← All companies ← GRVY Manual GSK → ← GS Capital Markets & Asset Management HIVE →
GSIW, Garden Stage Limited
We, through our Operating Subsidiaries, are a Hong Kong-based financial services provider principally engaged in the provision of placing and underwriting services; securities dealing and brokerage services; asset management services; investment advisory services; due diligence services; and introduction and referral services.
I Win Securities also charges investors a brokerage commission when they subscribe for or acquire securities in respect of offerings of listed issuers who engaged I Win Securities to provide placing and underwriting services in respect of the relevant securities.
I Win Securities provides securities dealing and brokerage services for trading in securities on the Hong Kong Stock Exchange and in other overseas markets.
The business
What it sells, where the money comes from, the kind of company it is.
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is led by Introducing and referral income (33%) and Underwriting and placement income (20%), with 6 more lines behind.
- Situation
- Unprofitable. No meaningful revenue yet; the record is the cash on hand against the burn.
- What moves the needle
- Trading volume and the data franchise. What decides it: volumes across its markets, which spike when volatility does; the network economics of a deep liquidity pool rivals cannot easily replicate; and the recurring, high-margin market-data and listing fees layered on top. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 20-F →Revenue spreads across 7 lines, the largest Introducing and referral income at 33%.
- Introducing and referral income33%$2M
- Underwriting and placement income20%$1M
- Handling income18%$1M
- Brokerage commissions13%$974K
- Advisory Fees5%$393K
- Investment management fee income5%$377K
- Other5%$379K
From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2022–2026
realized figures from each filing · older years to the left| 2022’22 | 2023’23 | 2024’24 | 2025’25 | 2026’26 | TTMTTMMar 2026 | |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| $2M | $3M | $1M | $5M | $7M | $7M | RevenueRevenue |
| −22.2% | −6.4% | −325.8% | −79.0% | −190.1% | −190.1% | Net marginNet mgn |
| ($511K) | ($207K) | ($5M) | ($4M) | ($14M) | ($14M) | Net incomeNet inc. |
| Cash flow & returns | ||||||
| ($7M) | ($2M) | ($7M) | ($1M) | ($4M) | ($4M) | Owner earningsOwner earn. |
| -397% | -11% | -49% | -64% | -57% | -57% | Return on equityROE |
| −397% | −11% | −49% | −64% | −57% | −57% | Retained to equityRetained/eq |
| Balance sheet | ||||||
| — | $13M | $17M | $16M | $42M | $42M | Total assetsAssets |
| $129K | $2M | $9M | $7M | $24M | $24M | Shareholders’ equityEquity |
| Per share | ||||||
| 9.2M | 11.5M | 9.3M | 9.3M | 10.0M | 9.3M | Shares out (diluted)Shares |
| $0.25 | $0.28 | $0.15 | $0.59 | $0.73 | $0.78 | Revenue / shareRev/sh |
| $-0.06 | $-0.02 | $-0.49 | $-0.47 | $-1.38 | $-1.49 | EPS (diluted)EPS |
| $-0.75 | $-0.16 | $-0.76 | $-0.13 | $-0.43 | $-0.47 | Owner earnings / shareOE/sh |
| $0.01 | $0.17 | $1.00 | $0.72 | $2.42 | $2.61 | Book value / shareBVPS |
| 4-yr | 5-yr | |
|---|---|---|
| Revenue / share | +30.5%/yr | +30.5%/yr (4-yr) |
| Capital spending / share | +51.5%/yr | +51.5%/yr (4-yr) |
| Book value / share | +262.8%/yr | +262.8%/yr (4-yr) |
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
“We have identified material weaknesses in our internal control over financial reporting.”
The figures below are only as sound as the controls that produced them. read the note →
Is it a good business?
- Not enough dataIndustry peers: median -16%
In the filing’s words The filing discloses a material weakness in its financial controls — the reported numbers here, and the record built on them, are only as reliable as the controls that produced them.
What this means
Operating income or revenue wasn't found in the filing data.
- Net margin −190.1%SlimNet income ($14M) ÷ revenue $7M
What this means
What reaches the owner after tax and interest. For a capital-light fee business this should be a wide share of revenue; when it is thin despite a high operating margin, debt taken on for acquisitions is usually the reason, so read it next to the balance sheet.
- Return on equity −57%Below the cost of equityNet income ($14M) ÷ equity $24MIndustry peers: median -5%
What this means
Because the business ties up little capital, a healthy fee stream throws off a high return on the equity behind it. Read it with the buyback record: returning capital lifts this ratio honestly, but heavy debt taken to do so can flatter it.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Mar 31, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
- Inventory$948K
- Other current assets$30M
- Other current liabilities$18M
From the company's latest filing.
Peers, Capital Markets & Asset Management
The same industry, side by side on fee margins. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.
| Company | Revenuelatest FY, USD | Op. marginmedian over the record | Net marginmedian over the record | ROEmedian over the record |
|---|---|---|---|---|
| DBRGDigitalBridge Group Inc. | $94M | -16.2% | -26.0% | -5% |
| ANTAAntalpha Platform Holding Company | $80M | 6.7% | 9.3% | 15%2y |
| VALUValue Line Inc. | $33M | 18.1% | 48.1% | 26% |
| AXGSolowin Holdings Class A Ordinary Share | $28M | 55.8% | -162.9% | -51% |
| WTFWaton Financial Limited | $11M | -50.9% | -55.9% | -24% |
| GSIWGarden Stage Limited | $7M | — | -79.0% | -57% |
| TOPTOP Financial Group Limited | $5M | -99.9%2y | -102.0%2y | -10%2y |
| PLUTPlutus Financial Group Limited | $1M | -53.7% | -42.0% | -10% |
| Group median | — | — | -49.0% | -10% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. Garden Stage Limited's US listing is the ordinary share itself. The record tables elsewhere on this page remain as filed.
Garden Stage Limited is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
Revenue, delivered33%/yr’22→’26
Enter a price to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Manual order: ← GRVY its page in the Manual GSK →
Industry order: ← GS the Capital Markets & Asset Management chapter HIVE →