal executive office is located at 22/F., Euro Trade Centre, 13-14 Connaught Road Central, Hong Kong. Our telephone number is (+852) 2158 2888. Our registered office in the BVI is located at Commerce House, Wickhams Cay 1, P.O. Box 3140, Road Town, Tortola, VG1110, BVI. Our website can be found at http://www.janfp.com/. Our agent for service of process in the United States is Cogency Global Inc., located at 122 East 42nd Street, 18th Floor New York, NY 10168.
▼ More expensive than its peers on 2 of 2 valuation measures
| Metric | Value | Peer median | Among peers | Trend |
|---|---|---|---|---|
EV / revenue | 9.5x | 4.6x | ||
Price / earnings | 64.1x | 26.7x | ||
Revenue growth | 30.0% | 26.1% | ||
Gross margin | 48.6% | 30.7% | ||
Operating margin | 15.5% | -2.7% | ||
Net margin | 14.4% | -7.9% | ||
Free cash flow margin | 13.9% | 2.5% | ||
Rule of 40 | 45.5% | 33.3% | ||
Net cash / market cap | -4.0% | 1.2% | ||
Debt / equity | neg. equity | 0.00 | ||
Current ratio | 0.46 | 1.98 | ||
9 premium metrics: DCF value / price, Growth the price needs: how common, Last 12 months vs full year and 6 more Unlock | ||||
▼ Priced at $4.00, 20% below the midpoint of the first filed range ($4.00–$6.00, 2024-05-31).
Each filing is plotted ahead of the first trading day on the price chart.
| Filed | Form | Price range | Price | Shares offered | Deal size |
|---|---|---|---|---|---|
| 2024-05-31 | F-1 | $4.00–$6.00 | — | — | — |
| 2024-06-18 | F-1/A | $4.00–$6.00 | — | — | — |
| 2024-07-19 | F-1/A | $4.00–$6.00 | — | — | — |
| 2024-07-30 | F-1/A | $4.00–$6.00 | — | — | — |
| 2024-09-06 | 424B4 | — | $4.00 | — | — |
Powell Max Ltd income statement and balance sheet, FY Dec 2022 to FY Dec 2025, as reported in SEC filings (HKD).
| Metric | FY Dec 2022 | FY Dec 2023 | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|---|
| Revenue | HKD 37.8M | HKD 49.1M | HKD 4.7M | HKD 6.1M |
| Gross profit | HKD 15.6M | HKD 23.9M | HKD 1.9M | HKD 3.0M |
| Operating income | HKD 592K | HKD 7.6M | (HKD 2.1M) | (HKD 2.9M) |
| Net income | (HKD 98.6K) | HKD 7.1M | (HKD 2.3M) | (HKD 3.0M) |
| Revenue growth | — | 30.0% | −90.4% | 30.4% |
| Gross margin | 41.2% | 48.6% | 39.4% | 49.5% |
| Operating margin | 1.6% | 15.5% | −44.0% | −47.9% |
| Net margin | −0.3% | 14.4% | −49.6% | −49.3% |
| Metric | FY Dec 2022 | FY Dec 2023 | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|---|
| Total assets | — | HKD 23.0M | HKD 8.1M | HKD 5.4M |
| Total liabilities | — | HKD 38.3M | HKD 5.3M | HKD 2.2M |
| Total equity | (HKD 22.3M) | (HKD 15.3M) | HKD 2.7M | HKD 3.2M |
| Cash & equivalents | HKD 1.4M | HKD 471K | HKD 5.4M | HKD 881K |