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
ZDAI
Listed on
2024-07-23
Sector
Industrials
Subsector
Construction & Engineering
Offer Price
$4.00
first filed $4.00–$6.00Shares Offered
1.75M
24M
$96.0M
7.3%
Implied Upside vs Midpoint
Description
We are a holding company incorporated in the Cayman Islands with operations conducted by our Hong Kong subsidiary, Primega Construction. As a holding company with no material operations of its own, we conduct our operations in Hong Kong through our operating subsidiary, Primega Construction. Primega Construction is a provider of transportation services that employs environmentally friendly practices with the aim of facilitating reuse of C&D materials and reduction of construction waste. Through Primega Construction, we operate in the Hong Kong construction industry, mainly handling transportation of materials excavated from construction sites. Primega Construction principally provides the following services in Hong Kong (i) soil and rock transportation services; (ii) diesel oil trading; and (iii) construction works, which mainly includes ELS works and bored piling. We generally provide our services as a subcontractor to other construction contractors in Hong Kong. We generate the majority of our income from soil and rock transportation services provided by Primega Construction, which contributed 73.82%, 88.47% and 66.48% of our total revenue during the years ended March 31, 2022 and 2023 and the six months ended September 30, 2023, respectively. Primega Construction works with recyclers and other private contractors to repurpose and recycle excavated materials, reducing the volume of construction waste ending up in landfills, while lowering waste disposal fees incurred by its customers. --- Our principal executive office is located at Room 2912, 29/F., New Tech Plaza, 34 Tai Yau Street, San Po Kong, Kowloon, Hong Kong. Our telephone number is (+852) 3997 3682. Our registered office in the Cayman Islands is located at the office of Appleby Global Services (Cayman) Limited, 71 Fort Street, PO Box 500, George Town, Grand Cayman, KY1–1106, Cayman Islands. 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. We maintain a website at www.primegagroup.com.
▼ More expensive than its peers on 1 of 2 valuation measures
| Metric | Value | Peer median | Among peers | Trend |
|---|---|---|---|---|
EV / revenue | 8.7x | 1.5x | ||
Price / earnings | 82.2x | 47.5x | ||
Revenue growth | 6.3% | 18.5% | ||
Gross margin | 19.5% | 14.0% | ||
Operating margin | 8.9% | 3.4% | ||
Net margin | 10.5% | 0.6% | ||
Free cash flow margin | 7.1% | 0.5% | ||
Rule of 40 | 16.4% | 25.5% | ||
Net cash / market cap | -0.9% | 2.3% | ||
Debt / equity | 0.34 | 0.00 | ||
Current ratio | 1.30 | 1.10 | ||
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, 2024-03-06).
Each filing is plotted ahead of the first trading day on the price chart.
| Filed | Form | Price range | Price | Shares offered | Deal size |
|---|---|---|---|---|---|
| 2024-03-06 | F-1 | $4.00–$6.00 | — | 1,500,000 | $7.5M |
| 2024-04-25 | F-1/A | $4.00–$6.00 | — | 1,500,000 | $7.5M |
| 2024-05-31 | F-1/A | $4.00–$6.00 | — | 1,750,000 | $8.8M |
| 2024-06-21 | F-1/A | $4.00–$6.00 | — | 1,750,000 | $8.8M |
| 2024-07-22 | 424B4 | — | $4.00 | 1,750,000 | $7.0M |
Primega Group Holdings Limited income statement and balance sheet, FY Mar 2023 to FY Mar 2026, as reported in SEC filings.
| Metric | FY Mar 2023 | FY Mar 2024 | FY Mar 2025after listing | FY Mar 2026after listing |
|---|---|---|---|---|
| Revenue | $11.1M | $13.5M | $19.3M | $8.9M |
| Gross profit | $2.2M | $2.8M | $1.7M | ($1.9M) |
| Operating income | $989K | $1.4M | ($7.2M) | ($13.7M) |
| Net income | $1.2M | $1.1M | ($7.0M) | ($13.3M) |
| Revenue growth | — | 20.8% | 43.2% | −53.6% |
| Gross margin | 19.5% | 20.6% | 8.7% | −21.5% |
| Operating margin | 8.9% | 10.6% | −37.2% | −154% |
| Net margin | 10.5% | 8.1% | −36.2% | −149% |
| Metric | FY Mar 2023 | FY Mar 2024 | FY Mar 2025after listing | FY Mar 2026after listing |
|---|---|---|---|---|
| Total assets | $11.7M | $13.4M | $15.7M | $19.4M |
| Total liabilities | $8.5M | $9.1M | $7.0M | $5.8M |
| Total equity | $3.2M | $4.3M | $8.7M | $13.5M |
| Cash & equivalents | $240K | $489K | $456K | $130K |