Metalpha Technology Holding Limited Ordinary Shares (MATH)

FairStock Score: 60/100 — STEADY

Key Financials

AI Analysis

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

As a value investor, I start with the business: Metalpha is a 31-employee Hong Kong wealth manager focused on digital assets, crypto derivatives, proprietary trading and related advisory. That is a crowded, cyclical and regulation-sensitive field, and I see no durable moat. Because this is a financial company, I set aside free cash flow, EV/EBITDA, Altman Z and the Graham Number; I focus on ROE, P/B, earnings consistency, leverage and credit risk. The financials are not compelling. At the 2026-10-13 close of $1.09, FairStock calculates a P/E of 54.25 and a P/B of 0.95. A P/B below one suggests the market doubts book value, while the high P/E says earnings are very thin. FairStock also shows ROE of 2.87% and ROCE of 0.23%, which are poor returns on capital. Leverage is low, with D/E of 0.01, but that alone does not make a good business. The FairStock Piotroski F-Score is 1/9, a weak financial-signal reading, and the FairStock Score is 60/100. FairStock's Lynch category is none because there are only 0 years of filed results and three are needed, so I cannot judge earnings consistency. Revenue growth and profit growth are not available in the data. Competitive risk is high: crypto volumes, counterparty credit in OTC derivatives, proprietary trading losses, and Hong Kong regulation could all hurt results. Bank-specific measures such as CET1, NIM and combined ratio are not in the data. With a wide 52-week range of $0.73 to $3.47 and a beta of -0.67, this looks like a microcap speculation, not a Graham-style bargain. I would want several years of consistent profits and better returns before calling it sound.

In plain English: Metalpha is a small Hong Kong financial firm that manages wealth and runs cryptocurrency-related trading and derivatives for clients. From the numbers given, the business looks weak: profits are tiny relative to the share price, returns on equity and capital are low, and there is no long filed history to judge consistency. The stock trades a little below its accounting book value, but the high price-to-earnings ratio and very small size make it look speculative rather than clearly cheap.

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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