The company has undergone forced deleveraging, reducing total debt from $5.1M in 2024Q4 to $1.3M in 2025Q2, while total assets simultaneously contracted to $13.9M.
| Total Current Assets | 13.1M | 1.7M | 17.08M | 13.8M | 19.37M | 24.29M |
| Cash & Short-Term Investments | 3.1M | 124.21K | 659.32K | 291.32K | 2.49M | 1.94M |
| Cash Only | 288.55K | 124.21K | 659.32K | 291.32K | 2.49M | 1.94M |
| Short-Term Investments | 2.81M | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 10M | 1.51M | 14.1M | 11.68M | 16.45M | 21.88M |
| Days Sales Outstanding | 89.47 | 97.6 | 98.66 | 118.17 | 79.84 | 111.43 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - |
| Other Current Assets | 0 | 23.23K | 1.93M | 1.5M | 0 | 0 |
| Total Non-Current Assets | 847.38K | 171.84K | 1.37M | 2M | 3.29M | 1.44M |
| Property, Plant & Equipment | 674.76K | 81.1K | 1.2M | 1.88M | 3.17M | 1.34M |
| Fixed Asset Turnover | 51.57x | 69.73x | 43.57x | 19.15x | 23.71x | 53.33x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 150.43K | 65.91K | 0 | 0 | 0 | 0 |
| Total Assets | 13.95M | 1.87M | 18.45M | 15.8M | 22.65M | 25.73M |
| Asset Turnover | 2.98x | 3.03x | 2.83x | 2.28x | 3.32x | 2.79x |
| Asset Growth % | -47.08% | -89.88% | 16.81% | -30.27% | -11.95% | - |
| Total Current Liabilities | 5.78M | 1.15M | 11.72M | 9.32M | 9.49M | 12.13M |
| Accounts Payable | 4.02M | 678.47K | 6.55M | 3.92M | 4.49M | 7.73M |
| Days Payables Outstanding | 42.16 | 43.92 | 49.85 | 43.91 | 25.75 | 45.91 |
| Short-Term Debt | 659.18K | 371.77K | 3.92M | 3.15M | 1.5M | 1.67M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 801.96K | 48.2K | 0 | 0 | 0 | 0 |
| Current Ratio | 2.27x | 1.47x | 1.46x | 1.48x | 2.04x | 2.00x |
| Quick Ratio | 2.27x | 1.47x | 1.46x | 1.48x | 2.04x | 2.00x |
| Cash Conversion Cycle | 47.31 | - | - | - | - | - |
| Total Non-Current Liabilities | 424.38K | 40.65K | 520.11K | 489.1K | 1.64M | 769.17K |
| Long-Term Debt | 0 | 28.68K | 0 | 0 | 0 | 220.46K |
| Capital Lease Obligations | 1.89M | 40.65K | 520.11K | 489.1K | 1.64M | 548.71K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | -28.68K | 0 | 0 | 0 | 0 |
| Total Liabilities | 6.2M | 1.19M | 12.24M | 9.81M | 11.13M | 12.9M |
| Total Debt | 1.31M | 441.1K | 5.07M | 4.82M | 4.27M | 3.1M |
| Net Debt | 1.02M | 316.89K | 4.41M | 4.53M | 1.78M | 1.16M |
| Debt / Equity | 0.17x | 0.66x | 0.82x | 0.80x | 0.37x | 0.24x |
| Debt / EBITDA | -0.72x | - | 7.37x | 6.42x | 0.50x | 0.46x |
| Net Debt / EBITDA | -0.57x | - | 6.41x | 6.03x | 0.21x | 0.17x |
| Interest Coverage | -42.01x | -141.25x | 5.03x | 6.64x | 102.69x | 69.64x |
| Total Equity | 7.74M | 672.52K | 6.21M | 5.99M | 11.53M | 12.83M |
| Equity Growth % | 37.64% | -89.17% | 3.68% | -48.05% | -10.14% | - |
| Book Value per Share | 0.37 | 0.23 | 2.48 | 2.13 | 4.10 | 4.77 |
| Total Shareholders' Equity | 7.74M | 679.87K | 6.21M | 5.99M | 11.53M | 12.83M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 4.19M | -593.57K | 6.06M | 5.83M | 11.37M | 12.67M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | -7.35K | 0 | 0 | 0 | 0 |
Imminent liquidity and solvency
As reported in recent financial filings, NCEW's total assets have shrunk from $18.5M in 2024Q4 to $13.9M by 2025Q2, a trend that suggests a rapid liquidation of the company's resource base as it struggles to maintain its operational footprint in the competitive Hong Kong logistics market.
The reduction in total assets appears to be driven by a significant decline in the company's ability to sustain its previous scale. This contraction warrants concern, as it suggests that the business is not merely rightsizing but potentially losing the critical mass required to remain a viable freight forwarder.
According to the balance sheet data, NCEW reduced its total debt from $5.1M in 2024Q4 to $1.3M in 2025Q2, a move that likely reflects forced deleveraging rather than strategic capital management given the company's concurrent inability to generate positive operating cash flow.
While the D/E ratio improved from 0.82 to 0.17, this shift appears to be a symptom of a shrinking balance sheet rather than improved financial health. Investors should monitor whether this debt reduction was achieved through asset sales, which would further limit the company's future operational capacity.
Based on the provided figures, NCEW's cash position of $288.5K as of 2025Q2 remains dangerously low relative to its historical operating losses, suggesting that the company possesses a very limited buffer to absorb further shocks or fund ongoing working capital requirements in a high-cost environment.
Although the current ratio of 2.27 appears superficially healthy, it likely masks the poor quality of current assets, which may be difficult to liquidate in a distressed scenario. The lack of cash generation suggests that the company may face significant challenges in meeting its short-term obligations without external support.
As indicated by the decline in net PPE from $1.2M in 2024Q4 to $674.8K in 2025Q2, the company is experiencing a rapid erosion of its fixed asset base, which may imply that specialized equipment is either being sold off or suffering from accelerated impairment due to underutilization.
This trend suggests that the company's physical infrastructure is no longer being supported by sufficient revenue, raising questions about the long-term viability of its Kwun Tong facilities. Analysts should consider the risk that remaining asset values may be overstated if the current revenue trajectory continues to deteriorate.
Quick answers to the most common questions about buying NCEW stock.
As of 2025, New Century Logistics (BVI) Limited (NCEW) had total assets of $1.9M including $1.7M in current assets.
New Century Logistics (BVI) Limited (NCEW) carries total debt of $0.4M, offset by $0.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
New Century Logistics (BVI) Limited (NCEW) has total shareholders' equity (book value) of $0.7M ($0.23 book value per share). Book value represents the net worth of the company belonging to common stock holders.
New Century Logistics (BVI) Limited (NCEW) reported a current ratio of 1.47x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.