The company maintains a highly conservative capital structure with a negligible debt-to-equity ratio of 0.46%, reflecting a defensive posture amidst market volatility.
| Metric | Sep'24 | Sep'23 | Sep'22 |
|---|
| Total Current Assets | 4.04M | 4.1M | 3.26M |
| Cash & Short-Term Investments | 320.16K | 184.26K | 547.33K |
| Cash Only | 320.16K | 184.26K | 547.33K |
| Short-Term Investments | 0 | 0 | 0 |
| Accounts Receivable | 3.58M | 3.59M | 2.65M |
| Days Sales Outstanding | 221.81 | 209.14 | 149.39 |
| Inventory | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - |
| Other Current Assets | 0 | 0 | 0 |
| Total Non-Current Assets | 2.28M | 596.39K | 1.67M |
| Property, Plant & Equipment | 1.19M | 365.03K | 1.05M |
| Fixed Asset Turnover | 4.94x | 17.17x | 6.17x |
| Goodwill | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 |
| Other Non-Current Assets | 864.66K | 23.88K | 257.02K |
| Total Assets | 6.32M | 4.7M | 4.93M |
| Asset Turnover | 0.93x | 1.33x | 1.31x |
| Asset Growth % | 34.52% | -4.59% | - |
| Total Current Liabilities | 3.06M | 2.98M | 3.63M |
| Accounts Payable | 667.39K | 598.44K | 367.53K |
| Days Payables Outstanding | 73.31 | 63.11 | 45.58 |
| Short-Term Debt | 0 | 0 | 0 |
| Deferred Revenue (Current) | 15.62K | 113.37K | 258.18K |
| Other Current Liabilities | 0 | 0 | 0 |
| Current Ratio | 1.32x | 1.38x | 0.90x |
| Quick Ratio | 1.32x | 1.38x | 0.90x |
| Cash Conversion Cycle | - | - | - |
| Total Non-Current Liabilities | 712.15K | 9.2K | 392.1K |
| Long-Term Debt | 0 | 0 | 0 |
| Capital Lease Obligations | 697.35K | 0 | 382.54K |
| Deferred Tax Liabilities | 0 | 0 | 0 |
| Other Non-Current Liabilities | 14.8K | 9.2K | 9.55K |
| Total Liabilities | 3.78M | 2.99M | 4.03M |
| Total Debt | 1.18M | 395.68K | 1.12M |
| Net Debt | 856.32K | 211.42K | 572.22K |
| Debt / Equity | 0.46x | 0.23x | 1.24x |
| Debt / EBITDA | 0.76x | 0.22x | 0.69x |
| Net Debt / EBITDA | 0.56x | 0.12x | 0.35x |
| Interest Coverage | 20.65x | 23.68x | 13.83x |
| Total Equity | 2.55M | 1.71M | 901.42K |
| Equity Growth % | 49% | 89.75% | - |
| Book Value per Share | 0.20 | 0.14 | - |
| Total Shareholders' Equity | 2.55M | 1.71M | 901.42K |
| Common Stock | 100 | 100 | 100 |
| Retained Earnings | 598.67K | -221.73K | -1.03M |
| Treasury Stock | 0 | 0 | 0 |
| Accumulated OCI | 22.93K | -2.9K | -5.67K |
| Minority Interest | 0 | 0 | 0 |
Limited liquidity and cyclicality
As indicated by the firm's reported financial position, ANPA's balance sheet appears increasingly constrained, with a limited cash reserve of $320,161 that may struggle to support operations if the current 6.13% year-over-year revenue decline persists within the challenging Hong Kong capital market environment.
The trajectory of the balance sheet suggests a narrowing margin for error as the firm navigates a cyclical downturn in IPO activity. Investors should monitor whether the current asset base can sustain the high fixed-cost requirements of the business without further eroding the company's limited liquidity buffer.
Based on reported figures, ANPA maintains a negligible debt-to-equity ratio of 0.46%, which suggests a highly conservative capital structure that prioritizes defensive stability over the use of financial leverage to fuel growth during periods of market volatility.
While the low leverage profile mitigates interest rate risk, it also implies that the firm lacks the financial flexibility to aggressively pivot its business model. This reliance on internal capital may limit the company's ability to fund necessary digital transformations in response to evolving regulatory requirements.
According to recent financial disclosures, the company's cash position of $320,161 represents a thin buffer against operational shocks, potentially leaving the firm vulnerable to delays in client payments or unexpected increases in the high-grade office lease costs that define its fixed-cost structure.
The current liquidity position warrants close scrutiny, as the firm's ability to meet short-term obligations appears highly sensitive to the timing of transactional revenue from IPO-related projects. Any significant disruption in the HKEX listing cycle could rapidly deplete these reserves, necessitating a more defensive posture.
As noted in the company's financial context, the potential inclusion of co-working space assets under IFRS 16 accounting standards may artificially inflate the balance sheet, potentially obscuring the true cash-generating capacity of the core financial printing and translation services.
Investors should be cautious of interpreting headline asset values as indicative of liquid capital, as these may be tied to long-term lease obligations. This accounting treatment may mask the underlying volatility of the business, making the balance sheet appear more robust than the operational reality suggests.
Quick answers to the most common questions about buying ANPA stock.
As of 2024, Rich Sparkle Holdings Limited Ordinary Shares (ANPA) had total assets of $6.3M including $4.0M in current assets.
Rich Sparkle Holdings Limited Ordinary Shares (ANPA) carries total debt of $1.2M, offset by $0.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Rich Sparkle Holdings Limited Ordinary Shares (ANPA) has total shareholders' equity (book value) of $2.5M ($0.20 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Rich Sparkle Holdings Limited Ordinary Shares (ANPA) reported a current ratio of 1.32x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.