Osl Group Stock price
Compare with Peer Group
📊 Peer Group
📈 What is it?
The peer group consists of the companies with the most similar business model. They serve as a benchmark for putting a stock into context.
🧮 How is it selected?
Based on similarity of business model, meaning companies from the same industry with comparable products and a similar customer base. That's the only way to compare apples to apples.
🏛️ Why does it matter?
Whether a stock is cheap or expensive is best judged by comparison. A P/E of 18 or an EV/FCF of 20 can look cheap or expensive depending on the yardstick. The peer group gives you the most accurate one: companies with a similar business model that operate under the same conditions.
🎯 What does it mean for investors?
When a metric sits below the peer average, the stock is valued more cheaply relative to its competitors, and above the average more expensively. A discount to the peer group can be an opportunity, but it can also have a reason (for example lower growth). The comparison is a starting point, not a verdict.
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Key metrics
📘 Market Capitalization
📈 What is it?
Market capitalization shows how much a company is currently worth on the stock market.
🧮 How is it calculated?
🏛️ Why is it important?
It helps classify companies by size (Large, Mid, Small Cap) and indicates their market presence and relative stability.
🧮 Calculation
🎯 What does this mean for investors?
- Large-cap companies tend to be more stable, often pay dividends, but may grow more slowly.
- Smaller firms may offer higher growth potential but come with more volatility.
- Market capitalization is a useful indicator of company size — but not a measure of whether a stock is undervalued or overvalued.
📘 Enterprise Value (EV)
📈 What is it?
Enterprise Value represents the total cost to acquire a company — including its debt and excluding its cash reserves.
🧮 How is it calculated?
(= Market Cap + Net Debt)
🏛️ Why is it important?
EV gives a more complete picture of a company's value than market cap alone and is used in key valuation ratios like EV/FCF or EV/Sales.
🧮 Calculation
🎯 What does this mean for investors?
- Enterprise Value shows the true cost of buying a company, including all financial obligations.
- It is more accurate than just looking at market cap, especially when comparing companies with different levels of debt or cash.
- Professional investors prefer EV-based multiples because they better reflect the company’s full financial footprint.
📘 Net Debt
📈 What is it?
Net Debt shows how much debt remains after subtracting a company’s available cash reserves.
🧮 How is it calculated?
🏛️ Why is it important?
It indicates how dependent a company is on borrowed money and how easily it can service its debt in the short term.
🧮 Calculation
🎯 What does this mean for investors?
- Low or negative net debt signals financial strength and flexibility.
- Companies with strong cash positions are better positioned in crises.
- High net debt increases financial risk — especially in environments with rising interest rates or economic downturns.
📘 Cash
📈 What is it?
Cash represents all liquid assets a company can access immediately — including cash, bank deposits, and short-term investments.
🧮 How is it calculated?
🏛️ Why is it important?
It reflects a company’s financial flexibility and resilience — enabling investments, buybacks, or buffer in downturns.
🧮 Calculation
🎯 What does this mean for investors?
- A strong cash position means greater room for maneuver and crisis resistance.
- Cash-rich companies can invest, pay down debt, or repurchase shares.
- But excess idle cash might indicate a lack of growth opportunities.
📘 Shares Outstanding
📈 What is it?
Shares outstanding represent the total number of a company’s shares currently held by investors — excluding treasury stock.
🧮 How is it calculated?
🏛️ Why is it important?
It’s the basis for key metrics like Earnings Per Share (EPS), Market Capitalization, or the Price/Earnings ratio (P/E).
🧮 Calculation
🎯 What does this mean for investors?
- Fewer shares in circulation typically increase earnings per share — making each share more valuable.
- Share buybacks reduce the number of shares and boost per-share metrics.
- Issuing new shares does the opposite — diluting shareholder value and lowering per-share figures.
📘 Price-to-Earnings Ratio (P/E)
📈 What is it?
The P/E ratio shows how many times a company's earnings per share are reflected in its current share price — in other words, how "expensive" the stock appears relative to its profits.
🧮 How is it calculated?
🏛️ Why is it important?
The P/E ratio is one of the most widely used valuation metrics. It helps investors assess whether a stock appears cheap or expensive compared to its earnings power.
🧮 Calculation
📊 P/E (TTM) = Based on earnings from the last 12 months (Trailing Twelve Months):🎯 What does this mean for investors?
- A low P/E may indicate undervaluation — or signal underlying issues.
- A high P/E may reflect strong growth expectations — or an overvalued stock.
📘 Price-to-Sales Ratio (P/S)
📈 What is it?
The P/S ratio shows how much investors are paying for $1 of the company’s revenue – regardless of profitability.
🧮 How is it calculated?
🏛️ Why is it important?
P/S is especially useful for evaluating growth companies or businesses not yet profitable. It reflects how the market values the company’s sales.
🧮 Calculation
Market Cap = HK$9.06b | Revenue (TTM) = HK$56.11b
Market Cap = HK$9.06b | Estimated Revenue = HK$799.48m
🎯 What does this mean for investors?
- A low P/S may indicate undervaluation — or low profitability.
- A high P/S can reflect strong growth expectations — or excessive optimism.
- Especially helpful when evaluating companies where profits are low, volatile, or negative.
📘 Enterprise Value to Sales (EV/Sales)
📈 What is it?
EV/Sales shows how much investors are paying for $1 of revenue — considering not just equity, but also debt and cash. It’s the capital structure–adjusted version of the P/S ratio.
🧮 How is it calculated?
🏛️ Why is it important?
It’s ideal for comparing companies with different levels of debt. It reflects a company's true cost relative to its revenue.
🧮 Calculation
Enterprise Value = HK$6.98b | Revenue (TTM) = HK$56.11b
Enterprise Value = HK$6.98b | Forward Revenue = HK$799.48m
🎯 What does this mean for investors?
- EV/Sales allows for capital structure–neutral company comparisons.
- A lower ratio may indicate undervaluation; a higher one may signal strong growth expectations or overvaluation.
- Especially helpful when evaluating high-growth companies with low or negative earnings.
📘 Enterprise Value to Free Cash Flow (EV/FCF) | ex SBC
📈 What is it?
EV/FCF compares a company’s enterprise value with its free cash flow. The metric therefore shows the multiple of current free cash flow at which a company is valued. EV/FCF ex SBC additionally accounts for stock-based compensation (SBC). While SBC does not represent a direct cash outflow, issuing shares as compensation can dilute existing shareholders. Therefore, SBC is deducted from free cash flow in this adjusted version.
🧮 How is it calculated?
EV/FCF ex SBC = Enterprise Value ÷ (Free Cash Flow (TTM) − SBC)
🏛️ Why is it important?
EV/FCF provides a valuation based on free cash flow and therefore complements earnings-based valuation metrics such as the P/E ratio. The ex SBC version additionally accounts for the economic impact of stock-based compensation and provides a more conservative view from a shareholder perspective.
🎯 What does this mean for investors?
- A low EV/FCF means that enterprise value is low relative to current free cash flow. The reasons should always be considered in the context of the company and its industry.
- A high EV/FCF means that enterprise value is high relative to current free cash flow. This can, for example, reflect high growth expectations or temporarily weak cash generation.
- When SBC is positive and adjusted free cash flow remains positive, EV/FCF ex SBC is generally higher than the standard EV/FCF.
- The metric is particularly useful for companies with relatively stable and predictable cash flows.
- If free cash flow is negative or very low, EV/FCF has limited usefulness and should not be interpreted like a standard valuation multiple.
📘 Price-to-Book Ratio (P/B)
📈 What is it?
The P/B ratio compares a company’s market value to its book value — showing how much investors are paying for each dollar of net assets.
🧮 How is it calculated?
🏛️ Why is it important?
P/B is commonly used for asset-heavy industries like banks or industrials. It helps assess whether a stock is trading above or below its net asset value.
🧮 Calculation
🎯 What does this mean for investors?
- A P/B below 1 may signal undervaluation — or weak profitability.
- A P/B above 1 implies the market expects future value creation (e.g., brand, IP, growth).
- Best used for companies with tangible assets and strong balance sheets.
📘 Equity Ratio
📈 What is it?
The equity ratio indicates what portion of a company’s total assets is financed by shareholders’ equity – in other words, how much it relies on its own capital.
🧮 How is it calculated?
🏛️ Why is it important?
A high equity ratio reflects financial strength and stability, especially during downturns. It’s a key indicator of a company’s solvency and long-term risk profile.
🧮 Calculation
🎯 What does this mean for investors?
- Companies with high equity ratios are generally more resilient and less dependent on external debt.
- Low equity ratios can signal higher risk or aggressive financial strategies.
- Important: Always assess the equity ratio in combination with the return on equity (ROE). This shows not just how stable the company is – but also how efficiently it uses shareholder capital.
📘 Return on Equity (ROE)
📈 What is it?
Return on equity (ROE) shows how efficiently a company uses its shareholders’ equity to generate profit. In other words: how much net income is earned per dollar of equity.
🧮 How is it calculated?
🏛️ Why is it important?
ROE is a core profitability metric. It helps investors understand whether a company delivers attractive returns on the capital provided by its shareholders.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROE indicates that the company is using its capital efficiently and profitably.
- It’s especially meaningful for capital-intensive businesses or firms with high equity bases.
- Important: A very high ROE can also result from high debt levels – always interpret it alongside the equity ratio to assess financial health.
📘 Return on Capital Employed (ROCE)
📈 What is it?
ROCE measures how efficiently a company generates profits from its total capital – including both equity and interest-bearing debt.
🧮 How is it calculated?
It evaluates the return on all capital employed, regardless of how it’s financed.
🏛️ Why is it important?
ROCE is ideal for comparing companies with different financing structures. It shows how well management uses capital to create value for both shareholders and creditors.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROCE means the company uses its capital efficiently – regardless of whether it's funded by debt or equity.
- The higher the ROCE compared to peers, the more value the company creates with its invested capital.
- Especially relevant for capital-intensive sectors like industrials, energy, or infrastructure.
📘 Return on Invested Capital (ROIC)
📈 What is it?
ROIC measures how efficiently a company generates returns from the capital invested in its core operations – regardless of whether the capital comes from equity or debt.
🧮 How is it calculated?
- NOPAT = Net Operating Profit After Taxes
- Invested Capital = Operating assets minus non-interest-bearing liabilities
🏛️ Why is it important?
ROIC is one of the most accurate indicators of capital efficiency. Unlike return on equity, it is not distorted by leverage and shows how much value is created for all capital providers.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROIC shows how effectively a company uses the capital that is truly invested in its core operations.
- Unlike ROCE, ROIC focuses only on the capital that is actively used to run the business – and that requires a return (i.e. interest-bearing).
- Especially useful when comparing companies with large amounts of excess cash or non-interest-bearing liabilities – giving a more realistic picture of capital efficiency.
📘 Leverage Ratio (Debt-to-Equity)
📈 What is it?
The leverage ratio indicates how much a company relies on interest-bearing debt (such as loans and bonds) relative to its shareholders’ equity.
🧮 How is it calculated?
🏛️ Why is it important?
This ratio helps assess a company’s financial structure and risk profile. High leverage can enhance returns – but also increases exposure to interest rate changes and financial stress.
🧮 Calculation
🎯 What does this mean for investors?
- A low leverage ratio signals financial strength and independence.
- A higher ratio can improve returns in good times but increases risk during downturns or rising interest rate periods.
- 👉 Always interpret in the context of industry, capital intensity, and interest rate environment.
📘 Revenue
📈 What is it?
Revenue shows how much a company earns in total from selling its products and services – the gross income before any costs are deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Revenue is one of the key figures to assess a company’s size, market position, and growth potential.
🧮 Calculation
🎯 What does this mean for investors?
- Growing revenue indicates rising demand and can be an early signal of future earnings growth.
- Comparing actual and expected revenue reveals trends in the market environment and analyst sentiment.
- Note: Strong revenue alone isn’t enough – margins and profitability matter just as much.
📘 EBITDA
📈 What is it?
EBITDA stands for “Earnings Before Interest, Taxes, Depreciation, and Amortization.” It reflects a company’s operating profit before the effects of financing, taxes, and accounting depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
EBITDA is widely used to evaluate a company’s operating performance – especially across capital-intensive sectors or international comparisons.
🧮 Calculation
🎯 What does this mean for investors?
- A high or growing EBITDA indicates strong operational profitability – independent of taxes, interest, or accounting methods.
- It’s especially useful for comparing companies across sectors or geographies.
- Important: EBITDA is not a net income figure – it excludes key costs like depreciation and interest.
📘 EBIT
📈 What is it?
EBIT stands for “Earnings Before Interest and Taxes.” It reflects a company’s operating profit after depreciation, but before interest and tax expenses.
🧮 How is it calculated?
🏛️ Why is it important?
EBIT is a core profitability metric that shows how well the company performs in its main business operations – independent of capital structure and tax environment.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT indicates strong profitability from the company’s core business – before financial and tax effects.
- It allows better comparison between companies with different debt levels or tax structures.
- Compared to EBITDA, EBIT already accounts for depreciation and reflects capital intensity more clearly.
📘 Net Income
📈 What is it?
Net income is the company’s total profit – the amount left after all expenses, taxes, interest, and depreciation have been deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Net income is the most comprehensive measure of a company’s profitability – showing how much actual profit remains after all business and financing costs.
🧮 Calculation
🎯 What does this mean for investors?
- Growing net income indicates that the company is managing all of its costs efficiently.
- It directly influences valuation metrics like P/E ratio and the company’s dividend capacity.
- Over time, net income trends reveal how resilient and profitable the business model really is.
📘 Free Cash Flow (FCF) | ex SBC
📈 What is it?
Free cash flow shows how much cash remains after a company has covered its operating and capital expenditures. FCF ex SBC additionally deducts stock-based compensation (SBC) to adjust the cash flow for the effect of non-cash SBC.
🧮 How is it calculated?
Free Cash Flow ex SBC = Operating Cash Flow − SBC − Capital Expenditures (CAPEX)
🏛️ Why is it important?
FCF reflects a company’s actual financial strength – independent of reported accounting earnings. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction. FCF ex SBC also deducts stock-based compensation and shows how much cash generation remains after SBC.
🎯 What does this mean for investors?
- High free cash flow indicates that a company has strong financial strength – independent of reported earnings.
- It is often a solid basis for sustainable dividends and share buybacks.
- Declining FCF can be a warning sign, even if reported earnings remain stable.
📘 Revenue Growth
📈 What is it?
Revenue growth shows how much a company’s sales have changed compared to the previous year – both on a trailing basis (TTM) and based on forward projections.
🧮 How is it calculated?
Forward = (Expected revenue ÷ Revenue in prior year − 1) × 100
Forward growth is based on analyst estimates for the current fiscal year.
🏛️ Why is it important?
Rising revenue signals growing demand, business expansion, and market share gains – especially important for growth-oriented companies.
🧮 Calculation
🎯 What does this mean for investors?
- Growth is the engine of long-term value creation – especially in tech and growth sectors.
- What matters is not just current growth, but its sustainability.
- Forward projections reflect whether analysts expect continued momentum – or a slowdown.
📘 EBITDA Growth
📈 What is it?
EBITDA growth shows how much a company’s operating profit (before interest, taxes, depreciation, and amortization) has increased or decreased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBITDA ÷ EBITDA from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
Growing EBITDA indicates improving operational profitability – regardless of financing or accounting effects.
🧮 Calculation
🎯 What does this mean for investors?
- Strong EBITDA growth signals operational efficiency and scalability – especially during growth phases.
- EBITDA growth can be an early indicator of margin and earnings expansion – but should be assessed alongside revenue and EBIT.
📘 EBIT Growth
📈 What is it?
EBIT growth shows how much a company’s operating profit (after depreciation, but before interest and taxes) has increased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBIT ÷ EBIT from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
EBIT growth is a direct indicator of a company’s business performance – taking into account capital intensity through depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- Rising EBIT signals improving operating profitability – even after accounting for depreciation.
- It’s especially important for evaluating companies with significant capital expenditures.
- Combined with revenue and EBITDA growth, EBIT growth provides a well-rounded view of operational progress.
📘 Net Income Growth
📈 What is it?
Net income growth shows how much a company’s bottom-line profit has increased or decreased compared to the previous year – both on a trailing basis (TTM) and based on analyst projections.
🧮 How is it calculated?
Forward = (Expected net income ÷ Net income from prior year − 1) × 100
The forward estimate reflects analysts’ expectations for the current fiscal year.
🏛️ Why is it important?
Net income is the ultimate measure of profitability. Growing net income signals stronger efficiency, cost control, and sustainable earnings power.
🧮 Calculation
🎯 What does this mean for investors?
- Stronger net income boosts valuation, dividend potential, and investor confidence.
- If profits stall while revenue grows, it may signal margin pressure.
📘 Free Cash Flow Growth
📈 What is it?
Free cash flow (FCF) growth shows how a company’s available cash – after covering operating expenses and capital expenditures – has changed compared to the previous year.
🧮 How is it calculated?
🏛️ Why is it important?
Free cash flow reflects real financial strength. Growing FCF indicates more flexibility for dividends, share buybacks, and reinvestment.
🎯 What does this mean for investors?
- Declining FCF may point to rising investments, increasing costs, or weaker operating performance.
- Especially for dividend investors, FCF growth is critical – since dividends are paid from actual available cash.
- A negative trend isn't always bad, but it deserves closer attention.
📘 Gross Margin
📈 What is it?
Gross margin shows how much of a company’s revenue remains after deducting the direct costs of goods sold (like materials and production). It represents the company’s “raw profit” before fixed costs, taxes, and interest.
🧮 How is it calculated?
Or simply: Gross Margin = Gross Profit ÷ Revenue × 100
🏛️ Why is it important?
Gross margin indicates how efficiently a company can produce or procure what it sells. It is a key measure of product-level profitability and pricing power.
🧮 Calculation
🎯 What does this mean for investors?
- A high gross margin suggests strong pricing power and efficient production.
- Falling margins may signal rising input costs or competitive pressure.
- Compared to peers, gross margin offers insights into the quality of a business model.
📘 EBITDA Margin
📈 What is it?
The EBITDA margin shows how much of a company’s revenue remains as operating profit before interest, taxes, depreciation, and amortization.It reflects operating efficiency without being distorted by financing or accounting factors.
🧮 How is it calculated?
🏛️ Why is it important?
The EBITDA margin reveals how much operating income a company generates per dollar of revenue – independent of capital structure and tax effects.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBITDA margin reflects strong core profitability – before accounting distortions.
- It allows for effective comparisons across companies and sectors.
- A stable or growing margin signals efficient cost control and business scalability.
📘 EBIT Margin
📈 What is it?
The EBIT margin shows what percentage of revenue remains as operating profit after depreciation but before interest and taxes.
🧮 How is it calculated?
🏛️ Why is it important?
The EBIT margin reflects a company’s core profitability while accounting for capital intensity (e.g. machinery, infrastructure). It’s especially useful for comparing businesses with different levels of depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT margin shows that the company remains efficient even after factoring in depreciation.
- It’s especially relevant for capital-intensive industries.
- Stable or rising EBIT margins over time are a strong indicator of pricing power and business quality.
📘 Net Margin
📈 What is it?
Net margin shows how much of a company’s revenue remains as bottom-line profit after deducting all costs, interest, taxes, and depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
Net margin reflects a company’s overall efficiency – across operations, financing, and taxation. It shows how much actual profit is generated from each dollar of revenue.
🧮 Calculation
🎯 What does this mean for investors?
- A high net margin means the company is not only strong operationally but also manages financing and taxes efficiently.
- Peer comparisons reveal business quality and competitiveness.
- Declining margins despite revenue growth can be a red flag for rising costs or inefficiencies.
📘 Free Cash Flow Margin | ex SBC
📈 What is it?
The Free Cash Flow Margin shows how much free cash flow a company generates relative to its revenue. In simplified terms, free cash flow is calculated as operating cash flow minus capital expenditures. The Free Cash Flow Margin ex SBC additionally accounts for stock-based compensation (SBC). While SBC does not represent a direct cash outflow, issuing shares as compensation can dilute existing shareholders. Therefore, SBC is deducted from free cash flow in this adjusted metric.
🧮 How is it calculated?
Free Cash Flow Margin ex SBC = (Free Cash Flow − SBC) ÷ Revenue × 100
🏛️ Why is it important?
The Free Cash Flow Margin shows how efficiently a company converts its revenue into free cash flow. Strong free cash flow can provide financial flexibility for dividends, share buybacks, debt repayment, or further investments. The ex SBC version additionally accounts for the economic impact of stock-based compensation and therefore provides a more conservative view of cash generation from a shareholder perspective.
🎯 What does this mean for investors?
- A high Free Cash Flow Margin shows that a company converts a high proportion of its revenue into free cash flow.
- This can provide greater financial flexibility for dividends, share buybacks, debt repayment, or investments.
- The Free Cash Flow Margin ex SBC additionally accounts for potential shareholder dilution from stock-based compensation.
- The long-term trend is particularly important. Declining margins can, for example, result from higher investments, changes in working capital, or weaker operating performance.
📘 Earnings per share (EPS)
📈 What is it?
Earnings per Share (EPS) shows how much profit is attributable to a single share – and is one of the most important metrics for evaluating a company's performance.
🧮 How is it calculated?
The diluted share count reflects potential new shares that could be issued through options, convertible bonds, or other rights.
🏛️ Why is it important?
EPS is the basis for many key valuation metrics like P/E ratio, PEG ratio, or payout ratio. It enables comparisons of profitability across companies, regardless of their size.
🧮 Calculation
🎯 What does this mean for investors?
- EPS captures per-share profitability and is especially useful for comparisons over time or with analyst estimates.
- Rising EPS may signal consistent growth or share buybacks.
- Important: Always use diluted EPS for more realistic valuations – especially in companies with stock-based compensation.
📘 Free cash flow per share (FCF per share)
📈 What is it?
Free Cash Flow per Share shows how much free cash flow a company generates per outstanding share – after investments, but before dividends or debt repayments.
🧮 How is it calculated?
Free cash flow is calculated as operating cash flow minus capital expenditures (CapEx).
🏛️ Why is it important?
FCF per Share reveals how much real cash is available per share – useful for dividends, buybacks, or reducing debt. Unlike net income, free cash flow is harder to manipulate and often seen as a more reliable metric.
🎯 What does this mean for investors?
- High FCF per share signals strong financial flexibility.
- It shows how much capital the company can effectively reinvest or return to shareholders.
- Particularly relevant for dividend payers and capital-efficient businesses.
📘 Short interest
📈 What is it?
Short interest indicates how many shares of a company are currently sold short – that is, borrowed and sold by investors who expect the price to decline.
🧮 How is it calculated?
It reflects the percentage of a company’s shares that are being shorted relative to the total shares available.
🏛️ Why is it important?
Short interest serves as a sentiment indicator: A high value may signal skepticism or bearish expectations – but also increases the potential for a short squeeze if prices rise unexpectedly.
🎯 What does this mean for investors?
- Low short interest usually indicates market confidence in the company.
- High short interest can be a warning sign – or an opportunity if sentiment shifts.
- Especially relevant in volatile markets or ahead of key earnings releases.
📘 Employees
📈 What is it?
The employee count shows how many people a company employs worldwide – offering insights into its size, structure, and business model.
🧮 How is it calculated?
🏛️ Why is it important?
It helps assess operational scale, labor intensity, and cost structure. Combined with revenue and profit, it enables key metrics like revenue per employee or productivity.
🧮 Calculation
🎯 What does this mean for investors?
- A high headcount can signal operational complexity – but also significant growth capacity.
- Revenue per employee is a key indicator of efficiency.
- Especially useful for comparing tech, industrial, or service-heavy companies.
📘 Revenue per employee
📈 What is it?
Revenue per employee indicates how much revenue a company generates on average per employee – a key measure of efficiency and productivity.
🧮 How is it calculated?
The employee count is typically taken from the most recent annual report.
🏛️ Why is it important?
This metric helps compare business models – especially between labor-intensive and technology-driven companies. A high value suggests automation, operational efficiency, or strong value creation per head.
🧮 Calculation
🎯 What does this mean for investors?
- A high revenue per employee indicates a scalable and margin-strong business model.
- A low figure may reflect labor-intensive operations or lower value-add.
- Especially helpful when comparing tech companies to industrial or service sectors.
Osl Group Stock Analysis
Analyst Opinions
7 Analysts have issued a Osl Group forecast:
Analyst Opinions
7 Analysts have issued a Osl Group forecast:
Osl Group Events
Past Events
|
MAR
31
2025 Earnings Call
6 months ago
|
StocksGuide Free
Osl Group — 2025 Earnings Call
1. Management Discussion
So much appreciate for everyone's patience. We should get started.
Thank you for joining us today for OSL Group 2025 Annual Results Presentation. My name is Kenrick, Director of Corporate Development, and I will be your moderator for today's session. Today's call will begin with remarks from our senior management team. I'm pleased to have with us Kevin Cui, Executive Director and CEO; Ivan Wong, CFO; and Gary Tiu, our Executive Director and Head of Regulatory Affairs. [Operator Instructions] In the first half of the call, our management team will provide an overview and update on our annual results. This will then follow with a Q&A session. [Operator Instructions]
As a disclaimer, this presentation is for informational purposes only and do not constitute any financial advice or offer to buy or sell a security. During the presentation, we will cover 3 key areas, including the OSL Opportunity, the business highlight, financial and operational update. So without further ado, I'm pleased to introduce Kevin, our CEO, to start presenting the OSL Opportunity. Kevin, please go ahead. Kevin, I think you might just unmute yourself first? I think you might be muted. Sorry about that.
Okay. Sorry about that. Thank you, Garrant. Good morning, everyone. Let's start with the OSL Opportunity. Our mission is to take -- sorry, our mission is to make money move as freely as information. To achieve this, we are scaling OSL into a global stable coin payment and trading platform. Guided by being open, secure and licensed, we will continue to provide the essential payment rails for our partners and users, bridging the gap between the traditional and the digital assets ecosystems.
As the first public listed platform, which obtained license to operate digital asset trading platform in 2020, we leveraged our first-mover advantage to achieve rapid growth since then. In 2025, our total transaction volume increased by 201% as compared to the last year over HKD 200 billion. With stable coin transaction volume accounted for 60%, consequently, our non-IFRS income increased to HKD 534.1 million, representing a robust 150% year-on-year growth.
Evolving from HK, Hong Kong-based digital asset exchange into a global stablecoin payment and trading platform, to date, we have secured over 50 licenses and registrations across 11 regions, primarily in Asia Pacific, Europe and North America with overseas market contributing 67% of our total IFRS income. Last year, 2025, we secured aggregated USD 500 million equity financing from leading global institutional investors in the past year, representing one of the most sizable equity financing in Asia's fintech sector.
We were also proud to be included in the KPMG China Fintech 50 list and to be the only Hong Kong-based company being recognized in the CMBC World Top Fintech Companies 2025 list. Thanks to strong recognition from investors, which resulted in record-breaking market cap and high trading volume, we have been included in the Hang Seng Composite Index and the FTSE All Cap Index for the first time and have remained in the MSCI Index since 2024.
We are currently facing a once-in-a-generation opportunity as the financial world shifts from the fiat-based financial market infrastructure to a stablecoin-based one. While traditional financial infrastructure remains using the legacy SWIFT rails, which is a system largely unchanged since 1973, that remains manually fragmented and burdened by long settlement cycles. OSL is bridging the structural gap by pioneering a modern financial alternative. By transitioning to stable coin based, we facilitated 24/7 instant assumption settlement and a fully automated rule-based and programmable execution. It is also a native support for the emerging AI-driven agent payments.
In 2025, there are 2 megatrends, stable coins and the AI agent economy. OSL is well positioned to capture these opportunities. Firstly, the stablecoin market is projected to reach USD 2.25 trillion by 2029, expanding at a remarkable about 62% CAGR, while this growth trajectory is impressive. Yes, stablecoin currently represents about only 1% of U.S. 2025 U.S. M2 money supply. This consistent upward trend confirm that we are still in the early stages of a massive multitrillion dollar opportunity that OSL is uniquely positioned to capture.
Secondly, we are witnessing the explosive emergence of the AI agentic economy in less than 1 year, enterprise adoption has already fueled over more than 140 million agentic transactions with global volume projected to reach a staggering USD 3 trillion by 2030. OSL is positioning ourselves as the foundational settlement layer for this autonomous future. AI world machine-to-machine commerce [indiscernible] on-trend payment rails are no longer an option, but a critical requirement. They are the core drivers of our evolution.
OSL has evolved from a Hong Kong-based digital asset exchange in 2024 into a multi-market digital asset platform in 2025 and finally, into a global stablecoin payment and trading platform today. OSL is the next-generation financial infrastructure, providing the critical rails built specifically for the stablecoin and AI-driven future. This rapid evolution was fully realized in 2025, empowered by the strategic integration of Banxa alongside the launch of OSL BizPay and our proprietary stablecoin USDGO with [indiscernible].
Our global stablecoin payments and trading platform has definitely infrastructure to make money move as freely as information. OSL access the bridge between fiat currency and stablecoins we achieved through our 4 core capabilities: global connectivity, global license, instant settlements and deep liquidity. These capabilities are the foundation of our 3 core products. Through OSL BizPay, we facilitate end-to-end cross-border payments. Through Banxa, we provide one-stop on and off-ramp solutions. Through our local exchanges, we ensure compliant last mile delivery globally.
The reach of this infrastructure is already unparalleled. We now integrate with over 80 blockchain networks, support pay-in and payout operations in over 150 countries, facilitate more than over 30 fiat currencies. OSL services is reaching over 1.5 billion global users through our enterprise clients and partners. Today, OSL is enabling money to be moved across any currency, anywhere, anytime and in any size.
Now let us zoom in on the 4 core capabilities that differentiate OSL from our peers. These capabilities translate our strategy into results. First, global connectivity. We act as the primary bridge between fiat and digital assets. By supporting over 30 fiat currencies and connecting over 30 banks and payment networks, we provide seamless on and off-ramps that global capital requires.
Second, global licenses. With over 50 licenses and registrations across 150 countries in 11 jurisdictions, we have built the foundations of institutional trust. We have unified our KYC, KYB and compliance framework to operate securely wherever our clients need us. Third, instant settlement. We have engineered agentic-ready rails that enables machine speed of efficiency. We operate 24/7 to facilitate high frequency automated micro payments of the future. Finally, a deep liquidity. We aggregate liquidity across vast network of partners and regions. By combining our local exchange capabilities, we ensure every transaction happens with maximum efficiency and minimal slippage.
With the next generation of financial market infrastructure in place, OSL is accelerating our road map. We are focusing on these 5 growth strategies to ensure our expansion to both rapid and capital efficiency. Firstly, we are broadening our stablecoin product offerings. We are enhancing the capital efficiency for institutional clients across treasury workflow. In parallel, we are accelerating USD adoption and solidifying our position as a definite global stablecoin payment and trading platform.
Secondly, we are further investing in next-generation market infrastructure. We are expanding our global licensing and compliance footprint across key jurisdictions by scaling bank connectivity in high-growth corridors, and we are eliminating traditional frictions to enable seamless field access and high velocity across cross-border settlements.
Thirdly, we will pursue accretive global M&A opportunities. We are executing a disciplined strategy to acquire compliant high-quality assets in the stablecoin payment and trading space, especially in emerging markets. It allow us to rapidly consolidate our leadership while building deep technology and licensing modes. Fourth, we are scaling operation in selected markets, building on our solid 2025 presence in Europe, Indonesia and Hong Kong, we are moving into a phase of driving trading volume in these selected markets. This creates deep liquidity that is reducing hedging costs and delivers great pricing for our institutional clients.
Finally, we are actively embracing the AI-driven agentic economy and taking a leading role in shaping its development. We are pioneering agentic's stablecoin payment solutions that enables autonomous and programmable value transfer. At the same time, we are leveraging AI to scale transaction volumes linearly and unlocking significant operating leverage.
Yes. Thank you very much for the insightful sharing. I think that's definitely very helpful. Thank you very much. So now let's move on to the business highlights. So Gary, our Head of Regulatory Affairs, will shine some light on the subject. So Gary, passing over to you.
Thank you, Kenrick. Thank you, Kevin. 2025 was a year when we saw the conviction in stablecoins as a defining use case for the digital asset industry. And that conviction during the year was the strongest and clearest we had ever seen. For us, it was a year we invested and built infrastructure, and it was a year of transformations and strategic evolution. I will elaborate one by one in the next few slides, 5 of our highlights from the year.
Firstly, strategic evolution and transformations of OSL and our journey to becoming a market leader in the stablecoin industry in Asia. Thirdly, our accelerating global expansion through strategic M&A and scaling our connectivity between fiat and crypto and finally, also how we are positioned and capitalized for market dominance.
So firstly, our strategic evolution. To kick off, the strategic evolution of OSL is now in full motion. In 2025, we successfully transitioned from being a Hong Kong-based digital asset exchange into a multi-market digital asset platform, laying the foundation to become a global stablecoin payment and trading platform. During the year, we aggressively scaled our payment services and our global footprint to building the essential foundations. The future of OSL is a unified next-generation financial market architecture to provide the widest stablecoin payment network coverage and the deepest liquidity to enable seamless value exchange. Leveraging our core capabilities, we are removing the friction from global finance.
And to explain what friction is, imagine this, any currency moving anywhere, anytime, in any size. Your money can move as freely as your information. This is what drives OSL's strategic evolution. And the second highlight from the year. In 2025, we saw stablecoins accounting for approximately 60% of our transaction volumes. We are now one of the market leaders in the stablecoin ecosystem in Asia. We have achieved this through vertically integrating our product suites to cover each significant part of the stablecoin payment use case and product life cycle, including stablecoin conversions, to stablecoin issuance, to cross-border payments to merchant acquirers.
To dive a little bit deeper, OSL BizPay is our stablecoin payment platform to enable instant 24/7 cross-border payments. It's designed to solve the pain points of friction and high intermediary costs in traditional SWIFT rails. And leveraging our stablecoin architecture programmability, OSL BizPay provides native support for agentic payments. Banxa is our stablecoin on-off-ramp solution to bridge fiat and stablecoins seamlessly via API. Think of this as your Stripe for stablecoins. Banxa provides the essential on-off-ramp rails for our partners and operates as a unified gateway with a single API connection, solving the pain points created by the fragmentation and complexity in cross-border payments.
StableHub is our stablecoin conversion product, allowing users to exchange multiple stablecoins and fiat with 0 slippage. It's designed to address the pain points from the liquidity fragmentation in the stablecoin industry that has effectively been a bottleneck against large-scale institutional adoption. USDGO is our compliance-first flagship stablecoin issued in partnership with Anchorage. It provides the transparency and monthly verified reserves that institutional players demand. And it's been created to address the institutional trust gap for many users when they have to choose between stablecoins in a fragmented and opaque sector. To sum up, the vision that drives our vertical integration of stablecoin products and use cases is simple. We are enabling any currency at any time to move as freely as information.
And turning to our M&A. During the year, our global expansion significantly accelerated through our disciplined and strategic M&A approach. As a result, we have secured a massive regulatory moat across key jurisdictions. We have one of the broadest global regulatory footprints amongst our peers, spanning key markets across Asia, Europe and North America. Today, we hold over 50 licenses and registrations across 11 jurisdictions. Collectively, these markets represent approximately 84% of global GDP and 82% of global trade flows.
Alongside organic growth, our accretive M&A strategy has played a critical role in expanding our global reach. Notably, we completed the acquisition of Target in Japan, Italy and Indonesia in 2025. And early on in the year, we completed the acquisition of Banxa, which gained us license footprints in Asia, Europe and North America. And these licenses are enabling us to operate anywhere as a global stablecoin payment and trading platform.
And turning to scaling our connectivity. In 2025, OSL strategically scaled connectivity between fiat and crypto, especially stablecoins. We have engineered the best-in-class fiat on off-ramp capabilities. We launched our own on-off-ramp services in Europe through our VASP license acquired in Italy. Our expansion into Europe and payment services was immediate and impactful. We identified areas of high demand in the industry, and this led us to Banxa. We executed the acquisition of Banxa, a global leader in on-off-ramp services.
The Banxa acquisition overnight expanded our global reach with a portfolio of over 40 global licenses, a quantum leap for our on-off-ramp capabilities. Today, our unified network offers unparalleled global connectivity. We cover more than 150 countries and regions, supporting over 30 fiat currencies, integrating 200 different digital assets and connecting to more than 100 blockchain networks. Equipped with our top-tier global connectivity, supporting any currency anywhere as a global stablecoin payment and trading platform is becoming a reality.
And finally, on our capitalization. With the confidence and support of our top-tier global investor base at OSL, we are well capitalized, and we are primed to lead this market. Successfully completing 2 major equity financing rounds, we raised USD 300 million in September 2025 and USD 200 million in Feb 2026. This $500 million ticket, USD 500 million is significant for various reasons. It's not just one of the largest equity financing in Asia's fintech sector. We are now a business with a healthy and diversified investor base. We are also a strong balance sheet capable of scaling up business, and we are executing on sector strategies that are closely aligned with our global investors vision for this sector.
With this solid capital foundation, we are well positioned to execute on our growth strategy. We are deploying capital across strategic M&A, consolidating our growing global business footprint, strengthening our product and technology infrastructure as well as for our general corporate purposes. And coming back to our vision, any currency moving anywhere, anytime and in any size. And in financial transactions, size matters, and we are uniquely scaled for size. We are not just well capitalized. We are strategically equipped to capture market share and lead the next phase of growth in the digital asset industry. Thank you.
Yes. Thank you very much, Gary. I think that's definitely very insightful. So for our next session, we will cover the finance and operational update. So let me hand over to Ivan, our CFO, to go through the progress that we have made in 2025. So Ivan, over to you.
Thank you. Next, I will walk you through our key financial and operating updates. Unless otherwise stated, all figures are in Hong Kong dollars. 2025 has been a landmark year for OSL. We delivered record high revenue and strong growth across all key performance metrics. This includes our core operating cash revenue measured as non-IFRS income, which adjusts for noncash fair value changes in our coin inventory, our reported IFRS income, total transaction volume and also the growing importance of stablecoin within our business.
Before I deep dive into the financials, let me briefly explain to you our revenue recognition approach on the next slide. The digital asset industry is still evolving and so are the accounting standards. For some peers, including Gemini and Galaxy, they report revenue on a gross basis, recognizing total transaction value as revenue. In contrast, OSL, we adopt a net basis under the International Financial Reporting Standard, where we only recognize our actual economic benefits such as spreads and commission as our revenue.
To illustrate the difference, if a client trades $100 of digital asset, we recognize roughly $30 as revenue. Whereas on a gross basis approach, our peers will show the full $100 as revenue, and there is a very significant difference in reporting standard. There's no right or wrong answer to whether a company choose a net reporting or gross reporting of the revenue. The approach depends on listing requirement, regulatory guidance and also the prevailing industry practices. We will continue to review our accounting policies to ensure they remain appropriate and relevant.
That said, 2 points are very clear. First, for investors and analysts, it is essential to normalize revenue across peers when making comparisons, and the devils are always in the details. Second, we are committed to full transparency. We are explicit about our accounting policy choices and how we recognize revenue. We will continue to be fully transparent with all our stakeholders on accounting policy choices should there be any changes in the future.
Next, let's move on to the numbers. Our adjusted non-IFRS income or our cash revenue surged over 150% year-over-year to $534 million, validating our transformation strategy to a stablecoin-centric business model. Such strong growth is no longer confined to a single region as our overseas operations now accounts for roughly 76% of our reported income, proving our ability to grow our business in international markets as a Hong Kong headquartered business.
Importantly, stablecoin now accounts for roughly 60% of our transaction volume. We have moved beyond just being a Hong Kong-based digital asset exchange, which is the OSL of yesterday to OSL of today, where we are now a global stablecoin payment and trading platform.
Moving on. As we know, 2025 was a volatile year for the broader crypto market. However, OSL demonstrated strong resilience. As shown in the green line, Bitcoin prices experienced sustained downward pressure and volatility in 2025. Despite this, our performance decoupled from the broader market trends. We delivered revenue growth and strong transaction volume growth with performance improving quarter after quarter. This resilience is driven by a forward-looking strategy to focus on payments and stablecoins. As market evolved, stablecoins are becoming a foundation layer of digital asset industry, and we are well positioned to capture that shift.
Moving on, while revenue growth reached record levels, we continue to proactively invest to support our long-term scalable growth. Staff costs increased as we expand our global footprint with continued hiring across product, technology, compliance and frontline operations alongside the integration with our acquired teams in Japan, Europe and Indonesia. Technology expense also rose, primarily driven by investments in cloud infrastructure and security. These investments are essential to support our rapid growth in transaction volume while helping us to maintain a secure, resilient and scalable tech platform.
Legal and professional fees increased mainly due to M&A activities and global licensing efforts. Much of these costs are one-off in nature, reflecting strategic investments to strengthen our regulatory position with a global license network.
Moving on to the next slide. Here, we present our adjusted P&L to better reflect the underlying operational performance of our company. We started with cash revenue of $534 million and adjust for reporting operating costs as well as noncash and nonrecurring item. This will include fair value changes in-house coin inventory, ESOP expense, depreciation and amortization and one-off legal and compliance costs related to M&A and licensing efforts. On this basis, our adjusted operating loss was reduced to below HKD 300 million. Importantly, operating loss as a percentage of cash revenue remained broadly in line with 2024 despite the increase in staff and IT costs. With that, I now hand over back to our moderator.
Thank you very much, Ivan, and thank you for all our management team for the informational -- so informative presentation. So I think that should conclude our formal presentation for this year of annual results, and we will now open the floor for Q&A session.
[Operator Instructions]. So we are seeing numerous amount of inquiries shooting in. So for the first question, we saw a question from Amy Chen from [ CITIC ]. So the question is with the increasing industry participation in RWA, real-world assets and tokenization, what is your view and position in regard? Let's see. So for these questions, let's pass to Gary. Gary, are you here?
Yes.
Okay. So I think maybe hand over to you. I think maybe you can try to address the audience inquiry.
Sure. So -- and thank you for the question. So the question about increasing industry participation in real-world assets and tokenization. I guess from our perspective, there are a number of key considerations. First of all, we see our role as a facilitator for institutions, for example, via our Tokenworks platform. So rather than being a primary issuer, we are a facilitator of issuers. We also want to anchor on our core competencies in our compliance for this particular asset class or for this particular sort of industry interest because RWA projects and tokenizations typically do revolve around more highly regulated asset issuance and transactions.
So we are leaning into our core strengths here, namely security and compliance. We want to create a safe harbor for institutions to hold these assets. So it's not just to facilitate the issuers, but also on the buy side for the people who actually would become investors and users of these assets.
And thirdly, we want to be led by our partners. We let our strategic partners lead asset side innovation so that from their perspective, we are a provider of the underlying technology, connectivity and distribution channels. And finally, we also want to be led by demand. Our scaling in RWAs is typically passive in the sense that it should be driven by demand and also what our clients want. This is to ensure that we only deploy resources as tangible institutional adoption materializes. So hopefully, this gives you some color on our view on RWA and tokenization.
Gary, I think that's definitely indeed insightful. Okay. Let's move on to the second question that is more related to the business. This is raised by Stephen from Daiwa.
Noticing OSLs strategic shift from a regional digital asset platform to a global stablecoin payment and trading platform, what are the key driver behind this transition? And how do you envision OSL shining the market position in this space? So for this question, let's hand over to our CEO, Kevin, to address it. Kevin, passing over to you.
Okay. Thank you for questions. I think, first of all, I think the key driver or the main reasons behind this transition could be outlining 3 key drivers. The first of all, I think there's a massive TAM expansion in global payment versus crypto trading. We are looking far beyond the confines of pure crypto trading. Compared with crypto trading market, the global payment market represents a multitrillion dollar opportunity that dwarfs the traditional trading -- dwarfs the traditional crypto exchange volumes, trading volumes.
The stablecoin market alone is a project to reach USD 2.25 trillion by 2029 and expanding at a remarkable 61.9% CAGR. While impressive stablecoins currently represent about 1% of the 2025 U.S. M2 money supply, confirming we are still in the very, very early stage of a massive opportunity that OSL is uniquely positioned to capture. That's like we said in the presentation, it's like once in a generation opportunity for OSL.
The second is the technological superiority of blockchain. The pivot is fundamentally driven by the technology's ability to solve real-world financial frictions. Legacy infrastructure like SWIFT is slow, expensive and hindered by the T+2 to T+5 settlement time window or delays. Blockchain solves the actual underlying technology problem, delivering a system that is 10x faster, cheaper and fundamentally better via 24/7 instant settlement and programmable execution.
The third one, I think, is the AI agent economy imperative. Looking ahead, the current legacy banking architecture is fragile, siloed and simply useful for the AI future. And we are witnessing the explosive emergence of the AI agentic economy, which filled over -- for now, it's already 140 million agentic transactions in less than 1 year. And with the global volume project to reach more than USD 3 trillion by 2030, this all 24/7 on-chain payment rails are no longer just an option. Their crypto requirement for the machine-to-machine companies. We are positioning OSL as a foundational settlement layer for this autonomous future.
Furthermore, to capture such market trends, we are actively executing on 4 core capabilities that differentiate us from peers and translate our strategy into results. The first one, the global connectivity, the fiat bridge. We act as the primary bridge between the fiat digital assets by supporting over 30 fiat currencies and connecting over 30 banks and payment networks, we provide a seamless standard of [indiscernible] global capital requires, and we are going to cover more and more than 100 payment networks currency we're going to support in the next few months and years.
And the global license, the compliance mode to capture trillion institutional flows, compliance and last mile is paramount. With over 50 license and registration across 150 countries in 11 jurisdictions, we have built an unmatched foundation of institutional trust. We have unified our compliance frameworks to operate securely wherever our clients need us.
The third one, the instant settlement. Yes, we are engineering the agentic ready rails that enable machine speed efficiency. And we are operating 24/7 to facilitate other high-frequency automated payments and micro payments in the future. And the fourth one is the deep liquidity. We aggregate liquidity across a vast network of partners and the regions. By combining our local exchange capabilities, we ensure every transaction happens with maximum efficiency and minimum slippage, offering the industry's best execution.
These 4 core pillars, our capabilities not only define our competitive advantage, but also form the foundation of product suite, including the OSL BizPay, the Banxa and our local exchange and the compliance infrastructure. Through OSL BizPay, we facilitate end-to-end cross-border payments. And through Banxa, we offer [indiscernible] solution. And through our local exchange network, we ensure the compliant last mile delivery in the global scale. We have integrated with over blockchain -- 80 blockchain networks, support pay-in and payout operations across more than 150 countries and the facility over 30 fiat currencies. And accordingly, we are highly confident in our capability and our ability to capture and capitalize on this prevailing market trend.
Yes. Thank you very much, Kevin. It's definitely very sure inspiring from the public. Okay. So let's move on to the third question. It's related to the M&A. So it's raising by Mr. [indiscernible]. So congrats on the successful completion of the Banxa acquisition. And given USD 500 million capital raise in the past year, could you share how OSL's future M&A strategy is expected to look like? So for this question, I will hand over to our CFO, Ivan, to address it. Ivan, please?
Sure. Thank you for the question. As Kevin shared before on our growth strategy, M&A is one of our core growth pillar. We will continue to be very acquisitive down the road. And when we look at the M&A strategy, there are a couple of criteria that we are thinking and evaluating. One is on the markets, right, which market we would place our bet.
Now if you look at our licensing scope and the countries that we have an operation, we actually built-up a pretty good global coverage already. And what's remaining perhaps will be a couple of selected emerging markets in Asia. We don't really have a presence in LatAm yet. We don't really have a presence in Africa yet. So those emerging markets will be one of our clear focus going forward.
And secondly will be on the sector, what type of assets that we think will be complementary to our business and also to our strategy. And it's very clear. It will be on stablecoin payments. It will be on building up our on-ramp capability to connect between traditional finance and also the web3 space. And lastly will be on licensing. So these are the 2 key directions that we will look for when we consider our M&A strategy.
Yes. Thank you very much, Ivan, for the sharing. That's definitely super helpful as well. So let's move on to the third -- sorry, the fourth questions. It's related to the licensing. So it's raising by [indiscernible] from GF Securities. So with OSL's footprint expanding to over 50 license across 11 jurisdictions, how does OSL management meet the diverse regional compliance requirement while maintaining the consistent high standard? So for this one, I'll pass over to Gary, our Head of Regulatory Affairs, to address it. Gary, please?
Thank you, Kenrick, and thank you for the question from GF Securities. So on the number of licenses and registrations and number of jurisdictions, sometimes I guess it's easy to just look at them as numbers. And we're almost tempted to sort of instinctively say more is always better, but it's actually more about our underlying operating model and our philosophy.
So firstly, we do recognize the diverging global regulations is -- that's a reality. But it also presents to us a valuable and strategic opportunity to actually build a moat to protect our competitive advantage. So we don't see, for example, diverging global regulations as a barrier to our expansion plans. We do see it actually as a competitive advantage. And we are also leveraging what we've done in the past as a solid foundation for what we're doing in the future.
We've been operating under Hong Kong's stringent regulatory model. And it's a model that has actually been quite closely scrutinized globally by other regulators. And this does help us to establish an exceptionally high baseline. And it does ease our way into a lot of other areas and a wide range of different regulatory models in different jurisdictions because of the recognition by international regulators of the Hong Kong operating framework.
And I guess, thirdly, on things like anti-money laundering and prevention of terrorist financing and other kinds of prevention of financial crime obligations. We implement a unified KYC, KYB transaction monitoring and risk management framework globally whilst at the same time, maintaining a certain degree of modularity to adapt nimbly to specific local rules in other jurisdictions where we operate. And we do see a very rapid maturing of other regulatory frameworks in other places where we operate as well, for example -- and this is a very good example, for example, MiCA being implemented across a whole range of EU jurisdictions, and we see that maturing very quickly.
And fourthly, we do see our compliance framework as being hard coded into our DNA. We manage diverse requirements across different regions by embedding compliance directly into our technology and exchange workflows and transaction workflows, ensuring that we can scale automatically with the increasing in transaction volumes and sizes.
And largely, as a company, obviously, we value our people. And on the compliance front and in terms of operating within our regulatory frameworks, we structurally integrate money laundering reporting offices and compliance offices into our organization. And we attract top global legal and compliance talent across different regions to help us meet the high standards that we expect ourselves to comply with. So irrespective of growth and scale, we can always ensure that we meet the same high standards wherever we operate and whatever businesses we are operating. So hopefully, this answers the question.
Yes. Thank you, Gary. Indeed, it does. Appreciate it. So -- okay. So we have a few -- I think we have some time for a few more questions. So I also see another question relating to our competitive advantage or position in the market. The question was raised by [indiscernible]. So given OSL's global licensing footprint, how defensibility is your competitive position as more players entering into the space? So for this one, I think I can actually hand over to our CEO, Kevin, to give more color on top. Kevin, handing over to you.
Yes. Thank you for the question. Yes, I think the -- first of all, I think the regulators, they talk to each other. So I would say we will see our defensibility through 3 key pillars. The first of all is the network effect of the regulatory trust. Just I said, regulators, they talk with each other. The regulators globally, they do not operate in silos. They are very well interconnected as we know.
The rigorous compliance track record we have established such as being the first licensed VATP listing in Asia since 2020 creates a powerful halo effect. Our ongoing compliance efforts continually compound, helping us earn and maintain the trust of the new regulators worldwide. This deep-rooted institutional trust requires years of transparent operations and [indiscernible] validate. It simply cannot be bought and replicated overnight by new entrants.
The second, when you get more and more license, you have -- you need to put into the operation in scale. So that we call that scalable operation infrastructure. Crucially, we have transformed this regulatory burden or regulatory requirements into an operational advantage. Rather than treating compliance as a bottleneck, we have unified compliance frameworks into incredible efficient technology-driven system. And this framework, we have built an operational engine that this is fully capable of scaling seamlessly as we can expand to our global connectivities and process higher transaction volumes, our compliance infrastructure scales alongside it, ensuring machine speed efficiency without ever compromising our high standards.
The third one is we say the proprietary know-how in the emerging future. Digital assets compliance is a highly complex vertical. Our first-mover advantage translates directly into proprietary operational know-how. We have seen years navigating the nuances of fragmented global networks, giving us a salable edge over unproven competitors or traditional financial institutions that are only just beginning to grapple with the crypto native compliance challenges. I think those are 3 key pillars that we -- our -- what our -- can operate very efficiently in a global regulatory framework.
Yes. Thank you very much, Kevin. Okay. So for the next question, it is from -- actually raised by [ Robin Chen ] from [indiscernible] Securities. So how should we think of the sustainability and predictability of OSL's revenue going forward? For this question, I will pass over to Ivan, our CFO, to address it. Ivan, over to you. Thank you.
Thank you for the question. If you look at our track record history, especially in the past 2 years, overall, the management team managed to deliver sustained high growth for our platform consistently for the past 2 years. Now -- and second point I make is that if you look at our strategic initiative in the past year, we actually spent a lot of our resources and time to build up our global platform. And many of these initiatives actually take front-end or front-loaded investment, while it may not be able to deliver immediate revenue.
For example, our acquisition of the Indonesian license, which we acquired last year. And now we start to turn it to fully operationalize the business. And I would say, right now, we are -- we have sufficient geographical coverage. We also have a good size of a team. And with these resources, with the license that we have, we are confident that we should be able to continue to drive top line revenue growth for a business. And if you look back into 2024, Hong Kong is our only market where we can grow our revenue, but that is no longer the case, right?
And in 2025, we have the on-off-ramp business from Europe. And this year, we -- apart from our on-off-ramp business, we also have Banxa. We also have our stablecoin cross-border payment business, the BizPay, our Indonesian local operations. And hence, the pockets of growth opportunity that OSL have today is a lot more diverse than 2024 and 2025. And with that, we are confident to continue to deliver growth to our shareholders.
Yes. Thank you very much, Ivan. That's definitely very insightful. I believe we are -- still have time for one more question. Let's see. So -- okay. So we have one more question related to the stablecoin raised by the public. Regarding the Hong Kong stablecoin regime, especially the Hong Kong government is aiming to release the first batch of stablecoin license, hopefully, this year. What is OSL's position and perspective in regard. For this question, let me hand over to Gary, our Head of Regulatory, to give us some more color. Gary, over to you. Thank you very much.
Thank you for the question. And I'm sure the market -- most market participants have been watching this space very closely. And I guess the OSL senior management team were no exception to that. We see ourselves as a very important player in this space in Asia because as we said at the beginning, stablecoin as a use case, I think, has become a defining feature for the digital asset sector globally. And this is not just us saying it, it's actually our clients and our partners saying this.
And I guess our strategy on this is somewhat similar to what we shared earlier on about the question of RWA or tokenization of financial assets. We see our role in this sector in many different ways. But one of the key values that we add to the sector is we work with top quality partners, upstream or downstream or horizontal partners. And we work with top partners in each aspect of the different product ecosystems that are -- that we see significant demand in and stablecoins is no exception.
And stablecoins is in itself, is a very interesting instrument because the value of any stablecoin in itself is relatively limited. But the most valuable aspect of any stablecoin comes from its use cases. And that means the efficiency of transactions in a particular setting or the cost effectiveness of those transactions in those specific settings and the quality of the experience for the users using them. And in the case of our stablecoin partners, what do they care about? They care about the scale of the reach.
So it's a combination of the efficiency, effectiveness and quality of the use cases and the scale of the reach of these use cases. So our strategy is to deliver the most valuable use case for our clients and for each of our partners, whatever our role may be in this space. And I think this is how we see the value of what we have built in this ecosystem. So hopefully, that answers the question.
Yes. Thank you very much for the insightful sharing, Gary. That's super helpful. So thank you for all our management team for the response as well as the inquiry from the audience. And that should conclude our Q&A session for the day. So before we wrap up, I think I would like to take another chance to thank you, everyone, for the participation for today. We greatly appreciate your continued support and interest in OSL. I'm sure you have any further questions, please feel free to reach out to us. And the presentation material will be available on our website shortly. Thank you again, and have a nice day ahead. Bye. Thank you.
Financial data from Osl Group
Revenue
Revenue is the sum of all sales generated by a company, e.g. for its products or services.
Revenue (TTM) metric explainedDirect Costs
Direct costs are the costs incurred directly in connection with the manufacture of the product or service.
Gross Profit
Gross Profit indicates how much of the revenue remains in the company after deducting direct production costs. If the percentage share of sales is calculated, this is referred to as the gross margin.
Gross Profit metric explainedSelling and Administrative Expenses
Selling, general and administrative expenses (SG&A) include all expenses for marketing and sales as well as the general administration of the company.
Research and Development Expense
Research and development costs (R&D) provide information on how much the company invests in the research and development of its products. The costs are particularly interesting as a percentage of revenue and in comparison to direct competitors.
EBITDA
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is the company's earnings before interest, taxes, depreciation and amortization. The EBITDA margin is calculated as a percentage of sales.
Depreciation and Amortization
Depreciation represents reductions in the value of the company's assets (e.g. due to wear and tear on machinery).
EBIT (Operating Income)
EBIT (Earnings Before Interest and Taxes) is the company's profit before interest and taxes, also known as the operating income. The EBIT Margin is calculated as a percentage of sales at
.
Net Profit
Net Profit represents the profit or loss after deduction of all costs.
Net Profit metric explainedStocksGuide Premium
| Jun '26 |
+/-
%
|
||
| Revenue | 56,106 56,106 |
12,469%
12,469%
100%
|
|
| - Direct Costs | 55,682 55,682 |
-
99%
|
|
| Gross Profit | 131 131 |
-
0%
|
|
| - Selling and Administrative Expenses | 942 942 |
179%
179%
2%
|
|
| - Research and Development Expense | - - |
-
-
|
|
| EBITDA | -1,204 -1,204 |
2,847%
2,847%
-2%
|
|
| - Depreciation and Amortization | 33 33 |
63%
63%
0%
|
|
| EBIT (Operating Income) EBIT | -1,237 -1,237 |
5,359%
5,359%
-2%
|
|
| Net Profit | -1,207 -1,207 |
4,847%
4,847%
-2%
|
|
In millions HKD.
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Company Profile
OSL Group Ltd. operates in the digital asset industry. The company employs 391 full-time employees The company went IPO on 2012-04-27. The Company’s digital assets and blockchain platform business provides regulated brokerage and automated trading services under licenses, over the counter (OTC) trading services, intelligent Request for Quote (iRFQ) trading services, exchange business and digital assets custody services. The Company’s digital assets technology infrastructure business mainly provides software as a service (SaaS) and related services to financial institutions. The firm mainly provides automated digital assets trading services and technology solutions through its licensed digital asset platforms. The firm also provides consultancy services. The firm develops and sells intellectual property in relation to digital assets exchange platform.
StocksGuide Premium
| Head office | Cayman Islands |
| CEO | Mr. Cui |
| Employees | 391 |
| Website | group.osl.com |
