Ming Shing Group Holdings Limited (PMA) AI Stock Analysis

Ming Shing Group Holdings Limited

(NASDAQ:PMA)

Select Model

Rating:51Neutral

Price Target:$1.50▲(15.38% Upside)

Action:reiterated

Date:04/28/26

MSW receives a below-average overall score of 51. The primary weakness is its financial health: high debt, negative margins, and cash burn. Technical indicators show recent upward momentum but are overbought, providing some offset. Valuation remains poor due to lack of profitability. The stock carries significant risk.

Positive Factors

Specialized wet-trades subcontractorA focused service offering in essential wet trades creates durable demand and repeat subcontracting opportunities from main contractors. Specialization can support operational expertise, standardized workflows and long-term client relationships that stabilise revenue across project cycles in Hong Kong construction.

Negative Factors

Very high leverageA debt-to-equity ratio of 7.87 indicates heavy reliance on debt financing, increasing interest burden and refinancing risk. In construction subcontracting, this reduces resilience to project delays or cost overruns and limits the company's ability to invest or absorb shocks without external support.

Ming Shing Group Holdings Limited (PMA) vs. SPDR S&P 500 ETF (SPY)

Market Cap: $16.22M
Dividend Yield: ―
Average Volume (3M): 133.88K
Price to Earnings (P/E): -2.6
Beta (1Y): 1.06
Revenue Growth: -56.85%
EPS Growth: -0.35%
Country: US
Employees: 35
Sector: General
Sector Strength: 55
Industry: Engineering & Construction

Ming Shing Group Holdings Limited Business Overview & Revenue Model

Company Description

Ming Shing Group Holdings Ltd. is a holding company, which engages in the business of wet trades such as plastering, brickwork, wall and floor tiling, painting and decoration, floor screeding, and marble works. The firm also involves in construction,...

How the Company Makes Money

MSW primarily makes money by providing subcontracted wet trades construction services on a project-by-project basis. Revenue is generated from contracts awarded by main contractors and other project principals, with billings typically tied to measure...

Ming Shing Group Holdings Limited Financial Statement Overview

Summary

Income statement, balance sheet, and cash flow scores (15, 10, 10) reflect severe financial stress: revenue growth is strong but margins are negative, leverage is high (debt/equity 7.87), and cash flows are negative. This results in a low financial performance score.

Income Statement

15Very Negative

Balance Sheet

10Very Negative

Cash Flow

10Very Negative

Financial statement breakdown
Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	3.19M	33.85M	27.57M	21.87M	14.38M	6.15M
Gross Profit	-830.92K	-1.31M	5.09M	3.49M	2.63M	1.12M
EBITDA	-1.33M	-5.15M	3.37M	3.52M	2.25M	1.50M
Net Income	-1.32M	-5.73M	2.33M	2.79M	1.80M	1.27M
Balance Sheet
Total Assets	7.78M	13.42M	11.89M	8.28M	5.60M	2.42M
Cash, Cash Equivalents and Short-Term Investments	590.92K	249.92K	1.08M	323.96K	217.79K	314.54K
Total Debt	7.41M	7.74M	7.03M	5.62M	3.15M	1.21M
Total Liabilities	10.40M	12.44M	10.89M	7.90M	5.44M	1.96M
Stockholders Equity	-2.62M	983.98K	998.26K	382.89K	159.76K	458.31K
Cash Flow
Free Cash Flow	-1.01M	-7.97M	1.31M	779.94K	-151.56K	636.06K
Operating Cash Flow	-1.01M	-7.97M	2.46M	795.33K	-151.56K	636.06K
Investing Cash Flow	1,318	10.26K	-1.15M	35.90K	56.39K	3,341
Financing Cash Flow	922.37K	7.13M	-553.37K	-725.06K	-1,578	-349.55K

Ming Shing Group Holdings Limited Technical Analysis

Technical Analysis SentimentPositive

Last Price1.30

Price Trends

50DMA1.27Positive

100DMA1.31Negative

200DMA1.27Positive

Market Momentum

MACD-0.00Negative

RSI53.62Neutral

STOCH47.09Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PMA, the sentiment is Positive. The current price of 1.30 is above the 20-day moving average (MA) of 1.26, above the 50-day MA of 1.27, and above the 200-day MA of 1.27, indicating a bullish trend. The MACD of -0.00 indicates Negative momentum. The RSI at 53.62 is Neutral, neither overbought nor oversold. The STOCH value of 47.09 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PMA.

Ming Shing Group Holdings Limited Risk Analysis

Ming Shing Group Holdings Limited disclosed 67 risk factors in its most recent earnings report. Ming Shing Group Holdings Limited reported the most risks in the "Finance & Corporate" category.

Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy

Latest Risks Added

3 New Risks

1.Enforcement of the pledge of common stock by our controlling shareholder could result in a change of control, loss of voting control, or a material drop in the market price of our Class A Ordinary Shares.Q1, 2026

2.The dual-class share structure may adversely affect the trading market for the Class A Ordinary Shares.Q1, 2026

3.Our financial statements for the year ended March 31, 2026 contain an explanatory paragraph regarding substantial doubt about our ability to continue as a going concernQ1, 2026

Ming Shing Group Holdings Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

PMA against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
PMA	51Neutral	$16.87M	-2.60	-578.21%	―	-56.85%	-0.35%
ONEG	38Underperform	$26.08M	-16.12	-203.89%	―	―	―

* General Sector Average

Performance Comparison

PMA and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
PMA	Ming Shing Group Holdings Limited	1.30	-0.90	-40.91%
FGL	Founder Group Ltd.	1.35	-4067.65	-99.97%
ONEG	OneConstruction Group Limited	1.63	-8.88	-84.49%
OFAL	OFA Group	0.27	-9.73	-97.27%

Ming Shing Group Holdings Limited Corporate Events

Ming Shing Calls August EGM to Rebrand as PMA Graphene Technology Group

Jul 22, 2026

On July 22, 2026, Ming Shing Group Holdings Limited announced it will convene an extraordinary general meeting of shareholders on August 25, 2026, to vote on a major rebranding. The Cayman Islands–incorporated, Hong Kong–based issuer plan...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Apr 28, 2026

Ming Shing Group Holdings Limited AI Stock Analysis