Also trades as: 2400.HK (HKSE) · $vol 16M

$2.70

+0.00 (+0.00%)

OTC · Technology · Electronic Gaming & Multimedia · Tech Score Sell · Power 30 · $1.3B mcap · 270M float · 0.0000% daily turnover · Short 100% of daily vol

Overview Chart Smart Money Financials Income Statement Cash Flow Balance Sheet Earnings

Analysis Technicals Weather Peers ESG Institutions ETF Exposure Dark Pool Short Interest

Analyst Insights

Wall Street analyst consensus based on price targets and buy/sell/hold recommendations from institutional research coverage over the trailing 12 months.

Analyst Price Targets

Analyst Recommendations

Strong Buy: 0Buy: 0Hold: 0Sell: 1Strong Sell: 0

Rating Summary

ConsensusSell

Avg Target$—

Analysts0

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

A+

Oct 02, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. XDNCF receives an overall rating of A+. Strongest factors: DCF (4/5), ROE (5/5), ROA (5/5), P/E (4/5).

Rating Change History

Date	From	To
2026-10-03	None	ADDED
2026-10-03	EXISTED	None
2026-09-29	None	ADDED
2026-09-27	EXISTED	None
2026-09-23	None	ADDED
2026-09-23	EXISTED	None
2026-09-19	None	ADDED
2026-09-19	EXISTED	None
2026-09-15	None	ADDED
2026-09-13	EXISTED	None

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ — Grade A+

Profitability

Balance Sheet

Earnings Quality

Growth

Value

—

Momentum

Safety

—

Cash Flow

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman Z-Score

—

Piotroski F-Score

8/9

✓ ✓ ✓ ✓ ✓ ✓ ✗ ✓ ✓

Beneish M-Score

-2.01

Unlikely Manipulator

Ohlson O-Score

-16.12

Bankruptcy prob: 0.0%

Low Risk

Credit Rating

AA-

Score: 82.8/100

Trend: Improving

Earnings Quality

100/100

OCF/NI: 1.06x

Accruals: -3.9%

The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. XDNCF scores 8/9, signaling strong financial health across all three dimensions. The Beneish M-Score (1999) is an 8-variable model that detects earnings manipulation by comparing year-over-year changes in receivables, gross margins, asset quality, sales growth, depreciation, SG&A, leverage, and accruals. Scores above −1.78 statistically resemble past manipulators. XDNCF's score of -2.01 falls below this threshold, suggesting earnings are unlikely to be manipulated. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. XDNCF's implied 0.0% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. XDNCF receives an estimated rating of AA- (score: 82.8/100), with a improving trend. The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). XDNCF's score of 100/100 is high — cash flows strongly support reported earnings.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

10.91x

PEG

1.72x

P/S

2.62x

P/B

3.91x

P/FCF

—

P/OCF

—

EV/EBITDA

—

EV/Revenue

—

EV/EBIT

—

EV/FCF

—

Earnings Yield

—

FCF Yield

—

Shareholder Yield

—

Graham Number

$32.22

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. At 10.9x earnings, XDNCF trades at a reasonable valuation. Graham's intrinsic value formula yields $32.22 per share, suggesting a potential 1093% margin of safety at the current price.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

0.882

NI / EBT

Interest Burden

1.044

EBT / EBIT

EBIT Margin

0.261

EBIT / Rev

Asset Turnover

2.645

Rev / Assets

Equity Multiplier

1.541

Assets / Equity

ROE

98.1%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. XDNCF's ROE of 98.1% is driven by Asset Turnover (2.645), indicating efficient use of assets to generate revenue.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Two adjustments we make, and why. Growth is capped at 15%. Graham defined g as expected growth over the next seven to ten years, not last year's rate. Across US companies since 1994 the median realized 7-year EPS growth is 5–8% regardless of how fast a company grew beforehand, and of 4,457 company-quarters that grew faster than 200%, none sustained it. Uncapped, the formula assigned fair multiples in the hundreds to companies that had never held that rate — and scored worse than simply reading the P/E. Capped, it carries real information. The verdict has three states, not two. Tested over 377,249 stock-months, this ratio only separates outcomes at its extremes: below 0.25 beat the universe by 1.3 points a year, above 3.0 lagged by 2.7, and everything in between sat inside a one-point band. Rather than call two-thirds of the market "undervalued" on a threshold of 1.0, we say Neutral where the model cannot tell — which is most of the time.

Adj. Growth Rate

0.00%

Fair P/E

8.50x

Intrinsic Value

$48.39

Price/Value

—

Margin of Safety

—

Premium

—

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with XDNCF's realized 0.0% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. XDNCF trades at a premium to its adjusted intrinsic value of $48.39, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 8.5x compares to the current market P/E of 10.9x.

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1253 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$2.70

Median 1Y

$2.11

5th Pctile

$1.01

95th Pctile

$4.41

Ann. Volatility

46.1%

25th–75th percentile 5th–95th percentile Median path Historical

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
ROE	-23.4%	-46.1%	-57.8%	-49.7%	-31.7%	-2.4%	33.1%	55.6%	84.5%	98.1%	98.09%
ROA	-10.7%	-18.7%	-22.8%	-20.9%	-13.5%	-1.1%	16.7%	29.9%	48.5%	63.6%	63.64%
ROIC	-3.1%	-4.7%	-2.4%	-2.1%	-3.6%	-20.5%	-3.7%	-26.9%	15.0%	11.4%	11.41%
ROCE	-15.9%	-26.2%	-31.1%	-50.4%	-27.5%	3.3%	32.9%	50.4%	61.8%	70.3%	70.29%
Gross Margin	41.5%	49.1%	57.3%	59.2%	63.0%	67.4%	71.0%	73.1%	74.6%	70.3%	70.32%
Operating Margin	-49.5%	-23.4%	-10.4%	6.6%	-3.9%	12.2%	23.1%	27.9%	29.5%	23.5%	23.53%
Net Margin	-40.7%	-24.2%	-9.1%	5.1%	-10.6%	9.2%	21.7%	24.5%	29.1%	21.6%	21.57%
EBITDA Margin	-49.1%	-19.4%	-9.5%	9.7%	-6.9%	12.5%	24.8%	28.0%	30.7%	25.9%	25.87%
FCF Margin	-17.5%	-15.1%	-12.6%	-7.1%	-1.9%	6.1%	18.0%	17.4%	24.8%	25.3%	25.32%
OCF Margin	-14.4%	-12.5%	-10.9%	-5.9%	-1.4%	6.2%	18.0%	17.5%	24.9%	25.5%	25.54%
ROE 3Y Avg	snapshot only										7.17%
ROA 3Y Avg	snapshot only										10.43%
ROIC Economic	snapshot only										72.82%
Cash ROA	snapshot only										54.46%
Cash ROIC	snapshot only										12.05%
CROIC	snapshot only										11.94%
NOPAT Margin	snapshot only										24.18%
Pretax Margin	snapshot only										27.26%
R&D / Revenue	snapshot only										17.87%
SGA / Revenue	snapshot only										28.65%
SBC / Revenue	snapshot only										0.89%

Valuation

Metric	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
P/E Ratio	—	—	—	—	—	—	—	—	—	—	10.908
P/S Ratio	—	—	—	—	—	—	—	—	—	—	2.621
P/B Ratio	—	—	—	—	—	—	—	—	—	—	3.915
P/FCF	—	—	—	—	—	—	—	—	—	—	—
P/OCF	—	—	—	—	—	—	—	—	—	—	—
EV/EBITDA	—	—	—	—	—	—	—	—	—	—	—
EV/Revenue	—	—	—	—	—	—	—	—	—	—	—
EV/EBIT	—	—	—	—	—	—	—	—	—	—	—
EV/FCF	—	—	—	—	—	—	—	—	—	—	—
Earnings Yield	—	—	—	—	—	—	—	—	—	—	—
FCF Yield	—	—	—	—	—	—	—	—	—	—	—
PEG Ratio	snapshot only										1.721
Graham Number	snapshot only										$32.22

Leverage & Solvency

Metric	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Current Ratio	4.67	4.02	4.47	1.55	1.56	2.10	3.10	3.35	3.97	4.00	4.003
Quick Ratio	4.67	4.02	4.47	1.55	1.56	2.10	3.10	3.35	3.97	4.00	4.003
Debt/Equity	0.79	0.98	1.11	1.06	1.03	0.18	0.06	0.04	0.03	0.03	0.028
Net Debt/Equity	-0.93	-0.91	-0.79	-0.79	-0.93	-1.13	-1.09	-1.02	-0.96	-0.94	-0.938
Debt/Assets	0.36	0.40	0.44	0.44	0.40	0.09	0.04	0.03	0.02	0.02	0.020
Debt/EBITDA	-2.80	-2.04	-1.86	-2.21	-4.13	1.95	0.15	0.08	0.05	0.04	0.035
Net Debt/EBITDA	3.28	1.91	1.31	1.66	3.76	-12.13	-2.68	-1.77	-1.38	-1.18	-1.179
Interest Coverage	—	—	—	—	—	—	—	—	732.38	455.28	455.281
Equity Multiplier	2.19	2.47	2.54	2.38	2.58	1.94	1.56	1.51	1.37	1.37	1.369
Cash Ratio	snapshot only										3.389
Debt Service Coverage	snapshot only										475.437
Cash to Debt	snapshot only										34.559
FCF to Debt	snapshot only										26.441
Defensive Interval	snapshot only										300.8 days

Efficiency & Turnover

Metric	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Asset Turnover	0.26	0.59	0.99	1.35	1.44	1.79	1.93	2.09	2.23	2.65	2.645
Inventory Turnover	—	—	—	—	—	—	—	—	—	—	—
Receivables Turnover	5.92	10.41	19.06	25.76	26.73	21.61	28.85	19.53	30.74	23.50	23.502
Payables Turnover	3.77	4.91	11.67	19.04	14.57	10.21	14.66	15.16	15.57	13.05	13.051
DSO	62	35	19	14	14	17	13	19	12	16	15.5 days
DIO	0	0	0	0	0	0	0	0	0	0	0.0 days
DPO	97	74	31	19	25	36	25	24	23	28	28.0 days
Cash Conversion Cycle	-35	-39	-12	-5	-11	-19	-12	-5	-12	-12	-12.4 days
Fixed Asset Turnover	snapshot only										105.108
Cash Velocity	snapshot only										3.022
Capital Intensity	snapshot only										0.469

Growth (YoY)

Metric	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Revenue	—	—	—	—	4.1%	1.6%	76.7%	49.5%	57.3%	58.2%	58.16%
Net Income	—	—	—	—	-18.2%	95.1%	1.7%	2.4%	4.7%	63.4%	63.44%
EPS	—	—	—	—	-18.2%	95.1%	1.6%	2.3%	4.5%	60.5%	60.51%
FCF	—	—	—	—	43.0%	2.0%	3.5%	4.6%	21.1%	5.6%	5.57%
EBITDA	—	—	—	—	34.7%	1.2%	1.9%	2.8%	7.2%	18.8%	18.81%
Op. Income	—	—	—	—	21.9%	1.1%	1.8%	2.6%	6.0%	22.1%	22.14%
OCF Growth	snapshot only										5.52%
Asset Growth	snapshot only										63.42%
Equity Growth	snapshot only										1.32%
Debt Growth	snapshot only										-64.37%
Shares Change	snapshot only										4.93%

Growth Quality

Metric	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Revenue Stability	—	—	—	—	—	—	—	—	0.99	1.00	1.000
Earnings Stability	—	—	—	—	—	—	—	—	0.72	0.91	0.914
Margin Stability	—	—	—	—	—	—	—	—	0.73	0.78	0.777
Rev. Growth Consistency	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.00	1.000
Earn. Growth Consistency	0.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.000
FCF Positive Streak	0	0	0	0	0	0	0	0	0	1	0
Earnings Persistence	—	—	—	—	—	—	—	—	0.20	0.20	0.200
Earnings Smoothness	—	—	—	—	—	—	—	—	—	—	—
ROE Trend	—	—	—	—	—	—	—	—	0.92	0.95	0.946
Gross Margin Trend	—	—	—	—	—	—	—	—	0.22	0.18	0.183
FCF Margin Trend	—	—	—	—	—	—	—	—	0.35	0.30	0.298
Sustainable Growth Rate	—	—	—	—	—	—	33.1%	55.6%	84.4%	97.9%	97.94%
Internal Growth Rate	—	—	—	—	—	—	20.1%	42.7%	93.7%	1.7%	1.74%

Cash Flow Quality

Metric	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
OCF/Net Income	0.35	0.39	0.47	0.38	0.15	-10.17	2.08	1.22	1.15	1.06	1.062
FCF/OCF	1.22	1.21	1.15	1.21	1.43	0.98	1.00	0.99	0.99	0.99	0.991
FCF/Net Income	snapshot only										1.052
OCF/EBITDA	snapshot only										0.937
CapEx/Revenue	3.2%	2.6%	1.7%	1.2%	0.6%	0.1%	0.1%	0.1%	0.2%	0.2%	0.22%
CapEx/Depreciation	snapshot only										0.193
Accruals Ratio	-0.07	-0.11	-0.12	-0.13	-0.12	-0.12	-0.18	-0.07	-0.07	-0.04	-0.039
Sloan Accruals	snapshot only										0.421
Cash Flow Adequacy	snapshot only										97.718
Earnings Quality Score	snapshot only										1.000

Dividends & Buybacks

Metric	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Dividend Yield	—	—	—	—	—	—	—	—	—	—	0.00%
Dividend/Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.01	$0.01	$0.00
Payout Ratio	—	—	—	—	—	—	0.0%	0.0%	0.2%	0.2%	0.16%
FCF Payout Ratio	—	—	—	—	—	0.0%	0.0%	0.0%	0.2%	0.2%	0.15%
Total Payout Ratio	—	—	—	—	—	—	6.7%	4.4%	4.8%	22.0%	22.01%
Div. Increase Streak	—	—	—	—	—	—	—	—	0	0	0
Chowder Number	—	—	—	—	—	—	—	—	—	—	—
Buyback Yield	—	—	—	—	—	—	—	—	—	—	—
Net Buyback Yield	—	—	—	—	—	—	—	—	—	—	—
Total Shareholder Return	—	—	—	—	—	—	—	—	—	—	—

DuPont Factors

Metric	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Tax Burden (NI/EBT)	0.86	0.90	0.92	0.96	1.27	-0.25	0.73	0.81	0.88	0.88	0.882
Interest Burden (EBT/EBIT)	0.96	1.00	0.97	0.94	0.90	2.66	1.06	1.03	1.03	1.04	1.044
EBIT Margin	-0.49	-0.35	-0.26	-0.17	-0.08	0.01	0.11	0.17	0.24	0.26	0.261
Asset Turnover	0.26	0.59	0.99	1.35	1.44	1.79	1.93	2.09	2.23	2.65	2.645
Equity Multiplier	2.19	2.47	2.54	2.38	2.36	2.22	1.98	1.86	1.74	1.54	1.541

Per Share

Metric	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
EPS (Diluted TTM)	$-1.14	$-1.96	$-2.31	$-2.12	$-1.35	$-0.10	$1.48	$2.84	$4.75	$5.69	$5.69
Book Value/Share	$4.88	$4.25	$4.00	$4.27	$3.62	$3.67	$5.11	$6.09	$7.75	$8.11	$8.92
Tangible Book/Share	$4.35	$3.73	$3.46	$3.77	$3.08	$3.16	$4.62	$5.68	$6.71	$7.21	$7.21
Revenue/Share	$2.81	$6.18	$10.08	$13.76	$14.45	$15.70	$17.07	$19.81	$21.82	$23.66	$12.50
FCF/Share	$-0.49	$-0.93	$-1.27	$-0.98	$-0.28	$0.96	$3.07	$3.44	$5.41	$5.99	$2.24
OCF/Share	$-0.40	$-0.77	$-1.10	$-0.81	$-0.20	$0.97	$3.08	$3.47	$5.44	$6.04	$2.26
Cash/Share	$8.38	$8.03	$7.60	$7.89	$7.11	$4.81	$5.91	$6.48	$7.67	$7.83	$8.13
EBITDA/Share	$-1.38	$-2.03	$-2.40	$-2.04	$-0.90	$0.34	$2.09	$3.50	$5.38	$6.45	$6.45
Debt/Share	$3.86	$4.15	$4.46	$4.51	$3.72	$0.67	$0.32	$0.27	$0.25	$0.23	$0.23
Net Debt/Share	$-4.52	$-3.88	$-3.15	$-3.38	$-3.39	$-4.14	$-5.59	$-6.21	$-7.42	$-7.60	$-7.60

Academic Models

Metric	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Altman Z-Score	—	—	—	—	—	—	—	—	—	—	—
Piotroski F-Score	2	2	2	2	4	6	7	8	8	8	8
Beneish M-Score	—	—	—	—	-3.02	-3.05	-3.24	-1.73	-2.15	-2.01	-2.005
Ohlson O-Score	snapshot only										-16.124
ROIC (Greenblatt)	snapshot only										86.24%
Net-Net WC	snapshot only										$6.75
EVA	snapshot only										$2823452583.44

Credit

Metric	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Credit Rating	snapshot only										AA-
Credit Score	58.50	58.50	57.00	53.70	53.70	78.75	80.25	80.25	82.75	82.75	82.750
Credit Grade	snapshot only										4
Credit Trend	snapshot only										4.000
Implied Spread (bps)	snapshot only										100.000

XDNCF OTC

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