Zetrix makes most of its money from two businesses: providing government concessionary services and collecting a “toll fee” on every transaction that passes through some China blockchain project. It mainly operates in Southeast Asia and serves government-related projects (i.e. B2G) across the region, aiming to transform the underlying rails of legacy government services for a new blockchain-first future. You will find lots of AI and blockchain related buzzwords in its MD&A describing its businesses.
Zetrix’s shares are trading at a market cap of just $2.4B (USD 0.6B), and it has a book value of $4.3B. So it’s effectively a net-net. Regarding realizable assets, it has $300M in PPE, another $300M in Other Investments, about $800M in net receivables (on negligible payables), and $500M in digital assets. Heck, it has cash of $500M, which is nearly 20% of its market cap. It does have $2.1B of debt though, so it’s not exactly in a Net Cash position.
Revenues grew by 20% CAGR over the past 5 years, while Net Profits grew by 25% CAGR over the same period. Despite being a net-net, this isn’t a business at death’s door — on the contrary, it's chugging along mightily.
