Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Equity Bottom-Up

<ul><li>As the global apparel industry navigated a mixed market environment into 1H26, marked by geopolitical uncertainties and logistics challenges from the Middle East conflict, Crystal delivered solid results with revenue up 5.4% y/y to US$1.30bn and net profit increasing by 10.6% y/y to US$108.7mn.</li><li>Backed by its strong order momentum and an accelerated expansion framework, we reiterate our BUY rating on Crystal with a new TP of HK$9.26 based on 12.0x 2027E P/E, implying 23.6% upside potential and 5.9% expected yield.</li><li>As of 30 Jun 2026, the company maintained a healthy capital position with a net cash position of US$439m.</li></ul>

As the global apparel industry navigated a mixed market environment into 1H26, marked by geopolitical uncertainties and logistics challenges from the Middle East conflict, Crystal delivered solid results with revenue up 5.4% y/y to US$1.30bn and net profit increasing by 10.6% y/y to US$108.7mn.Backed by its strong order momentum and an accelerated expansion framework, we reiterate our BUY rating on Crystal with a new TP of HK$9.26 based on 12.0x 2027E P/E, implying 23.6% upside potential and 5.9% expected yield.As of 30 Jun 2026, the company maintained a healthy capital position with a net cash position of US$439m.

Crystal Int. (2232 HK; BUY; TP:HK$9.26) – 1H26 11% NP Growth Despite Macro Frictions

<ul><li>Crystal International reported 11% NP growth for 1H26</li><li>As the global apparel industry navigated a mixed market environment into 1H26, marked by geopolitical uncertainties and logistics challenges from the Middle East conflict, Crystal (2232 HK; BUY) delivered solid results with revenue up 5.4% y/y to US$1.30bn and net profit increasing by 10.6% y/y to US$108.7mn.</li><li>Leveraging its diversified product portfolio and flexible production layout, it achieved steady performance across key product segments and major regions, including Asia-Pacific and Europe.</li></ul>

Crystal International reported 11% NP growth for 1H26As the global apparel industry navigated a mixed market environment into 1H26, marked by geopolitical uncertainties and logistics challenges from the Middle East conflict, Crystal (2232 HK; BUY) delivered solid results with revenue up 5.4% y/y to US$1.30bn and net profit increasing by 10.6% y/y to US$108.7mn.Leveraging its diversified product portfolio and flexible production layout, it achieved steady performance across key product segments and major regions, including Asia-Pacific and Europe.

Quam Morning Note (20 Aug) - Crystal Int.

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
<a href="https://smartkarma.com/entities/crystal-international-group-limited">Crystal International</a> is a global apparel manufacturer with a diversified product portfolio and a multi-country manufacturing footprint, positioning it to benefit from supply chain diversification trends.</li>
 <li>The company's "co-creation"business model fosters deep relationships with leading global brands, providing a competitive advantage through value-added services and integrated collaboration.</li>
 <li>Strong financial performance is demonstrated by consistent revenue and net income growth, coupled with a robust dividend payout history, indicating operational efficiency and a commitment to shareholder returns.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Crystal International is a global apparel manufacturer with a diversified product portfolio and a multi-country manufacturing footprint, positioning it to benefit from supply chain diversification trends.
  The company's "co-creation"business model fosters deep relationships with leading global brands, providing a competitive advantage through value-added services and integrated collaboration.
  Strong financial performance is demonstrated by consistent revenue and net income growth, coupled with a robust dividend payout history, indicating operational efficiency and a commitment to shareholder returns.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Crystal International (2232 HK) - Aug 2026

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sichuan-kelun-biotech-biopharm" target="_blank" data-smartkarma-citation="entities:40071:1" rel="noopener">Sichuan Kelun-Biotech Bio (6990 HK)</a>, <a href="https://www.smartkarma.com/entities/techtronic-industries-co-ltd" target="_blank" data-smartkarma-citation="entities:4561:1" rel="noopener">Techtronic Ind. (669 HK)</a>, <a href="https://www.smartkarma.com/entities/vesync" target="_blank" data-smartkarma-citation="entities:31067:1" rel="noopener">Vesync (2148 HK)</a>, <a href="https://www.smartkarma.com/entities/chervon-holdings-limited" target="_blank" data-smartkarma-citation="entities:35309:1" rel="noopener">Chervon Hldgs (2285 HK)</a>, and <a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> have a very high reliance on the US market.</li>
<li>
<a href="https://www.smartkarma.com/entities/vtech-holdings-ltd" target="_blank" data-smartkarma-citation="entities:18812:1" rel="noopener">Vtech Hldgs (303 HK)</a>, <a href="https://www.smartkarma.com/entities/samsonite-international-sa" target="_blank" data-smartkarma-citation="entities:12790:1" rel="noopener">Samsonite (1910 HK)</a>, <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home (6690 HK)</a>, and <a href="https://www.smartkarma.com/entities/tcl-multimedia-technology" target="_blank" data-smartkarma-citation="entities:15654:1" rel="noopener">Tcl Multimedia (1070 HK)</a> ranked lower on the list, but consumer cutbacks will have a bigger impact. </li>
<li>The spillover effect of a US recession to other countries will pressurise companies that have low direct exposure, like <a href="https://www.smartkarma.com/entities/orient-overseas-international" target="_blank" data-smartkarma-citation="entities:801:1" rel="noopener">Orient Overseas International (316 HK)</a> and <a href="https://www.smartkarma.com/entities/prada-s-p-a" target="_blank" data-smartkarma-citation="entities:889:1" rel="noopener">Prada S.P.A. (1913 HK)</a>.</li>
</ul>



Sichuan Kelun-Biotech Bio (6990 HK), Techtronic Ind. (669 HK), Vesync (2148 HK), Chervon Hldgs (2285 HK), and WuXi AppTec (2359 HK) have a very high reliance on the US market.

Vtech Hldgs (303 HK), Samsonite (1910 HK), Haier Smart Home (6690 HK), and Tcl Multimedia (1070 HK) ranked lower on the list, but consumer cutbacks will have a bigger impact. 
The spillover effect of a US recession to other countries will pressurise companies that have low direct exposure, like Orient Overseas International (316 HK) and Prada S.P.A. (1913 HK).


China & HK Strategy: Who Are the Victims of a US Recession?

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Hong Kong market quietly broke its downward trend channel last week, however the HSI met strong resistance at 18200 (100 Week Moving Average).</li>
<li>
<a href="https://www.smartkarma.com/entities/picc-property-casualty-h" target="_blank" data-smartkarma-citation="entities:350:1" rel="noopener">PICC Property &amp; Casualty H (2328 HK)</a> and <a href="https://www.smartkarma.com/entities/china-petroleum-chemical-h" target="_blank" data-smartkarma-citation="entities:369:1" rel="noopener">China Petroleum &amp; Chemical (386 HK)</a> broke to new highs relative to MSCI indices.  Sinopec may benefit from stronger RMB in 2H24.
</li>
<li><a href="https://www.smartkarma.com/entities/shenzhou-intl-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10415:1" rel="noopener">Shenzhou Intl Group Holdings (2313 HK)</a> had a short-term turnaround from its downtrend.  The company reported growth in sales and better margins in 2Q24.</li>
</ul>


Hong Kong market quietly broke its downward trend channel last week, however the HSI met strong resistance at 18200 (100 Week Moving Average).

PICC Property &amp; Casualty H (2328 HK) and China Petroleum &amp; Chemical (386 HK) broke to new highs relative to MSCI indices.  Sinopec may benefit from stronger RMB in 2H24.

Shenzhou Intl Group Holdings (2313 HK) had a short-term turnaround from its downtrend.  The company reported growth in sales and better margins in 2Q24.


Technically Speaking, Breakouts and Breakdowns: HONG KONG (SEPTEMBER 3)

Hong Kong

Crystal International is a global apparel manufacturer that produces a diversified portfolio of products, including lifestyle wear, denim, intimate apparel, sweaters, sportswear, and outdoor apparel. The company serves leading global brands through a "co-creation" business model. It was founded in Hong Kong in 1970.

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Crystal International (2232 HK)

Crystal Int. (2232 HK; BUY; TP:HK$9.26) – 1H26 11% NP Growth Despite Macro Frictions

As the global apparel industry navigated a mixed market environment into 1H26, marked by geopolitical uncertainties and logistics challenges from...

Quam Securities

Quam Morning Note (20 Aug) - Crystal Int.

Crystal International reported 11% NP growth for 1H26 As the global apparel industry navigated a mixed market environment into 1H26, marked by...

Quam Securities

Primer: Crystal International (2232 HK) - Aug 2026

Crystal International is a global apparel manufacturer with a diversified product portfolio and a multi-country manufacturing footprint,...

αSK Primers

China & HK Strategy: Who Are the Victims of a US Recession?

Reliance on the US market varies among HK-listed companies, with some having high direct exposure to a recession. Those with low direct exposure...

Osbert Tang, CFA

Technically Speaking, Breakouts and Breakdowns: HONG KONG (SEPTEMBER 3)

Hong Kong market broke its downtrend however it met strong resistance just above 18k. PICC and Sinopec broke to new highs relative to MSCI...

David Mudd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Crystal Int. (2232 HK; BUY; TP:HK$9.26) – 1H26 11% NP Growth Despite Macro Frictions

As the global apparel industry navigated a mixed market environment into 1H26, marked by geopolitical uncertainties and logistics challenges from...

Quam Securities

Quam Morning Note (20 Aug) - Crystal Int.

Crystal International reported 11% NP growth for 1H26 As the global apparel industry navigated a mixed market environment into 1H26, marked by...

Quam Securities

Primer: Crystal International (2232 HK) - Aug 2026

Crystal International is a global apparel manufacturer with a diversified product portfolio and a multi-country manufacturing footprint,...

αSK Primers

China & HK Strategy: Who Are the Victims of a US Recession?

​Reliance on the US market varies among HK-listed companies, with some having high direct exposure to a recession. Those with low direct exposure...

Osbert Tang, CFA

Technically Speaking, Breakouts and Breakdowns: HONG KONG (SEPTEMBER 3)

Hong Kong market broke its downtrend however it met strong resistance just above 18k. PICC and Sinopec broke to new highs relative to MSCI...

David Mudd

Reliance on the US market varies among HK-listed companies, with some having high direct exposure to a recession. Those with low direct exposure...