회사 개요
J-Star Holding Co., Ltd. (YMAT) operates as a manufacturer and trader specializing in bicycles, sports accessories, and carbon fiber composite products within the Taiwan region and international markets. The company focuses on supplying essential components for sports bicycles and electric bicycles, alongside equipment such as paddle rackets designed for tennis, badminton, squash, and beach tennis. It functions within the Basic Materials sector, specifically the Specialty Chemicals industry, which implies its operations rely heavily on the production of high-value raw materials and advanced manufacturing processes rather than consumer-facing retail. As a micro-cap entity, J-Star Holding possesses a market capitalization of $5.73M, generates annual revenue of $20.05M, and employs a workforce of 65 individuals. These valuation and revenue figures indicate that the company operates on a very small scale relative to the broader market, positioning it as a niche player with limited market influence and a high degree of sensitivity to fluctuations in the global sports equipment supply chain.
재무 건전성
J-Star Holding Co., Ltd. reported a trailing twelve-month (TTM) revenue of $20.05M and a net income of $630,181, resulting in an EBITDA of $794,318. The significant gap between the $20.05M in revenue and the $630,181 in net income reveals a cost structure where operating expenses, likely including high fixed costs associated with carbon fiber manufacturing and raw material procurement, consume a substantial portion of gross revenue before reaching the bottom line. Although the Free Cash Flow metric is currently unavailable (N/A), the company holds a cash balance of $909,995 against total debt of $14.95M, suggesting a reliance on external financing or accounts payable rather than internal cash generation for liquidity management. The company's margins reflect this pressure, with a Gross Margin of 30.1%, an Operating Margin of 1.5%, and a Profit Margin of 3.1%, indicating that while the core production of carbon fiber products retains some pricing power, operational inefficiencies or high overhead significantly erode profitability. The balance sheet is highly leveraged, evidenced by a Debt-to-Equity ratio of 115.03%, which means the company carries more debt than equity and operates with limited financial cushion against interest rate hikes. Short-term liquidity is tight but functional, as indicated by a Current Ratio of 1.12, meaning the company has just enough current assets to cover its short-term liabilities without excessive slack. Return on Equity stands at 5.0% while Return on Assets is 1.4%, metrics that reveal management's effectiveness is constrained by the heavy debt load and low asset turnover typical of small-cap specialty chemical firms.
밸류에이션 평가
The valuation metrics for J-Star Holding Co., Ltd. present a mixed picture, with a Trailing P/E Ratio (TTM) of 8.05 and a Forward P/E listed as N/A. The absence of a Forward P/E implies that analysts cannot project future earnings growth with sufficient confidence to calculate a price based on expected earnings, suggesting high uncertainty regarding the company's future profitability trajectory. The Price-to-Book ratio is 0.39, which indicates that the market values the company at less than 40% of its book value, a significant discount that may reflect concerns over the quality of its assets or the high risk associated with its debt levels. Alternative valuation measures like the Price-to-Sales ratio of 0.29 and an EV/EBITDA of 24.05 further highlight the disparity between the company's market price and its revenue or earnings potential, suggesting the stock is priced very cheaply relative to its sales volume. The stock's trading range over the last year spans from a 52-Week Low of $0.28 to a 52-Week High of $6.45, providing a broad context for price volatility. Without a specific current price to calculate the exact percentage from the 52-Week High, the metric simply defines the maximum historical valuation boundary at $6.45 and the minimum at $0.28, within which the stock fluctuates based on market sentiment regarding its debt and revenue growth. The Beta is listed as N/A, meaning there is no data available to quantify the stock's volatility relative to the broader market index, leaving investors without a clear measure of systematic risk exposure.
Growth & Income
J-Star Holding Co., Ltd. demonstrated a robust Revenue Growth (YoY) of 30.7%, while the Earnings Growth (YoY) is N/A, indicating that earnings data is either unavailable or insufficient to calculate a year-over-year percentage. The unavailability of earnings growth data prevents a direct comparison of earnings expansion versus revenue expansion, but the high revenue growth suggests the company is successfully expanding its sales volume of bicycles and sports accessories. Regarding income distribution, the company has a Dividend Yield of N/A and a Payout Ratio of 0.0%, confirming that it is not a dividend-paying entity. Instead of distributing cash to shareholders, the company retains all its earnings, effectively reinvesting them into operations or paying down debt rather than providing a regular income stream for investors. This non-dividend profile is typical for micro-cap companies in the Basic Materials sector that prioritize survival and growth in a volatile industry over shareholder payouts. The overall growth and income profile of J-Star Holding is characterized by high revenue expansion coupled with zero dividend income and significant debt obligations, presenting a high-risk, high-reward scenario for investors seeking capital appreciation rather than yield.