Horizon Space Acquisition II Corp. Ordinary share (HSPT)

FairStock Score: 39/100 — MIXED

Key Financials

AI Analysis

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

I come to Horizon Space Acquisition II as a Graham-style skeptic. This was a shell company with no significant operations, and as of 2026-06-12 it was acquired by SL BIO Co., Ltd., in a reverse merger. That means the historical figures are mostly a pre-deal shell, not an operating business with a durable moat. I see no competitive advantage in the data; a moat requires a real business earning excess returns, and the provided ROCE is -1.35%. Financial health is poor: trailing free cash flow is -$971,840, or a FairStock FCF yield of -2.2% at the $45.0M market cap and $5.33 close on 2026-06-12. FairStock's Piotroski F-Score is 1/9 and the Altman Z-Score is -0.57, both pointing to weakness. The FairStock P/E is 38.07, but that multiple rests on a tiny EPS base, and the FairStock Graham Number is only $0.25. With the price at $5.33, the margin of safety is -2032%, meaning the quote is far above the asset-and-earnings value Graham would recognize. Growth is hard to judge; there is no Lynch category because the rule needs three years of filed results and there are zero. The 52-week range of $3.59 to $14.31 mostly reflects speculation, not a proven earnings stream. The reverse merger may eventually bring a real business, and only new audited filings will show whether that changes the math. Until then, I would treat this as a post-merger shell with negative cash flow, weak ratios, and a price that already discounts a turnaround. It fails my tests for business quality and margin of safety.

In plain English: Horizon Space Acquisition II is a shell company with no significant operations, and it was acquired by SL BIO Co., Ltd. on June 12, 2026 in a reverse merger. Its financial picture looks weak: it is losing cash, its strength measures are very low, and there is little evidence of a profitable operating business. At $5.33, the price looks expensive compared with the small value its reported numbers suggest.

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Data as of 2026-06-12 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