Melar Acquisition Corp. I Class A Ordinary Shares (MACI)

FairStock Score: 8/100 — RISKY

Key Financials

AI Analysis

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

I look at Melar Acquisition Corp. I and I do not see an operating business. It has no significant operations and no revenue in the filed figures. It is a shell seeking a merger. The market price was $11.05 on 2026-10-13, giving a $233.3M market cap, yet FairStock's P/E is 61.39 and its Graham Number is $2.71. That leaves a margin of safety of -307.75% — in plain terms, the price is far above the accounting value. The quality signals are poor: FairStock calculations show Piotroski 1/9 and ROCE -1.42%, with TTM free cash flow of -$776,816 and an FCF yield of -0.3%. Filed net income is positive but shrinking: fiscal Q2 2025, quarter ended 2025-06-30, was $1.6M; fiscal Q3 2025, quarter ended 2025-09-30, was $1.1M; fiscal Q1 2026, quarter ended 2026-03-31, was $778,261; fiscal Q2 2026, quarter ended 2026-06-30, was $720,170. FY2025 net income was $5.5M. There is no competitive moat because there is no business. The Lynch category is none, since only one year of filed results is available and three are needed. The Altman Z-Score is 18.19, but that is a mechanical number for a shell. This is not a Graham bargain; it is a speculative deal vehicle whose value will be decided by a future merger, not by present earnings.

In plain English: Melar Acquisition Corp. I is a shell company with no significant operations; it exists to merge with or acquire another business. It has no revenue in the filed figures, and its small reported profits have been declining. At $11.05 on 2026-10-13, the price looks expensive compared with the limited earnings and accounting value in the data, and the overall quality picture is weak.

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

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31)

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