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

Equity Bottom-Up

<ul>
<li>This is a short follow-up on <a href="https://www.smartkarma.com/insights/hk-listed-apparel-footwear-screener-right-stocks-listed-in-the-wrong-market-attractive-yield-rapid-expansion-outside-china-sep-2024" target="_blank" data-smartkarma-citation="insights:158210" rel="noopener">HK-Listed Apparel &amp; Footwear Screener: Right Stocks Listed in the Wrong Market - Attractive Yield &amp; Rapid Expansion Outside China - Sep 2024</a> </li>
<li>To make the list more comprehensive, we added <a href="https://www.smartkarma.com/entities/jnby-design-ltd" target="_blank" rel="noopener">JNBY Design Ltd (3306 HK)</a>, which trades at 8x PE, has a 9% dividend yield, and is net cash.</li>
<li>
<span>We also have updates from <a href="https://www.smartkarma.com/entities/crystal-international-group" target="_blank" rel="noopener">Crystal International's (2232 HK)</a> interim report, which has a very positive future outlook.</span> </li>
</ul>


This is a short follow-up on HK-Listed Apparel &amp; Footwear Screener: Right Stocks Listed in the Wrong Market - Attractive Yield &amp; Rapid Expansion Outside China - Sep 2024 
To make the list more comprehensive, we added JNBY Design Ltd (3306 HK), which trades at 8x PE, has a 9% dividend yield, and is net cash.

We also have updates from Crystal International's (2232 HK) interim report, which has a very positive future outlook. 


High Dividend Yield HK-Listed Apparel & Footwear Screener:  Adding JNBY 3306 HK

<ul>
<li>Tariff introductions in Vietnam were 46%, PRC 34%, Bangladesh 37%, Indonesia 32%, etc, have rocked the textile complex, and share prices have reacted negatively. </li>
<li>The companies with the maximum revenue exposure to the US market are <a target="_blank" rel="noopener">Stella International (1836 HK)</a>, with 47%, <a target="_blank" rel="noopener">Crystal International (2232 HK)</a>, with 38%, and <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>, with 58%.</li>
<li>We anticipate that the negative sentiment will continue to hinder the sector until a reasonable negotiation occurs. In the meantime, there are no beneficiaries in this trade war.</li>
</ul>


Tariff introductions in Vietnam were 46%, PRC 34%, Bangladesh 37%, Indonesia 32%, etc, have rocked the textile complex, and share prices have reacted negatively. 
The companies with the maximum revenue exposure to the US market are Stella International (1836 HK), with 47%, Crystal International (2232 HK), with 38%, and Lever Style (1346 HK), with 58%.
We anticipate that the negative sentiment will continue to hinder the sector until a reasonable negotiation occurs. In the meantime, there are no beneficiaries in this trade war.


HK-Listed Apparel & Footwear Screener: Tariff Drag On The Sector

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>In this insight, we review the share price performances of the 14 companies/insights on the Asian Dividend Gems in 2025.</li>
<li>The 14 stocks in the Asian Dividend Gems published in 2025 are up on average 17.9% from the date of publishing the insight to current price.</li>
<li>The 14 companies included in the Asian Dividend Gems series this year currently have an average dividend yield of 5.4% and average SmartScore of 4.1 (out of 5.0).</li>
</ul>


In this insight, we review the share price performances of the 14 companies/insights on the Asian Dividend Gems in 2025.
The 14 stocks in the Asian Dividend Gems published in 2025 are up on average 17.9% from the date of publishing the insight to current price.
The 14 companies included in the Asian Dividend Gems series this year currently have an average dividend yield of 5.4% and average SmartScore of 4.1 (out of 5.0).


<ul>
<li>Crystal International 's business operations started to turn around in 2024 as most brand customers ended the destocking cycle and adjusted their inventory strategy.</li>
<li>Crystal International is trading at attractive valuations of EV/EBITDA of 3.5x and P/E of 8.1x, based on 2025 consensus earnings estimates. Estimated dividend yield is at 6.5% in 2025. </li>
<li>The company is one of the largest OEM apparel manufacturers in the world. It has a proven record of executing its business strategy successfully for more than five decades.</li>
</ul>


Crystal International 's business operations started to turn around in 2024 as most brand customers ended the destocking cycle and adjusted their inventory strategy.
Crystal International is trading at attractive valuations of EV/EBITDA of 3.5x and P/E of 8.1x, based on 2025 consensus earnings estimates. Estimated dividend yield is at 6.5% in 2025. 
The company is one of the largest OEM apparel manufacturers in the world. It has a proven record of executing its business strategy successfully for more than five decades.


Asian Dividend Gems: Crystal International

<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

Hong Kong

Crystal International Group Limited manufactures apparels. The Company produces casual clothes, jeans, personal under wears, sweaters, sports garments, and other products. Crystal International Group markets its products in Hong Kong.

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Crystal International (2232 HK)

High Dividend Yield HK-Listed Apparel & Footwear Screener: Adding JNBY 3306 HK

We add JNBY 3306 HK to our high-yield textile, apparel, and footwear HK screener. We also provide updates for the names in this very brief update.

Sameer Taneja

HK-Listed Apparel & Footwear Screener: Tariff Drag On The Sector

We identify twelve high-yield, net cash or low-net debt stocks in Hong Kong's apparel and footwear sector, analyzing their exposure to the US amid...

Sameer Taneja

A Review of Asian Dividend Gems in 2025

The 14 stocks in the Asian Dividend Gems published in 2025 are up on average 17.9% from the date of publishing the insight to current price. They...

Douglas Kim

Asian Dividend Gems: Crystal International

Crystal International 's business operations started to turn around in 2024 as most brand customers ended the destocking cycle and adjusted their...

Douglas Kim

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

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