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>Revenue grew 9.6% YoY to HK$5,974.4mn, driven by Plush Stuffed Toys (+18.0%) and Plastic Figures (+1.8%), partially offset by Tarpaulin (-4.0%); North America and Japan accounted for 72.3% of revenue.</li>
<li>Gross margin compressed 285bps YoY to 20.2% on rising labour costs and customer inventory-led production adjustments; net income declined 1.7% to HK$692.9mn, and net margin contracted 130bps to 11.6%.</li>
<li>The balance sheet remains strong, with net cash of HK$1,756mn (up from HK$1,515mn in FY24). Trading at 6.8xPE with a 8.4% dividend yield and 32% of market cap in cash.</li>
</ul>


Revenue grew 9.6% YoY to HK$5,974.4mn, driven by Plush Stuffed Toys (+18.0%) and Plastic Figures (+1.8%), partially offset by Tarpaulin (-4.0%); North America and Japan accounted for 72.3% of revenue.
Gross margin compressed 285bps YoY to 20.2% on rising labour costs and customer inventory-led production adjustments; net income declined 1.7% to HK$692.9mn, and net margin contracted 130bps to 11.6%.
The balance sheet remains strong, with net cash of HK$1,756mn (up from HK$1,515mn in FY24). Trading at 6.8xPE with a 8.4% dividend yield and 32% of market cap in cash.


Dream International (1126 HK): Post Results Concall Summary

<ul>
<li>We compile our selection of small- and mid-cap names with the desired characteristics of high dividend yields, value, and a margin of safety.</li>
<li>A new initiation makes our top picks list: <a href="https://www.smartkarma.com/insights/taseco-air-services-ast-vn-pure-play-on-vietnam-tourism-net-cash-11x-pe-with-48-roce" target="_blank" data-smartkarma-citation="insights:220071" rel="noopener">Taseco Air Services (AST VN)- Pure Play On Vietnam Tourism, Net Cash, &lt;11x PE, With ~48% ROCE</a> </li>
<li>Our regular top picks are <a href="https://www.smartkarma.com/entities/the-keepers-holdings-inc" target="_blank" data-smartkarma-citation="entities:23003:1" rel="noopener">The Keepers Holdings (KEEPR PM)</a>, <a href="https://www.smartkarma.com/entities/taste-gourmet-group-ltd" target="_blank" data-smartkarma-citation="entities:27339:1" rel="noopener">Taste Gourmet (8371 HK)</a>, <a href="https://www.smartkarma.com/entities/philippine-stock-exchange-inc" target="_blank" data-smartkarma-citation="entities:23182:1" rel="noopener">Philippine Stock Exchange (PSE PM)</a>, and <a href="https://www.smartkarma.com/entities/ginebra-san-miguel-inc" target="_blank" data-smartkarma-citation="entities:23029:1" rel="noopener">Ginebra San Miguel (GSMI PM)</a>.</li>
</ul>


We compile our selection of small- and mid-cap names with the desired characteristics of high dividend yields, value, and a margin of safety.
A new initiation makes our top picks list: Taseco Air Services (AST VN)- Pure Play On Vietnam Tourism, Net Cash, &lt;11x PE, With ~48% ROCE 
Our regular top picks are The Keepers Holdings (KEEPR PM), Taste Gourmet (8371 HK), Philippine Stock Exchange (PSE PM), and Ginebra San Miguel (GSMI PM).


Shortlist Of High Conviction Ideas: Income, Value, and Margin of Safety- February 2026

<ul>
<li>We compile our selection of small- and mid-cap names with the desired characteristics of high dividend yields, value, and a margin of safety.</li>
<li><span>With <a target="_blank" rel="noopener">Dream International (1126 HK)</a> trading at 9 HKD/share, a ~7% dividend yield, and 27% of its market cap in cash, it makes an entry into our top picks.</span></li>
<li>Our regular top picks are <a href="https://www.smartkarma.com/entities/the-keepers-holdings-inc" target="_blank" data-smartkarma-citation="entities:23003:1" rel="noopener">The Keepers Holdings (KEEPR PM)</a>, <a href="https://www.smartkarma.com/entities/taste-gourmet-group-ltd" target="_blank" data-smartkarma-citation="entities:27339:1" rel="noopener">Taste Gourmet (8371 HK)</a>, <a href="https://www.smartkarma.com/entities/philippine-stock-exchange-inc" target="_blank" data-smartkarma-citation="entities:23182:1" rel="noopener">Philippine Stock Exchange (PSE PM)</a>, and <a href="https://www.smartkarma.com/entities/ginebra-san-miguel-inc" target="_blank" data-smartkarma-citation="entities:23029:1" rel="noopener">Ginebra San Miguel (GSMI PM)</a>.</li>
</ul>


We compile our selection of small- and mid-cap names with the desired characteristics of high dividend yields, value, and a margin of safety.
With Dream International (1126 HK) trading at 9 HKD/share, a ~7% dividend yield, and 27% of its market cap in cash, it makes an entry into our top picks.
Our regular top picks are The Keepers Holdings (KEEPR PM), Taste Gourmet (8371 HK), Philippine Stock Exchange (PSE PM), and Ginebra San Miguel (GSMI PM).


Shortlist Of High Conviction Ideas: Income, Value, and Margin of Safety- January 2026

<ul>
<li>We compile our selection of small- and mid-cap names with the desired characteristics of high dividend yields, value, and a margin of safety.</li>
<li>We compile updates on <a href="https://www.smartkarma.com/entities/oriental-watch-holdings" target="_blank" data-smartkarma-citation="entities:19950:1" rel="noopener">Oriental Watch (398 HK)</a>, <a href="https://www.smartkarma.com/entities/the-keepers-holdings-inc" target="_blank" data-smartkarma-citation="entities:23003:1" rel="noopener">The Keepers Holdings (KEEPR PM)</a>, and <a href="https://www.smartkarma.com/entities/ginebra-san-miguel-inc" target="_blank" data-smartkarma-citation="entities:23029:1" rel="noopener">Ginebra San Miguel (GSMI PM)</a>, and others into the results.</li>
<li>Our top picks are <a href="https://www.smartkarma.com/entities/asian-terminals-inc" target="_blank" data-smartkarma-citation="entities:22959:1" rel="noopener">Asian Terminals (ATI PM)</a>, <a href="https://www.smartkarma.com/entities/the-keepers-holdings-inc" target="_blank" data-smartkarma-citation="entities:23003:1" rel="noopener">The Keepers Holdings (KEEPR PM)</a>, <a href="https://www.smartkarma.com/entities/taste-gourmet-group-ltd" target="_blank" data-smartkarma-citation="entities:27339:1" rel="noopener">Taste Gourmet (8371 HK)</a>, <a href="https://www.smartkarma.com/entities/philippine-stock-exchange-inc" target="_blank" data-smartkarma-citation="entities:23182:1" rel="noopener">Philippine Stock Exchange (PSE PM)</a>, and <a href="https://www.smartkarma.com/entities/ginebra-san-miguel-inc" target="_blank" data-smartkarma-citation="entities:23029:1" rel="noopener">Ginebra San Miguel (GSMI PM)</a>.</li>
</ul>


We compile our selection of small- and mid-cap names with the desired characteristics of high dividend yields, value, and a margin of safety.
We compile updates on Oriental Watch (398 HK), The Keepers Holdings (KEEPR PM), and Ginebra San Miguel (GSMI PM), and others into the results.
Our top picks are Asian Terminals (ATI PM), The Keepers Holdings (KEEPR PM), Taste Gourmet (8371 HK), Philippine Stock Exchange (PSE PM), and Ginebra San Miguel (GSMI PM).


Shortlist Of High Conviction Ideas: Income, Value, and Margin of Safety - November 2025

Plover Bay Technologies / Equity Bottom-Up

<ul>
<li>We compile our selection of small- and mid-cap names with the desired characteristics of high dividend yields, value, and a margin of safety.</li>
<li>With the most recent tender offer for <a target="_blank">Asian Terminals (ATI PM)</a> at 36 pesos/share, our journey here might conclude soon, and it will be off our top picks list.</li>
<li>Following this, our updated top picks for FY26 are <a target="_blank">The Keepers Holdings (KEEPR PM)</a>, <a target="_blank">Taste Gourmet (8371 HK)</a>, <a target="_blank">Philippine Stock Exchange (PSE PM)</a>, and <a target="_blank">Ginebra San Miguel (GSMI PM)</a>.</li>
</ul>


We compile our selection of small- and mid-cap names with the desired characteristics of high dividend yields, value, and a margin of safety.
With the most recent tender offer for Asian Terminals (ATI PM) at 36 pesos/share, our journey here might conclude soon, and it will be off our top picks list.
Following this, our updated top picks for FY26 are The Keepers Holdings (KEEPR PM), Taste Gourmet (8371 HK), Philippine Stock Exchange (PSE PM), and Ginebra San Miguel (GSMI PM).


Shortlist Of High Conviction Ideas: Income, Value, and Margin of Safety-December- Picks for 2026

Hong Kong

Dream International Limited designs, develops, manufactures, and sells plush stuffed toys, plastic figures, dolls, die-casting products, and fabrics, primarily acting as a contract manufacturer for toy brands and retailers. The company also produces dyeing and fabric products, color boxes, and printing products. It was founded in 1984 and is headquartered in Tsim Sha Tsui, Hong Kong.

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Dream International (1126 HK)