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>While <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> remain our preferred ideas, <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> delivered <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0212/2026021200299.pdf" target="_blank" rel="noopener">encouraging results</a>, establishing a steady trend despite a challenging environment. </li>
<li>Though revenue/profits were down 10%/7%, the company significantly increased its cash pile (~42 mn USD) and maintained a steady dividend of 10 cents, implying a payout ratio of 50%. </li>
<li>The company trades at a 7.2x PE ratio, a 7% dividend yield, and around 35% of its market capitalization in cash. Concerns do remain around customer retention. </li>
</ul>


While JNBY Design Ltd (3306 HK) and Nameson Holdings (1982 HK) remain our preferred ideas, Lever Style (1346 HK) delivered encouraging results, establishing a steady trend despite a challenging environment. 
Though revenue/profits were down 10%/7%, the company significantly increased its cash pile (~42 mn USD) and maintained a steady dividend of 10 cents, implying a payout ratio of 50%. 
The company trades at a 7.2x PE ratio, a 7% dividend yield, and around 35% of its market capitalization in cash. Concerns do remain around customer retention. 


HK-Listed Apparel & Footwear Screener Feb 2026: Lever Style Results And Business Outlook Encouraging

<ul>
<li>We continue to have <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> as a top pick among our names for its robust growth in FY26, an undemanding 10x PE, and 7% dividend yield. </li>
<li>For high dividends, we have written extensively on <a target="_blank" rel="noopener">Nameson Holdings (1982 HK)</a>, currently trading at a 12% yield, and are exploring <a target="_blank" rel="noopener">Texwinca Holdings (321 HK) </a>(at ~10% yield).</li>
<li>Finally, for those interested in net-net situations, we have <a href="https://www.smartkarma.com/entities/fountain-set-hldgs" target="_blank" data-smartkarma-citation="entities:11520:1" rel="noopener">Fountain Set Hldgs (420 HK)</a> trading at a 61% discount to NCAV(net current asset value) with an 8% dividend yield. </li>
</ul>


We continue to have JNBY Design Ltd (3306 HK) as a top pick among our names for its robust growth in FY26, an undemanding 10x PE, and 7% dividend yield. 
For high dividends, we have written extensively on Nameson Holdings (1982 HK), currently trading at a 12% yield, and are exploring Texwinca Holdings (321 HK) (at ~10% yield).
Finally, for those interested in net-net situations, we have Fountain Set Hldgs (420 HK) trading at a 61% discount to NCAV(net current asset value) with an 8% dividend yield. 


HK-Listed Apparel & Footwear Screener December 2025: Top Picks For FY26

<ul>
<li>We review the upcoming results 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><a href="https://www.smartkarma.com/entities/texwinca-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16983:1" rel="noopener">Texwinca Holdings (321 HK)</a>. We also examine <a href="https://www.smartkarma.com/entities/pacific-textiles-holdings" target="_blank" data-smartkarma-citation="entities:12638:1" rel="noopener">Pacific Textiles (1382 HK)</a>, following its negative profit warning.</li>
<li>We like <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> for its 13% dividend yield and 6x PE. We like <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> for its &gt;30% ROCE and 7.2% dividend yield. </li>
<li>
<a href="https://www.smartkarma.com/entities/pacific-textiles-holdings" target="_blank" data-smartkarma-citation="entities:12638:1" rel="noopener">Pacific Textiles (1382 HK)</a> 's recent <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/1107/2025110700682.pdf?utm_campaign=website&amp;utm_medium=email&amp;utm_source=sendgrid.com%20" target="_blank" rel="noopener">profit warning </a>came as a bit of a surprise but was cushioned by guidance that its factories in Vietnam are currently operating at 80-90% utilization. </li>
</ul>


We review the upcoming results for Nameson Holdings (1982 HK)/Texwinca Holdings (321 HK). We also examine Pacific Textiles (1382 HK), following its negative profit warning.
We like Nameson Holdings (1982 HK) for its 13% dividend yield and 6x PE. We like JNBY Design Ltd (3306 HK) for its &gt;30% ROCE and 7.2% dividend yield. 

Pacific Textiles (1382 HK) 's recent profit warning came as a bit of a surprise but was cushioned by guidance that its factories in Vietnam are currently operating at 80-90% utilization. 


HK-Listed Apparel & Footwear Screener November 2025: Top Picks And Result Reviews

<ul>
<li>The August 1st deadline is approaching, and it seems a bit unclear whether a deal with Vietnam has been reached on a 20% tariff or something lower. </li>
<li>With no formal agreement and just Trump's Truth Social account as a reference, uncertainty looms. For HK-listed companies, the understanding is that they will pass on tariffs to their customers. </li>
<li>We summarize this in our call with <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> following the results. We also provide updates for <a href="https://www.smartkarma.com/entities/pacific-textiles-holdings" target="_blank" data-smartkarma-citation="entities:12638:1" rel="noopener">Pacific Textiles (1382 HK)</a> and other names. </li>
</ul>


The August 1st deadline is approaching, and it seems a bit unclear whether a deal with Vietnam has been reached on a 20% tariff or something lower. 
With no formal agreement and just Trump's Truth Social account as a reference, uncertainty looms. For HK-listed companies, the understanding is that they will pass on tariffs to their customers. 
We summarize this in our call with Nameson Holdings (1982 HK) following the results. We also provide updates for Pacific Textiles (1382 HK) and other names. 


HK-Listed Apparel & Footwear Screener July 2025: August 1st Deadline Approaches

<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

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)

HK-Listed Apparel & Footwear Screener Feb 2026: Lever Style Results And Business Outlook Encouraging

We highlight Lever Style (1346 HK), summarizing its FY25: 7% dividend yield, 35% of market cap in cash, and >20% ROE; another great pick in our...

Sameer Taneja

HK-Listed Apparel & Footwear Screener December 2025: Top Picks For FY26

As we move into 2026, we summarize our top picks for the sector with a brief rationale. The industry has an average dividend yield of 8.1%

Sameer Taneja

HK-Listed Apparel & Footwear Screener November 2025: Top Picks And Result Reviews

We preview the earnings for Texwinca (321 HK) and Nameson (1982 HK), both trading at ~13% dividend yields, with results to be announced this month....

Sameer Taneja

HK-Listed Apparel & Footwear Screener July 2025: August 1st Deadline Approaches

Textile Sector Note: Approaching Aug 1 tariff deadline to drive volatility. We see tactical opportunities and risks across our 12-stock coverage...

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

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