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 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

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eternal-beauty-holdings-limited" target="_blank" data-smartkarma-citation="entities:43725:1" rel="noopener">Eternal Beauty Holdings</a> raised around US$125m in its Hong Kong IPO.</li>
<li>Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.</li>
<li>We have looked at the company’s past performance in our previous note. In this note we talk about the trading dynamics.</li>
</ul>



Eternal Beauty Holdings raised around US$125m in its Hong Kong IPO.
Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.
We have looked at the company’s past performance in our previous note. In this note we talk about the trading dynamics.


Eternal Beauty IPO Trading - Weak Demand, Close to Fair Value

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eternal-beauty-holdings-limited" target="_blank" data-smartkarma-citation="entities:43725:1" rel="noopener">Eternal Beauty Holdings Limited</a> is looking to raise around US$144m in its Hong Kong IPO. </li>
<li>Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.</li>
<li>We have looked at the company’s past performance in our previous note. In this note we talk about valuations.</li>
</ul>



Eternal Beauty Holdings Limited is looking to raise around US$144m in its Hong Kong IPO. 
Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.
We have looked at the company’s past performance in our previous note. In this note we talk about valuations.


Eternal Beauty IPO - Not Expensive but Its Not Enticing Either

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/goldlion-holdings-ltd" target="_blank" data-smartkarma-citation="entities:12359:1" rel="noopener">Goldlion Holdings (533 HK)</a>’s IFA considers Mr Tsang’s HK$1.5232 per share offer fair and reasonable. The vote is on 9 May.</li>
<li>The key condition is the scheme approved by at least 75% disinterested shareholders (&lt;10% disinterested shareholders rejection). FMR holds a blocking stake but should be supportive. </li>
<li>The offer is reasonable compared to peer multiples and historical trading ranges. At the last close and for the 10 July payment, the gross/annualised spread is 4.3%/19.0%.</li>
</ul>



Goldlion Holdings (533 HK)’s IFA considers Mr Tsang’s HK$1.5232 per share offer fair and reasonable. The vote is on 9 May.
The key condition is the scheme approved by at least 75% disinterested shareholders (&lt;10% disinterested shareholders rejection). FMR holds a blocking stake but should be supportive. 
The offer is reasonable compared to peer multiples and historical trading ranges. At the last close and for the 10 July payment, the gross/annualised spread is 4.3%/19.0%.


Goldlion Holdings (533 HK): An Attractive Spread Ahead of the Vote on 9 May

Hong Kong

Giordano is an international retailer specializing in men's, women's, and children's apparel and accessories. The company offers a wide range of fashion-oriented clothing and accessories under brands such as Giordano, Giordano Junior, Giordano Ladies, and BSX, through its retail, distribution, and wholesale operations. Giordano was founded in Hong Kong in 1981.

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Giordano (709 HK)

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

Eternal Beauty IPO Trading - Weak Demand, Close to Fair Value

Eternal Beauty Holdings raised around US$125m in its Hong Kong IPO after pricing its IPO near the low-end. In this note, we talk about the trading...

Sumeet Singh

Eternal Beauty IPO - Not Expensive but Its Not Enticing Either

Eternal Beauty Holdings Limited is looking to raise around US$144m in its Hong Kong IPO. We have looked at the past performance in our earlier...

Sumeet Singh

Goldlion Holdings (533 HK): An Attractive Spread Ahead of the Vote on 9 May

This is done. The offer is reasonable compared to peer multiples and historical trading ranges. At the last close and for the 10 July payment, the...

Arun George

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