Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>President Trump has indicated that he will lower tariffs on ASEAN countries in exchange for future supply commitments of Rare Earth Elements (REEs) to counter China's industry dominance.</li>
<li>Although the supply commitments of REEs to supplant China's production will take years to fulfill, the tariff relief will provide immediate benefits to Chinese textile manufacturers with Southeast Asian production.</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> , <a href="https://www.smartkarma.com/entities/bosideng-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:6537:1" rel="noopener">Bosideng International Holdings (3998 HK)</a> ,<a href="https://www.smartkarma.com/entities/yue-yuen-industrial-holdings-limited" target="_blank" data-smartkarma-citation="entities:12281:1" rel="noopener">Yue Yuen Industrial Holdings (551 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> will benefit from the tariff relief.
</li>
</ul>


President Trump has indicated that he will lower tariffs on ASEAN countries in exchange for future supply commitments of Rare Earth Elements (REEs) to counter China's industry dominance.
Although the supply commitments of REEs to supplant China's production will take years to fulfill, the tariff relief will provide immediate benefits to Chinese textile manufacturers with Southeast Asian production.

Shenzhou Intl Group Holdings (2313 HK) , Bosideng International Holdings (3998 HK) ,Yue Yuen Industrial Holdings (551 HK) , and Stella International (1836 HK) will benefit from the tariff relief.



How Rare Earth Elements Helped China's Textile Companies

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>We discuss <a href="https://www.smartkarma.com/entities/jnby-design-limited" target="_blank" data-smartkarma-citation="entities:23642:1" rel="noopener">JNBY Design (3306 HK)</a>, <a href="https://www.smartkarma.com/insights/jnby-design-limited-3306-hk-fy26-results-update-8-5x-pe-30-roce-and-rich-dividends" target="_blank" data-smartkarma-citation="insights:263616" rel="noopener">JNBY Design Limited (3306 HK) FY26 Results Update: 8.5x PE, &gt;30% ROCE and Rich Dividends</a>/<a href="https://www.smartkarma.com/insights/hk-high-roce-compounders-hiding-in-plain-sight" target="_blank" data-smartkarma-citation="insights:268054" rel="noopener">HK High ROCE - Compounders Hiding in Plain Sight</a>. </li>
<li>
<a href="https://www.smartkarma.com/entities/fountain-set-holdings-limited" target="_blank" data-smartkarma-citation="entities:11520:1" rel="noopener">Fountain Set Hldgs (420 HK)</a> as a net-net, and its recent <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0909/2026090900829.pdf" target="_blank" rel="noopener">acquisition</a>, which the market dislikes. </li>
<li>We also provide brief updates on the remaining sector names, as the results season has concluded and inflationary pressures are affecting the sector.   </li>
</ul>


We discuss JNBY Design (3306 HK), JNBY Design Limited (3306 HK) FY26 Results Update: 8.5x PE, &gt;30% ROCE and Rich Dividends/HK High ROCE - Compounders Hiding in Plain Sight. 

Fountain Set Hldgs (420 HK) as a net-net, and its recent acquisition, which the market dislikes. 
We also provide brief updates on the remaining sector names, as the results season has concluded and inflationary pressures are affecting the sector.   


HK-Listed Apparel & Footwear Screener September 2026: 12 Stock Universe With Average Yield >9%

<ul>
<li>There is a 15-20% correction occurring in the HK-Listed Apparel Universe (due to a weak market), which we have been tracking over the last two years, with yields at 9.1%.</li>
<li>With only <a href="https://www.smartkarma.com/entities/texwinca-holdings-limited" target="_blank" data-smartkarma-citation="entities:16983:1" rel="noopener">Texwinca (321 HK)</a> so far reporting strong results, offset by weak performances by <a href="https://www.smartkarma.com/entities/pacific-textiles-holdings-limited" target="_blank" data-smartkarma-citation="entities:12638:1" rel="noopener">Pacific Textiles (1382 HK)</a> (<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0616/2026061600728.pdf" target="_blank" rel="noopener">flagged in profit warning</a>)/ <a href="https://www.smartkarma.com/entities/eagle-nice-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:6786:1" rel="noopener">Eagle Nice (2368 HK)</a> </li>
<li>We await the results of <a href="https://www.smartkarma.com/entities/nameson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22670:1" rel="noopener">Nameson (1982 HK) </a>to be declared on <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0608/2026060800356.pdf" target="_blank" rel="noopener">22nd June</a>, which we expect to be seasonally weak for H2.</li>
</ul>


There is a 15-20% correction occurring in the HK-Listed Apparel Universe (due to a weak market), which we have been tracking over the last two years, with yields at 9.1%.
With only Texwinca (321 HK) so far reporting strong results, offset by weak performances by Pacific Textiles (1382 HK) (flagged in profit warning)/ Eagle Nice (2368 HK) 
We await the results of Nameson (1982 HK) to be declared on 22nd June, which we expect to be seasonally weak for H2.


HK-Listed Apparel & Footwear Screener June 2026: 12 Stock Universe With Average ~9.1% Yield

<ul>
<li>There has been a slight correction in the universe due to an expectation of  weaker results owing to cost push, with the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0522/2026052200502.pdf" target="_blank" rel="noopener">latest victim</a> being <a href="https://www.smartkarma.com/entities/eagle-nice-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:6786:1" rel="noopener">Eagle Nice (2368 HK)</a> .</li>
<li>
<a href="https://www.smartkarma.com/entities/texwinca-holdings-limited" target="_blank" data-smartkarma-citation="entities:16983:1" rel="noopener">Texwinca (321 HK)</a> and <a href="https://www.smartkarma.com/entities/nameson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22670:1" rel="noopener">Nameson (1982 HK)</a> are also due to report their results in June. We will cover the results details as and when they are released</li>
<li>Our apparel universe trades at an 8.6% yield, and our favorite stocks are <a href="https://www.smartkarma.com/entities/jnby-design-limited" target="_blank" data-smartkarma-citation="entities:23642:1" rel="noopener">JNBY Design (3306 HK)</a> and <a href="https://www.smartkarma.com/entities/nameson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22670:1" rel="noopener">Nameson (1982 HK)</a>, with <a href="https://www.smartkarma.com/entities/fountain-set-holdings-limited" target="_blank" data-smartkarma-citation="entities:11520:1" rel="noopener">Fountain Set Hldgs (420 HK)</a> a value net-net. </li>
</ul>


There has been a slight correction in the universe due to an expectation of  weaker results owing to cost push, with the latest victim being Eagle Nice (2368 HK) .

Texwinca (321 HK) and Nameson (1982 HK) are also due to report their results in June. We will cover the results details as and when they are released
Our apparel universe trades at an 8.6% yield, and our favorite stocks are JNBY Design (3306 HK) and Nameson (1982 HK), with Fountain Set Hldgs (420 HK) a value net-net. 


HK-Listed Apparel & Footwear Screener May 2026: 12 Stock Universe With Average ~8.6% Yield

<ul>
<li>
<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> 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> continue to be our preferred picks. </li>
<li>
<a target="_blank" rel="noopener">Stella International (1836 HK)</a> reported a weak result, with profits in FY25/H2FY25 down 19% YoY/26.5% YoY, but dividends remained solid, with the FY25 dividend at 1.45 HKD/share (~10.1% yield).</li>
<li>
<a href="https://www.smartkarma.com/entities/crystal-international-group" target="_blank" data-smartkarma-citation="entities:25979:1" rel="noopener">Crystal International (2232 HK)</a> reported strong results, with revenues/profits up 6% and 12% YoY, respectively. The company upped its dividend to 40.8 cents/share (~6.5% yield). </li>
</ul>



JNBY Design Ltd (3306 HK) and Nameson Holdings (1982 HK) continue to be our preferred picks. 

Stella International (1836 HK) reported a weak result, with profits in FY25/H2FY25 down 19% YoY/26.5% YoY, but dividends remained solid, with the FY25 dividend at 1.45 HKD/share (~10.1% yield).

Crystal International (2232 HK) reported strong results, with revenues/profits up 6% and 12% YoY, respectively. The company upped its dividend to 40.8 cents/share (~6.5% yield). 


HK-Listed Apparel & Footwear Screener March 2026: Stella FY25 Result Update

Hong Kong

Eagle Nice (International) Holdings Ltd. manufactures and trades sportswear and garments, including down jackets, tracksuits, sweaters, and sports pants, primarily on an OEM basis for global brands. The company also engages in ODM business, designing and developing its own products. It was founded in 1993 and is headquartered in Kwai Chung, Hong Kong.

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Eagle Nice (2368 HK)

How Rare Earth Elements Helped China's Textile Companies

President Trump will lower tariffs on ASEAN countries in exchange for future supply commitments of Rare Earth Elements (REEs) to counter China's...

David Mudd

HK-Listed Apparel & Footwear Screener September 2026: 12 Stock Universe With Average Yield >9%

Our textile screener universe is a high-yield value hunting ground. The basket of stocks averages a yield of>9%. Following a recent market...

Sameer Taneja

HK-Listed Apparel & Footwear Screener June 2026: 12 Stock Universe With Average ~9.1% Yield

Our textile screener universe is a high-yield value hunting ground. The average yield of the basket of stocks is 9.1% following a recent correction...

Sameer Taneja

HK-Listed Apparel & Footwear Screener May 2026: 12 Stock Universe With Average ~8.6% Yield

Our textile screener universe is a high-yield value hunting ground. The average yield of the basket is 8.6%, and the PE is 9.8x, with mostly high...

Sameer Taneja

HK-Listed Apparel & Footwear Screener March 2026: Stella FY25 Result Update

We go into detail on Stella International's 1836 HK results for FY25 and our thoughts on the sustainability of the ~10.1% divident yield.

Sameer Taneja

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