TOP

Company Overview — What Does TOP Financial Group Ltd Do?

Our Mission Our goal is to become the preferred online trading platforms for Asian investors worldwide. ZYFGL is a holding company incorporated in the Cayman Islands with operations conducted in Hong Kong by its Operating Subsidiaries, ZYSL and ZYCL, both incorporated in Hong Kong, and WIN100 TECH, incorporated in the British Virgin Islands. We are an online brokerage firm located in Hong Kong specializing in the trading of local and foreign equities, futures, and options products. We create value for our customers by providing reliable trading platforms, user-friendly web and app interface, and seamless customer support. Our Operating Subsidiaries generate revenues primarily by charging commission fees on futures transactions at a flat rate for each futures transaction contract. Currently our customers are mainly high volume and frequency trading institutional and individual investors. Our clients primarily reside in Asia and we are currently focusing on expanding our customer base to Southeast Asian investors. Our trading platforms, which our Operating Subsidiaries license from third parties, enable investors to place trades on more than 100 futures products on multiple exchanges around the world including the Chicago Mercantile Exchange (CME), Hong Kong Futures Exchange Limited (HKFE), The New York Mercantile Exchange (NYMEX), The Chicago Board of Trade (CBOT), The Commodity Exchange (COMEX), Eurex Exchange (EUREX), ICE Clear Europe Limited (ICEU), Singapore Exchange (SGX), Australia Securities Exchange (ASX), Bursa Malaysia Derivatives Berhad (BMD), and Osaka Exchange (OSE). Our continuous efforts focused on offering value-added services and access to exchanges around the globe, together with user friendly experience, have enabled us to become a fast-growing online trading platform. The trading volume of futures contracts was 9.20 million trades in fiscal year 2020, 9.61 million trades in fiscal year 2021, and 1.44 million trades during the six months ended September 30, 2021. Our total registered customer number increased from 226 as of March 31, 2020 to 247 as of March 31, 2021, and further increased to 290 as of September 30, 2021. In fiscal year 2020, we had 77 revenue-generating accounts, including 61 accounts for futures trading and 16 accounts for securities trading. In fiscal year 2021, we had 49 revenue-generating accounts in total, including 33 accounts for futures trading and 16 accounts for securities trading. During the six months ended September 30, 2021, we had 61 revenue-generating accounts in total, including 15 accounts for futures trading, 8 accounts for securities trading, 29 accounts for structured notes subscriber services and 9 accounts for trading solution services. Our Operating Subsidiaries conduct the futures and stock brokerage business through two trading platforms, Esunny for futures trading and 2Go for stock trading, both of which were licensed from third parties and can be easily accessed through our application, or APP, software, and websites. The two platforms are designed to provide our clients access to our seamless, efficient, and secure trading platforms. We offer our customers comprehensive brokerage and value-added services, including trade order placement and execution, account management, and customer support. Given the importance of trading systems in our services, we strive to continuously enhance our IT infrastructure. During the fiscal years ended March 31, 2021 and 2020, our Operating Subsidiaries provided futures brokerage services and other services (including stock brokerage, options brokerage, consulting services, currency exchange services, structured note subscriber services, margin financing services). During the six months ended September 30, 2021, our Operating Subsidiaries started providing trading solution services. Our revenues were US$16.9 million and US$16.5 million for the years ended March 31, 2021 and 2020, respectively, and US$3.2 million and US$8.7 million for the six months ended September 30, 2021 and 2020, respectively. Commissions on futures brokerage accounted for 95.1%, and 98.1% of the total revenues for the years ended March 31, 2021 and 2020, respectively, and 75.7% and 97.3% of the total revenues for the six months ended September 30, 2021 and 2020, respectively. Revenues from the trading solution services accounted for 30.5% of the total revenues for the six months ended September 30, 2021. Additionally, our Operating Subsidiaries provide other financial services including stock brokerage, options brokerage, consulting services, currency exchange services, structured note subscriber services, margin financing services to our clients., Revenues generated from stock brokerage, consulting services, currency exchange services and structured note subscriber services accounted for 2.1% and 1.4% of total revenues, during the fiscal years ended March 31, 2021 and 2020, respectively, and 9.2% and 1.9% of total revenues during the six months ended September 30, 2021 and 2020, respectively. We did not generate revenue from options trading services or margin financing services for the fiscal years ended March 31, 2021 and 2020 and for the six months ended September 30, 2021. Our top five customers accounted for 91.6% and 64.8% of our total revenues for the years ended March 31, 2021 and 2020, respectively, and 94.8% and 92.0% of our total revenues for the six months ended September 30, 2021 and 2020, respectively. --- The number of futures contracts executed in each period depends on factors including, but not limited to, economic and political conditions, market conditions, pricing of future contracts, and the clients’ risk appetite. By the end of 2019 to the first half of 2020, the Southeast Asian financial market faced a number of uncertainties such as the outbreak of COVID-19. Trading activities dropped which impacted our fiscal quarters ended December 31, 2019 and March 31, 2020. As the COVID-19 pandemic became under relative control, trading activities recovered and remain moderately stable since the fiscal quarter ended on June 30, 2020. We intend to leverage our competitive strengths to sustain and grow our business, namely, to provide our clients with fast and reliable access to financial markets through our personalized client services and efficient organizational structure. In particular, we plan to expand our services offering and continue integrating value-added services, including CFD products and services and asset management. Our principal executive offices are located at Flat 1101, 118 Connaught Road West, Hong Kong. Our telephone number at this address is +852 3107 0731. Our registered office in the Cayman Islands is located at the offices of Vistra (Cayman) Limited, P. O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1 - 1205 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. TOP Financial Group Ltd (TOP) is classified as a micro-cap stock in the Financials sector, specifically within the Trading industry. The company is led by CEO Ka F. Yuen and employs approximately 11 people. With a market capitalization of $28M, TOP is one of the notable companies in the Financials sector.

TOP Financial Group Ltd (TOP) Stock Rating — Reduce (April 2026)

As of April 2026, TOP Financial Group Ltd receives a Reduce rating with a composite score of 33.8/100 and 2 out of 5 stars from the Blank Capital Research quantitative model.TOP ranks #3,845 out of 4,446 stocks in our coverage universe. Within the Financials sector, TOP Financial Group Ltd ranks #844 of 900 stocks, placing it in the lower 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%).

TOP Stock Price and 52-Week Range

TOP Financial Group Ltd (TOP) currently trades at $0.80. Recent trading volume was 0 shares, suggesting relatively thin trading activity.

Is TOP Overvalued or Undervalued? — Valuation Analysis

TOP Financial Group Ltd (TOP) carries a value factor score of 11/100 in the Blank Capital model, signaling premium valuation that prices in significant future growth. The price-to-book ratio stands at 0.87x, versus the sector average of 1.19x. The price-to-sales ratio is 2.29x, compared to 0.89x for the average Financials stock.

At current multiples, TOP Financial Group 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.

TOP Financial Group Ltd Profitability — ROE, Margins, and Quality Score

TOP Financial Group Ltd (TOP) earns a quality factor score of 43/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is -68.5%, 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 -51.0% versus the sector average of 1.3%.

On a margin basis, TOP Financial Group Ltd reports gross margins of 19.5%. The operating margin is -174.9% (sector: 21.8%). Net profit margin stands at -179.3%, versus 17.8% for the average Financials stock. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.

TOP Debt, Balance Sheet, and Financial Health

TOP Financial Group Ltd has a debt-to-equity ratio of 3.0%, compared to the Financials sector average of 118.5%. The low leverage indicates a conservative balance sheet with significant financial flexibility. Total debt on the balance sheet is $880,336. Cash and equivalents stand at $12M.

TOP has a beta of 0.81, meaning it is roughly in line with the broader market in terms of price volatility. The stability factor score for TOP Financial Group Ltd is 32/100, suggesting elevated price swings that may be unsuitable for conservative portfolios.

TOP Financial Group Ltd Revenue and Earnings History — Quarterly Trend

In TTM 2026, TOP Financial Group Ltd reported revenue of $3M and earnings per share (EPS) of $-0.16. Net income for the quarter was $-6M. Gross margin was 19.5%. Operating income came in at $-6M.

In FY 2025, TOP Financial Group Ltd reported revenue of $3M and earnings per share (EPS) of $-0.16. Net income for the quarter was $-6M. Gross margin was 19.5%. Revenue grew -58.6% year-over-year compared to FY 2024. Operating income came in at $-6M.

In FY 2024, TOP Financial Group Ltd reported revenue of $8M and earnings per share (EPS) of $0.03. Net income for the quarter was $1M. Gross margin was 97.9%. Revenue grew -17.1% year-over-year compared to FY 2023. Operating income came in at $987,847.

In FY 2023, TOP Financial Group Ltd reported revenue of $10M and earnings per share (EPS) of $0.10. Net income for the quarter was $3M. Gross margin was 100.0%. Revenue grew 24.0% year-over-year compared to FY 2022. Operating income came in at $3M.

Over the past 6 quarters, TOP Financial Group Ltd has experienced revenue contraction from $17M to $3M. Investors analyzing TOP stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.

TOP Dividend Yield and Income Analysis

TOP Financial Group Ltd (TOP) 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.

TOP Momentum and Technical Analysis Profile

TOP Financial Group Ltd (TOP) has a momentum factor score of 17/100, signaling weak relative price performance. Stocks with low momentum scores have historically tended to continue underperforming in the near term. The investment factor score is 56/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 63/100 reflects moderate short selling activity.

TOP vs Competitors — Financials Sector Ranking and Peer Comparison

Within the Financials sector, TOP Financial Group Ltd (TOP) ranks #844 out of 900 stocks based on the Blank Capital composite score. This places TOP in the lower half of all Financials stocks in our coverage universe. Key competitors and sector peers include UNIVERSAL INSURANCE HOLDINGS, INC. (UVE) with a score of 62.6/100, WHITE MOUNTAINS INSURANCE GROUP LTD (WTM) with a score of 63.3/100, PARKE BANCORP, INC. (PKBK) with a score of 60.5/100, OPPENHEIMER HOLDINGS INC (OPY) with a score of 62.3/100, and PEOPLES BANCORP OF NORTH CAROLINA INC (PEBK) with a score of 57.6/100.

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

TOP Next Earnings Date

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

Should You Buy TOP? — Investment Thesis Summary

The quantitative profile for TOP Financial Group Ltd suggests caution. The value score of 11/100 indicates premium valuation. Momentum is weak at 17/100, a headwind for near-term performance. High volatility (stability score 32/100) increases portfolio risk.

In summary, TOP Financial Group Ltd (TOP) earns a Reduce rating with a composite score of 33.8/100 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 TOP stock.

Related Resources for TOP Investors

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