LUD // Luda Technology Group Limited

DES <GO> NYSE RQD COCKPIT → CIK 0001984124 ↗

Materials • Steel/Iron Ore

$3.63 ▼ -0.28 (-7.05%)

MKT CAP: $88.5M • VOL: 1.8K

52W L $3 52W H $24

ALTMAN Z

3.30 SAFE

PIOTROSKI

3 / 9

LUD // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

▼ DOWNGRADE // D- (RQD 38) -> E (RQD 28) AS OF 2026-11-02

ROARABLE E

RQD CONFIDENCE

28 / 100 -10D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Strong Sell — Forensic Risk / Avoid

01 MASSIVE / SEC XBRL

Forensic Fundamentals

5 / 20

CRITICAL

FCF -120% vs NI +0% • ROIC-WACC -13.3% • Z 3.3

02 INSTITUTIONAL TAPE & TREND

Whale & Options Flow

6 / 20

CRITICAL

52W RANGE 5% • VS 200D -20.9% • RSI 51.5

03 SEC XBRL CAPITAL ALLOCATION

Insider & Capital Conviction

[LOCKED] FLAGGED

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04 FRED 90D r-MATRIX

Macro Regime Fit

5 / 20

CRITICAL

HEADWIND • r(10Y)=-0.01 (+23bp) • r(OAS)=-0.06

05 10-K REDLINE AUDIT

Forensic 10-K Risk

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ALERT

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SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON LUD)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▲ BULLISH // MACRO TAILWIND SCORE (96/100)SIFTER 05 // TRUE NET LIQUIDITY BETA

SEVERITY: 94/100 Z-SCORE: +3.88σ

LUD Exhibits 3.70x True Net Liquidity Elasticity as Fed-TGA-RRP Prints $5,746B

TRUE NET LIQUIDITY

$5,746B (-0.64% 4W)

NET LIQUIDITY ELASTICITY

3.70x BETA (r=-0.16)

MACRO TAILWIND SCORE

96 / 100

[GEEK DESK FORENSIC NOTE // FRED WALCL - TGA - RRP × 5Y BETA]

FRED Fed Assets (WALCL)US Treasury TGA (WTREGEN) + ON RRPICE BofA High-Yield OAS + 5Y Equity Beta

Wall Street's True Net Liquidity Index (WALCL minus Treasury General Account WTREGEN minus Overnight RRP) stands at $5,745.73B (-0.64% 4-week RoC; High-Yield OAS +2 bps). Rolling 5-year regression assigns Luda Technology Group Limited (LUD) a 3.70x Net Liquidity beta (r = -0.16), placing it in the top decile of liquidity-sensitive equities. Current plumbing translates to a deterministic Macro Tailwind Score of 96/100.

LUD // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -40.00%⚡ TESTING RESISTANCE

2026-11-02O $3.82H $3.90L $3.63C $3.63VOL 812

RES: $3.87SUP: $3.06SMA50: $4.00SMA200: $4.93

LUD // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

UNDERWEIGHT CONVICTION: 28/100

BEAR 0

100 BULL

Luda Technology Group Limited (LUD) exhibits 17.7% gross margins and -4.7% return on invested capital within Materials (Steel/Iron Ore), balanced against a 158.9x enterprise multiple and 4.8% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 17.7% gross profitability converts into -3.2% operating margin and -4.7% ROIC, outpacing sector cost of capital.

ROIC: -4.7% // GM: 17.7%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of -25.3% paired with -2.45% free cash flow yield supports self-funded R&D and capital return.

REV YOY: -25.3% // FCF YLD: -2.45%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 3.30 and Piotroski F-Score of 3/9 indicate low near-term refinancing stress.

ALTMAN Z: 3.30 // F-SCORE: 3/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 158.9x trailing P/E (140.0x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 158.9x // EV/EBITDA: —

02. Options Skew & Event Volatility Risk

Options market prices a ±5.2% implied move with a 0.85 put/call ratio around $3.63 max pain.

IMPL MOVE: ±5.2% // P/C: 0.85

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Steel/Iron Ore require continuous execution to defend 1.7% net margins.

NET MARGIN: 1.7% // D/E: 0.45x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 140.0x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.10).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E 158.9x

FORWARD P/E 140.0x

EV / EBITDA —

FCF YIELD -2.45%

GROSS MARGIN 17.7%

OPERATING MARGIN -3.2%

NET MARGIN 1.7%

ROIC % -4.7%

REV GROWTH YOY -25.3%

DILUTED EPS TTM $0.02

DEBT / EQUITY —

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 51.5

5Y EQUITY BETA —

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // LUDPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $3.32

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for LUD & activate live FRED threshold breach alerts.

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