BingEx Ltd (NASDAQ: FLX)

Sector: Industrials Industry: Integrated Freight & Logistics CIK: 0001858724
Market Cap 80.38 Mn
P/B 0.68
P/E -2.73
P/S 0.14
ROIC (Qtr) -91.37
Div Yield % 0.00
Rev 1y % (Qtr) -12.93
Total Debt (Qtr) 3.50 Mn
Debt/Equity (Qtr) 0.03
Add ratio to table...

About

Investment thesis

Bull case

  • Healthy cash reserves of 88.56M provide 64.68x coverage of short-term debt 1.37M, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 178.64M provides 50.99x coverage of total debt 3.50M, indicating robust asset backing and low credit risk.
  • Tangible assets of 178.64M provide exceptional 19.42x coverage of deferred revenue 9.20M, showing strong service capability backing.
  • Short-term investments of 34.73M provide solid 1.24x coverage of other current liabilities 27.93M, indicating strong liquidity.
  • Long-term investments of 40.46M provide solid 18.96x coverage of long-term debt 2.13M, indicating strategic financial planning.

Bear case

  • Investment activities of 0 provide weak support for R&D spending of 20.62M, which is 0x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Operating cash flow of 0 provides insufficient coverage of deferred revenue obligations of 9.20M, which is 0x, raising concerns about future service delivery capabilities.
  • Long-term investments of 40.46M represent a high 9.66x of fixed assets 4.19M, indicating potential overexposure to financial assets versus operational capabilities.
  • Operating cash flow of 0 provides minimal 0x coverage of tax expenses of 10674.16, suggesting potential tax planning inefficiencies or unsustainable tax positions.
  • Short-term investments of 34.73M exceed receivables of 3.69M by 9.41x, indicating potentially inefficient capital allocation given collection cycle needs.

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 -0.67 1.04
EV to Cash from Ops. EV/CFO -401.40 -0.78
EV to Debt EV to Debt -34.36 -1.98
EV to EBIT EV/EBIT 4.14 10.54
EV to EBITDA EV/EBITDA 92.56 9.04
EV to Free Cash Flow [EV/FCF] EV/FCF -789.46 -2.76
EV to Market Cap EV to Market Cap -1.50 0.62
EV to Revenue EV/Rev -0.21 -0.31
Price to Book Value [P/B] P/B 0.68 4.96
Price to Earnings [P/E] P/E -2.73 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 Dividend Payout Ratio % 0.00 11.81
Interest Coverage Interest Coverage 0.00 -430.42
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex Growth (1y) % 0.00 -2,938.62
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 21.87 139.78
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -0.23
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -214.38 -442.31
EBITDA Growth (1y) % EBITDA Growth (1y) % 0.00 -224.47
EBIT Growth (1y) % EBIT 1y % (Qtr) -214.30 -367.92
EBT Growth (1y) % EBT 1y % (Qtr) -214.30 -191.62
EPS Growth (1y) % EPS 1y % (Qtr) -22,900.00 -974.30
FCF Growth (1y) % FCF Growth (1y) % 0.00 -67.17
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) -5.58 1.66
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.44 1.29
Cash Payout Ratio Cash Payout Ratio 0.00 0.07
Cash Ratio Cash Ratio (Qtr) 1.51 0.97
Current Ratio Curr Ratio (Qtr) 2.28 3.22
Debt to Equity Ratio Debt/Equity (Qtr) 0.03 1.06
Interest Cover Ratio Interest Cover Ratio 0.00 -430.42
Times Interest Earned Times Interest Earned 0.00 -430.42
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % 0.00 17.62
EBIT Margin % EBIT Margin % (Qtr) -36.66 24.68
EBT Margin % EBT Margin % (Qtr) -5.15 18.38
Gross Margin % Gross Margin % (Qtr) 11.50 20.25
Net Profit Margin % Net Margin % (Qtr) -5.20 31.04