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1. Company Snapshot

1.a. Company Description

TOP Financial Group Limited, through its subsidiaries, operates as an online brokerage company in Hong Kong.It is involved in the trading of local and overseas equities, futures, and options products; and the provision of brokerage and value-added services, including trade order placement and execution, account management, and customer support services.The company provides a range of futures products, such as index futures, forex futures, agricultural product futures, energy futures, and precious metal futures.


It also offers stock brokerage, options brokerage, consulting services, currency exchange services, structured note subscriber services, and margin financing services.The company was formerly known as Zhong Yang Financial Group Limited and changed its name to TOP Financial Group Limited in July 2022.The company was founded in 2015 and is based in Hong Kong, Hong Kong.


TOP Financial Group Limited is a subsidiary of Zhong Yang Holdings (BVI) Limited.

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1.b. Last Insights on TOP

TOP Financial Group Limited's recent performance was driven by strategic business evolution. The company's spin-off of Rubico Inc. and its subsequent approval for listing on the Nasdaq Capital Market on June 26, 2025, has likely enhanced its financial prospects. Additionally, the effectiveness of Rubico's registration statement on Form 20-F, declared by the SEC, has paved the way for increased transparency and growth opportunities. These developments have positioned TOP Financial Group for potential long-term success.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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ROSEN, TOP RANKED INVESTOR COUNSEL, Encourages Jayud Global Logistics Ltd. Investors to Secure Counsel Before Important Deadline in Securities Class Action - JYD

Dec -04

Source: newsfilecorp.com

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ROSEN, TOP RANKED INVESTOR COUNSEL, Encourages Perrigo Company plc Investors to Secure Counsel Before Important Deadline in Securities Class Action - PRGO

Dec -03

Source: newsfilecorp.com

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ROSEN, A TOP-RANKED LAW FIRM, Encourages America's Car-Mart, Inc. Investors to Inquire About Securities Class Action Investigation - CRMT

Dec -03

Source: newsfilecorp.com

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ROSEN, A TOP RANKED LAW FIRM, Encourages Avantor, Inc. Investors to Secure Counsel Before Important Deadline in Securities Class Action - AVTR

Dec -02

Source: newsfilecorp.com

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ROSEN, A TOP-RANKED LAW FIRM, Encourages America's Car-Mart, Inc. Investors to Inquire About Securities Class Action Investigation - CRMT

Dec -02

Source: newsfilecorp.com

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ROSEN, TOP RANKED GLOBAL COUNSEL, Encourages Synopsys, Inc. Investors to Secure Counsel Before Important Deadline in Securities Class Action - SNPS

Dec -01

Source: globenewswire.com

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ROSEN, A TOP RANKED LAW FIRM, Encourages Synopsys, Inc. Investors to Secure Counsel Before Important Deadline in Securities Class Action - SNPS

Dec -01

Source: newsfilecorp.com

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IDEAYA Biosciences Announces IND Clearance for IDE034, a Potential First-in-Class Bispecific B7H3/PTK7 TOP1 ADC Targeting Multiple Solid Tumor Types

Dec -01

Source: prnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.50%)

6. Segments

Futures Brokerage and Other Financial Services

Expected Growth: 8.5%

Growing demand for online trading platforms, increasing adoption of digital technologies, and rising popularity of forex and futures trading among individuals and institutions are expected to drive the growth of TOP Financial Group Limited's Futures Brokerage and Other Financial Services.

7. Detailed Products

Wealth Management

Comprehensive investment solutions tailored to individual needs, providing diversified investment portfolios and wealth growth strategies.

Insurance Services

A range of insurance products offering protection and risk management solutions for individuals, families, and businesses.

Mortgage Services

Competitive mortgage solutions for homebuyers, homeowners, and property investors, including refinancing and loan options.

Retirement Planning

Customized retirement planning strategies and solutions to ensure a secure financial future.

Business Banking

Specialized banking services for businesses, including cash management, trade finance, and lending solutions.

Investment Banking

Advisory services for corporate clients, including mergers and acquisitions, equity and debt capital markets, and restructuring.

8. TOP Financial Group Limited's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for TOP Financial Group Limited is medium due to the presence of alternative financial institutions and digital payment platforms.

Bargaining Power Of Customers

The bargaining power of customers is high due to the availability of multiple financial institutions and the ease of switching between them.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the company's strong financial position and ability to negotiate favorable terms.

Threat Of New Entrants

The threat of new entrants is medium due to the regulatory barriers and capital requirements for entering the financial industry.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of multiple financial institutions and the competitive nature of the industry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 0.83%
Debt Cost 3.95%
Equity Weight 99.17%
Equity Cost -7.84%
WACC -7.75%
Leverage 0.84%

11. Quality Control: TOP Financial Group Limited passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Scully Royalty

A-Score: 5.8/10

Value: 8.2

Growth: 1.6

Quality: 4.9

Yield: 8.3

Momentum: 4.0

Volatility: 8.0

1-Year Total Return ->

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Stock-Card
A-Mark Precious Metals

A-Score: 4.7/10

Value: 6.2

Growth: 5.1

Quality: 3.7

Yield: 8.0

Momentum: 0.5

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
Mawson Infrastructure

A-Score: 4.4/10

Value: 9.4

Growth: 6.0

Quality: 6.2

Yield: 0.0

Momentum: 3.0

Volatility: 1.7

1-Year Total Return ->

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Bitcoin Depot

A-Score: 3.9/10

Value: 6.3

Growth: 2.1

Quality: 3.9

Yield: 0.0

Momentum: 10.0

Volatility: 1.0

1-Year Total Return ->

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Magic Empire Global

A-Score: 3.7/10

Value: 6.3

Growth: 2.9

Quality: 3.8

Yield: 1.7

Momentum: 5.0

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
TOP Financial Group

A-Score: 3.5/10

Value: 7.0

Growth: 1.3

Quality: 3.6

Yield: 0.0

Momentum: 5.5

Volatility: 3.7

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1.1$

Current Price

1.1$

Potential

0.00%

Expected Cash-Flows