Armlogi Holding Corp. (NASDAQ: BTOC)

Sector: Industrials Industry: Integrated Freight & Logistics CIK: 0001972529
Market Cap 16.39 Mn
P/B 0.88
P/E -0.84
P/S 0.08
ROIC (Qtr) -13.21
Div Yield % 0.00
Rev 1y % (Qtr) 0.78
Total Debt (Qtr) 124.03 Mn
Debt/Equity (Qtr) 6.70
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About

Investment thesis

Bull case

  • Tangible assets of 153.03M provide exceptional 243.37x coverage of deferred revenue 628790, showing strong service capability backing.
  • Robust free cash flow of 5.86M exceeds capital expenditure of 1.43M by 4.09x, indicating strong organic growth funding capability.
  • Operating cash flow of 7.30M provides strong 11.60x coverage of deferred revenue 628790, indicating service delivery capability.
  • Tangible assets of 153.03M provide robust 136.61x coverage of other current liabilities 1.12M, indicating strong asset backing.
  • Short-term investments of 1.74M provide solid 1.55x coverage of other current liabilities 1.12M, indicating strong liquidity.

Bear case

  • Operating cash flow of 7.30M provides minimal -182.37x coverage of tax expenses of (40004), suggesting potential tax planning inefficiencies or unsustainable tax positions.
  • Operating earnings of (18.23M) show weak coverage of depreciation charges of 9.66M, with a -1.89 ratio indicating high capital intensity and potential reinvestment needs.
  • High depreciation of 9.66M relative to operating cash flow of 7.30M, which is 1.32x suggests significant maintenance capital requirements affecting free cash flow.
  • Tangible assets of 153.03M provide limited backing for working capital of (15.78M), which is -9.70x, suggesting increased operational risk in market downturns.
  • Operating cash flow of 7.30M is outpaced by equity issuance of (8.09M) (-0.90 ratio), indicating concerning reliance on equity markets for funding operations.

Peer comparison

Companies in the Integrated Freight & Logistics
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 FDX Fedex Corp 99.67 Bn 20.28 1.11 37.77 Bn
2 UPS United Parcel Service Inc 98.11 Bn 17.61 1.11 28.59 Bn
3 JBHT Hunt J B Transport Services Inc 28.29 Bn 145.14 7.91 1.60 Bn
4 EXPD Expeditors International Of Washington Inc 22.29 Bn 27.40 2.13 0.56 Bn
5 CHRW C. H. Robinson Worldwide, Inc. 21.34 Bn 36.35 1.31 1.43 Bn
6 ZTO ZTO Express (Cayman) Inc. 20.15 Bn 16.23 3.02 1.74 Bn
7 GXO GXO Logistics, Inc. 7.46 Bn 83.79 0.58 5.50 Bn
8 LSTR Landstar System Inc 5.11 Bn 28.60 1.06 0.13 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.88 1.04
EV to Cash from Ops. EV/CFO 18.42 -0.78
EV to Debt EV to Debt 1.08 -1.98
EV to EBIT EV/EBIT -7.37 10.54
EV to EBITDA EV/EBITDA -14.35 9.04
EV to Free Cash Flow [EV/FCF] EV/FCF 22.93 -2.76
EV to Market Cap EV to Market Cap 8.20 0.62
EV to Revenue EV/Rev 0.68 -0.31
Price to Book Value [P/B] P/B 0.88 4.96
Price to Earnings [P/E] P/E -0.84 15.82
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 0.95
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 14.92
Dividend per Basic Share Div per Share (Qtr) 0.00 0.73
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 11.81
Interest Coverage Int. cover (Qtr) -14.97 -430.42
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 66.72 -2,938.62
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 27.89 139.78
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -0.23
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -244.97 -442.31
EBITDA Growth (1y) % EBITDA 1y % (Qtr) -1,427.07 -224.47
EBIT Growth (1y) % EBIT 1y % (Qtr) -186.90 -367.92
EBT Growth (1y) % EBT 1y % (Qtr) -200.86 -191.62
EPS Growth (1y) % EPS 1y % (Qtr) -275.00 -974.30
FCF Growth (1y) % FCF 1y % (Qtr) 141.76 -67.17
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) -252.39 1.66
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 1.29 1.29
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.07
Cash Ratio Cash Ratio (Qtr) 0.21 0.97
Current Ratio Curr Ratio (Qtr) 0.65 3.22
Debt to Equity Ratio Debt/Equity (Qtr) 6.70 1.06
Interest Cover Ratio Int Coverage (Qtr) -14.97 -430.42
Times Interest Earned Times Interest Earned (Qtr) -14.97 -430.42
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -4.30 17.62
EBIT Margin % EBIT Margin % (Qtr) -9.22 24.68
EBT Margin % EBT Margin % (Qtr) -9.83 18.38
Gross Margin % Gross Margin % (Qtr) -1.60 20.25
Net Profit Margin % Net Margin % (Qtr) -9.80 31.04