US$48.5 Million in Revenue, US$5.6 Million in Market Value: TNMG’s 0.12 Price-to-Sales Ratio
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Collected in Robin Shen’s Field Notes · Content type and attribution are shown above
English translation of the Chinese post originally published 2025-12-21. Translated 2026-10-30 with AI assistance. Historical figures and claims have not been updated or independently verified. 中文原文
Reading guide
Robin observes that TNMG, an Asia-focused next-generation digital technology and media group listed on Nasdaq, had reached a market capitalization of US$5.6 million. Its businesses span media, AI, traffic, data analytics, advertising technology, ecommerce, and B2B. It attracts more than 45 million unique users each month, with Japan its largest market and Taiwan second. Yet with 2024 revenue of US$48.5 million, its price-to-sales ratio was only 0.12. Robin poses two questions: might a Taiwan listing offer the chance of a tenfold market valuation? And does the group need such a wide range of businesses, or would it be better to focus on one or two and make them globally competitive?
Key points
- TNMG had over 45 million monthly unique users, with Japan first and Taiwan second.
- 2024 revenue was US$48.5 million, market value US$5.6 million, and price-to-sales 0.12.
- Could a Taiwan listing offer a tenfold market valuation?
- Cover every business, or focus on one or two and compete globally?
Full text — English translation
These articles are personal notes, book excerpts, and collected reprints. Figures and events reflect the time of the original publication, are not current information, and do not constitute investment advice.
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