GSIW

Company Overview — What Does Garden Stage Ltd Do?

We are a holding company incorporated in Cayman Islands, and all of our operations are carried out by the two wholly-owned Operating Subsidiaries in Hong Kong: a) I Win Securities, which is licensed to conduct Type 1 (dealing in securities) regulated activities under the SFO in Hong Kong, and b) I Win Asset Management, which is licensed to conduct Type 4 (advising on securities) and Type 9 (asset management) regulated activities under the SFO in Hong Kong. Our Operating Subsidiaries are Hong Kong-based financial services providers principally engaged in the provision of (i) placing and underwriting services; (ii) securities dealing and brokerage services; and (iii) asset management services. I Win Securities is the Stock Exchange Participant and holds one Stock Exchange Trading Right. I Win Securities is a participant of the HKSCC. The table below sets forth the licenses obtained by our Operating Subsidiaries under the jurisdiction of Hong Kong. License type and trading right Entity name HKSFC Type 1 License — Dealing in securities I Win Securities HKSFC Type 4 License — Advising on securities I Win Asset Management HKSFC Type 9 License — Asset management I Win Asset Management Stock Exchange Participants (Participant ID: 02092) I Win Securities HKSCC Participants (Participant ID: B02092) I Win Securities The service offerings of our Operating Subsidiaries mainly comprise the following: • Underwriting and Placing Services: I Win Securities acts as (i) book runner, lead manager, or underwriter of listing applicants in IPOs or other fundraising activities; and (ii) placing agent of listed companies in connection with their issuance or sale of securities, in return for underwriting and/or placing commission. I Win Securities also charges investors a brokerage commission when they subscribe for or acquire securities in respect of offerings of listed issuers who engaged I Win Securities to provide placing and underwriting services in respect of the relevant securities. Our revenue derived from our placing and underwriting services accounted for 48.31% and 15.41% of our total revenue for the years ended March 31, 2023 and 2022, respectively. • Securities Dealing and Brokerage Services: I Win Securities provides securities dealing and brokerage services for trading in securities on the Hong Kong Stock Exchange and in other overseas markets. I Win Securities also acts as an intermediary between buyers and sellers of securities listed on the Main Board and GEM of the Hong Kong Stock Exchange and facilitate the clients’ trading of securities listed on selected overseas stock exchanges, including the United States, in return for brokerage commission income. Ancillary to I Win Securities’ securities brokerage and dealing services, I Win Securities also provides nominee services, custodian services, scrip handling services and handling services for corporate actions to our brokerage clients. At the same time, I Win Securities also facilitates the subscriptions to IPOs and secondary placings, either conducted by Hong Kong issuers who engage I Win Securities for placing and underwriting services or conducted by other financial services providers in Hong Kong. For the years ended March 31, 2023 and 2022, respectively, 47.55% and 80.81% of our total revenue was derived from securities dealing and brokerage services. • Asset Management Services: I Win Asset Management offers discretionary account management and fund management services that cater to different investment objectives of our Operating Subsidiaries’ clients. Our asset management services accounted for 1.03% and 1.00% of our total revenue for the years ended March 31, 2023 and 2022, respectively. Our revenues were US$3.3 million and US$2.3 million for FY 2023 and FY 2022, respectively. We recorded net loss of US$0.2 million and US$0.5 million for FY 2023 and 2022, respectively. We plan to keep our business growing by strengthening the securities brokerage, underwriting and placement services and develop our asset management business and margin financing services. Our diversified business portfolio allows our Operating Subsidiaries to create synergies between our business lines, generate new business opportunities for each business segment and provide integrated financial services to clients. Our principal executive office is located at Room 201, 2/F, China Insurance Group Building, 141 Des Voeux Road Central, Central, Hong Kong. Our telephone number at this address is +852 2688 6333. Our registered office in the Cayman Islands is located at the offices of International Corporation Services Ltd., P.O. Box 472, 2nd Floor, Harbour Place, 103 South Church Street, George Town, Grand Cayman KY1-1106, Cayman Islands. Our agent for service of process in the United States is Cogency Global Inc. located at 122 East 42nd Street, 18th Floor, New York, NY. Garden Stage Ltd (GSIW) is classified as a micro-cap stock in the Financials sector, specifically within the Trading industry. The company is led by CEO Sze Ho Chan. With a market capitalization of $24M, GSIW is one of the notable companies in the Financials sector.

Garden Stage Ltd (GSIW) Stock Rating — Hold (April 2026)

As of April 2026, Garden Stage Ltd receives a Hold rating with a composite score of 38.2/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.GSIW ranks #1,419 out of 4,446 stocks in our coverage universe. Within the Financials sector, Garden Stage Ltd ranks #429 of 891 stocks, placing it in the upper half of its Financials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).

GSIW Stock Price and 52-Week Range

Garden Stage Ltd (GSIW) currently trades at $16.84. The stock lost $1.63 (8.8%) in the most recent trading session. The 52-week high for GSIW is $31.27, which means the stock is currently trading -46.1% from its annual peak. The 52-week low is $0.06, putting the stock 29758.2% above its annual trough. Recent trading volume was 14K shares, suggesting relatively thin trading activity.

Is GSIW Overvalued or Undervalued? — Valuation Analysis

Garden Stage Ltd (GSIW) carries a value factor score of 25/100 in the Blank Capital model, signaling premium valuation that prices in significant future growth. The trailing price-to-earnings ratio is 61.21x, compared to the Financials sector average of 14.88x — a premium of 311%. The price-to-book ratio stands at 3.61x, versus the sector average of 1.22x. The price-to-sales ratio is 1.11x, compared to 0.90x for the average Financials stock.

At current multiples, Garden Stage Ltd trades at a premium to most Financials peers. This elevated valuation may be justified if the company can sustain above-average growth rates and profitability, but it also creates downside risk if earnings disappoint expectations.

Garden Stage Ltd Profitability — ROE, Margins, and Quality Score

Garden Stage Ltd (GSIW) earns a quality factor score of 25/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is -257.7%, compared to the Financials sector average of 8.5%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at -108.6% versus the sector average of 1.2%.

On a margin basis, Garden Stage Ltd reports gross margins of 30.2%. The operating margin is -52.1% (sector: 21.8%). Net profit margin stands at -79.0%, versus 17.7% for the average Financials stock. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.

GSIW Debt, Balance Sheet, and Financial Health

Garden Stage Ltd has a debt-to-equity ratio of 120.0%, compared to the Financials sector average of 121.0%. Leverage is within a manageable range for the industry, though investors should monitor debt trends over time. Total debt on the balance sheet is $8M. Cash and equivalents stand at $624,583.

GSIW has a beta of -25.60, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for Garden Stage Ltd is 25/100, suggesting elevated price swings that may be unsuitable for conservative portfolios.

Garden Stage Ltd Revenue and Earnings History — Quarterly Trend

In TTM 2026, Garden Stage Ltd reported revenue of $5M and earnings per share (EPS) of $0.28. Net income for the quarter was $-4M. Gross margin was 30.2%. Operating income came in at $-3M.

In FY 2025, Garden Stage Ltd reported revenue of $5M and earnings per share (EPS) of $0.28. Net income for the quarter was $-4M. Gross margin was 30.2%. Revenue grew 303.3% year-over-year compared to FY 2024. Operating income came in at $-3M.

In FY 2024, Garden Stage Ltd reported revenue of $1M and earnings per share (EPS) of $0.34. Net income for the quarter was $-5M. Gross margin was -133.9%. Revenue grew -55.2% year-over-year compared to FY 2023. Operating income came in at $-5M.

In FY 2023, Garden Stage Ltd reported revenue of $3M and earnings per share (EPS) of $0.02. Net income for the quarter was $-207,169. Gross margin was 35.3%. Operating income came in at $-231,056.

Over the past 4 quarters, Garden Stage Ltd has demonstrated a growth trajectory, with revenue expanding from $3M to $5M. Investors analyzing GSIW stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.

GSIW Dividend Yield and Income Analysis

Garden Stage Ltd (GSIW) does not currently pay a dividend. This is common among smaller companies in the Trading industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Financials dividend stocks may want to explore other Financials stocks or use the stock screener to filter by dividend yield.

GSIW Momentum and Technical Analysis Profile

Garden Stage Ltd (GSIW) has a momentum factor score of 60/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 48/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 48/100 reflects moderate short selling activity.

GSIW vs Competitors — Financials Sector Ranking and Peer Comparison

Within the Financials sector, Garden Stage Ltd (GSIW) ranks #429 out of 891 stocks based on the Blank Capital composite score. This places GSIW in the upper half of all Financials stocks in our coverage universe. Key competitors and sector peers include WHITE MOUNTAINS INSURANCE GROUP LTD (WTM) with a score of 62.9/100, OPPENHEIMER HOLDINGS INC (OPY) with a score of 62.6/100, Enact Holdings, Inc. (ACT) with a score of 61.6/100, International General Insurance Holdings Ltd. (IGIC) with a score of 61.3/100, and PARKE BANCORP, INC. (PKBK) with a score of 60.4/100.

Comparing GSIW against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full GSIW vs S&P 500 (SPY) comparison to assess how Garden Stage Ltd stacks up against the broader market across all factor dimensions.

GSIW Next Earnings Date

No upcoming earnings date has been announced for Garden Stage Ltd (GSIW) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.

Should You Buy GSIW? — Investment Thesis Summary

Garden Stage Ltd presents a balanced picture with arguments on both sides. The quality score of 25/100 flags below-average profitability. The value score of 25/100 indicates premium valuation. Price momentum is positive at 60/100, suggesting the trend favors buyers. High volatility (stability score 25/100) increases portfolio risk.

In summary, Garden Stage Ltd (GSIW) earns a Hold rating with a composite score of 38.2/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on GSIW stock.

Related Resources for GSIW Investors

Explore more research and tools: GSIW vs S&P 500 comparison, top Financials stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare GSIW head-to-head with peers: GSIW vs WTM, GSIW vs OPY, GSIW vs ACT.