High-Trend International Group (HTCO) 10-Year Financial Performance & Capital Metrics

HTCO • • Industrial / General

IndustrialsMarine ShippingMarine Services & LogisticsMarine Fuel Services

AboutHigh-Trend International Group provides ocean transportation services in Hong Kong, Singapore, and internationally. The company provides solutions for marine decarbonization and digital carbon assets management for the shipping industry. It offers seaborne transportation services under the voyage contracts. In addition, the company provides vessel services on behalf of ship owners. The company was formerly known as Caravelle International Group and changed its name to High-Trend International Group in January 2025. The company was founded in 2022 and is headquartered in Singapore.Show more

Revenue $108M +13.6%
EBITDA $2M +115.5%
Net Income -$24M -152.9%
EPS (Diluted) -5.00 -122.2%
Gross Margin 7.49% +160.0%
EBITDA Margin 2.23% +113.7%
Operating Margin 2.13% +113.0%
Net Margin -21.81% -122.7%
ROE -3208.01% -374.3%
ROIC 66.12%
Debt/Equity 0.80
Interest Coverage 25.55 +118.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient asset utilization: 3.7x turnover

✗Weaknesses

✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Shares diluted 12.3% in last year
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y-3.92%

TTM-

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-

EPS CAGR

10Y-

5Y-

3Y-

TTM-

ROCE

10Y Avg100.13%

5Y Avg100.13%

3Y Avg-34.36%

Latest115.97%

Peer Comparison

Marine Fuel Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
UFGUni-Fuels Holdings Limited	12.4M	1.27	222.81	119.24%	0.09%	1.96%	2.6%	0.36
HMRHeidmar Maritime Holdings Corp.	53.14M	0.91	27.16	-41.04%	6.61%	11.05%	12.21%	0.28
SFLSFL Corporation Ltd.	1.12B	8.47	8.39	20.79%	-0.2%	-0.16%		2.52
NMMNavios Maritime Partners L.P.	1.64B	56.94	4.75	2.08%	23.31%	9.53%		0.46
CMBTCmb.Tech N.V.	3.34B	11.52	2.59	-23.87%	12.64%	6.47%		2.20
NCTIntercont (Cayman) Limited Ordinary shares	6.62M	0.22	1.67	-21.32%	12.3%	21.74%	97.92%	2.41
HTCOHigh-Trend International Group	83.2M	11.42	-2.28	13.56%	-21.81%	-32.08%		0.80
VNTGVantage Corp	10.36M	0.91		-6.7%	20.6%	105.65%	17.07%

Profit & Loss

	Oct 2020	Oct 2021	Oct 2022	Oct 2023	Oct 2024
Sales/Revenue+	78.35M	121.96M	185.35M	95.26M	108.18M
Revenue Growth %	-	0.56%	0.52%	-0.49%	0.14%
Cost of Goods Sold+	82.29M	109.01M	158.5M	107.14M	100.08M
COGS % of Revenue	1.05%	0.89%	0.86%	1.12%	0.93%
Gross Profit+	-3.94M	12.95M	26.85M	-11.89M	8.1M
Gross Margin %	-0.05%	0.11%	0.14%	-0.12%	0.07%
Gross Profit Growth %	-	4.29%	1.07%	-1.44%	1.68%
Operating Expenses+	1.79M	2.47M	3.27M	3.74M	5.8M
OpEx % of Revenue	0.02%	0.02%	0.02%	0.04%	0.05%
Selling, General & Admin	1.79M	2.47M	3.27M	3.74M	5.8M
SG&A % of Revenue	0.02%	0.02%	0.02%	0.04%	0.05%
Research & Development	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0
Operating Income+	-5.73M	10.48M	23.58M	-15.63M	2.31M
Operating Margin %	-0.07%	0.09%	0.13%	-0.16%	0.02%
Operating Income Growth %	-	2.83%	1.25%	-1.66%	1.15%
EBITDA+	-5.69M	10.52M	23.62M	-15.54M	2.41M
EBITDA Margin %	-0.07%	0.09%	0.13%	-0.16%	0.02%
EBITDA Growth %	-	2.85%	1.25%	-1.66%	1.16%
D&A (Non-Cash Add-back)	39.59K	40.09K	42.04K	85.75K	106.43K
EBIT	-5.7M	10.38M	23.71M	-15.66M	-21.12M
Net Interest Income+	-52.65K	-122.39K	-101.86K	-104.28K	-86.76K
Interest Income	7.61K	5	18	7.74K	3.44K
Interest Expense	60.26K	122.39K	101.88K	112.02K	90.2K
Other Income/Expense	-27.16K	-222.48K	27.24K	-147.23K	-23.52M
Pretax Income+	-5.76M	10.26M	23.61M	-15.78M	-21.21M
Pretax Margin %	-0.07%	0.08%	0.13%	-0.17%	-0.2%
Income Tax+	2.36K	2.11K	11.24K	2.54K	4.14K
Effective Tax Rate %	0.55%	0.52%	0.52%	0.59%	1.11%
Net Income+	-3.17M	5.31M	12.23M	-9.33M	-23.6M
Net Margin %	-0.04%	0.04%	0.07%	-0.1%	-0.22%
Net Income Growth %	-	2.68%	1.3%	-1.76%	-1.53%
Net Income (Continuing)	-5.76M	10.26M	23.6M	-15.78M	-21.21M
Discontinued Operations	0	0	0	0	0
Minority Interest	-1.82M	2.79M	5.49M	-1.86M	3.37M
EPS (Diluted)+	-5.25	8.88	3.00	-2.25	-5.00
EPS Growth %	-	2.69%	-0.66%	-1.75%	-1.22%
EPS (Basic)	-5.25	8.88	3.00	-2.25	-5.00
Diluted Shares Outstanding	599.6K	599.6K	4M	4.19M	4.71M
Basic Shares Outstanding	599.6K	599.6K	4M	4.19M	4.71M
Dividend Payout Ratio	-	-	1.39%	-	-

Balance Sheet

	Oct 2020	Oct 2021	Oct 2022	Oct 2023	Oct 2024
Total Current Assets+	14.91M	26.12M	33.43M	6.77M	25.87M
Cash & Short-Term Investments	8.12M	10.35M	21.57M	2.22M	6.86M
Cash Only	8.12M	10.35M	21.57M	2.22M	6.86M
Short-Term Investments	0	0	0	0	0
Accounts Receivable	2.54M	7.84M	4.91M	987.97K	7.59M
Days Sales Outstanding	11.84	23.47	9.66	3.79	25.6
Inventory	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-
Other Current Assets	0	0	6.95M	3.56M	11.42M
Total Non-Current Assets+	1.32M	1.07M	2.14M	1.66M	3.34M
Property, Plant & Equipment	106.91K	123.78K	604.13K	766.64K	23.61K
Fixed Asset Turnover	732.89x	985.31x	306.81x	124.25x	4582.22x
Goodwill	0	0	0	0	0
Intangible Assets	0	0	0	0	0
Long-Term Investments	0	0	0	0	0
Other Non-Current Assets	1.22M	946.27K	1.54M	894.56K	3.32M
Total Assets+	16.23M	27.19M	35.57M	8.43M	29.21M
Asset Turnover	4.83x	4.49x	5.21x	11.30x	3.70x
Asset Growth %	-	0.68%	0.31%	-0.76%	2.46%
Total Current Liabilities+	18.81M	20.44M	23.18M	14.11M	19.55M
Accounts Payable	305.08K	488.44K	750.47K	261.14K	569.19K
Days Payables Outstanding	1.35	1.64	1.73	0.89	2.08
Short-Term Debt	5.6M	7.44M	3.25M	4.15M	6.07M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	0	0	0	0	-407
Current Ratio	0.79x	1.28x	1.44x	0.48x	1.32x
Quick Ratio	0.79x	1.28x	1.44x	0.48x	1.32x
Cash Conversion Cycle	-	-	-	-	-
Total Non-Current Liabilities+	4.07M	3.37M	2.37M	1.59M	917.03K
Long-Term Debt	4.07M	3.37M	2.37M	1.48M	916.92K
Capital Lease Obligations	0	0	0	109.49K	0
Deferred Tax Liabilities	1.43K	1.63K	1.29K	217	107
Other Non-Current Liabilities	0	0	0	0	0
Total Liabilities	22.89M	23.81M	25.55M	15.7M	20.47M
Total Debt+	9.67M	10.81M	5.62M	5.83M	7.01M
Net Debt	1.55M	453.4K	-15.95M	3.61M	149.96K
Debt / Equity	-	3.20x	0.56x	-	0.80x
Debt / EBITDA	-	1.03x	0.24x	-	2.91x
Net Debt / EBITDA	-	0.04x	-0.68x	-	0.06x
Interest Coverage	-95.12x	85.64x	231.46x	-139.51x	25.55x
Total Equity+	-6.66M	3.37M	10.02M	-7.26M	8.74M
Equity Growth %	-	1.51%	1.97%	-1.72%	2.2%
Book Value per Share	-11.10	5.62	2.51	-1.73	1.86
Total Shareholders' Equity	-4.83M	583.91K	4.53M	-5.41M	5.36M
Common Stock	50K	50K	5K	5.28K	11.79K
Retained Earnings	-4.88M	433.78K	4.38M	-4.96M	-28.55M
Treasury Stock	0	0	0	0	0
Accumulated OCI	0	0	0	0	0
Minority Interest	-1.82M	2.79M	5.49M	-1.86M	3.37M

Cash Flow

	Oct 2020	Oct 2021	Oct 2022	Oct 2023	Oct 2024
Cash from Operations+	1.1M	632.49K	33.13M	-17.77M	-3.33M
Operating CF Margin %	0.01%	0.01%	0.18%	-0.19%	-0.03%
Operating CF Growth %	-	-0.43%	51.38%	-1.54%	0.81%
Net Income	-5.76M	10.26M	23.6M	-15.78M	-21.21M
Depreciation & Amortization	39.59K	40.09K	42.04K	85.75K	106.43K
Stock-Based Compensation	0	0	0	0	1.2M
Deferred Taxes	789	208	-341	-1.08K	-110
Other Non-Cash Items	0	0	0	0	23.48M
Working Capital Changes	6.83M	-9.66M	9.49M	-2.08M	-6.9M
Change in Receivables	425.86K	-5.31M	2.94M	4.11M	-6.59M
Change in Inventory	0	0	0	0	0
Change in Payables	283.8K	183.37K	262.03K	-489.33K	308.04K
Cash from Investing+	-301.56K	300K	7.42K	0	0
Capital Expenditures	-1.56K	0	0	0	0
CapEx % of Revenue	0%	-	-	-	0%
Acquisitions	-	-	-	-	-
Investments	-	-	-	-	-
Other Investing	-300K	58.38M	0	0	0
Cash from Financing+	4.89M	1.31M	-21.91M	-1.58M	7.97M
Debt Issued (Net)	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-
Dividends Paid	0	0	-16.95M	-902K	0
Share Repurchases	-	-	-	-	-
Other Financing	-61.34K	-60.02M	-6.46M	-13.22M	-8.51M
Net Change in Cash	-	-	-	-	-
Free Cash Flow+	1.1M	632.49K	33.13M	-17.77M	-3.33M
FCF Margin %	0.01%	0.01%	0.18%	-0.19%	-0.03%
FCF Growth %	-	-0.43%	51.38%	-1.54%	0.81%
FCF per Share	1.84	1.05	8.28	-4.24	-0.71
FCF Conversion (FCF/Net Income)	-0.35x	0.12x	2.71x	1.90x	0.14x
Interest Paid	60.06K	122.3K	81.41K	60.79K	90.19K
Taxes Paid	77	1.55K	2.5K	10.87K	52.65K

Key Ratios

Metric	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	157.46%	182.62%	-676.34%	-3208.01%
Return on Invested Capital (ROIC)	-	205.46%	-	-	66.12%
Gross Margin	-5.03%	10.62%	14.48%	-12.48%	7.49%
Net Margin	-4.04%	4.35%	6.6%	-9.8%	-21.81%
Debt / Equity	-	3.20x	0.56x	-	0.80x
Interest Coverage	-95.12x	85.64x	231.46x	-139.51x	25.55x
FCF Conversion	-0.35x	0.12x	2.71x	1.90x	0.14x
Revenue Growth	-	55.66%	51.97%	-48.61%	13.56%

Frequently Asked Questions

Growth & Financials

High-Trend International Group (HTCO) reported $108.2M in revenue for fiscal year 2024. This represents a 38% increase from $78.4M in 2020.

High-Trend International Group (HTCO) grew revenue by 13.6% over the past year. This is steady growth.

High-Trend International Group (HTCO) reported a net loss of $23.6M for fiscal year 2024.

Dividend & Returns

High-Trend International Group (HTCO) has a return on equity (ROE) of -3208.0%. Negative ROE indicates the company is unprofitable.

High-Trend International Group (HTCO) had negative free cash flow of $3.3M in fiscal year 2024, likely due to heavy capital investments.

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