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Equity Bottom-Up

Yue Yuen Industrial Holdings / Equity Bottom-Up

<ul>
 <li>
World's Largest Footwear Manufacturer: Yue Yuen is the global leader in athletic and casual footwear manufacturing, producing for top-tier brands like Nike, Adidas, and New Balance. Its immense scale provides significant competitive advantages.</li>
 <li>
Dual Business Model with Integrated Retail: The company operates a core manufacturing (OEM/ODM) business and a significant sportswear retail and distribution arm in Greater China, Pou Sheng International (3813 HK). This provides diversification and end-to-end solutions for its brand partners.</li>
 <li>
Challenging Near-Term Outlook but Attractive Valuation: While facing headwinds from rising labor costs, geopolitical uncertainties, and soft consumer demand in its retail segment, the company's valuation appears compelling. Strong recent growth in net income and a high dividend yield present a potentially attractive risk/reward profile for long-term investors.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
World's Largest Footwear Manufacturer: Yue Yuen is the global leader in athletic and casual footwear manufacturing, producing for top-tier brands like Nike, Adidas, and New Balance. Its immense scale provides significant competitive advantages.
  
Dual Business Model with Integrated Retail: The company operates a core manufacturing (OEM/ODM) business and a significant sportswear retail and distribution arm in Greater China, Pou Sheng International (3813 HK). This provides diversification and end-to-end solutions for its brand partners.
  
Challenging Near-Term Outlook but Attractive Valuation: While facing headwinds from rising labor costs, geopolitical uncertainties, and soft consumer demand in its retail segment, the company's valuation appears compelling. Strong recent growth in net income and a high dividend yield present a potentially attractive risk/reward profile for long-term investors.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Yue Yuen Industrial Holdings (551 HK) - Oct 2025

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

<ul>
<li>The HK market is moving, and the share prices of high-yield companies are increasing. Despite the average YTD returns of 36%, stocks are trading at 5-16% dividend yields.</li>
<li>We touch upon our initiations <a href="https://www.smartkarma.com/insights/nameson-holdings-1982-hk-17-dividend-yield-can-be-sustained-and-improved-long-term" target="_blank" data-smartkarma-citation="insights:161973" rel="noopener">Nameson Holdings (1982 HK): 17% Dividend Yield Can Be Sustained and Improved Long-Term</a> / <a href="https://www.smartkarma.com/insights/jnby-3306-hk-34-roce-track-record-10-dividend-yield-net-cash-business" target="_blank" data-smartkarma-citation="insights:162204" rel="noopener">JNBY (3306 HK): &gt;34% ROCE Track Record/10% Dividend Yield/Net Cash Business</a>. </li>
<li>We also highlight newsflow from <a href="https://www.smartkarma.com/entities/pacific-textiles-holdings" target="_blank" rel="noopener">Pacific Textiles (1382 HK)</a> on its operational update and <a href="https://www.smartkarma.com/entities/texwinca-holdings-ltd" target="_blank" rel="noopener">Texwinca Holdings' (321 HK)/</a><a href="https://www.smartkarma.com/entities/yue-yuen-industrial-holdings-limited" target="_blank" rel="noopener">Yue Yuen Industrial Holdings' (551 HK)</a> positive profit alert.</li>
</ul>


The HK market is moving, and the share prices of high-yield companies are increasing. Despite the average YTD returns of 36%, stocks are trading at 5-16% dividend yields.
We touch upon our initiations Nameson Holdings (1982 HK): 17% Dividend Yield Can Be Sustained and Improved Long-Term / JNBY (3306 HK): &gt;34% ROCE Track Record/10% Dividend Yield/Net Cash Business. 
We also highlight newsflow from Pacific Textiles (1382 HK) on its operational update and Texwinca Holdings' (321 HK)/Yue Yuen Industrial Holdings' (551 HK) positive profit alert.


HK-Listed Apparel & Footwear Screener:  Attractive Yield & Rapid Expansion Outside China - Nov 2024

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Hong Kong Alpha portfolio returned -2.89% in November versus +1.72% for its benchmark index. The HK Alpha portfolio has outperformed Hong Kong indexes by 33% to 45% since inception.</li>
<li>The portfolio continues to generate 57% of its returns from alpha (idiosyncratic returns) while maintaining a Sharpe ratio of 2.19 YTD.</li>
<li>We have sold positions in the materials and industrials sectors and added positions in telecom, gold, and insurance industries at the end of November.</li>
</ul>


The Hong Kong Alpha portfolio returned -2.89% in November versus +1.72% for its benchmark index. The HK Alpha portfolio has outperformed Hong Kong indexes by 33% to 45% since inception.
The portfolio continues to generate 57% of its returns from alpha (idiosyncratic returns) while maintaining a Sharpe ratio of 2.19 YTD.
We have sold positions in the materials and industrials sectors and added positions in telecom, gold, and insurance industries at the end of November.


HONG KONG ALPHA PORTFOLIO: (November 2025)

<ul>
<li>We met with <a href="https://www.smartkarma.com/entities/jnby-design-ltd" target="_blank" data-smartkarma-citation="entities:23642:1" rel="noopener">JNBY Design Ltd (3306 HK)</a>, <a href="https://www.smartkarma.com/entities/lever-style-corporation" target="_blank" data-smartkarma-citation="entities:35760:1" rel="noopener">Lever Style (1346 HK)</a>, and <a href="https://www.smartkarma.com/entities/nameson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22670:1" rel="noopener">Nameson Holdings (1982 HK)</a> in HK. Positive developments in the businesses make them all names to explore.</li>
<li>With a 50% tariff imposed on India by the US, Vietnam's factories have now become the busiest in the region, which is a positive read-through for <a href="https://www.smartkarma.com/entities/nameson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22670:1" rel="noopener">Nameson Holdings (1982 HK)</a> </li>
<li>The retail environment, though, is mixed with <a href="https://www.smartkarma.com/entities/jnby-design-ltd" target="_blank" data-smartkarma-citation="entities:23642:1" rel="noopener">JNBY Design Ltd (3306 HK)</a>, seeing good sales momentum, while <a href="https://www.smartkarma.com/entities/lever-style-corporation" target="_blank" data-smartkarma-citation="entities:35760:1" rel="noopener">Lever Style (1346 HK)</a> remains flattish. </li>
</ul>


We met with JNBY Design Ltd (3306 HK), Lever Style (1346 HK), and Nameson Holdings (1982 HK) in HK. Positive developments in the businesses make them all names to explore.
With a 50% tariff imposed on India by the US, Vietnam's factories have now become the busiest in the region, which is a positive read-through for Nameson Holdings (1982 HK) 
The retail environment, though, is mixed with JNBY Design Ltd (3306 HK), seeing good sales momentum, while Lever Style (1346 HK) remains flattish. 


HK-Listed Apparel & Footwear Screener Oct 2025: HK Meetings With JNBY, Leverstyle, and Nameson

<ul>
<li>With a 50% tariff imposed on India by the US, Vietnam's factories have now become the busiest in the region. Our textile stocks have rallied slightly in response to this. </li>
<li>Corroborating Vietnam's strength was <a href="https://www.smartkarma.com/insights/dream-international-1126-hk-post-results-call-moving-into-a-great-peak-season" target="_blank" data-smartkarma-citation="insights:200438" rel="noopener">Dream International (1126 HK) Post Results Call: Moving Into A Great Peak Season, </a>and now recently <a href="https://www.smartkarma.com/entities/nameson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22670:1" rel="noopener">Nameson Holdings (1982 HK)</a> and <a href="https://www.smartkarma.com/entities/stella-international" target="_blank" data-smartkarma-citation="entities:7610:1" rel="noopener">Stella International (1836 HK)</a> </li>
<li>
<a href="https://www.smartkarma.com/entities/nameson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22670:1" rel="noopener">Nameson Holdings (1982 HK)</a> trades at 6x PE trailing with a 13% dividend yield. However, as we enter peak season with busy factories, we believe the situation could improve significantly. </li>
</ul>


With a 50% tariff imposed on India by the US, Vietnam's factories have now become the busiest in the region. Our textile stocks have rallied slightly in response to this. 
Corroborating Vietnam's strength was Dream International (1126 HK) Post Results Call: Moving Into A Great Peak Season, and now recently Nameson Holdings (1982 HK) and Stella International (1836 HK) 

Nameson Holdings (1982 HK) trades at 6x PE trailing with a 13% dividend yield. However, as we enter peak season with busy factories, we believe the situation could improve significantly. 


HK-Listed Apparel & Footwear Screener Sept 2025: On Nameson (1982 HK), Building On The 13% Div Yield

Hong Kong

Yue Yuen Industrial (Holdings) Limited, through its subsidiaries, manufactures and markets athletic, athletic style leisure, and casual and outdoor footwear.

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Yue Yuen Industrial Holdings (551 HK)

Primer: Yue Yuen Industrial Holdings (551 HK) - Oct 2025

World's Largest Footwear Manufacturer: Yue Yuen is the global leader in athletic and casual footwear manufacturing, producing for top-tier...

αSK

HK-Listed Apparel & Footwear Screener: Attractive Yield & Rapid Expansion Outside China - Nov 2024

We compile a list of ten high-yielding/net cash or low-net debt stocks in HK's apparel/footwear value chain. Despite the recent rally in HK,...

Sameer Taneja

HONG KONG ALPHA PORTFOLIO: (November 2025)

We made small changes to the HK Alpha portfolio mid-month. At the close on 12/12 we sold all of First Pacific (142 HK) and added 2% to our...

David Mudd

HK-Listed Apparel & Footwear Screener Oct 2025: HK Meetings With JNBY, Leverstyle, and Nameson

Summary of meetings with IR/management of JNBY, Nameson, and Leverstyle in Hong Kong and key investment opportunities in the listed HK textile...

Sameer Taneja

HK-Listed Apparel & Footwear Screener Sept 2025: On Nameson (1982 HK), Building On The 13% Div Yield

Channel checks show Vietnam factory utilization rising after a 50% tariff on India. Chinese firms with Vietnam operations are the primary...

Sameer Taneja

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