COMP <GO>

FMFC vs NCI // EV/EBITDA & P/E VALUATION

Kandal M Venture Limited (Class A) (NASDAQ) VS. Neo-Concept International Group Holdings Limited (Class A) (NASDAQ) • 15-METRIC TALLY: FMFC 1 — NCI 1

■ METRIC PARITY

FMFC — Kandal M Venture Limited (Class A) ROARABLE C • RQD 62/100

LAST: $3.80 (+3.83%) • MKT CAP: $1.9M

DES <GO> FA <GO> 10-K RED <GO>

valuation

—

NCI — Neo-Concept International Group Holdings Limited (Class A) ROARABLE D- • RQD 42/100

LAST: $0.73 (-1.68%) • MKT CAP: $6.6M

DES <GO> FA <GO> 10-K RED <GO>

valuation

9.3x

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (FMFC VS. NCI) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	FMFC	NCI	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	36.90%	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	—	2.60%	—	TIE	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	—	9.3x	—	TIE	/valuation <GO>
Free Cash Flow Yield	—	—	—	TIE	/fcf-yield <GO>
Operating Margin	—	1.30%	—	TIE	/operating-margins <GO>
Net Profit Margin	—	0.20%	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	-41.90%	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	1.49	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	—	6/9	—	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	27.4	17.7	+9.63	FMFC	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	—	140.0x	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$1.9M	$6.6M	-$4.7M	NCI	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	FMFC REV	NCI REV	FMFC GROSS %	NCI GROSS %	FMFC FCF	NCI FCF
FY 2025	—	$17.6M	—	36.9%	—	$2.2M
FY 2024	—	$30.3M	—	21.0%	—	-$478.4K
FY 2023	—	$22.3M	—	—	—	-$6.3M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

FMFC // BETA —

NCI // BETA —