Kaixin Holdings Ordinary Shares (KXIN)

FairStock Score: 49/100 — MIXED

Key Financials

AI Analysis

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

I approach Kaixin as a Graham-style bargain hunter, but the first rule is that the numbers must be trustworthy. The business sells cars in China, including luxury brands such as Audi, BMW, Mercedes-Benz, Land Rover, Bentley, Rolls-Royce and Porsche, through dealerships and online channels. Auto retail is intensely competitive and capital-intensive; with only 13 employees, I see little evidence of a durable competitive moat. The filed figures are thin: in fiscal year 2017, the year ended 2017-12-31, net income was $337,250; in fiscal year 2018, the year ended 2018-12-31, net income was $2.3M; and in fiscal Q1 2019, the quarter ended 2019-03-31, net income was $726,483. Revenue is not given for any of those periods, so I cannot judge sales, margins or growth. Only two years of annual results are filed, and the computed Lynch category is none. On the surface, the FairStock calculations at the 2026-10-13 close look absurdly cheap: P/E 0.07, P/B 0.12, Graham Number $444.54, and a 99.62% margin of safety. But those same calculations show ROE -307.15%, ROCE -68.49%, a Piotroski F-Score of 0/9, and Altman Z-Score -18.01. That combination says distress, not safety. The low D/E of 0.07 is a small positive, but negative returns and a 52-week range of $0.54 to $832.50 make the quoted valuation metrics unreliable. I would require consistent revenue, honest capital allocation, and a durable franchise before trusting any apparent discount. Here, the market cap is only $10.5M, growth is unquantifiable, and the quality tests fail. The price may look low, but I do not see a margin of safety I can underwrite.

In plain English: Kaixin Holdings sells cars in China, including luxury brands, through dealerships and an app. The business looks weak: it reports only small, old profit figures, no revenue in the filings given, and poor recent financial health signals. The share price looks very cheap compared with some stated accounting values, but those numbers are inconsistent and may not be reliable.

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

Sources (SEC EDGAR): fiscal Q1 2019 10-Q (period ended 2019-03-31) · fiscal Q3 2018 10-Q (period ended 2018-09-30) · fiscal Q2 2018 10-Q (period ended 2018-06-30) · fiscal Q1 2018 10-Q (period ended 2018-03-31) · FY2018 10-K (period ended 2018-12-31) · FY2017 10-K (period ended 2017-12-31)

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