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>FY26 revenue RMB6,046mn (+9.0%) and net profit RMB997mn (+11.1%) set records, driven by online growth of 20.5% and positive offline same-store sales of 2.4%.</li>
<li>Gross margin rose 100bps to 66.6%, and operating cash flow rose 26.5% to RMB1,433mn, funding the Shuangpu park build.</li>
<li>Stock on FY26 trades at 8.5x P/E, 5.3x EV/EBITDA, 3.1x P/B, and a 10.2% yield on DPS of HK$2.33 (this includes a HK $0.75 special one-time) </li>
</ul>


FY26 revenue RMB6,046mn (+9.0%) and net profit RMB997mn (+11.1%) set records, driven by online growth of 20.5% and positive offline same-store sales of 2.4%.
Gross margin rose 100bps to 66.6%, and operating cash flow rose 26.5% to RMB1,433mn, funding the Shuangpu park build.
Stock on FY26 trades at 8.5x P/E, 5.3x EV/EBITDA, 3.1x P/B, and a 10.2% yield on DPS of HK$2.33 (this includes a HK $0.75 special one-time) 


JNBY Design Limited (3306 HK) FY26 Results Update: 8.5x PE, >30% ROCE and Rich Dividends

<ul>
<li>Results releases from <a href="https://www.smartkarma.com/entities/stella-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:7610:1" rel="noopener">Stella International (1836 HK)</a> / <a target="_blank" rel="noopener">Crystal International (2232 HK)</a> were contrasting, with the former showing a 19% decline in profitability and the latter a 11% increase, despite headwinds.</li>
<li>We discuss <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> and the likelihood of a dividend increase, coupled with its 59% discount to NCAV, making it a net-net. </li>
<li>Our top pick is <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>, still for its high ROCE &gt;30%, coupled with a good net margin, single-digit profit growth, 9.5x PE, and ~7% dividend yield. </li>
</ul>


Results releases from Stella International (1836 HK) / Crystal International (2232 HK) were contrasting, with the former showing a 19% decline in profitability and the latter a 11% increase, despite headwinds.
We discuss Fountain Set Hldgs (420 HK) and the likelihood of a dividend increase, coupled with its 59% discount to NCAV, making it a net-net. 
Our top pick is JNBY Design (3306 HK), still for its high ROCE &gt;30%, coupled with a good net margin, single-digit profit growth, 9.5x PE, and ~7% dividend yield. 


HK-Listed Apparel & Footwear Screener August 2026: 12 Stock Universe With Average Yield 8.8%

<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>  delivered a strong set of H1 FY2026 results with double-digit growth across key profitability metrics.Revenue grew 7.0% YoY to RMB3,375.9mn,profit rose 11.9% to RMB676.0mn</li>
<li>Online revenues jumped +25.1% YoY to RMB753.3mn, now accounting for 22.3% of total revenue (up from 19.1%), with gross profit margin expansion of 160 bps to 65.8%.  </li>
<li>With a 10x multiple, a dividend yield of 7%, and ROCE ~40%, we see upside earnings surprise risk from its conservative single-digit growth guidance.</li>
</ul>



JNBY Design Ltd (3306 HK)  delivered a strong set of H1 FY2026 results with double-digit growth across key profitability metrics.Revenue grew 7.0% YoY to RMB3,375.9mn,profit rose 11.9% to RMB676.0mn
Online revenues jumped +25.1% YoY to RMB753.3mn, now accounting for 22.3% of total revenue (up from 19.1%), with gross profit margin expansion of 160 bps to 65.8%.  
With a 10x multiple, a dividend yield of 7%, and ROCE ~40%, we see upside earnings surprise risk from its conservative single-digit growth guidance.


JNBY Design Limited (3306 HK) H1 FY2026 Results — Momentum Builds as Online Surges & Margins Expand

<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

China

JNBY Design is a fashion and lifestyle group that designs, markets, retails, and sells fashion apparel, accessory products, and household goods. The company offers contemporary apparel, footwear, and accessories for women, men, and children, along with household products under brands like JNBY, CROQUIS, jnby by JNBY, LESS, POMME DE TERRE, and JNBYHOME. It was founded in 1994 and is headquartered in Hangzhou, the People's Republic of China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

JNBY Design (3306 HK)

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

JNBY Design Limited (3306 HK) FY26 Results Update: 8.5x PE, >30% ROCE and Rich Dividends

Record FY26: revenue up 9.0%, net profit up 11.1%, gross margin at 66.6%, operating cash flow up 26.5%, and HK$2.33 DPS including a special, on...

Sameer Taneja

HK-Listed Apparel & Footwear Screener August 2026: 12 Stock Universe With Average Yield 8.8%

Our textile screener universe is a high-yield value hunting ground. The average yield on the basket of stocks is 8.8%. Following a recent market...

Sameer Taneja

JNBY Design Limited (3306 HK) H1 FY2026 Results — Momentum Builds as Online Surges & Margins Expand

JNBY (3306 HK): Revenue +7%, net profit +12%, margins at record highs. Online up 25%. Interim dividend raised 15% to HK$0.52. Net cash, 7%+ yield,...

Sameer Taneja

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)