New Risk • Jun 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 26% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (26% average weekly change). Negative equity (-US$3.6m). Earnings have declined by 64% per year over the past 5 years. Shareholders have been substantially diluted in the past year (374% increase in shares outstanding). Reported Earnings • May 05
Full year 2025 earnings released: US$3.81 loss per share (vs US$1.73 loss in FY 2024) Full year 2025 results: US$3.81 loss per share (further deteriorated from US$1.73 loss in FY 2024). Revenue: US$53.2m (down 39% from FY 2024). Net loss: US$15.2m (loss widened 215% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Reported Earnings • Dec 01
First half 2025 earnings released: US$0.13 loss per share (vs US$0.18 loss in 1H 2024) First half 2025 results: US$0.13 loss per share (improved from US$0.18 loss in 1H 2024). Revenue: US$23.2m (down 41% from 1H 2024). Net loss: US$416.8k (loss narrowed 5.9% from 1H 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. New Risk • Nov 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 174% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 33% per year over the past 5 years. Shareholders have been substantially diluted in the past year (174% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Share price has been volatile over the past 3 months (15% average weekly change). Significant insider selling over the past 3 months (US$4.8m sold). Market cap is less than US$100m (US$34.6m market cap). Announcement • Nov 09
PS International Group Ltd. announced that it expects to receive $9.597989 million in funding PS International Group Ltd announced a private placement and entered into a purchase agreement to issue 5,332,216 units at a price of $1.8 per unit for aggregate gross proceeds of $9,597,988.8 on November 7, 2025. Each unit will consist of 1 Ordinary share having a par value of $0.0008 per share and one warrant. Each warrant will entitle the holder to acquire 2 ordinary shares. The transaction is expected to close on or about November 11, 2025, subject to the satisfaction of customary closing conditions. Announcement • May 21
PS International Group Ltd., Annual General Meeting, Jun 17, 2025 PS International Group Ltd., Annual General Meeting, Jun 17, 2025, at 10:30 China Standard Time. Location: unit 1002,10/f, join-in hang sing centre, no. 2-16 kwai fung crescent, kwai chung new territories, Hong Kong New Risk • May 09
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: US$9.96m This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 33% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 5x increase in shares outstanding). Market cap is less than US$10m (US$9.96m market cap). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). Recent Insider Transactions Derivative • May 07
Chief Financial Officer notifies of intention to sell stock Chun Kit Tsui intends to sell 266k shares in the next 90 days after lodging an Intent To Sell Form on the 6th of May. If the sale is conducted around the recent share price of US$0.42, it would amount to US$112k. Since September 2024, Chun Kit has not owned shares directly (This sale likely refers to shares that have not yet been received). Company insiders have collectively sold US$892k more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • May 02
Full year 2024 earnings released: US$0.22 loss per share (vs US$22.89 profit in FY 2023) Full year 2024 results: US$0.22 loss per share (down from US$22.89 profit in FY 2023). Revenue: US$87.2m (down 38% from FY 2023). Net loss: US$4.83m (down 205% from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 22 percentage points per year, which is a significant difference in performance. Board Change • Feb 02
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Independent Director Yong Yao is the most experienced director on the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Dec 15
First half 2024 earnings released: US$2.21 loss per share (vs US$21.81 profit in 1H 2023) First half 2024 results: US$2.21 loss per share (down from US$21.81 profit in 1H 2023). Revenue: US$39.4m (down 41% from 1H 2023). Net loss: US$442.7k (down 110% from profit in 1H 2023). Announcement • Nov 01
PS International Group Announces Receipt of Nasdaq Notification Letter Regarding Minimum Bid Price Deficiency PS International Group Ltd. announced that it received a delinquency notification letter (the ‘Notice’) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (‘Nasdaq’) on October 30, 2024 indicating that the Company is not currently in compliance with the minimum bid price requirement set forth in Nasdaq’s Listing Rules for continued listing on the Nasdaq Capital Market, as the closing bid price for the Company’s ordinary shares listed on the Nasdaq Capital Market was below $1.00 per share for 30 consecutive business days. Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of $1.00 per share, and Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. The Notice provides that the Company has a period of 180 calendar days from the date of the Notice, or until April 28, 2025, to regain compliance with the minimum bid price requirement. The receipt of the Notice has no immediate effect on the Company’s business operations or the listing of the Company’s ordinary shares, which will continue to trade uninterrupted on the Nasdaq under the ticker ‘PSIG.’ Pursuant to the Notice, the Company has until April 28, 2025 to regain compliance with the minimum bid price requirement, during which time the Company’s ordinary shares will continue to trade on the Nasdaq Capital Market. If at any time before April 28, 2025, the bid price of the Company’s ordinary shares closes at or above $1.00 per share for a minimum of 10 consecutive business days, Nasdaq will provide written confirmation of compliance to the Company. In the event that the Company does not regain compliance by April 28, 2025, the Company may be eligible for additional time to regain compliance. To qualify, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, except for the minimum bid price requirement. In addition, the Company would be required to notify Nasdaq of its intent to cure the deficiency during the second compliance period. Announcement • Oct 24
PS International Group Ltd. Appoints Wing Yui Felix Lau as the Chief Operating Officer On October 7, 2024, PS International Group Ltd. appointed Mr. Wing Yui Felix Lau as the Chief Operating Officer of the Company, effective immediately. Mr. Lau will be responsible for overseeing overall strategic and operational management of the Company and report directly to the Chief Executive Officer. Mr. Lau, age 47, is the Company's Chief Operating Officer. Prior to joining the Company, Mr. Lau served as the Head of Retail Business Department of Tayang Holdings Limited, where he led the sales and marketing and product development functions. Prior to that, he served as the Chief Operating Officer and Chief Executive Officer at Sun Cheong Creative Development Holdings Limited, responsible for the general management, sales & marketing, product development, and accounting functions. He also had experiences as Sales and Marketing Director in Homeasy Enterprise Limited and as the Vice President of Heritage Mint (Asia) Limited. Mr. Lau obtained the Master of Commerce (Marketing) from the University of New South Wales and the Bachelor of Business Study from Massey University. Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to US$1.02, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 24x in the Logistics industry in the US. Total loss to shareholders of 91% over the past year. New Risk • Aug 23
New major risk - Revenue and earnings growth Earnings have declined by 3.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (67% average weekly change). Earnings have declined by 3.3% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 5x increase in shares outstanding). Minor Risk Market cap is less than US$100m (US$24.7m market cap). Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment improves as stock rises 43% After last week's 43% share price gain to US$1.44, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 23x in the Logistics industry in the US. Total loss to shareholders of 87% over the past year. Buy Or Sell Opportunity • Aug 13
Now 25% overvalued Over the last 90 days, the stock has fallen 79% to US$2.42. The fair value is estimated to be US$1.94, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 19%. Valuation Update With 7 Day Price Move • Jul 28
Investor sentiment deteriorates as stock falls 58% After last week's 58% share price decline to US$1.42, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 22x in the Logistics industry in the US. Total loss to shareholders of 87% over the past year. Buy Or Sell Opportunity • Jul 25
Now 20% overvalued Over the last 90 days, the stock has fallen 82% to US$2.07. The fair value is estimated to be US$1.72, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 19%.