Treasure Global (TGL)
Market Price (6/6/2026): $4.4 | Market Cap: $7.4 MilSector: Information Technology | Industry: Application Software
Treasure Global (TGL)
Market Price (6/6/2026): $4.4Market Cap: $7.4 MilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -39% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 167% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and E-commerce & Digital Retail. Themes include Digital Payments, and Online Marketplaces. | Weak multi-year price returns2Y Excs Rtn is -140%, 3Y Excs Rtn is -177% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -14 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -363% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 29% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -226%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -253% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -426% High stock price volatilityVol 12M is 7432% Key risksTGL key risks include [1] severe unprofitability and rapid cash burn requiring constant capital, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -39% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 167% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and E-commerce & Digital Retail. Themes include Digital Payments, and Online Marketplaces. |
| Weak multi-year price returns2Y Excs Rtn is -140%, 3Y Excs Rtn is -177% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -14 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -363% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 29% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -226%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -253% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -426% |
| High stock price volatilityVol 12M is 7432% |
| Key risksTGL key risks include [1] severe unprofitability and rapid cash burn requiring constant capital, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 6/1/2026
Treasure Global (TGL) stock has lost about 5% since 2/28/2026 because of the following key factors:
1. Persistent Negative Earnings Per Share (EPS) and Market Reaction.
Treasure Global reported a negative EPS of -$3.47 per share on February 23, 2026, following a previous EPS of -$4.84 in the prior year period, indicating continued unprofitability. This earnings report resulted in a -2.31% decrease in TGL's stock price within 48 hours.
2. Significant Share Dilution.
Shareholders have experienced substantial dilution over the past year, with the total number of shares outstanding increasing by 1162.2%. This significant increase in share count inherently diminishes the value of existing shares, contributing to downward pressure on the stock price throughout the period.
Show more
Treasure Global (TGL) stock has lost about 5% since 2/28/2026 because of the following key factors:
1. Persistent Negative Earnings Per Share (EPS) and Market Reaction.
Treasure Global reported a negative EPS of -$3.47 per share on February 23, 2026, following a previous EPS of -$4.84 in the prior year period, indicating continued unprofitability. This earnings report resulted in a -2.31% decrease in TGL's stock price within 48 hours.
2. Significant Share Dilution.
Shareholders have experienced substantial dilution over the past year, with the total number of shares outstanding increasing by 1162.2%. This significant increase in share count inherently diminishes the value of existing shares, contributing to downward pressure on the stock price throughout the period.
Show more
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →
Stock Movement Drivers
Fundamental Drivers
The -5.8% change in TGL stock from 2/28/2026 to 6/5/2026 was primarily driven by a -46.6% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 2282026 | 6052026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.66 | 4.39 | -5.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3 | 4 | 27.0% |
| P/S Multiple | 1.4 | 1.9 | 38.8% |
| Shares Outstanding (Mil) | 1 | 2 | -46.6% |
| Cumulative Contribution | -5.8% |
Market Drivers
2/28/2026 to 6/5/2026| Return | Correlation | |
|---|---|---|
| TGL | -5.8% | |
| Market (SPY) | 7.8% | 26.6% |
| Sector (XLK) | 30.1% | 27.0% |
Fundamental Drivers
The 563.1% change in TGL stock from 11/30/2025 to 6/5/2026 was primarily driven by a 2201.2% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 6052026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.66 | 4.39 | 563.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2 | 4 | 70.0% |
| P/S Multiple | 0.1 | 1.9 | 2201.2% |
| Shares Outstanding (Mil) | 0 | 2 | -83.0% |
| Cumulative Contribution | 563.1% |
Market Drivers
11/30/2025 to 6/5/2026| Return | Correlation | |
|---|---|---|
| TGL | 563.1% | |
| Market (SPY) | 8.5% | 1.5% |
| Sector (XLK) | 26.3% | 3.3% |
Fundamental Drivers
The -85.0% change in TGL stock from 5/31/2025 to 6/5/2026 was primarily driven by a -96.6% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 5312025 | 6052026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.20 | 4.39 | -85.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1 | 4 | 166.8% |
| P/S Multiple | 1.1 | 1.9 | 63.3% |
| Shares Outstanding (Mil) | 0 | 2 | -96.6% |
| Cumulative Contribution | -85.0% |
Market Drivers
5/31/2025 to 6/5/2026| Return | Correlation | |
|---|---|---|
| TGL | -85.0% | |
| Market (SPY) | 26.6% | 1.1% |
| Sector (XLK) | 57.1% | 2.9% |
Fundamental Drivers
The -100.0% change in TGL stock from 5/31/2023 to 6/5/2026 was primarily driven by a -100.0% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 5312023 | 6052026 | Change |
|---|---|---|---|
| Stock Price ($) | 98000.00 | 4.39 | -100.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 70 | 4 | -94.4% |
| P/S Multiple | 0.3 | 1.9 | 437.1% |
| Shares Outstanding (Mil) | 0 | 2 | -100.0% |
| Cumulative Contribution | -100.0% |
Market Drivers
5/31/2023 to 6/5/2026| Return | Correlation | |
|---|---|---|
| TGL | -100.0% | |
| Market (SPY) | 83.4% | 0.7% |
| Sector (XLK) | 124.1% | 1.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TGL Return | - | -90% | -95% | -97% | -97% | -29% | -100% |
| Peers Return | -20% | -67% | 132% | 31% | -19% | -5% | -38% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| TGL Win Rate | - | 0% | 25% | 25% | 33% | 33% | |
| Peers Win Rate | 39% | 28% | 58% | 45% | 52% | 29% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 67% | |
Max Drawdowns [4] | |||||||
| TGL Max Drawdown | - | - | -96% | -98% | -100% | -59% | |
| Peers Max Drawdown | -42% | -73% | -49% | -29% | -50% | -36% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: IBTA, TOST, AFRM, PYPL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/5/2026 (YTD)
How Low Can It Go
In The Past
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
In The Past
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Treasure Global (TGL)
Our mission is to bring together the worlds of online e-commerce and offline physical retailers; widening consumer choice and rewarding loyalty, while sustaining and enhancing our earning potential. We have created an innovative online-to-offline (“O2O”) e-commerce platform business model offering consumers and merchants instant rebates and affiliate cashback programs, while providing a seamless e-payment solution with rebates in both e-commerce (i.e., online) and physical retailers/merchant (i.e., offline) settings. Our proprietary product is an internet application (or “App”) branded “ZCITY App,” which was successfully launched in Malaysia in June 2020. We have the know-how and expertise to develop additional/add-on technology-based products and services to complement the ZCITY App, thereby growing its reach and user base. --- Through simplifying a user’s e-payment gateway experience, as well as by providing great deals, rewards and promotions with every use, we aim to make the ZCITY App Malaysia’s top reward and payment gateway platform. Our longer-term goal for the ZCITY App is for it to become one of the most used applications throughout Southeast Asia (“SEA”) and Japan. As of July 31, 2022, we had over 2,021,910 registered users and over 1,998 registered merchants. Our Consumer Business SEA consumers have access to a plethora of smart ordering, delivery and “loyalty” websites and apps, but in our experience, SEA consumers very rarely receive personalized deals based on their purchases and behavior. The ZCITY App targets consumers by providing personalized deals based on consumers’ purchase history, location and preferences. Our technology platform allows us to identify the spending trends of our customers (the when, where, why, and how much). We are able to offer these personalized deals through the application of our proprietary artificial intelligence (or “AI”) technology that scours the available database to identify and create opportunities to extrapolate the greatest value from the data, analyze consumer behavior and roll out attractive rewards-based campaigns for targeted audiences. We believe this AI technology is currently a unique market differentiator for the ZCITY App. We have branded our ZCITY App with the hashtag: “#RewardsOnRewards”. We believe this branding demonstrates to users the ability to spend ZCITY App-based Reward Points (or “RP”) and “ZCITY Cash Vouchers” with discount benefits at checkout. Additionally, users can use RP while they earn rewards from selected e-Wallet or other payment methods. ZCITY App users do not require any on-going credit top-up or need to provide bank card number with their binding obligations. We have partnered with Malaysia’s leading payment gateway, IPAY88, for secure and convenient transactions. Users can use our secure platform and enjoy cashless shopping experiences with rebates when they shop with e-commerce and retail merchants through trusted and leading e-wallet providers such as Touch’n Go eWallet, Boost eWallet, GrabPay eWallet and credit card/online banking like the “FPX” (the Malaysian Financial Process Exchange) as well as more traditional providers such as Visa and Mastercard. Our ZCITY App also provides the following functions: 1. Registration Rewards Users may register as a ZCITY App user simply by using their mobile device. They can then verify their ZCITY App account by submitting a valid email address to receive new user “ZCITY Newbie Rewards”. 2. Geo-location-based Homepage Based on users’ location, nearby merchants and exclusive offers are selected and directed to them on their homepage for a smooth, user-friendly interaction. 3. Affiliate Partnership Our ZCITY App is affiliated with more than 5 local services providers such as Shopee and Lazada. The ZCITY App allows users to enjoy more rewards when they navigate from the ZCITY App to a partner’s website. 4. Bill Payment & Prepaid service Users can access and pay utility bills, such as water, phone, internet and TV bills, while generating instant discounts and rewards points with each payment. 5. Branded e-Vouchers Users can purchase their preferred e-Vouchers with instant discounts and rewards points with each checkout. 6. User Engagement through Gamification Users can earn daily rewards by playing our ZCITY App minigame “Spin & Win” where they can earn further ZCITY RP, ZCITY e-Vouchers as well as monthly grand prizes. 7. Charity CSR program Users can make cashless donations through our ZCITY App to the Kentang Charity, which we have collaborated with, or apply donations to other charitable entities. 8. Zstore e-Mall Zstore is ZCITY App’s e-mall service that offers group-buys and instant rebate to users with embedded AI and big data analytics to provide an express shopping experience. Reward Points. Operating under the hashtag #RewardsOnRewards, we believe the ZCITY App reward points program encourages users to sign up on the App, as well as increasing user engagement and spending on purchases/repeat purchases and engenders user loyalty. Furthermore, we believe the simplicity of the steps to obtaining Reward Points (or “RP”) is an attractive incentive to user participation in that participants receive: · 200 RP for registration as a new user; · 100 RP for referral of a new user; · Conversion of Malaysian ringgit spent into RP; · 50% RP of every referred user paid amount as a result of the referral; and · Spin & Win eligibility to receive RP (which may be “doubled up” when participants share the Spin & Win program on social media). The key objectives of our RP are: · Social Engagement: RP are offered to users for increased social engagement. · Spending: RP incentivizes users with every MYR spent in order to increase the spending potential and to build users loyalty. · Sign-up: Drives loyalty and greater customer engagement. Every new user onboarded will get 200 RP as a welcoming gift. · Referral Program: Rewards users with RP when they refer a new user Offline Merchant When using our ZCITY App to make payment to a registered physical merchant, the system will automatically calculate the amount of RP to deduct. The deducted RP amount is based on the percentage of profit sharing as with the merchant and the available RP of the user. Online Merchant When using our ZCITY App to pay utility bills or purchase any e-vouchers, our system shows the maximum RP deduction allowed and the user determines the amount of discount deducted subject to maximum deductions described below and the number of RP owned by such user. Different features have different maximum deduction amounts. For example, for bill payments, the maximum deduction is up to 3% of the bill amount. For e-vouchers, the maximum deduction is up to 5% of the voucher amount. In order to increase the spending power of the user, our ZCITY App RP program will credit RP to the user for all MYR paid. Merchant Facing Business At present, our ZCITY merchants are concentrated in the F&B and lifestyle sectors. Moving forward, we plan to expand our product/service offering to include grocery stores, convenience stores, “micro-SME” (“small to medium size enterprises”), loan programs, affiliate programsand advertising agencies. --- We believe that ZCITY’s Tazte Smart F&B System, which we plan to launch in the second quarter of 2022, will provide merchants with a one-stop automated solution to digitalize their business. It will offer an innovative and integrated technology ecosystem that addresses and personalizes each merchant’s technological needs and will be at the forefront of creating a smart consumer experience, thereby eliminating conventional and outdated standalone point of sale (or “POS”) systems. Tazte will allow merchants to effortlessly record transactions with online payment or QR digital payment technology, set discounts and execute RP redemptions and rewards online, all via our ZCITY App. It utilizes ZCITY App’s CRM analytics software to attract and retain consumers through personalized, data-driven engagement to generate greater profitability. Tazte Smart F&B System will also feature a ‘Deviceless Queue System’ that reduces staff headcount and a private domain delivery service that will allow merchants access to multiple dedicated delivery partners to ensure outstanding delivery service to consumers. Our principal executive offices are located at 276 5th Avenue, Suite 704 #739, New York, New York 10001 and 45, Jalan USJ21/10 USJ 21 47640 Subang Jaya Selangor, Malaysia.
AI Analysis | Feedback
Here are 1-3 brief analogies for Treasure Global:
- Southeast Asia's PayPal Honey for online and offline shopping and payments.
- A Grab or GoJek-style 'super app' primarily for payments, loyalty, and deals across online and physical stores.
- Like Square or Toast's merchant system, but tightly linked to a consumer loyalty and payment app.
AI Analysis | Feedback
- ZCITY App: An online-to-offline (O2O) e-commerce platform that provides instant rebates, affiliate cashback, and a seamless e-payment solution for consumers across online and physical merchants.
- ZCITY App Reward Points (RP) Program: A loyalty program integrated within the ZCITY App designed to incentivize user sign-ups, social engagement, spending, and referrals through various earning and redemption opportunities.
- ZCITY App Bill Payment & e-Voucher Services: Functions within the ZCITY App allowing users to pay utility bills and purchase branded e-vouchers, both with instant discounts and reward points.
- Zstore e-Mall: An e-commerce mall service within the ZCITY App offering group-buys and instant rebates, enhanced by AI and big data analytics for an optimized shopping experience.
- Tazte Smart F&B System: An integrated, automated solution for F&B merchants providing tools for digitalized transactions, discount management, CRM analytics, queue management, and delivery services.
AI Analysis | Feedback
Treasure Global (TGL) primarily serves individual consumers, acting as an online-to-offline (O2O) e-commerce platform that connects users with various merchants and services. The company's ZCITY App targets a broad consumer base seeking convenience, rewards, and discounts in their daily transactions.
The up to three major categories of individual customers Treasure Global serves are:
- Everyday Digital Spenders: These are individuals who leverage the ZCITY App for their routine cashless transactions, encompassing a wide range of activities such as paying utility bills (water, phone, internet, TV), making purchases at registered physical retailers (e.g., F&B, lifestyle sectors), and engaging in e-commerce. They are attracted by the convenience of a consolidated payment gateway and the instant rebates and rewards earned on their everyday spending.
- Reward and Discount Maximizers: This category comprises consumers who are specifically drawn to the ZCITY App's extensive "RewardsOnRewards" program. These users actively seek out personalized deals, participate in gamified features like "Spin & Win," benefit from referral programs, and strategically redeem ZCITY Reward Points (RP) and ZCITY Cash Vouchers to maximize discounts and savings on their purchases and payments.
- Affiliate & E-Voucher Shoppers: This segment includes individuals who utilize the ZCITY App as a portal to access affiliate e-commerce platforms (such as Shopee and Lazada) to earn additional rewards, thereby enhancing their online shopping experience. It also includes users who regularly purchase branded e-vouchers through the ZCITY App, benefiting from instant discounts and reward points on these digital purchases.
AI Analysis | Feedback
IPAY88
Touch’n Go eWallet
Boost eWallet
Grab Holdings Limited (symbol: GRAB)
FPX
Visa (symbol: V)
Mastercard (symbol: MA)
AI Analysis | Feedback
Carlson Thow, Chief Executive OfficerMr. Thow was appointed CEO of Treasure Global in June 2024. Previously, he served as the Group Chief Legal Officer at VCI Global Limited, a Nasdaq-listed entity. In that role, he was instrumental in the company's transition to a publicly listed entity on Nasdaq, driving revenue growth and enhancing shareholder value. His background includes extensive experience in corporate leadership, business strategy, mergers, acquisitions, capital markets, and corporate finance. He holds degrees in law and business administration and has practiced law specializing in mergers, acquisitions, and corporate financing.
Pusparajan a/l Vadiveloo, Chief Financial Officer
Mr. Vadiveloo was promoted to Chief Financial Officer of Treasure Global, effective December 17, 2025, succeeding Chan See Wah. Prior to this role, he served as the company's financial controller. He brings over 11 years of experience in accounting and finance, with expertise across the information technology, telecommunications, and manufacturing industries. Mr. Vadiveloo holds a bachelor's degree in accounting and is a member of the Malaysian Institute of Accountants. His previous roles include Manager of Finance and Administration at Longbow Solutions Sdn. Bhd. and Assistant Manager of Accounts and Treasury at Smart Glove Corporation Sdn. Bhd.
Henry Chai, Chief Operating Officer
Mr. Chai was appointed Chief Operating Officer in June 2024. He contributes a wealth of strategic vision and insights to the company, particularly in overseeing technology operations within blockchain companies. His expertise extends to managing software development for broker management systems that interface with major exchanges such as Bursa Malaysia, SGX, Nasdaq, and NYSE. Mr. Chai has extensive experience in technology development, product testing, operational maintenance, and driving new business initiatives.
AI Analysis | Feedback
Key Risks to Treasure Global (TGL)
- Intense Competition and Challenges in User and Merchant Acquisition and Retention: Treasure Global operates the ZCITY App in a highly competitive market, as indicated by "SEA consumers have access to a plethora of smart ordering, delivery and “loyalty” websites and apps." The company's mission to become "Malaysia’s top reward and payment gateway platform" and expand across Southeast Asia and Japan faces significant challenges from established and emerging competitors vying for consumers and merchants. Successfully acquiring new users and merchants, and retaining them through personalized deals, reward points, and the Zstore e-Mall, requires continuous innovation, substantial marketing efforts, and effective differentiation, which can be difficult in a crowded digital landscape. The entire business model relies on a growing and engaged user base and merchant network.
- Dependence on Third-Party Payment Gateways and E-Wallet Providers: The ZCITY App's core functionality relies heavily on partnerships with "Malaysia’s leading payment gateway, IPAY88" and "trusted and leading e-wallet providers such as Touch’n Go eWallet, Boost eWallet, GrabPay eWallet and credit card/online banking like the “FPX” (the Malaysian Financial Process Exchange) as well as more traditional providers such as Visa and Mastercard." Any disruption to these critical partnerships, changes in their terms, or issues with their reliability or security could severely impact Treasure Global's ability to process payments and offer its seamless cashless shopping experience, thereby undermining a fundamental aspect of its service offering.
- Reliance on Technology and Cybersecurity: Treasure Global emphasizes its "proprietary artificial intelligence (or “AI”) technology" as a "unique market differentiator" for personalizing deals and analyzing consumer behavior. The business is inherently dependent on the continuous development, maintenance, and security of the ZCITY App and its underlying technology, including the planned Tazte Smart F&B System. Any failure to keep the technology updated, significant system outages, data breaches, or cybersecurity attacks could compromise user data, erode trust, disrupt operations, and negate the company's technological advantages.
AI Analysis | Feedback
The primary emerging threat to Treasure Global (TGL) is the potential for the major e-wallet providers and "super-apps" in Southeast Asia, with whom ZCITY currently partners for payment processing (e.g., Touch’n Go eWallet, Boost eWallet, GrabPay eWallet) and affiliate services (e.g., Shopee, Lazada), to significantly enhance and integrate their own comprehensive loyalty, rebate, and AI-driven personalized deal programs. These dominant platforms possess vast existing user bases, extensive transaction data, and established merchant networks. If they choose to directly incorporate and aggressively promote ZCITY’s core "rewards on rewards" and personalized deal functionalities within their own applications, they could leverage their scale to offer a more seamless and integrated experience, potentially making TGL’s ZCITY App less appealing or even redundant as an intermediary layer for users seeking such benefits.
AI Analysis | Feedback
Treasure Global (TGL) operates in several significant addressable markets primarily within Southeast Asia and Japan through its ZCITY App and Tazte Smart F&B System.
ZCITY App (Online-to-Offline E-commerce, Digital Payments, Loyalty Programs)
The ZCITY App, which serves as an online-to-offline (O2O) e-commerce platform offering digital payment solutions with rebates and loyalty programs, targets consumers in Southeast Asia and Japan.
Southeast Asia
- The e-commerce market in Southeast Asia was valued at approximately USD 139 billion in 2023, USD 184 billion in 2024, and USD 269.63 billion in 2025. It is projected to reach USD 325 billion by 2028 and USD 1,480.47 billion by 2034.
- The digital payments market in Southeast Asia was part of a larger fintech market that reached USD 907 billion in 2024, with digital payments and transfers comprising 46.8% of this volume. This market is projected to reach USD 1,174 billion by 2025, and is expected to grow from USD 120 billion in 2023 to USD 306 billion by 2028.
- The loyalty programs market across Asia (including Southeast Asia) is projected to grow from USD 46.9 billion in 2023 to USD 74.1 billion by 2028. The Asia Pacific loyalty market is expected to increase from USD 30.81 billion in 2024 to reach USD 60.03 billion by 2029.
Japan
- Japan's e-commerce market was valued at around USD 380 billion in 2024 and is anticipated to expand to approximately USD 465 billion by the end of 2027.
- The digital payments market in Japan was estimated at USD 7010.18 million in 2024 and is anticipated to reach USD 21875.87 million by 2035. More specifically, the mobile payments market size stood at USD 0.36 trillion in 2026 and is projected to reach USD 1.41 trillion by 2031. The digital wallet market alone is projected to rise to USD 227.19 billion by 2026 and approximately USD 324.49 billion by 2030.
- The loyalty programs market in Japan is expected to reach USD 3.87 billion by 2025, USD 3.54 billion by 2026, and is projected to expand to US$5.48 billion by the end of 2030. Another report estimates the market at USD 363.0 million in 2025, reaching USD 1,813.5 million by 2034.
Tazte Smart F&B System (F&B Digitalization, POS Systems, Delivery Services for Merchants)
The Tazte Smart F&B System aims to digitalize F&B businesses, encompassing POS systems and delivery services for merchants.
Southeast Asia
- The foodservice market in Southeast Asia was valued at US$667 billion in 2023 and is projected to reach US$900 billion by 2028. The foodservice segment specifically is poised to grow from US$192.43 billion in 2024 to US$349.05 billion by 2029. Another estimate values the market at USD 223.80 billion in 2025, forecasting it to reach USD 465.45 billion by 2031.
- The online food delivery market in Southeast Asia was valued at USD 5,536.7 million in 2024 and is expected to reach USD 19,722.8 million by 2033. The Gross Merchandise Value (GMV) for food delivery in Southeast Asia grew to US$22.7 billion in 2025.
Japan
- The Japanese foodservice market was valued at USD 236.29 billion in 2023 and is projected to increase to USD 475.46 billion by 2030. The overall food and beverage market in Japan is anticipated to reach approximately USD 435 billion in 2025.
- The food technology market in Japan generated a revenue of USD 9,630.9 million in 2023 and is expected to reach USD 18,710.9 million by 2030.
- The Point-of-Sale (POS) terminal market in Japan was valued at USD 7.8 billion in 2025 and is estimated to reach USD 15.3 billion by 2034. The Japan POS market is also expected to reach USD 1.876 billion by 2026.
AI Analysis | Feedback
Treasure Global (TGL) anticipates significant revenue growth over the next 2-3 years, driven by a strategic focus on expanding its fintech and digital asset ecosystem, enhancing its core platforms, and entering new high-margin verticals. Key expected drivers of this growth include:
- Launch and Integration of OXI Wallet: The company projects substantial revenue growth by 2026, largely fueled by the planned launch of the OXI Wallet in the first half of 2026. This institutional-grade digital asset platform is designed to handle up to $10 billion in user assets and will integrate with the existing ZCITY ecosystem, generating diverse revenue streams from wallet fees, debit card transactions, listing fees, and future asset tokenization.
- UNIRWA Real-World Asset (RWA) Tokenization Partnership: Treasure Global, through its subsidiary Tadaa Technologies, has secured an exclusive partnership to manage 200 million UNIRWA tokens, projected to be valued at $100 million. These asset-backed tokens will target the burgeoning real estate and hospitality sectors in Southeast Asia, utilizing the OXI Wallet infrastructure. Revenue generation is expected from management fees, transaction fees, and tokenization service fees, marking the company's entry into the regulated RWA finance sector.
- Acquisition of Quarters Elite: The acquisition of Quarters Elite, which manages approximately $150 million in client assets with around 350 advisors and 3,000 clients, is a significant contributor to the projected revenue growth by 2026. This acquisition is expected to establish recurring revenue streams by expanding Treasure Global's footprint in financial services.
- Expansion and Enhanced Monetization of ZCITY Super App with AI and New Features: The ZCITY App is being transformed into an AI-driven "Super App," integrating features such as secured messaging, digital asset wallets, and micro-financing solutions. This initiative aims to boost user engagement and retention through AI-powered personalized cashback rewards and an expansion into higher-margin revenue channels. Furthermore, ZCITY is venturing into Mobile Virtual Network Operator (MVNO) services with AI-powered crypto mining capabilities, anticipating a fivefold increase in monthly revenue to US$2 million within the next 12 months, and an annual growth of US$25 million. Partnerships for interactive mini-game modules are also expected to increase user engagement.
- Increased Adoption and Expansion of Tazte Smart F&B System: The Tazte Smart F&B System is identified as a crucial new revenue stream, expected to enhance ZCITY's profit and margins by charging merchants based on monthly gross merchandise value. The company plans to broaden its product and service offerings to merchants beyond the food and beverage sector, including grocery stores, convenience stores, and micro-SMEs, leveraging Tazte to support their digitalization efforts. This focus on higher-margin channels like F&B is a deliberate strategic shift.
AI Analysis | Feedback
Share Issuance
- Treasure Global completed a registered direct offering of common stock in December 2025, generating gross proceeds of $2,500,000.
- The company is undertaking an "at-the-market" stock offering of up to $10,085,000 of common stock.
- A 1-for-20 reverse stock split was implemented on December 5, 2025.
Outbound Investments
- Treasure Global has pursued letters of intent and agreements for acquisitions, including Quarters Elite Advisory Sdn. Bhd.
Capital Expenditures
- Capital expenditures amounted to -$989,612 over the last 12 months.
- In the most recent quarter, capital expenditures totaled -$0.645 million.
- The company has experienced an annual 5-year growth in capital expenditure of 112.5%.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Would You Still Hold Treasure Global Stock If It Fell Another 30%? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 32.85 |
| Mkt Cap | 14.5 |
| Rev LTM | 3,972 |
| Op Inc LTM | 364 |
| FCF LTM | 654 |
| FCF 3Y Avg | 396 |
| CFO LTM | 714 |
| CFO 3Y Avg | 448 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 23.4% |
| Rev Chg 3Y Avg | 18.4% |
| Rev Chg Q | 21.9% |
| QoQ Delta Rev Chg LTM | 4.8% |
| Op Inc Chg LTM | 6.4% |
| Op Inc Chg 3Y Avg | 72.1% |
| Op Mgn LTM | 5.6% |
| Op Mgn 3Y Avg | 1.3% |
| QoQ Delta Op Mgn LTM | -0.4% |
| CFO/Rev LTM | 18.9% |
| CFO/Rev 3Y Avg | 19.4% |
| FCF/Rev LTM | 16.3% |
| FCF/Rev 3Y Avg | 17.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 14.5 |
| P/S | 2.2 |
| P/Op Inc | 5.9 |
| P/EBIT | 5.8 |
| P/E | 7.5 |
| P/CFO | 7.5 |
| Total Yield | 1.8% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 3.2% |
| D/E | 0.0 |
| Net D/E | -0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -10.5% |
| 3M Rtn | 4.8% |
| 6M Rtn | -30.9% |
| 12M Rtn | -42.5% |
| 3Y Rtn | -35.9% |
| 1M Excs Rtn | -10.7% |
| 3M Excs Rtn | -4.8% |
| 6M Excs Rtn | -16.5% |
| 12M Excs Rtn | -64.8% |
| 3Y Excs Rtn | -109.5% |
Price Behavior
Price Behavior
| Market Price | $4.39 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 08/11/2022 | |
| Distance from 52W High | -86.5% | |
| 50 Days | 200 Days | |
| DMA Price | $4.13 | $10.08 |
| DMA Trend | down | indeterminate |
| Distance from DMA | 6.4% | -56.5% |
| 3M | 1YR | |
| Volatility | 62.4% | 7,446.8% |
| Downside Capture | 148.01 | 551.82 |
| Upside Capture | 113.45 | 169.38 |
| Correlation (SPY) | 26.0% | 1.3% |
TGL Betas & Captures as of 5/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.09 | 1.29 | 1.31 | 11.70 | 6.57 | 2.03 |
| Up Beta | 6.29 | 0.58 | 0.41 | -184.39 | -101.75 | -14.82 |
| Down Beta | 3.69 | 4.58 | 1.01 | 0.28 | 2.30 | 1.39 |
| Up Capture | 158% | 147% | 137% | 11773% | 244% | -7% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 9 | 20 | 28 | 51 | 102 | 296 |
| Down Capture | 228% | 118% | 211% | 325% | 218% | 114% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 10 | 19 | 33 | 71 | 139 | 431 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TGL | |
|---|---|---|---|---|
| TGL | -85.3% | 7,431.9% | 0.95 | - |
| Sector ETF (XLK) | 53.4% | 22.0% | 1.86 | 2.9% |
| Equity (SPY) | 25.3% | 12.1% | 1.57 | 1.1% |
| Gold (GLD) | 27.6% | 26.9% | 0.88 | -1.1% |
| Commodities (DBC) | 36.9% | 19.0% | 1.52 | 2.3% |
| Real Estate (VNQ) | 12.5% | 13.3% | 0.63 | -1.1% |
| Bitcoin (BTCUSD) | -39.7% | 42.2% | -1.08 | -6.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TGL | |
|---|---|---|---|---|
| TGL | -91.9% | 3,816.9% | 0.44 | - |
| Sector ETF (XLK) | 22.1% | 25.1% | 0.78 | 1.7% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 0.7% |
| Gold (GLD) | 17.3% | 18.1% | 0.78 | -0.6% |
| Commodities (DBC) | 9.5% | 19.4% | 0.38 | 1.8% |
| Real Estate (VNQ) | 3.2% | 18.8% | 0.07 | -0.1% |
| Bitcoin (BTCUSD) | 12.1% | 54.6% | 0.42 | -2.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TGL | |
|---|---|---|---|---|
| TGL | -71.5% | 3,816.9% | 0.44 | - |
| Sector ETF (XLK) | 24.8% | 24.6% | 0.91 | 1.7% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 0.7% |
| Gold (GLD) | 13.0% | 16.0% | 0.67 | -0.6% |
| Commodities (DBC) | 7.1% | 18.0% | 0.32 | 1.8% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.24 | -0.1% |
| Bitcoin (BTCUSD) | 63.9% | 66.9% | 1.03 | -2.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/20/2026 | 10-Q |
| 12/31/2025 | 02/23/2026 | 10-Q |
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 10/14/2025 | 10-K |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-Q |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 09/30/2024 | 10-K |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 02/14/2024 | 10-Q |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 09/28/2023 | 10-K |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 02/14/2023 | 10-Q |
| 09/30/2022 | 12/19/2022 | 10-Q |
| 06/30/2022 | 12/05/2022 | 10-K |
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Application Software Resources |
| Capterra |
| Software Advice |
| InfoWorld |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.
Core Cache Last Updated: 6/5/2026