Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical does not pass the values gate
Price1.49 USD
Fair value2.35
RatingAVOID
Our investment reviews on this name
2026-10-02Read Markdown2.01-25.9% to today ✓Accumulation gives way to Markdown after a 35% slide in 4 weeks
2026-09-01Read Accumulation3.07-51.5% to today Markdown gives way to Accumulation with volume flow in agreement
2026-07-02Read Markdown3.07-51.5% to today ✓First review on file: Markdown
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
HeartCore Enterprises, Inc. holds its Markdown at $1.49. The statistical read favours the sellers, held for 83 days.
As held on the ledger · 2026-10-23
Phase
Markdown · caution
Quantitative state
The statistical read favours the sellers, held for 83 days
Price at the screen
$1.49
Valuation
0.00 trailing · 18.27 forward price to earnings
Values screen
FAIL
The Workings
Five Screens, Shown in Full
Does not pass. Cash ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
22.61%
Below 33%
Interest-bearing debt is just 22.6% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
169.70%
Below 33%
Interest-bearing cash and securities are 169.7% of assets, above the one-third limit.
Fail
Receivables
0.00%
Below 49%
Money owed to the company is 0.0% of assets, under the 49% limit.
Pass
Revenue purity
0.06%
Below 5%
Only 0.1% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
HeartCore Enterprises,'s business is fine, but its cash and interest-bearing securities are about 170% of its assets, well over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-10-27. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when HTCR's ethical verdict changes
Today HTCR does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads AVOID: it trades at roughly a 40% discount to our $2.35 fair value, weak competitive moat, 35.40% revenue growth.
Fair value range in USD, drawn from the 2026-10-23 screen. The gold marker is the market price at the same screen. A 40.4% margin of safety to the base estimate.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-23 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Why it gives us pause
At 18.3x forward earnings, the price already runs ahead of the business. Our fair value sits at $2.35, below where it trades today. The weak moat is real, but quality alone does not make an expensive price cheap.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
HTCR trades on Nasdaq. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-18Markdown$1.67-16.9%Entry 7
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 16.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 67%. Our forward projection puts the odds of a 10% gain over the next month near 27%.
2026-10-02Markdown · changed$2.01-34.5%Entry 6
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 34.5% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 67%. Our forward projection puts the odds of a 10% gain over the next month near 27%. Since the last review it entered the Tech 100; its composite score rose.
2026-09-01Accumulation · changed$3.07+0.0%Entry 5
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 67%. Our forward projection puts the odds of a 10% gain over the next month near 27%.
2026-08-01Markdown$3.07+0.0%Entry 4
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 67%. Our forward projection puts the odds of a 10% gain over the next month near 27%.
2026-07-18Markdown$3.07+0.0%Entry 3
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 67%. Our forward projection puts the odds of a 10% gain over the next month near 27%.
2026-07-03Markdown$3.07+0.0%Entry 2
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns.
2026-07-02Markdown$3.07Entry 1
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
The Insider Ledger · Form 4 Filings, As Filed
Most recent filings · HTCR
Date
Insider
Title
Type
Shares
Value
2025-05-30
YASUI DAISHIN
Unknown
110,000
$75,440
2025-05-21
YASUI DAISHIN
Beneficial Owner of more than 10% of a Class of Security
10,869
$6,130
2025-03-21
YASUI DAISHIN
Beneficial Owner of more than 10% of a Class of Security
2,500
$2,638
2025-03-19
YASUI DAISHIN
Beneficial Owner of more than 10% of a Class of Security