Garden Stage Limited Class A Ordinary Shares (GSIW)

FairStock Score: 42/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a Graham-style investor, I start with business quality. Garden Stage is a tiny Hong Kong financial-services firm with 20 employees, offering placing and underwriting, brokerage, asset management, advisory, referrals, and due diligence. It was incorporated in 2022 and is a subsidiary of Oriental Moon Tree. There is no long public record: the computed Lynch category is none because there are only 0 years of filed annual results versus the 3 required. That makes a durable competitive advantage impossible to verify; capital-markets services are crowded and cyclical, and a 20-person platform may depend on a few relationships or licenses. Financial health is poor on the numbers available. FairStock calculations show ROE of -89.50%, ROCE of -47.86%, a Piotroski F-Score of 2/9, and a FairStock Score of 42/100. The P/E is -7.53, so there are no positive earnings to value. Debt-to-equity is 0.00, a small comfort, but it does not offset the losses. Because this is a financial company, free cash flow, EV/EBITDA, Altman Z and the Graham Number do not apply; bank-specific measures such as CET1, NIM, and combined ratio are not in the data. Valuation gives no margin of safety. At the close on 2026-10-13, the price was $10.39, market cap $43.7M, and P/B 4.60. Paying 4.6 times book for a money-losing broker is not a Graham bargain. Beta is 3.96 and the 52-week range is $8.00-$42.00, showing extreme volatility. Revenue and profit growth are N/A, so I cannot judge trajectory. Until returns turn positive and a multi-year record exists, this looks speculative, not investment-grade.

In plain English: Garden Stage is a small Hong Kong financial services company with 20 employees. It helps companies raise money and also trades securities, manages assets and gives advice. The business looks weak because it is losing money and has very little history, while the share price looks high compared with the company's accounting value.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer