New Century Logistics (BVI) Limited (NCEW) 10-Year Financial Performance & Capital Metrics

NCEW • • Industrial / General

IndustrialsFreight & LogisticsFreight Forwarding & Logistics ServicesRegional & Domestic Forwarders

AboutNew Century Logistics (BVI) Limited, through its subsidiaries, offers freight forwarding services in Hong Kong. The company provides air and ocean export and import freight forwarding services, including cargo space, cargo pick up, off-airport air cargo security screening, palletization, preparation of shipping documentation, arrangement of customs clearance, and cargo handling at ports. It also offers warehousing and distribution, X-ray, gate charge, and palletization services. The company was incorporated in 2019 and is based in Kwun Tong, Hong Kong.Show more

Revenue $52M +44.6%
EBITDA $687K -8.4%
Net Income $221K -51.4%
EPS (Diluted) 0.09 -45.5%
Gross Margin 8.13% -15.8%
EBITDA Margin 1.32% -36.7%
Operating Margin 0.9% -37.8%
Net Margin 0.42% -66.4%
ROE 3.62% -30.3%
ROIC 3.34% +1.5%
Debt/Equity 0.82 +1.4%
Interest Coverage 4.80 -18.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 22.0%
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 11.1% through buybacks
✓Efficient asset utilization: 2.8x turnover

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y-10.04%

TTM-

Profit (Net Income) CAGR

10Y-

5Y-

3Y-65.84%

TTM-

EPS CAGR

10Y-

5Y-

3Y-64.7%

TTM-

ROCE

10Y Avg30.73%

5Y Avg30.73%

3Y Avg24.68%

Latest7.12%

Peer Comparison

Regional & Domestic Forwarders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NCEWNew Century Logistics (BVI) Limited	21.07M	7.84	89.09	44.64%	0.42%	3.55%	6.81%	0.82
RLGTRadiant Logistics, Inc.	317.95M	6.79	19.40	12.49%	1.64%	6.69%	2.56%	0.37
ELOGEastern International Ltd. Ordinary Shares	17.18M	1.43	9.53	-0.99%	4.45%	16.78%		0.47
ATXGAddentax Group Corp.	4.92M	0.42	-0.49	-18.88%	-115.45%	-16.91%	12.57%	1.03
SGLYSingularity Future Technology Ltd.	5.25M	0.72	-0.68	-42.19%	-7.67%	-6.03%		0.15
BTOCArmlogi Holding Corp. common stock	22.95M	0.51	-1.36	14.03%	-8.72%	-76.89%		5.35
PSIGPS International Group Ltd.	37.34M	4.33	-3.26	-37.75%	-5.54%	-19.36%		0.01

Profit & Loss

	Sep 2021	Sep 2022	Sep 2023	Sep 2024
Sales/Revenue+	71.66M	75.19M	36.07M	52.18M
Revenue Growth %	-	0.05%	-0.52%	0.45%
Cost of Goods Sold+	61.46M	63.64M	32.59M	47.93M
COGS % of Revenue	0.86%	0.85%	0.9%	0.92%
Gross Profit+	10.2M	11.54M	3.48M	4.24M
Gross Margin %	0.14%	0.15%	0.1%	0.08%
Gross Profit Growth %	-	0.13%	-0.7%	0.22%
Operating Expenses+	3.55M	3.3M	2.96M	3.77M
OpEx % of Revenue	0.05%	0.04%	0.08%	0.07%
Selling, General & Admin	3.01M	3.08M	2.94M	3.33M
SG&A % of Revenue	0.04%	0.04%	0.08%	0.06%
Research & Development	0	0	0	0
R&D % of Revenue	-	-	-	-
Other Operating Expenses	539.83K	215.52K	20.09K	444.36K
Operating Income+	6.64M	8.24M	522.5K	470.27K
Operating Margin %	0.09%	0.11%	0.01%	0.01%
Operating Income Growth %	-	0.24%	-0.94%	-0.1%
EBITDA+	6.78M	8.49M	750.87K	687.49K
EBITDA Margin %	0.09%	0.11%	0.02%	0.01%
EBITDA Growth %	-	0.25%	-0.91%	-0.08%
D&A (Non-Cash Add-back)	133.22K	242.18K	228.37K	217.22K
EBIT	6.66M	8.41M	589.12K	492.87K
Net Interest Income+	-95.63K	-81.88K	-88.08K	-97.18K
Interest Income	20	11	645	849
Interest Expense	95.65K	81.89K	88.73K	98.03K
Other Income/Expense	-77.42K	83.62K	-22.11K	-75.43K
Pretax Income+	6.57M	8.33M	500.39K	394.84K
Pretax Margin %	0.09%	0.11%	0.01%	0.01%
Income Tax+	1.03M	1.35M	45.97K	174.2K
Effective Tax Rate %	0.84%	0.84%	0.91%	0.56%
Net Income+	5.53M	6.98M	454.42K	220.64K
Net Margin %	0.08%	0.09%	0.01%	0%
Net Income Growth %	-	0.26%	-0.93%	-0.51%
Net Income (Continuing)	5.53M	6.98M	454.42K	220.64K
Discontinued Operations	0	0	0	0
Minority Interest	0	0	0	0
EPS (Diluted)+	2.00	2.48	0.16	0.09
EPS Growth %	-	0.24%	-0.93%	-0.46%
EPS (Basic)	2.00	2.56	0.17	0.09
Diluted Shares Outstanding	2.69M	2.81M	2.81M	2.5M
Basic Shares Outstanding	2.69M	2.69M	2.69M	2.5M
Dividend Payout Ratio	-	-	-	-

Balance Sheet

	Sep 2021	Sep 2022	Sep 2023	Sep 2024
Total Current Assets+	24.29M	19.37M	13.8M	17.08M
Cash & Short-Term Investments	1.94M	2.49M	291.32K	659.32K
Cash Only	1.94M	2.49M	291.32K	659.32K
Short-Term Investments	0	0	0	0
Accounts Receivable	21.88M	16.45M	11.68M	14.1M
Days Sales Outstanding	111.43	79.84	118.17	98.66
Inventory	0	0	0	0
Days Inventory Outstanding	-	-	-	-
Other Current Assets	0	0	1.5M	1.93M
Total Non-Current Assets+	1.44M	3.29M	2M	1.37M
Property, Plant & Equipment	1.34M	3.17M	1.88M	1.2M
Fixed Asset Turnover	53.33x	23.71x	19.15x	43.57x
Goodwill	0	0	0	0
Intangible Assets	0	0	0	0
Long-Term Investments	0	0	0	0
Other Non-Current Assets	0	0	0	0
Total Assets+	25.73M	22.65M	15.8M	18.45M
Asset Turnover	2.79x	3.32x	2.28x	2.83x
Asset Growth %	-	-0.12%	-0.3%	0.17%
Total Current Liabilities+	12.13M	9.49M	9.32M	11.72M
Accounts Payable	7.73M	4.49M	3.92M	6.55M
Days Payables Outstanding	45.91	25.75	43.91	49.85
Short-Term Debt	1.67M	1.5M	3.15M	3.92M
Deferred Revenue (Current)	0	0	0	0
Other Current Liabilities	0	0	0	0
Current Ratio	2.00x	2.04x	1.48x	1.46x
Quick Ratio	2.00x	2.04x	1.48x	1.46x
Cash Conversion Cycle	-	-	-	-
Total Non-Current Liabilities+	769.17K	1.64M	489.1K	520.11K
Long-Term Debt	220.46K	0	0	0
Capital Lease Obligations	548.71K	1.64M	489.1K	520.11K
Deferred Tax Liabilities	0	0	0	0
Other Non-Current Liabilities	0	0	0	0
Total Liabilities	12.9M	11.13M	9.81M	12.24M
Total Debt+	3.1M	4.27M	4.82M	5.07M
Net Debt	1.16M	1.78M	4.53M	4.41M
Debt / Equity	0.24x	0.37x	0.80x	0.82x
Debt / EBITDA	0.46x	0.50x	6.42x	7.37x
Net Debt / EBITDA	0.17x	0.21x	6.03x	6.41x
Interest Coverage	69.45x	100.67x	5.89x	4.80x
Total Equity+	12.83M	11.53M	5.99M	6.21M
Equity Growth %	-	-0.1%	-0.48%	0.04%
Book Value per Share	4.77	4.10	2.13	2.48
Total Shareholders' Equity	12.83M	11.53M	5.99M	6.21M
Common Stock	0	0	0	0
Retained Earnings	12.67M	11.37M	5.83M	6.06M
Treasury Stock	0	0	0	0
Accumulated OCI	0	0	0	0
Minority Interest	0	0	0	0

Cash Flow

	Sep 2021	Sep 2022	Sep 2023	Sep 2024
Cash from Operations+	4.58M	6.8M	-2.49M	1.43M
Operating CF Margin %	0.06%	0.09%	-0.07%	0.03%
Operating CF Growth %	-	0.49%	-1.37%	1.58%
Net Income	5.53M	6.98M	454.42K	220.64K
Depreciation & Amortization	133.22K	242.18K	228.37K	217.22K
Stock-Based Compensation	0	0	0	0
Deferred Taxes	-3.05K	-2.88K	-1.9K	-6.94K
Other Non-Cash Items	1.12M	1.1M	932.84K	1.62M
Working Capital Changes	-2.21M	-1.52M	-4.1M	-618.51K
Change in Receivables	-2.95M	2.51M	-565.67K	-2.02M
Change in Inventory	0	0	0	0
Change in Payables	1.07M	-3.24M	-569.29K	2.63M
Cash from Investing+	-95.06K	-462.33K	-218.11K	218.11K
Capital Expenditures	-95.06K	-462.33K	0	0
CapEx % of Revenue	0%	0.01%	-	-
Acquisitions	-	-	-	-
Investments	-	-	-	-
Other Investing	0	0	-218.11K	218.11K
Cash from Financing+	-4.52M	-5.79M	502.38K	-1.28M
Debt Issued (Net)	-	-	-	-
Equity Issued (Net)	-	-	-	-
Dividends Paid	0	0	0	0
Share Repurchases	-	-	-	-
Other Financing	-3.9M	-5.36M	-1.11M	-1.42M
Net Change in Cash	-	-	-	-
Free Cash Flow+	4.48M	6.34M	-2.49M	1.43M
FCF Margin %	0.06%	0.08%	-0.07%	0.03%
FCF Growth %	-	0.41%	-1.39%	1.58%
FCF per Share	1.67	2.25	-0.88	0.57
FCF Conversion (FCF/Net Income)	0.83x	0.97x	-5.47x	6.50x
Interest Paid	78.17K	60.9K	77.27K	98.03K
Taxes Paid	319.16K	945.87K	1.96M	138.75K

Key Ratios

Metric	2021	2022	2023	2024
Return on Equity (ROE)	43.14%	57.33%	5.19%	3.62%
Return on Invested Capital (ROIC)	35.63%	45.31%	3.29%	3.34%
Gross Margin	14.23%	15.35%	9.66%	8.13%
Net Margin	7.72%	9.29%	1.26%	0.42%
Debt / Equity	0.24x	0.37x	0.80x	0.82x
Interest Coverage	69.45x	100.67x	5.89x	4.80x
FCF Conversion	0.83x	0.97x	-5.47x	6.50x
Revenue Growth	-	4.92%	-52.02%	44.64%

Revenue by Segment

	2024
Other Services	-
Other Services Growth	-

Frequently Asked Questions

Valuation & Price

New Century Logistics (BVI) Limited (NCEW) has a price-to-earnings (P/E) ratio of 89.1x. This suggests investors expect higher future growth.

Growth & Financials

New Century Logistics (BVI) Limited (NCEW) reported $52.2M in revenue for fiscal year 2024. This represents a 27% decrease from $71.7M in 2021.

New Century Logistics (BVI) Limited (NCEW) grew revenue by 44.6% over the past year. This is strong growth.

Yes, New Century Logistics (BVI) Limited (NCEW) is profitable, generating $0.2M in net income for fiscal year 2024 (0.4% net margin).

Dividend & Returns

New Century Logistics (BVI) Limited (NCEW) has a return on equity (ROE) of 3.6%. This is below average, suggesting room for improvement.

New Century Logistics (BVI) Limited (NCEW) generated $1.4M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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