# IAG Holdings (8513.HK)

Canonical: https://gigainvestors.com/s/8513.HK

Analysis as of: 2026-10-16T08:02:32.048Z. Financial observations: FY2015–FY2025.

Listing currency: HKD. Reporting currency: SGD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: HKD 0.34 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 7

- Operating margin variation: 1.57×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.12×

- FY2017: -0.02×

- FY2018: -0.18×

- FY2019: -0.11×

- FY2020: 0.09×

- FY2022: -0.16×

- FY2023: -0.50×

- FY2024: -0.25×

- FY2025: -0.02×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -12.9%

- ROIC, second-lowest year: -45.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.1%

- ROIC including acquisitions, ten-year median: -13.4%

- Typical minus recent gross margin: 22.8 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 39.3%

- FY2017: -4.6%

- FY2018: -42.5%

- FY2019: -12.9%

- FY2020: 16.4%

- FY2022: -22.5%

- FY2023: -65.8%

- FY2024: -45.3%

- FY2025: -5.1%

### economics: fail

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Return on incremental invested capital: -107.6%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 2.0 pp

- Working capital / revenue, final three-year average: 22.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.25×

- FY2023: 0.77×

- FY2024: 1.00×

- FY2025: 0.21×

### management: fail

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -4.6% vs -45.3%

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 5.1%

- Ordinary dilution, 5-year annual growth: 11.3%

- Market cap gain: SGD -1.1M

- Diluted shares, 10-year annual growth: 5.1%

- Diluted shares, 5-year annual growth: 11.3%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: SGD 7.6M

- ROIC, first three-year median: -4.6%

- ROIC, last three-year median: -45.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: SGD 0.06

- FY2017: SGD -0.02

- FY2018: SGD -0.07

- FY2019: SGD -0.04

- FY2020: SGD 0.02

- FY2022: SGD -0.06

- FY2023: SGD -0.12

- FY2024: SGD -0.04

- FY2025: SGD -0.01

### accounting: pass

- Sloan accruals: -10.5%

- Receivables to sales index (DSRI): 0.89×

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 4.4%

- FY2017: 1.9%

- FY2018: -7.0%

- FY2019: -13.7%

- FY2020: -7.2%

- FY2022: -15.2%

- FY2023: -55.3%

- FY2024: -18.8%

- FY2025: -10.5%

## Holders

## Price story

Down 48% since Jan 2026 · sales +77.7%

Story as of 2026-10-16T10:00:13.868Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +77.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: SGD 19M 

- FY2017: SGD 21M 

- FY2018: SGD 17M 

- FY2019: SGD 15M 

- FY2020: SGD 23M 

- FY2022: SGD 14M 

- FY2023: SGD 9.1M 

- FY2024: SGD 10M 

- FY2025: SGD 19M 

### Gross margin · FY2025

gross margin 16.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 21.3% 

- FY2017: 19.1% 

- FY2018: 7.8% 

- FY2019: 10.0% 

- FY2020: 19.7% 

- FY2022: 1.2% 

- FY2024: 0.4% 

- FY2025: 16.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in medical instruments & supplies; annual sales are SGD 18.6 million.

- Source: https://eodhd.com/api/fundamentals/8513.HK.json#2025-12-31 (filed 2026-10-16T08:02:32.048Z); FY2025: revenue 18586000; grossProfit 3077000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 8513.HK: MaxWin International Holdings Limited, an investment holding company, engages in the manufacture and sale of injection molded plastic parts for disposable medical devices in Asia. It operates through Component Parts, Sub-Assembly Parts, Data Solutions and Services, and Hospitality segments. It is also involved in manufacturing and trading of medical component parts and sub-assembly parts; sales of IT related products and rendering of maintenance services; provision of hotel accommodation hospitality services; and tooling services. In addition, the company manufactures plastics articles and products; provides technology and consulting services; trades in various goods; and offers big data solutions, and technical support and data services. MaxWin International Holdings Limited was formerly known as IAG Holdings Limited and changed its name to MaxWin International Holdings Limited in October 2023. The company was founded in 1981 and is headquartered in Singapore.

### Why customers stay

It lost 12.9% on its capital.

- Source: https://eodhd.com/api/fundamentals/8513.HK.json#2023-12-31 (filed 2026-10-16T08:02:32.048Z); FY2023: grossProfit / revenue = -8%.

- Source: https://eodhd.com/api/fundamentals/8513.HK.json#2024-12-31 (filed 2026-10-16T08:02:32.048Z); FY2024: grossProfit / revenue = 0.4%.

- Source: https://eodhd.com/api/fundamentals/8513.HK.json#2025-12-31 (filed 2026-10-16T08:02:32.048Z); FY2025: grossProfit / revenue = 16.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T08:02:32.048Z); 10-year return on capital observations [[2016,0.39340318717830935],[2017,-0.04635734884102222],[2018,-0.425283088917765],[2019,-0.12888933320003998],[2020,0.16374890605652634],[2022,-0.22501386504687707],[2023,-0.6576185305826999],[2024,-0.4533581762384919],[2025,-0.05111134730982281]]; median -0.12888933320003998. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 1 of 9 years.

- Source: https://eodhd.com/api/fundamentals/8513.HK.json#2016-12-31 (filed 2026-10-16T08:02:32.048Z); FY2016: growth capex 0; upkeep 96155; owner earnings 2235647. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/8513.HK.json#2020-12-31 (filed 2026-10-16T08:02:32.048Z); FY2020: growth capex 0; upkeep 262000; owner earnings 2140600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T08:02:32.048Z); Dividend observations: [[2016,0],[2017,1350000],[2018,0],[2019,0],[2020,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 18.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 8513.HK SharesStats.PercentInsiders = 18.099999999999998 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.2 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T08:02:32.048Z); Closing price 0.335 HKD; reporting-to-trading FX 6.122577101153575; FY2025 annual sales per share 0.2270850133176942; price multiple 0.24094730366272551. FY2025 cash earnings/share -0.0015529531070547125. Closing-price date 2026-10-15.

## Monthly share-price history (HKD per share)

- 2018-01: HKD 0.56 per share

- 2018-02: HKD 0.50 per share

- 2018-03: HKD 0.49 per share

- 2018-04: HKD 0.40 per share

- 2018-05: HKD 0.37 per share

- 2018-06: HKD 0.33 per share

- 2018-07: HKD 0.29 per share

- 2018-08: HKD 0.45 per share

- 2018-09: HKD 0.42 per share

- 2018-10: HKD 0.39 per share

- 2018-11: HKD 0.39 per share

- 2018-12: HKD 0.39 per share

- 2019-01: HKD 0.30 per share

- 2019-02: HKD 0.26 per share

- 2019-03: HKD 0.25 per share

- 2019-04: HKD 0.25 per share

- 2019-05: HKD 0.20 per share

- 2019-06: HKD 0.16 per share

- 2019-07: HKD 0.12 per share

- 2019-08: HKD 0.12 per share

- 2019-09: HKD 0.31 per share

- 2019-10: HKD 0.81 per share

- 2019-11: HKD 0.63 per share

- 2019-12: HKD 0.60 per share

- 2020-01: HKD 0.81 per share

- 2020-02: HKD 0.74 per share

- 2020-03: HKD 0.79 per share

- 2020-04: HKD 0.77 per share

- 2020-05: HKD 0.68 per share

- 2020-06: HKD 0.93 per share

- 2020-07: HKD 1.31 per share

- 2020-08: HKD 2.43 per share

- 2020-09: HKD 1.62 per share

- 2020-10: HKD 1.43 per share

- 2020-11: HKD 0.88 per share

- 2020-12: HKD 0.55 per share

- 2021-01: HKD 0.50 per share

- 2021-02: HKD 0.60 per share

- 2021-03: HKD 0.50 per share

- 2021-04: HKD 0.45 per share

- 2021-05: HKD 0.38 per share

- 2021-06: HKD 0.39 per share

- 2021-07: HKD 0.44 per share

- 2021-08: HKD 0.40 per share

- 2021-09: HKD 0.37 per share

- 2021-10: HKD 0.38 per share

- 2021-11: HKD 0.32 per share

- 2021-12: HKD 0.39 per share

- 2022-01: HKD 0.21 per share

- 2022-02: HKD 0.20 per share

- 2022-03: HKD 0.13 per share

- 2022-04: HKD 0.12 per share

- 2022-05: HKD 0.14 per share

- 2022-06: HKD 0.13 per share

- 2022-07: HKD 0.12 per share

- 2022-08: HKD 0.13 per share

- 2022-09: HKD 0.12 per share

- 2022-10: HKD 0.10 per share

- 2022-11: HKD 0.08 per share

- 2022-12: HKD 0.08 per share

- 2023-01: HKD 0.09 per share

- 2023-02: HKD 0.05 per share

- 2023-03: HKD 0.07 per share

- 2023-04: HKD 0.07 per share

- 2023-05: HKD 0.05 per share

- 2023-06: HKD 0.08 per share

- 2023-07: HKD 0.09 per share

- 2023-08: HKD 0.14 per share

- 2023-09: HKD 0.14 per share

- 2023-10: HKD 0.15 per share

- 2023-11: HKD 0.06 per share

- 2023-12: HKD 0.07 per share

- 2024-01: HKD 0.16 per share

- 2024-02: HKD 0.23 per share

- 2024-03: HKD 0.21 per share

- 2024-04: HKD 0.17 per share

- 2024-05: HKD 0.16 per share

- 2024-06: HKD 0.14 per share

- 2024-07: HKD 0.19 per share

- 2024-08: HKD 0.18 per share

- 2024-09: HKD 0.22 per share

- 2024-10: HKD 0.27 per share

- 2024-11: HKD 0.29 per share

- 2024-12: HKD 0.18 per share

- 2025-01: HKD 0.16 per share

- 2025-02: HKD 0.15 per share

- 2025-03: HKD 0.17 per share

- 2025-04: HKD 0.15 per share

- 2025-05: HKD 0.15 per share

- 2025-06: HKD 0.13 per share

- 2025-07: HKD 0.14 per share

- 2025-08: HKD 0.14 per share

- 2025-09: HKD 0.12 per share

- 2025-10: HKD 0.13 per share

- 2025-11: HKD 0.14 per share

- 2025-12: HKD 0.12 per share

- 2026-01: HKD 0.65 per share

- 2026-02: HKD 0.65 per share

- 2026-03: HKD 0.55 per share

- 2026-04: HKD 0.45 per share

- 2026-05: HKD 0.41 per share

- 2026-06: HKD 0.43 per share

- 2026-07: HKD 0.33 per share

- 2026-08: HKD 0.36 per share

- 2026-09: HKD 0.36 per share

- 2026-10: HKD 0.34 per share

## Annual estimated value (HKD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T07:08:18.179Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.