ASPAC III Acquisition Corp. (NASDAQ: ASPC)

Sector: Financial Services Industry: Shell Companies CIK: 0001890361
Market Cap -54.67 Mn
P/B -56.07
P/E -49.98
P/S 0.00
ROIC (Qtr) -84.59
Div Yield % 0.00
Rev 1y % (Qtr) 0.00
Total Debt (Qtr) 0.00
Debt/Equity (Qtr) 0.00
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About

Investment thesis

Bull case

  • Robust tangible asset base of 63.36M provides 112.61x coverage of working capital 562646, indicating strong operational backing.
  • Long-term investments of 62.27M provide solid 110.67x backing of working capital 562646, showing strategic capital allocation.
  • Cash reserves of 1.06M provide robust 2.01x coverage of current liabilities 529565, indicating strong short-term solvency.
  • Retained earnings of 881534 represent substantial 0.90x of equity 975004, indicating strong internal capital generation.
  • Cash position of 1.06M represents healthy 1.89x of working capital 562646, demonstrating strong operational liquidity.

Bear case

  • High financing cash flow of 61.68M relative to working capital of 562646, which is 109.62x suggests concerning dependence on external funding for operational needs.
  • Operating cash flow of (614971) is outpaced by equity issuance of 62.85M (-0.01 ratio), indicating concerning reliance on equity markets for funding operations.
  • R&D investment of 0 represents just 0x of SG&A expenses of 1.22M, indicating potential underinvestment in innovation relative to administrative overhead.
  • Other current assets of 29579 provide weak coverage of payables of 529565, which is 0.06x, suggesting potential working capital stress in near term.
  • SG&A expenses of 1.22M consume 2.16x of working capital 562646, indicating potential operational inefficiency affecting liquidity.

Peer comparison

Companies in the Shell Companies
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 ANSC Agriculture & Natural Solutions Acquisition Corp 493.77 Mn 56.15 0.00 0.84 Mn
2 CCIX Churchill Capital Corp IX/Cayman 395.47 Mn 46.22 0.00 0.00 Mn
3 ALF Centurion Acquisition Corp. 394.73 Mn 32.55 0.00 0.01 Mn
4 GPAT GP-Act III Acquisition Corp. 389.33 Mn 31.65 0.00 0.40 Mn
5 HYAC Haymaker Acquisition Corp. 4 338.26 Mn 38.17 0.00 1.88 Mn
6 SIMA SIM Acquisition Corp. I 328.57 Mn 35.70 0.00 0.00 Mn
7 AFJK Aimei Health Technology Co., Ltd. 303.65 Mn 216.00 0.00 1.66 Mn
8 GRAF Graf Global Corp. 300.58 Mn 34.68 0.00 0.00 Mn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets -0.88 0.95
EV to Cash from Ops. EV/CFO 90.64 18.30
EV to Debt EV to Debt 0.00 125,153.88
EV to EBIT EV/EBIT -50.96 34.06
EV to EBITDA EV/EBITDA 45.87 -165.45
EV to Free Cash Flow [EV/FCF] EV/FCF 90.64 18.30
EV to Market Cap EV to Market Cap 1.02 0.63
EV to Revenue EV to Revenue 0.00 0.00
Price to Book Value [P/B] P/B -56.07 -20.50
Price to Earnings [P/E] P/E -49.98 -125.27
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 0.04
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 0.00
Dividend per Basic Share Div per Share (Qtr) 0.00 0.00
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 0.00
Interest Coverage Interest Coverage 0.00 2.94
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex Growth (1y) % 0.00 0.00
Cash and Equivalents Growth (1y) % Cash and Equivalents Growth (1y) % 0.00 410.95
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 0.00
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 2,313.09 282.79
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 0.00 -126.98
EBIT Growth (1y) % EBIT 1y % (Qtr) 2,313.09 304.32
EBT Growth (1y) % EBT 1y % (Qtr) 2,313.09 303.65
EPS Growth (1y) % EPS 1y % (Qtr) -1,650.00 956.13
FCF Growth (1y) % FCF 1y % (Qtr) 0.00 -37.62
Gross Profit Growth (1y) % Gross Profit Growth (1y) % 0.00 0.00
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.00 0.00
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.00
Cash Ratio Cash Ratio (Qtr) 2.01 52.04
Current Ratio Curr Ratio (Qtr) 2.06 4.89
Debt to Equity Ratio Debt/Equity (Qtr) 0.00 -0.27
Interest Cover Ratio Interest Cover Ratio 0.00 2.94
Times Interest Earned Times Interest Earned 0.00 2.94
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % 0.00 0.00
EBIT Margin % EBIT Margin % 0.00 0.00
EBT Margin % EBT Margin % 0.00 0.00
Gross Margin % Gross Margin % 0.00 0.00
Net Profit Margin % Net Profit Margin % 0.00 0.00