# Ming Shing Group Holdings Ltd. (MSW)

**Exchange:** NASDAQ  
**Sector:** Industrials  
**Market cap:** $17M  
**Price:** $1.48 (+9.26%)

> Ming Shing Group Holdings Ltd. is a Hong Kong-based holding company operating through its engineering subsidiaries in the construction sector. The company specializes in wet trades works, providing services such as plastering, brick laying, tile laying, floor screeding, and marble installation for building projects across Hong Kong’s urban landscape. Beyond core wet trades, it is also involved in construction, renovation, maintenance, additions, and alterations for buildings, serving mainly residential and commercial developments, as well as selected industrial, government, community, transportation, and public infrastructure projects. Its customer base primarily comprises major property developers, main contractors, and subcontractors engaged in large-scale private-sector projects, where quality finishing and compliance with local building standards are critical. Positioned within the industrials sector and engineering and construction industry, Ming Shing Group Holdings Ltd. plays a specialized role in the building value chain by focusing on labor- and skill-intensive finishing trades that support timely project delivery and functional, aesthetically compliant structures in one of Asia’s most construction-intensive markets.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $34M | -$1M | -$3M | -$6M | $-0.48 |
| 2024 | $28M | $5M | $4M | $2M | $0.18 |
| 2023 | $22M | $3M | $3M | $3M | $0.19 |
| 2022 | $14M | $3M | $2M | $2M | $0.14 |
| 2021 | $6M | $1M | $762,204 | $1M | $0.08 |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $13M | $12M | $983,979 | $249,923 | $3M |
| 2024 | $12M | $11M | $998,262 | $1M | $3M |
| 2023 | $8M | $8M | $382,890 | $323,958 | $2M |
| 2022 | $6M | $5M | $159,757 | $217,792 | $1M |
| 2021 | $2M | $2M | $458,312 | $314,538 | $883,341 |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | -$8M | $10,256 | -$8M |
| 2024 | $2M | -$1M | $1M |
| 2023 | $814,471 | $35,898 | $779,944 |
| 2022 | -$628,036 | — | -$151,558 |
| 2021 | $655,067 | $3,341 | $636,058 |

Source: [CompaniesByCap](https://companiesbycap.com/company/MSW)